# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0001145549-25-038366
**Filing Date:** 2025-6
**Character Count:** 170950
**Document Hash:** 923d36a0fa6d2abd8bfb93fd5055a5ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038366.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001145549-25-038366

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Perpetual Americas Funds Trust
- **CENTRAL INDEX KEY:** 0001830437

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 251017835

**BUSINESS ADDRESS:**
- **STREET 1:** 1 CONGRESS STREET, SUITE 3101
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 617-993-0716

**MAIL ADDRESS:**
- **STREET 1:** 1 CONGRESS STREET, SUITE 3101
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JOHCM Funds Trust
- **DATE OF NAME CHANGE:** 20201029

## Series and Classes Contracts Data

### TSW Emerging Markets Fund (Series ID: S000074041)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231392 | Institutional Shares | TSWMX           |

### TSW High Yield Bond Fund (Series ID: S000074042)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231395 | Institutional Shares | TSWHX           |

### TSW Large Cap Value Fund (Series ID: S000074043)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231400 | Institutional Shares | TSWEX           |

### TSW CORE PLUS BOND FUND (Series ID: S000084959)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249810 | Institutional Shares | TSWFX           |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23615

#### Perpetual Americas Funds Trust
(Exact name of registrant as specified in charter)

------

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Address of principal executive offices) (Zip code)

Andrew Jolin

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 933-0716

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

### TSW Emerging Markets Fund

### Institutional Shares/TSWMX
![TSR - Fund Logo - TSW](images_6964.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the TSW Emerging Markets Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW Emerging Markets Fund<br>(Institutional Shares) | $49 | 0.99% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7929501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19.20% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. - Class N | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - ADR | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;AIA Group Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax India Holdings Corp. | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2844483.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2844488.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

TSW

### TSW High Yield Bond Fund

### Institutional Shares/TSWHX
![TSR - Fund Logo - TSW](images_6964.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the TSW High Yield Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW High Yield Bond Fund<br>(Institutional Shares) | $33 | 0.65% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9543942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25.01% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 7.00%, 06/15/32 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.88%, 11/01/35 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., 6.25%, 04/01/33 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc., 6.00%, 06/01/25 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 6.25%, 01/15/33 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc., 7.88%, 03/01/31 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 8.75%, 12/15/31 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC, 6.25%, 04/15/28 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc., 5.75%, 02/01/28 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc., 6.38%, 03/01/33 | 2.1% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2844411.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

TSW

### TSW Large Cap Value Fund

### Institutional Shares/TSWEX
![TSR - Fund Logo - TSW](images_6964.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the TSW Large Cap Value Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW Large Cap Value Fund<br>(Institutional Shares) | $37 | 0.73% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$37758677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26.80% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz (The) Co. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hess Corp. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp. - Class C | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bayer A.G. - ADR | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 2.8% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2844456.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2844451.jpg)

#### Material Fund Changes
Effective February 1, 2025, to comply with recent Securities and Exchange Commission rule amendments relating to a fund's name, the TSW Large Cap Value Fund modified its investment policy as follows:

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of "value companies" with large market capitalizations.

A more detailed explanation of how the Fund defines "value companies" and "large market capitalizations" can be found in the Fund's prospectus. In order to satisfy notice requirements related to an investment policy change, the Fund continued to comply with both its old and new investment policies concurrently through May 1, 2025, after which time only the new investment policy applied.

This is a summary of certain changes to the Fund since September 30, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

TSW

### TSW Core Plus Bond Fund

### Institutional Shares/TSWFX
![TSR - Fund Logo - TSW](images_6964.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the TSW Core Plus Bond Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW Core Plus Bond Fund<br>(Institutional Shares) | $25 | 0.50% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$67427776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.60% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 08/15/34 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #MA5313, 5.50%, 03/01/44 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.13%, 08/15/44 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 11/15/32 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #MA5498, 6.00%, 10/01/54 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 01/15/27 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 10/31/31 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool #SD8233, 5.00%, 07/01/52 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 09/30/26 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.25%, 08/15/54 | 2.1% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2844528.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

TSW

------

(b) Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics.** 

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.** 

(a) The Schedule of Investments in securities of unaffiliated issuers is included in the Financial Statements filed under Item 7 of this Form.

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img827de64d1.gif)

------

TSW CORE PLUS BOND FUND

TSW EMERGING MARKETS FUND

TSW HIGH YIELD BOND FUND

TSW LARGE CAP VALUE FUND

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2025

------

**TSW MUTUAL FUNDS**

**TABLE OF CONTENTS**

**March 31, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets & Liabilities](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_FS-FundBookHeader2_1)** | **20** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_FS-FundBookHeader2_2)** | **21** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_FS-FundBookHeader2_3)** | **22** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_FS-FundBookHeader2_5)** | **24** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_NTF-NotestoFinancialStatements_1)** | **28** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_CAD-CAD-TOC_1)** | **40** |
| **[PROXY DISCLOSURES](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_PD-PD-TOC_1)** | **41** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_RPDOO-RPDOO-TOC_1)** | **42** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_980b7d11-347f-4b93-a0ac-cccff3260214_SRBA-BA-TOC_1)** | **43** |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 46.1<br> %<br>|  |  |
| Advertising & Marketing | 0.5<br> %<br>|  |  |
| Omnicom Group, Inc./Omnicom Capital, Inc.<br> 3.60%, 04/15/26<br>|  | $350000 | &nbsp;&nbsp; $346550 |
| Aerospace & Defense | 0.7<br> %<br>|  |  |
| TransDigm, Inc.<br> 6.75%, 08/15/28<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 507302 |
| Asset Management | 1.6<br> %<br>|  |  |
| Ares Capital Corp.,  |  |  |  |
| 3.88%, 01/15/26 |  | 275000 | &nbsp;&nbsp; 272693 |
| 7.00%, 01/15/27 |  | 150000 | &nbsp;&nbsp; 154586 |
| Blue Owl Credit Income Corp.<br> 5.80%, 03/15/30<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 245145 |
| Charles Schwab (The) Corp.<br> (Variable, U.S. SOFR + 2.21%)<br> 5.64%, 05/19/29<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 180640 |
| Compass Group Diversified Holdings LLC<br> 5.00%, 01/15/32<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 44770 |
| FS KKR Capital Corp.<br> 6.88%, 08/15/29<br>|  | 200000 | &nbsp;&nbsp; 205126 |
|  |  |  | &nbsp;&nbsp; 1102960 |
| Automotive | 0.5<br> %<br>|  |  |
| Ford Motor Credit Co. LLC<br> 6.13%, 03/08/34<br>|  | 250000 | &nbsp;&nbsp; 239830 |
| General Motors Co.<br> 5.40%, 10/15/29<br>|  | 100000 | &nbsp;&nbsp; 100551 |
|  |  |  | &nbsp;&nbsp; 340381 |
| Banking | 2.7<br> %<br>|  |  |
| Bank of America Corp.<br> (Variable, U.S. SOFR + 1.91%)<br> 5.43%, 08/15/35<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 73435 |
| Capital One Financial Corp.<br> (Variable, U.S. SOFR + 2.04%)<br> 6.18%, 01/30/36<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 698386 |
| FNB Corp.<br> (Variable, U.S. SOFR Compounded Index + 1.93%)<br> 5.72%, 12/11/30<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 729249 |
| JPMorgan Chase & Co.<br> 3.20%, 06/15/26<br>|  | 300000 | &nbsp;&nbsp; 296395 |
|  |  |  | &nbsp;&nbsp; 1797465 |
| Biotechnology & Pharmaceuticals | 0.5<br> %<br>|  |  |
| AbbVie, Inc.<br> 2.95%, 11/21/26<br>|  | 350000 | &nbsp;&nbsp; 342605 |
| Brokerage Assetmanagers Exchanges | 0.5<br> %<br>|  |  |
| Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 330000 | &nbsp;&nbsp; 338597 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Cable & Satellite | 0.3<br> %<br>|  |  |
| Comcast Corp.<br> 3.95%, 10/15/25<br>|  | $200000 | &nbsp;&nbsp; $199531 |
| Capital Goods | 2.0<br> %<br>|  |  |
| Ferguson Enterprises, Inc.<br> 5.00%, 10/03/34<br>|  | 500000 | &nbsp;&nbsp; 486669 |
| Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 450000 | &nbsp;&nbsp; 452858 |
| Sonoco Products Co.<br> 4.60%, 09/01/29<br>|  | 400000 | &nbsp;&nbsp; 394198 |
|  |  |  | &nbsp;&nbsp; 1333725 |
| Chemicals | 0.3<br> %<br>|  |  |
| DuPont de Nemours, Inc.<br> 4.49%, 11/15/25<br>|  | 200000 | &nbsp;&nbsp; 199685 |
| Commercial Support Services | 0.4<br> %<br>|  |  |
| GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 250000 | &nbsp;&nbsp; 262637 |
| Consumer Cyclical | 0.1<br> %<br>|  |  |
| Saks Global Enterprises LLC<br> 11.00%, 12/15/29<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 101262 |
| Consumer Non-Cyclical | 0.3<br> %<br>|  |  |
| Quest Diagnostics, Inc.<br> 5.00%, 12/15/34<br>|  | 200000 | &nbsp;&nbsp; 196878 |
| Consumer Services | 0.7<br> %<br>|  |  |
| PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 461543 |
| Containers & Packaging | 0.9<br> %<br>|  |  |
| Sealed Air Corp./Sealed Air Corp. U.S.<br> 6.13%, 02/01/28<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 600864 |
| Diversified Industrials | 0.3<br> %<br>|  |  |
| Parker-Hannifin Corp.<br> 4.20%, 11/21/34<br>|  | 200000 | &nbsp;&nbsp; 188605 |
| Electric Utilities | 2.3<br> %<br>|  |  |
| Duke Energy Carolinas LLC<br> 4.85%, 01/15/34<br>|  | 250000 | &nbsp;&nbsp; 246705 |
| Public Service Co. of Oklahoma<br> 5.20%, 01/15/35<br>|  | 500000 | &nbsp;&nbsp; 493888 |
| Southern (The) Co.<br> 3.70%, 04/30/30<br>|  | 400000 | &nbsp;&nbsp; 381134 |
| Vistra Operations Co. LLC<br> 5.70%, 12/30/34<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248695 |
| Wisconsin Electric Power Co.<br> 4.60%, 10/01/34<br>|  | 200000 | &nbsp;&nbsp; 193722 |
|  |  |  | &nbsp;&nbsp; 1564144 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Electrical Equipment | 2.3<br> %<br>|  |  |
| Hubbell, Inc.<br> 3.15%, 08/15/27<br>|  | $150000 | &nbsp;&nbsp; $145277 |
| Keysight Technologies, Inc.<br> 4.95%, 10/15/34<br>|  | 500000 | &nbsp;&nbsp; 489590 |
| Otis Worldwide Corp.<br> 5.13%, 11/19/31<br>|  | 475000 | &nbsp;&nbsp; 480443 |
| WESCO Distribution, Inc.,  |  |  |  |
| 6.38%, 03/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 252902 |
| 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152163 |
|  |  |  | &nbsp;&nbsp; 1520375 |
| Energy | 2.9<br> %<br>|  |  |
| MPLX L.P.<br> 5.40%, 04/01/35<br>|  | 1250000 | &nbsp;&nbsp; 1228215 |
| National Fuel Gas Co.<br> 5.95%, 03/15/35<br>|  | 500000 | &nbsp;&nbsp; 509510 |
| PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 189169 |
|  |  |  | &nbsp;&nbsp; 1926894 |
| Engineering & Construction | 0.5<br> %<br>|  |  |
| Quanta Services, Inc.,  |  |  |  |
| 4.75%, 08/09/27 |  | 200000 | &nbsp;&nbsp; 200366 |
| 5.25%, 08/09/34 |  | 165000 | &nbsp;&nbsp; 163071 |
|  |  |  | &nbsp;&nbsp; 363437 |
| Entertainment Content | 0.6<br> %<br>|  |  |
| Netflix, Inc.<br> 4.90%, 08/15/34<br>|  | 400000 | &nbsp;&nbsp; 400291 |
| Food | 1.2<br> %<br>|  |  |
| Kraft Heinz Foods Co.<br> 6.50%, 02/09/40<br>|  | 500000 | &nbsp;&nbsp; 536779 |
| Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 294995 |
|  |  |  | &nbsp;&nbsp; 831774 |
| Gas & Water Utilities | 0.3<br> %<br>|  |  |
| American Water Capital Corp.<br> 2.95%, 09/01/27<br>|  | 200000 | &nbsp;&nbsp; 193247 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Health Care Facilities & Services | 3.5<br> %<br>|  |  |
| DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $201122 |
| Elevance Health, Inc.<br> 4.95%, 11/01/31<br>|  | 1000000 | &nbsp;&nbsp; 1002484 |
| Laboratory Corp. of America Holdings<br> 4.80%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 240713 |
| Molina Healthcare, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196838 |
| UnitedHealth Group, Inc.<br> 5.15%, 07/15/34<br>|  | 730000 | &nbsp;&nbsp; 734940 |
|  |  |  | &nbsp;&nbsp; 2376097 |
| Industrial Support Services | 0.7<br> %<br>|  |  |
| Ashtead Capital, Inc.<br> 5.55%, 05/30/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 496006 |
| Institutional Financial Services | 2.3<br> %<br>|  |  |
| Goldman Sachs Group (The), Inc.<br> 3.85%, 01/26/27<br>|  | 900000 | &nbsp;&nbsp; 891307 |
| Morgan Stanley<br> 3.95%, 04/23/27<br>|  | 200000 | &nbsp;&nbsp; 197830 |
| Nasdaq, Inc.<br> 5.65%, 06/28/25<br>|  | 400000 | &nbsp;&nbsp; 400942 |
| StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52192 |
|  |  |  | &nbsp;&nbsp; 1542271 |
| Insurance | 1.3<br> %<br>|  |  |
| American International Group, Inc.<br> 5.13%, 03/27/33<br>|  | 900000 | &nbsp;&nbsp; 901268 |
| Internet Media & Services | 0.1<br> %<br>|  |  |
| Expedia Group, Inc.<br> 3.25%, 02/15/30<br>|  | 75000 | &nbsp;&nbsp; 69908 |
| Leisure Facilities & Services | 0.6<br> %<br>|  |  |
| McDonald's Corp.<br> 3.50%, 03/01/27<br>|  | 400000 | &nbsp;&nbsp; 393547 |
| Machinery | 0.6<br> %<br>|  |  |
| Ingersoll Rand, Inc.<br> 5.70%, 08/14/33<br>|  | 400000 | &nbsp;&nbsp; 412836 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Oil & Gas Supply Chain | 3.2<br> %<br>|  |  |
| Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | $325000 | &nbsp;&nbsp; $331462 |
| MPLX L.P.<br> 4.88%, 06/01/25<br>|  | 400000 | &nbsp;&nbsp; 399983 |
| Murphy Oil Corp.<br> 6.00%10/01/32<br>|  | 500000 | &nbsp;&nbsp; 480960 |
| ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 225000 | &nbsp;&nbsp; 245390 |
| Sunoco L.P.<br> 7.25%, 05/01/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 413109 |
| Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 255824 |
|  |  |  | &nbsp;&nbsp; 2126728 |
| Real Estate Investment Trusts | 0.9<br> %<br>|  |  |
| American Assets Trust L.P.<br> 6.15%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 249970 |
| Realty Income Corp.<br> 4.85%, 03/15/30<br>|  | 250000 | &nbsp;&nbsp; 250874 |
| Ventas Realty L.P.<br> 3.00%, 01/15/30<br>|  | 100000 | &nbsp;&nbsp; 91830 |
|  |  |  | &nbsp;&nbsp; 592674 |
| Retail - Discretionary | 1.7<br> %<br>|  |  |
| Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | 455000 | &nbsp;&nbsp; 460895 |
| Genuine Parts Co.<br> 4.95%, 08/15/29<br>|  | 275000 | &nbsp;&nbsp; 275872 |
| Lowe's Cos., Inc.<br> 3.10%, 05/03/27<br>|  | 400000 | &nbsp;&nbsp; 389013 |
| Macy's Retail Holdings LLC<br> 5.88%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 48505 |
|  |  |  | &nbsp;&nbsp; 1174285 |
| Semiconductors | 1.2<br> %<br>|  |  |
| Broadcom Corp./Broadcom Cayman Finance Ltd.<br> 3.88%, 01/15/27<br>|  | 300000 | &nbsp;&nbsp; 296652 |
| Broadcom, Inc.<br> 4.55%, 02/15/32<br>|  | 500000 | &nbsp;&nbsp; 487852 |
|  |  |  | &nbsp;&nbsp; 784504 |
| Software | 1.2<br> %<br>|  |  |
| Oracle Corp.<br> 4.90%, 02/06/33<br>|  | 400000 | &nbsp;&nbsp; 393308 |
| Roper Technologies, Inc.<br> 4.50%, 10/15/29<br>|  | 400000 | &nbsp;&nbsp; 397546 |
|  |  |  | &nbsp;&nbsp; 790854 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Specialty Finance | 1.2<br> %<br>|  |  |
| Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $210716 |
| Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 405622 |
| GATX Corp.<br> 4.00%, 06/30/30<br>|  | 200000 | &nbsp;&nbsp; 192130 |
|  |  |  | &nbsp;&nbsp; 808468 |
| Technology | 2.6<br> %<br>|  |  |
| International Business Machines Corp.<br> 5.70%, 02/10/55<br>|  | 750000 | &nbsp;&nbsp; 743874 |
| Leidos, Inc.<br> 5.50%, 03/15/35<br>|  | 1000000 | &nbsp;&nbsp; 996820 |
|  |  |  | &nbsp;&nbsp; 1740694 |
| Technology Hardware | 1.0<br> %<br>|  |  |
| Dell International LLC/EMC Corp.<br> 4.35%, 02/01/30<br>|  | 660000 | &nbsp;&nbsp; 645211 |
| NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 54215 |
|  |  |  | &nbsp;&nbsp; 699426 |
| Telecommunications | 1.3<br> %<br>|  |  |
| T-Mobile USA, Inc.<br> 2.25%, 11/15/31<br>|  | 1000000 | &nbsp;&nbsp; 849544 |
| Transportation Equipment | 0.1<br> %<br>|  |  |
| JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51384 |
| Wholesale - Consumer Staples | 0.2<br> %<br>|  |  |
| Performance Food Group, Inc.<br> 6.13%, 09/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149094 |
| TOTAL CORPORATE BONDS (Cost $31,297,494) |  |  | &nbsp;&nbsp; 31080340 |
| FOREIGN ISSUER BONDS | 0.1<br> %<br>|  |  |
| Electric Utilities | 0.1<br> %<br>|  |  |
| TransAlta Corp.<br> 7.75%, 11/15/29 (Canada)<br>|  | 50000 | &nbsp;&nbsp; 51918 |
| TOTAL FOREIGN ISSUER BONDS (Cost $51,911) |  |  | &nbsp;&nbsp; 51918 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| MORTGAGE-BACKED SECURITIES | 10.6<br> %<br>|  |  |
| U.S. Government Agencies | 10.6<br> %<br>|  |  |
| Freddie Mac Pool #SD8276,<br> 5.00%, 12/01/52<br>|  | $192583 | &nbsp;&nbsp; $189303 |
| Freddie Mac Pool #SD8233,<br> 5.00%, 07/01/52<br>|  | 1584705 | &nbsp;&nbsp; 1558536 |
| Fannie Mae Pool #BM4854,<br> 4.50%, 08/01/44<br>|  | 470342 | &nbsp;&nbsp; 464108 |
| Fannie Mae Pool #MA5313,<br> 5.50%, 03/01/44<br>|  | 2905390 | &nbsp;&nbsp; 2924370 |
| Fannie Mae Pool #MA5498,<br> 6.00%, 10/01/54<br>|  | 1953079 | &nbsp;&nbsp; 1984054 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $7,130,189) |  |  | &nbsp;&nbsp; 7120371 |
| U.S. GOVERNMENT OBLIGATIONS | 35.0<br> %<br>|  |  |
| U.S. Treasury Bonds,<br> 4.38%, 08/15/43<br>|  | 250000 | &nbsp;&nbsp; 243633 |
| U.S. Treasury Bonds,<br> 4.75%, 11/15/43<br>|  | 250000 | &nbsp;&nbsp; 255401 |
| U.S. Treasury Bonds,<br> 4.13%, 08/15/44<br>|  | 2350000 | &nbsp;&nbsp; 2201656 |
| U.S. Treasury Bonds,<br> 4.13%, 08/15/53<br>|  | 80000 | &nbsp;&nbsp; 73719 |
| U.S. Treasury Bonds,<br> 4.25%, 02/15/54<br>|  | 750000 | &nbsp;&nbsp; 706641 |
| U.S. Treasury Bonds,<br> 4.63%, 05/15/54<br>|  | 750000 | &nbsp;&nbsp; 752432 |
| U.S. Treasury Bonds,<br> 4.25%, 08/15/54<br>|  | 1500000 | &nbsp;&nbsp; 1415859 |
| U.S. Treasury Notes,<br> 4.50%, 11/15/25<br>|  | 240000 | &nbsp;&nbsp; 240478 |
| U.S. Treasury Notes,<br> 4.63%, 09/15/26<br>|  | 150000 | &nbsp;&nbsp; 151406 |
| U.S. Treasury Notes,<br> 3.50%, 09/30/26<br>|  | 1500000 | &nbsp;&nbsp; 1490039 |
| U.S. Treasury Notes,<br> 4.00%, 01/15/27<br>|  | 1700000 | &nbsp;&nbsp; 1701793 |
| U.S. Treasury Notes,<br> 4.00%, 02/29/28<br>|  | 450000 | &nbsp;&nbsp; 451318 |
| U.S. Treasury Notes,<br> 3.50%, 04/30/28<br>|  | 400000 | &nbsp;&nbsp; 395391 |
| U.S. Treasury Notes,<br> 3.75%, 12/31/28<br>|  | 1000000 | &nbsp;&nbsp; 994102 |
| U.S. Treasury Notes,<br> 3.63%, 08/31/29<br>|  | 250000 | &nbsp;&nbsp; 246865 |
| U.S. Treasury Notes,<br> 3.50%, 09/30/29<br>|  | 1000000 | &nbsp;&nbsp; 981836 |
| U.S. Treasury Notes,<br> 3.88%, 09/30/29<br>|  | 250000 | &nbsp;&nbsp; 249297 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| U.S. Treasury Notes,<br> 3.88%, 12/31/29<br>|  | $1000000 | &nbsp;&nbsp; $996797 |
| U.S. Treasury Notes,<br> 4.00%, 07/31/30<br>|  | 300000 | &nbsp;&nbsp; 300246 |
| U.S. Treasury Notes,<br> 4.38%, 11/30/30<br>|  | 1050000 | &nbsp;&nbsp; 1069154 |
| U.S. Treasury Notes,<br> 4.63%, 05/31/31<br>|  | 250000 | &nbsp;&nbsp; 257822 |
| U.S. Treasury Notes,<br> 3.75%, 08/31/31<br>|  | 350000 | &nbsp;&nbsp; 343861 |
| U.S. Treasury Notes,<br> 3.63%, 09/30/31<br>|  | 1000000 | &nbsp;&nbsp; 975117 |
| U.S. Treasury Notes,<br> 4.13%, 10/31/31<br>|  | 1600000 | &nbsp;&nbsp; 1605125 |
| U.S. Treasury Notes,<br> 4.13%, 11/15/32<br>|  | 2100000 | &nbsp;&nbsp; 2103117 |
| U.S. Treasury Notes,<br> 4.00%, 02/15/34<br>|  | 250000 | &nbsp;&nbsp; 246602 |
| U.S. Treasury Notes,<br> 3.88%, 08/15/34<br>|  | 3250000 | &nbsp;&nbsp; 3167734 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $23,956,815) |  |  | &nbsp;&nbsp; 23617441 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 7.5<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(c)</sup> <br>|  | 5065385 | &nbsp;&nbsp; 5065385 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $5,065,385) |  |  | &nbsp;&nbsp; 5065385 |
| TOTAL INVESTMENTS<br> (Cost $67,501,794)<br>| 99.3<br> %<br>|  | &nbsp;&nbsp; 66935455 |
| NET OTHER ASSETS (LIABILITIES) | 0.7<br> %<br>|  | &nbsp;&nbsp; 492321 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $67427776 |

---

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $6,756,354 or 10% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

At March 31, 2025 the TSW Core Plus Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 45.6% |
| A  | 7.2  |
| BBB  | 28.7  |
| BBB-  | 0.3  |
| BB  | 8.6  |
| B | 1.4 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| Cash equivalents  | 7.5% |
| Total | 99.3% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 99.0<br> %<br>|  |  |
| Brazil | 6.7<br> %<br>|  |  |
| Arcos Dorados Holdings, Inc. - Class A |  | 13700 | &nbsp;&nbsp; $110422 |
| Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 18000 | &nbsp;&nbsp; 106301 |
| JBS S.A. |  | 14500 | &nbsp;&nbsp; 104460 |
| Localiza Rent a Car S.A.<sup>(a)</sup> <br>|  | 11012 | &nbsp;&nbsp; 64820 |
| Smartfit Escola de Ginastica e Danca S.A.<sup>(a)</sup> <br>|  | 14300 | &nbsp;&nbsp; 51171 |
| Vale S.A. |  | 9500 | &nbsp;&nbsp; 94393 |
|  |  |  | &nbsp;&nbsp; 531567 |
| Canada | 2.0<br> %<br>|  |  |
| Fairfax India Holdings Corp.<sup>(a)(b)</sup> <br>|  | 9500 | &nbsp;&nbsp; 161500 |
| China | 19.0<br> %<br>|  |  |
| Alibaba Group Holding Ltd. |  | 22000 | &nbsp;&nbsp; 364012 |
| BYD Co. Ltd. - Class H |  | 1000 | &nbsp;&nbsp; 50637 |
| Fu Shou Yuan International Group Ltd. |  | 100600 | &nbsp;&nbsp; 48655 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 70000 | &nbsp;&nbsp; 119168 |
| Kweichow Moutai Co. Ltd. - Class A |  | 400 | &nbsp;&nbsp; 85994 |
| NetEase, Inc. |  | 12400 | &nbsp;&nbsp; 254728 |
| Tencent Holdings Ltd. |  | 7000 | &nbsp;&nbsp; 447272 |
| Zijin Mining Group Co. Ltd. - Class H |  | 59200 | &nbsp;&nbsp; 135088 |
|  |  |  | &nbsp;&nbsp; 1505554 |
| Greece | 3.6<br> %<br>|  |  |
| JUMBO S.A. |  | 4000 | &nbsp;&nbsp; 109661 |
| Motor Oil Hellas Corinth Refineries S.A. |  | 3000 | &nbsp;&nbsp; 71887 |
| OPAP S.A. |  | 5200 | &nbsp;&nbsp; 103303 |
|  |  |  | &nbsp;&nbsp; 284851 |
| Guatemala | 1.3<br> %<br>|  |  |
| Millicom International Cellular S.A. |  | 3450 | &nbsp;&nbsp; 104432 |
| Hong Kong | 3.8<br> %<br>|  |  |
| AIA Group Ltd. |  | 22000 | &nbsp;&nbsp; 166537 |
| Lenovo Group Ltd. |  | 98000 | &nbsp;&nbsp; 133178 |
|  |  |  | &nbsp;&nbsp; 299715 |
| Hungary | 1.2<br> %<br>|  |  |
| Richter Gedeon Nyrt |  | 3600 | &nbsp;&nbsp; 99334 |
| India | 14.9<br> %<br>|  |  |
| 360 ONE WAM Ltd. |  | 6900 | &nbsp;&nbsp; 75799 |
| Aegis Logistics Ltd. |  | 13400 | &nbsp;&nbsp; 125772 |
| Bajaj Finance Ltd. |  | 900 | &nbsp;&nbsp; 93770 |
| CMS Info Systems Ltd. |  | 17900 | &nbsp;&nbsp; 96216 |
| Coal India Ltd. |  | 18700 | &nbsp;&nbsp; 86696 |
| HDFC Bank Ltd. |  | 8000 | &nbsp;&nbsp; 170530 |
| HEG Ltd. |  | 19000 | &nbsp;&nbsp; 106746 |
| ICICI Bank Ltd. - ADR |  | 8200 | &nbsp;&nbsp; 258464 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Intellect Design Arena Ltd. |  | 5907 | &nbsp;&nbsp; $47681 |
| Reliance Industries Ltd. - GDR<sup>(b)</sup> <br>|  | 2100 | &nbsp;&nbsp; 122840 |
|  |  |  | &nbsp;&nbsp; 1184514 |
| Japan | 0.8<br> %<br>|  |  |
| Nexon Co. Ltd. |  | 4500 | &nbsp;&nbsp; 61634 |
| Mexico | 3.9<br> %<br>|  |  |
| Fibra Uno Administracion S.A. de C.V. |  | 64000 | &nbsp;&nbsp; 74775 |
| Fomento Economico Mexicano S.A.B. de C.V. |  | 6700 | &nbsp;&nbsp; 65424 |
| Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L |  | 10200 | &nbsp;&nbsp; 83735 |
| Wal-Mart de Mexico S.A.B. de C.V. |  | 29700 | &nbsp;&nbsp; 81795 |
|  |  |  | &nbsp;&nbsp; 305729 |
| Philippines | 1.1<br> %<br>|  |  |
| International Container Terminal Services, Inc. |  | 13600 | &nbsp;&nbsp; 84514 |
| Poland | 0.9<br> %<br>|  |  |
| Dino Polska S.A.<sup>(a)(b)</sup> <br>|  | 600 | &nbsp;&nbsp; 70033 |
| Saudi Arabia | 1.8<br> %<br>|  |  |
| Saudi Awwal Bank |  | 14700 | &nbsp;&nbsp; 146842 |
| South Africa | 3.4<br> %<br>|  |  |
| Naspers Ltd. - Class N |  | 1100 | &nbsp;&nbsp; 272790 |
| South Korea | 10.0<br> %<br>|  |  |
| Eugene Technology Co. Ltd. |  | 3000 | &nbsp;&nbsp; 79253 |
| Hugel, Inc.<sup>(a)</sup> <br>|  | 400 | &nbsp;&nbsp; 91275 |
| Hyundai Motor Co. |  | 500 | &nbsp;&nbsp; 67535 |
| KINX, Inc. |  | 1300 | &nbsp;&nbsp; 65271 |
| Park Systems Corp. |  | 400 | &nbsp;&nbsp; 57183 |
| Samsung Electronics Co. Ltd. |  | 6500 | &nbsp;&nbsp; 257696 |
| Shinhan Financial Group Co. Ltd. |  | 4100 | &nbsp;&nbsp; 131212 |
| Value Added Technology Co. Ltd. |  | 3000 | &nbsp;&nbsp; 41354 |
|  |  |  | &nbsp;&nbsp; 790779 |
| Taiwan | 12.9<br> %<br>|  |  |
| Accton Technology Corp. |  | 4800 | &nbsp;&nbsp; 85042 |
| E Ink Holdings, Inc. |  | 18600 | &nbsp;&nbsp; 151419 |
| Fusheng Precision Co. Ltd. |  | 10100 | &nbsp;&nbsp; 106540 |
| Taiwan Semiconductor Manufacturing Co. Ltd. |  | 24100 | &nbsp;&nbsp; 678728 |
|  |  |  | &nbsp;&nbsp; 1021729 |
| Turkey | 3.2<br> %<br>|  |  |
| BIM Birlesik Magazalar A.S. |  | 8000 | &nbsp;&nbsp; 96609 |
| Coca-Cola Icecek A.S. |  | 49500 | &nbsp;&nbsp; 69739 |
| KOC Holding A.S. |  | 20000 | &nbsp;&nbsp; 86306 |
|  |  |  | &nbsp;&nbsp; 252654 |
| United Arab Emirates | 1.5<br> %<br>|  |  |
| Emaar Properties PJSC |  | 34000 | &nbsp;&nbsp; 123132 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| United Kingdom | 2.5<br> %<br>|  |  |
| Georgia Capital PLC<sup>(a)</sup> <br>|  | 5000 | &nbsp;&nbsp; $99770 |
| Investec PLC |  | 16100 | &nbsp;&nbsp; 99751 |
|  |  |  | &nbsp;&nbsp; 199521 |
| United States | 4.5<br> %<br>|  |  |
| ACM Research, Inc. - Class A<sup>(a)</sup> <br>|  | 3100 | &nbsp;&nbsp; 72354 |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 50 | &nbsp;&nbsp; 97543 |
| Tecnoglass, Inc. |  | 600 | &nbsp;&nbsp; 42930 |
| Yum China Holdings, Inc. |  | 2700 | &nbsp;&nbsp; 140562 |
|  |  |  | &nbsp;&nbsp; 353389 |
| TOTAL COMMON STOCKS (Cost $6,879,075) |  |  | &nbsp;&nbsp; 7854213 |
| SHORT-TERM INVESTMENTS | 1.0<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(c)</sup> <br>|  | 75901 | &nbsp;&nbsp; 75901 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $75,901) |  |  | &nbsp;&nbsp; 75901 |
| TOTAL INVESTMENTS<br> (Cost $6,954,976)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 7930114 |
| NET OTHER ASSETS (LIABILITIES) | (0.0<br> %)<br>|  | &nbsp;&nbsp; (613)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $7929501 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $354,373 or 4% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> ADR – American Depositary Receipt <br> GDR – Global Depositary Receipt

At March 31, 2025 the industry sectors (excluding short-term investments) for the TSW Emerging Markets Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 21.2% |
| Consumer Discretionary  | 19.2  |
| Financials  | 19.1  |
| Communication Services  | 11.8  |
| Consumer Staples  | 7.3  |
| Industrials  | 7.1  |
| Energy  | 5.1  |
| Health Care  | 2.9  |
| Materials  | 2.9  |
| Real Estate  | 2.5  |
| Total | &nbsp;&nbsp; 99.1% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 96.9<br> %<br>|  |  |
| Asset Management | 1.7<br> %<br>|  |  |
| FS KKR Capital Corp.<br> 7.88%, 01/15/29<br>|  | $150000 | &nbsp;&nbsp; $158963 |
| Automotive | 1.0<br> %<br>|  |  |
| Clarios Global L.P./Clarios U.S. Finance Co.<br> 6.25%, 05/15/26<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99963 |
| Banking | 0.5<br> %<br>|  |  |
| Citigroup, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.73%)<br> 6.95%, 12/31/49<sup>(b)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49856 |
| Brokerage Assetmanagers Exchanges | 1.1<br> %<br>|  |  |
| Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102605 |
| Cable & Satellite | 2.4<br> %<br>|  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br> 4.50%, 05/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 86806 |
| Sirius XM Radio LLC<br> 4.00%, 07/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 139950 |
|  |  |  | &nbsp;&nbsp; 226756 |
| Capital Goods | 1.0<br> %<br>|  |  |
| Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100635 |
| Commercial Support Services | 3.3<br> %<br>|  |  |
| CoreCivic, Inc.<br> 8.25%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 158862 |
| GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 157582 |
|  |  |  | &nbsp;&nbsp; 316444 |
| Consumer Cyclical | 2.7<br> %<br>|  |  |
| EZCORP, Inc.<br> 7.38%, 04/01/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152184 |
| Saks Global Enterprises LLC<br> 11.00%, 12/15/29<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 101262 |
|  |  |  | &nbsp;&nbsp; 253446 |
| Consumer Services | 3.4<br> %<br>|  |  |
| PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 184617 |
| Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 141821 |
|  |  |  | &nbsp;&nbsp; 326438 |
| Electrical Equipment | 1.6<br> %<br>|  |  |
| WESCO Distribution, Inc.<br> 7.25%, 06/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152128 |
| Energy | 1.2<br> %<br>|  |  |
| PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 118231 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Engineering & Construction | 2.1<br> %<br>|  |  |
| Installed Building Products, Inc.<br> 5.75%, 02/01/28<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $197443 |
| Food | 2.1<br> %<br>|  |  |
| Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 196663 |
| Health Care Facilities & Services | 1.6<br> %<br>|  |  |
| DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50280 |
| Molina Healthcare, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98419 |
|  |  |  | &nbsp;&nbsp; 148699 |
| Home Construction | 1.8<br> %<br>|  |  |
| Forestar Group, Inc.<br> 5.00%, 03/01/28<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 171237 |
| Household Products | 1.9<br> %<br>|  |  |
| Edgewell Personal Care Co.<br> 5.50%, 06/01/28<sup>(a)</sup> <br>|  | 183000 | &nbsp;&nbsp; 179219 |
| Institutional Financial Services | 3.6<br> %<br>|  |  |
| Coinbase Global, Inc.<br> 3.63%, 10/01/31<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 105741 |
| StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 234865 |
|  |  |  | &nbsp;&nbsp; 340606 |
| Insurance | 2.6<br> %<br>|  |  |
| Markel Group, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.66%)<br> 6.00%, 06/01/25<sup>(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248630 |
| Leisure Facilities & Services | 6.5<br> %<br>|  |  |
| Light & Wonder International, Inc.<br> 7.50%, 09/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153657 |
| Marriott Ownership Resorts, Inc.<br> 4.75%, 01/15/28<br>|  | 150000 | &nbsp;&nbsp; 142826 |
| Travel + Leisure Co.<br> 6.60%, 10/01/25<br>|  | 175000 | &nbsp;&nbsp; 175091 |
| VOC Escrow Ltd.<br> 5.00%, 02/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146319 |
|  |  |  | &nbsp;&nbsp; 617893 |
| Machinery | 2.9<br> %<br>|  |  |
| Regal Rexnord Corp.<br> 6.30%, 02/15/30<br>|  | 150000 | &nbsp;&nbsp; 156004 |
| Titan International, Inc.<br> 7.00%, 04/30/28<br>|  | 125000 | &nbsp;&nbsp; 123651 |
|  |  |  | &nbsp;&nbsp; 279655 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Oil & Gas Supply Chain | 9.6<br> %<br>|  |  |
| Genesis Energy L.P./Genesis Energy Finance Corp.<br> 8.00%, 01/15/27<br>|  | $150000 | &nbsp;&nbsp; $153014 |
| Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 127485 |
| Murphy Oil Corp.<br> 6.00%10/01/32<br>|  | 150000 | &nbsp;&nbsp; 144288 |
| Permian Resources Operating LLC<br> 9.88%, 07/15/31<sup>(a)</sup> <br>|  | 147000 | &nbsp;&nbsp; 161009 |
| Summit Midstream Holdings LLC<br> 8.63%, 10/31/29<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 178598 |
| Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153495 |
|  |  |  | &nbsp;&nbsp; 917889 |
| Other Industrial | 2.0<br> %<br>|  |  |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br> 7.50%, 02/01/32<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 190471 |
| Publishing & Broadcasting | 1.7<br> %<br>|  |  |
| Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 163883 |
| Real Estate Investment Trusts | 5.8<br> %<br>|  |  |
| Iron Mountain, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 247590 |
| RHP Hotel Properties L.P./RHP Finance Corp.<br> 7.25%, 07/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153596 |
| Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC<br> 10.50%, 02/15/28<sup>(a)</sup> <br>|  | 144000 | &nbsp;&nbsp; 152970 |
|  |  |  | &nbsp;&nbsp; 554156 |
| Retail - Consumer Staples | 1.1<br> %<br>|  |  |
| Arko Corp.<br> 5.13%, 11/15/29<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 101298 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Retail - Discretionary | 12.6<br> %<br>|  |  |
| Academy Ltd.<br> 6.00%, 11/15/27<sup>(a)</sup> <br>|  | $100000 | &nbsp;&nbsp; $99803 |
| Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | 300000 | &nbsp;&nbsp; 303886 |
| BlueLinx Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 141188 |
| Builders FirstSource, Inc.<br> 5.00%, 03/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 143364 |
| Dillard's, Inc.<br> 7.75%, 07/15/26<br>|  | 175000 | &nbsp;&nbsp; 180613 |
| Macy's Retail Holdings LLC<br> 5.88%, 04/01/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 97009 |
| Patrick Industries, Inc.<br> 4.75%, 05/01/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 140767 |
| Sonic Automotive, Inc.<br> 4.63%, 11/15/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 92075 |
|  |  |  | &nbsp;&nbsp; 1198705 |
| Specialty Finance | 9.5<br> %<br>|  |  |
| ILFC E-Capital Trust I<br> (Variable, 3M CME Term SOFR + 1.81%)<br> 6.12%, 12/21/65<sup>(a)(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 124921 |
| World Acceptance Corp.<br> 7.00%, 11/01/26<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99166 |
| Burford Capital Global Finance LLC<br> 6.25%, 04/15/28<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198752 |
| Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 304216 |
| PRA Group, Inc.<br> 5.00%, 10/01/29<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 184207 |
|  |  |  | &nbsp;&nbsp; 911262 |
| Technology | 2.6<br> %<br>|  |  |
| Gen Digital, Inc.<br> 6.25%, 04/01/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248863 |
| Technology Hardware | 3.1<br> %<br>|  |  |
| NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 130000 | &nbsp;&nbsp; 140960 |
| Seagate HDD Cayman<br> 8.50%, 07/15/31<br>|  | 150000 | &nbsp;&nbsp; 159309 |
|  |  |  | &nbsp;&nbsp; 300269 |
| Transportation & Logistics | 1.0<br> %<br>|  |  |
| American Airlines, Inc.<br> 7.25%, 02/15/28<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99494 |
| Transportation Equipment | 2.1<br> %<br>|  |  |
| JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205536 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Wholesale - Consumer Staples | 0.8<br> %<br>|  |  |
| United Natural Foods, Inc.<br> 6.75%, 10/15/28<sup>(a)</sup> <br>|  | $75000 | &nbsp;&nbsp; $74062 |
| TOTAL CORPORATE BONDS (Cost $9,302,892) |  |  | &nbsp;&nbsp; 9251398 |
| FOREIGN ISSUER BONDS | 1.1<br> %<br>|  |  |
| Electric Utilities | 1.1<br> %<br>|  |  |
| TransAlta Corp.<br> 7.75%, 11/15/29 (Canada)<br>|  | 100000 | &nbsp;&nbsp; 103837 |
| TOTAL FOREIGN ISSUER BONDS (Cost $101,567) |  |  | &nbsp;&nbsp; 103837 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 0.6<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(c)</sup> <br>|  | 56860 | &nbsp;&nbsp; 56860 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $56,860) |  |  | &nbsp;&nbsp; 56860 |
| TOTAL INVESTMENTS<br> (Cost $9,461,319)<br>| 98.6<br> %<br>|  | &nbsp;&nbsp; 9412095 |
| NET OTHER ASSETS (LIABILITIES) | 1.4<br> %<br>|  | &nbsp;&nbsp; 131847 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $9543942 |

---

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $6,938,824 or 73% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

At March 31, 2025 the TSW High Yield Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB  | 2.4% |
| BBB-  | 1.7  |
| BB  | 64.4  |
| B  | 26.6  |
| CCC  | 2.9  |
| Cash equivalents  | 0.6  |
| Total | 98.6% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 90.6<br> %<br>|  |  |
| Belgium | 4.7<br> %<br>|  |  |
| Anheuser-Busch InBev S.A./N.V. - ADR |  | 29000 | &nbsp;&nbsp; $1785240 |
| Curacao | 1.5<br> %<br>|  |  |
| Schlumberger N.V. |  | 14000 | &nbsp;&nbsp; 585200 |
| Germany | 3.2<br> %<br>|  |  |
| Bayer A.G. - ADR |  | 200000 | &nbsp;&nbsp; 1204000 |
| Ireland | 4.1<br> %<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>|  | 6000 | &nbsp;&nbsp; 744900 |
| Willis Towers Watson PLC |  | 2400 | &nbsp;&nbsp; 811080 |
|  |  |  | &nbsp;&nbsp; 1555980 |
| Japan | 1.9<br> %<br>|  |  |
| Nintendo Co. Ltd. - ADR |  | 41000 | &nbsp;&nbsp; 703970 |
| Netherlands | 1.4<br> %<br>|  |  |
| AerCap Holdings N.V. |  | 5000 | &nbsp;&nbsp; 510850 |
| United States | 73.8<br> %<br>|  |  |
| Alphabet, Inc. - Class C |  | 1740 | &nbsp;&nbsp; 271841 |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 1065160 |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 487120 |
| Cigna (The) Group |  | 2709 | &nbsp;&nbsp; 891261 |
| Cisco Systems, Inc. |  | 6000 | &nbsp;&nbsp; 370260 |
| Citigroup, Inc. |  | 15000 | &nbsp;&nbsp; 1064850 |
| Corpay, Inc.<sup>(a)</sup> <br>|  | 3000 | &nbsp;&nbsp; 1046160 |
| Crown Castle, Inc. |  | 8000 | &nbsp;&nbsp; 833840 |
| CVS Health Corp. |  | 19200 | &nbsp;&nbsp; 1300800 |
| Discover Financial Services |  | 4000 | &nbsp;&nbsp; 682800 |
| Dominion Energy, Inc. |  | 29000 | &nbsp;&nbsp; 1626030 |
| Elevance Health, Inc. |  | 1300 | &nbsp;&nbsp; 565448 |
| Evergy, Inc. |  | 16000 | &nbsp;&nbsp; 1103200 |
| FedEx Corp. |  | 2000 | &nbsp;&nbsp; 487560 |
| First Citizens BancShares, Inc. - Class A |  | 300 | &nbsp;&nbsp; 556236 |
| Global Payments, Inc. |  | 5300 | &nbsp;&nbsp; 518976 |
| Hess Corp. |  | 8000 | &nbsp;&nbsp; 1277840 |
| HF Sinclair Corp. |  | 19000 | &nbsp;&nbsp; 624720 |
| Jacobs Solutions, Inc. |  | 4000 | &nbsp;&nbsp; 483560 |
| Johnson & Johnson |  | 3000 | &nbsp;&nbsp; 497520 |
| Kinder Morgan, Inc. |  | 37600 | &nbsp;&nbsp; 1072728 |
| Kraft Heinz (The) Co. |  | 54100 | &nbsp;&nbsp; 1646263 |
| Liberty Broadband Corp. - Class C<sup>(a)</sup> <br>|  | 15000 | &nbsp;&nbsp; 1275750 |
| Lockheed Martin Corp. |  | 1800 | &nbsp;&nbsp; 804078 |
| McKesson Corp. |  | 1800 | &nbsp;&nbsp; 1211382 |
| Merck & Co., Inc. |  | 5000 | &nbsp;&nbsp; 448800 |
| Pfizer, Inc. |  | 29700 | &nbsp;&nbsp; 752598 |
| Progressive (The) Corp. |  | 3600 | &nbsp;&nbsp; 1018836 |
| Regeneron Pharmaceuticals, Inc. |  | 1200 | &nbsp;&nbsp; 761076 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Sirius XM Holdings, Inc. |  | 25633 | &nbsp;&nbsp; $577896 |
| SS&C Technologies Holdings, Inc. |  | 8000 | &nbsp;&nbsp; 668240 |
| Warner Bros Discovery, Inc.<sup>(a)</sup> <br>|  | 77200 | &nbsp;&nbsp; 828356 |
| Williams Cos. (The), Inc. |  | 17225 | &nbsp;&nbsp; 1029366 |
|  |  |  | &nbsp;&nbsp; 27850551 |
| TOTAL COMMON STOCKS (Cost $27,450,217) |  |  | &nbsp;&nbsp; 34195791 |
| SHORT-TERM INVESTMENTS | 9.4<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(b)</sup> <br>|  | 3561422 | &nbsp;&nbsp; 3561422 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,561,422) |  |  | &nbsp;&nbsp; 3561422 |
| TOTAL INVESTMENTS<br> (Cost $31,011,639)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 37757213 |
| NET OTHER ASSETS (LIABILITIES) | 0.0<br> %<br>|  | &nbsp;&nbsp; 1464 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $37758677 |

---

<sup>(a)</sup>Non-income producing security. <br> <sup>(b)</sup>7-day current yield as of March 31, 2025 is disclosed.

Abbreviations: <br> ADR – American Depositary Receipt

At March 31, 2025 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Health Care  | 23.5% |
| Financials  | 17.9  |
| Energy  | 12.2  |
| Communication Services  | 9.7  |
| Consumer Staples  | 9.1  |
| Industrials  | 7.8  |
| Utilities  | 7.2  |
| Real Estate  | 2.2  |
| Information Technology  | 1.0  |
| Total | &nbsp;&nbsp; 90.6% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **Core Plus**<br> **Bond Fund**<br>| **TSW**<br> **Emerging Markets**<br> **Fund**<br>| **TSW**<br> **High Yield**<br> **Bond Fund**<br>| **TSW**<br> **Large Cap**<br> **Value Fund**<br>|
| Assets: |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $67501794 | &nbsp;&nbsp; $6954976 | &nbsp;&nbsp; $9461319 | &nbsp;&nbsp; $31011639 |
| Investments, at value  | &nbsp;&nbsp; 66935455 | &nbsp;&nbsp; 7930114 | &nbsp;&nbsp; 9412095 | &nbsp;&nbsp; 37757213 |
| Foreign currencies (Cost: $0, $5,903, $0 and $0, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for interest | &nbsp;&nbsp; 624175 | &nbsp;&nbsp; — | &nbsp;&nbsp; 163798 | &nbsp;&nbsp; — |
| Receivable for dividends | &nbsp;&nbsp; 15098 | &nbsp;&nbsp; 10265 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 31743 |
| Reclaims receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10400 |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 9024 | &nbsp;&nbsp; — | &nbsp;&nbsp; 654241 |
| Receivables for capital shares sold | &nbsp;&nbsp; 238320 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45073 | &nbsp;&nbsp; 4130 |
| Receivable from investment adviser | &nbsp;&nbsp; 16016 | &nbsp;&nbsp; 6743 | &nbsp;&nbsp; 5424 | &nbsp;&nbsp; 4069 |
| Prepaid expenses | &nbsp;&nbsp; 18488 | &nbsp;&nbsp; 18749 | &nbsp;&nbsp; 8259 | &nbsp;&nbsp; 8545 |
| Total Assets | &nbsp;&nbsp; 67847552 | &nbsp;&nbsp; 7982071 | &nbsp;&nbsp; 9635061 | &nbsp;&nbsp; 38470341 |
| Liabilities: |  |  |  |  |
| Securities purchased payable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 655304 |
| Capital shares redeemed payable | &nbsp;&nbsp; 4619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9967 | &nbsp;&nbsp; — |
| Distributions payable to shareholders | &nbsp;&nbsp; 248788 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49210 | &nbsp;&nbsp; — |
| Investment advisory fees payable | &nbsp;&nbsp; 22791 | &nbsp;&nbsp; 5436 | &nbsp;&nbsp; 4108 | &nbsp;&nbsp; 18580 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 20831 | &nbsp;&nbsp; 11377 | &nbsp;&nbsp; 11415 | &nbsp;&nbsp; 16878 |
| Audit fees payable | &nbsp;&nbsp; 14501 | &nbsp;&nbsp; 12262 | &nbsp;&nbsp; 12749 | &nbsp;&nbsp; 14683 |
| Treasurer Service fees payable | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 243 |
| Compliance fees payable | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 352 |
| Deferred foreign capital gains tax payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 12848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses and other payables | &nbsp;&nbsp; 107372 | &nbsp;&nbsp; 10527 | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 5624 |
| Total Liabilities | &nbsp;&nbsp; 419776 | &nbsp;&nbsp; 52570 | &nbsp;&nbsp; 91119 | &nbsp;&nbsp; 711664 |
| Net Assets | &nbsp;&nbsp; $67427776 | &nbsp;&nbsp; $7929501 | &nbsp;&nbsp; $9543942 | &nbsp;&nbsp; $37758677 |
| Net Assets: |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $67982844 | &nbsp;&nbsp; $8613591 | &nbsp;&nbsp; $10427303 | &nbsp;&nbsp; $28095803 |
| Distributable earnings (loss) | &nbsp;&nbsp; (555068)<br>| &nbsp;&nbsp; (684090)<br>| &nbsp;&nbsp; (883361)<br>| &nbsp;&nbsp; 9662874 |
| Net Assets | &nbsp;&nbsp; $67427776 | &nbsp;&nbsp; $7929501 | &nbsp;&nbsp; $9543942 | &nbsp;&nbsp; $37758677 |
| Net Assets: |  |  |  |  |
| Institutional | &nbsp;&nbsp; $67427776 | &nbsp;&nbsp; $7929501 | &nbsp;&nbsp; $9543942 | &nbsp;&nbsp; $37758677 |
| Share of Common Stock Outstanding: |  |  |  |  |
| Institutional | &nbsp;&nbsp; 6695289 | &nbsp;&nbsp; 833466 | &nbsp;&nbsp; 1039490 | &nbsp;&nbsp; 2745023 |
| Net Asset Value per Share: |  |  |  |  |
| Institutional | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp; $13.76 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **Core Plus**<br> **Bond Fund**<br>| **TSW**<br> **Emerging Markets**<br> **Fund**<br>| **TSW**<br> **High Yield**<br> **Bond Fund**<br>| **TSW**<br> **Large Cap**<br> **Value Fund**<br>|
| Investment Income: |  |  |  |  |
| Dividend income (Net of foreign withholding tax of <br> $0, $7,587, $0 and $598, respectively)<br>| &nbsp;&nbsp; $73874 | &nbsp;&nbsp; $63448 | &nbsp;&nbsp; $3739 | &nbsp;&nbsp; $438350 |
| Interest income | &nbsp;&nbsp; 1221925 | &nbsp;&nbsp; — | &nbsp;&nbsp; 316240 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 1295799 | &nbsp;&nbsp; 63448 | &nbsp;&nbsp; 319979 | &nbsp;&nbsp; 438350 |
| Operating expenses: |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 108224 | &nbsp;&nbsp; 30558 | &nbsp;&nbsp; 24190 | &nbsp;&nbsp; 107445 |
| Accounting and Administration fees | &nbsp;&nbsp; 16483 | &nbsp;&nbsp; 10017 | &nbsp;&nbsp; 8458 | &nbsp;&nbsp; 13018 |
| Treasurer Service fees | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 736 |
| Audit fees | &nbsp;&nbsp; 10292 | &nbsp;&nbsp; 10233 | &nbsp;&nbsp; 10061 | &nbsp;&nbsp; 10179 |
| Compliance fees | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 882 |
| Trustees | &nbsp;&nbsp; 2003 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 1868 |
| Legal | &nbsp;&nbsp; 4359 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 3784 |
| Registration | &nbsp;&nbsp; 3404 | &nbsp;&nbsp; 14571 | &nbsp;&nbsp; 11723 | &nbsp;&nbsp; 10340 |
| Offering costs | &nbsp;&nbsp; 68323 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other | &nbsp;&nbsp; 10271 | &nbsp;&nbsp; 6983 | &nbsp;&nbsp; 5096 | &nbsp;&nbsp; 10585 |
| Total expenses before reductions | &nbsp;&nbsp; 225413 | &nbsp;&nbsp; 73832 | &nbsp;&nbsp; 61393 | &nbsp;&nbsp; 158837 |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (90133)<br>| &nbsp;&nbsp; (36016)<br>| &nbsp;&nbsp; (29946)<br>| &nbsp;&nbsp; (23604)<br>|
| Net expenses | &nbsp;&nbsp; 135280 | &nbsp;&nbsp; 37816 | &nbsp;&nbsp; 31447 | &nbsp;&nbsp; 135233 |
| Net investment income | &nbsp;&nbsp; 1160519 | &nbsp;&nbsp; 25632 | &nbsp;&nbsp; 288532 | &nbsp;&nbsp; 303117 |
| Realized and Unrealized Gains (Losses) from <br> Investment Activities:<br>|  |  |  |  |
| Net realized gains (losses) from investment <br> transactions<br>| &nbsp;&nbsp; 8480 | &nbsp;&nbsp; (128170)<br>| &nbsp;&nbsp; 32177 | &nbsp;&nbsp; 3119538 |
| Net realized losses from foreign currency <br> transactions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1161)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; (744311)<br>| &nbsp;&nbsp; (26185)<br>| &nbsp;&nbsp; (194385)<br>| &nbsp;&nbsp; (1304535)<br>|
| Change in unrealized appreciation (depreciation) on <br> foreign currency<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (413)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized and unrealized gains (losses) from <br> investment activities<br>| &nbsp;&nbsp; (735831)<br>| &nbsp;&nbsp; (155929)<br>| &nbsp;&nbsp; (162208)<br>| &nbsp;&nbsp; 1815003 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $424688 | &nbsp;&nbsp; $(130297)<br>| &nbsp;&nbsp; $126324 | &nbsp;&nbsp; $2118120 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **Core Plus**<br> **Bond Fund** | **TSW**<br> **Core Plus**<br> **Bond Fund** | **TSW**<br> **Emerging Markets**<br> **Fund** | **TSW**<br> **Emerging Markets**<br> **Fund** |
|  | **2025** | **2024**<sup>(a)</sup> <br>| **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1160519 | &nbsp;&nbsp; $117011 | &nbsp;&nbsp; $25632 | &nbsp;&nbsp; $112970 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 8480 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; (129331)<br>| &nbsp;&nbsp; (353472)<br>|
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (744311)<br>| &nbsp;&nbsp; 177972 | &nbsp;&nbsp; (26598)<br>| &nbsp;&nbsp; 1404783 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 424688 | &nbsp;&nbsp; 295220 | &nbsp;&nbsp; (130297)<br>| &nbsp;&nbsp; 1164281 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (1160282)<br>| &nbsp;&nbsp; (116886)<br>| &nbsp;&nbsp; (235056)<br>| &nbsp;&nbsp; (216019)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (1160282)<br>| &nbsp;&nbsp; (116886)<br>| &nbsp;&nbsp; (235056)<br>| &nbsp;&nbsp; (216019)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 41248109 | &nbsp;&nbsp; 26736927 | &nbsp;&nbsp; 158828 | &nbsp;&nbsp; 560876 |
| Change in net assets from capital transactions | &nbsp;&nbsp; 41248109 | &nbsp;&nbsp; 26736927 | &nbsp;&nbsp; 158828 | &nbsp;&nbsp; 560876 |
| Change in net assets | &nbsp;&nbsp; 40512515 | &nbsp;&nbsp; 26915261 | &nbsp;&nbsp; (206525)<br>| &nbsp;&nbsp; 1509138 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 26915261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8136026 | &nbsp;&nbsp; 6626888 |
| End of period | &nbsp;&nbsp; $67427776 | &nbsp;&nbsp; $26915261 | &nbsp;&nbsp; $7929501 | &nbsp;&nbsp; $8136026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period from May 15, 2024, commencement of operations, to September 30, 2024.

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **High Yield**<br> **Bond Fund** | **TSW**<br> **High Yield**<br> **Bond Fund** | **TSW**<br> **Large Cap**<br> **Value Fund** | **TSW**<br> **Large Cap**<br> **Value Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $288532 | &nbsp;&nbsp; $605304 | &nbsp;&nbsp; $303117 | &nbsp;&nbsp; $566682 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 32177 | &nbsp;&nbsp; (125074)<br>| &nbsp;&nbsp; 3119538 | &nbsp;&nbsp; 2358154 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (194385)<br>| &nbsp;&nbsp; 882651 | &nbsp;&nbsp; (1304535)<br>| &nbsp;&nbsp; 3760460 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 126324 | &nbsp;&nbsp; 1362881 | &nbsp;&nbsp; 2118120 | &nbsp;&nbsp; 6685296 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (288532)<br>| &nbsp;&nbsp; (605303)<br>| &nbsp;&nbsp; (2650898)<br>| &nbsp;&nbsp; (2902371)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (288532)<br>| &nbsp;&nbsp; (605303)<br>| &nbsp;&nbsp; (2650898)<br>| &nbsp;&nbsp; (2902371)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (43142)<br>| &nbsp;&nbsp; (4161660)<br>| &nbsp;&nbsp; 634073 | &nbsp;&nbsp; (1203328)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; (43142)<br>| &nbsp;&nbsp; (4161660)<br>| &nbsp;&nbsp; 634073 | &nbsp;&nbsp; (1203328)<br>|
| Change in net assets | &nbsp;&nbsp; (205350)<br>| &nbsp;&nbsp; (3404082)<br>| &nbsp;&nbsp; 101295 | &nbsp;&nbsp; 2579597 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 9749292 | &nbsp;&nbsp; 13153374 | &nbsp;&nbsp; 37657382 | &nbsp;&nbsp; 35077785 |
| End of period | &nbsp;&nbsp; $9543942 | &nbsp;&nbsp; $9749292 | &nbsp;&nbsp; $37758677 | &nbsp;&nbsp; $37657382 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period**

**For the periods indicated**

------

---

| | | |
|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** |
| **TSW Core Plus Bond Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp;&nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |
| Net investment income<sup>(b)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gains (losses) from investments and foreign currency | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Total from investment operations | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| Less distributions paid: |  |  |
| From net investment income | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| Net asset value, end of period | &nbsp;&nbsp; $10.07 | &nbsp;&nbsp;&nbsp;&nbsp; $10.34 |
| Total return | &nbsp;&nbsp; (0.53 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.19 %<sup>(c)</sup><br>|
| Ratios/Supplemental data: |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $67428 | &nbsp;&nbsp;&nbsp;&nbsp; $26915 |
| Ratio of net expenses to average net assets | 0.50 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(d)</sup><br>|
| Ratio of net investment income to average net assets | 4.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.47 %<sup>(d)</sup><br>|
| Ratio of gross expenses to average net assets | 0.83 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.64 %<sup>(d)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | 13.60 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.44 %<sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period from May 15, 2024, commencement of operations, to September 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) for the period ended was calculated using the average
 shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW Emerging Markets Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Period Ended**<br> **September 30,**<br> **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp;&nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $7.25 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.14 | 0.13 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 | 1.57 | &nbsp;&nbsp; (2.88)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.46 | 1.71 | &nbsp;&nbsp; (2.75)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.17 | 1.57 | &nbsp;&nbsp; (2.75)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $7.25 |
| Total return | &nbsp;&nbsp; (1.77 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.98<br> %<br>| 23.63<br> %<br>| &nbsp;&nbsp; (27.50 %)<sup>(c)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $7930 | &nbsp;&nbsp;&nbsp;&nbsp; $8136 | &nbsp;&nbsp; $6627 | &nbsp;&nbsp; $7253 |
| Ratio of net expenses to average net assets | 0.99 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.99<br> %<br>| 0.99 %<sup>(d)</sup><br>|
| Ratio of net investment income to average net <br> assets<br>| 0.67 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| 1.56<br> %<br>| 1.88 %<sup>(d)</sup><br>|
| Ratio of gross expenses to average net assets | 1.93 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| 2.21<br> %<br>| 2.22 %<sup>(d)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | 19.20 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 32.29<br> %<br>| 18.44<br> %<br>| 11.47 %<sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period from December 21, 2021, commencement of operations, to September 30,
 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) for the period ended was calculated using the average
 shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period**

**For the periods indicated**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW High Yield Bond Fund** | **Six Months Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Period Ended**<br> **September 30,**<br> **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp;&nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | 0.51 | 0.43 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.39 | &nbsp;&nbsp; (1.67)<br>|
| Total from investment operations | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 0.90 | &nbsp;&nbsp; (1.24)<br>|
| Less distributions paid: |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.44)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.44)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.39 | &nbsp;&nbsp; (1.68)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.18 | &nbsp;&nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.32 |
| Total return | 1.25 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.90<br> %<br>| 10.98<br> %<br>| &nbsp;&nbsp; (12.75 %)<sup>(c)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $9544 | &nbsp;&nbsp;&nbsp;&nbsp; $9749 | &nbsp;&nbsp; $13153 | &nbsp;&nbsp; $11184 |
| Ratio of net expenses to average net assets | 0.65 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| 0.65<br> %<br>| 0.65 %<sup>(d)</sup><br>|
| Ratio of net investment income to average net <br> assets<br>| 5.96 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br> %<br>| 5.87<br> %<br>| 5.01 %<sup>(d)</sup><br>|
| Ratio of gross expenses to average net assets | 1.27 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| 1.31<br> %<br>| 1.90 %<sup>(d)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | 25.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.54<br> %<br>| 74.03<br> %<br>| 31.64 %<sup>(c)</sup><br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period from October 26, 2021, commencement of operations, to September 30,
 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) for the period ended was calculated using the average
 shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period**

**For the periods indicated**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW Large Cap Value Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Period Ended**<br> **September 30,**<br> **2022**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2021**<br>| **Year Ended**<br> **October 31,**<br> **2020**<br>| **Year Ended**<br> **October 31,**<br> **2019**<br>|
| Net asset value, beginning of <br> period<br>| $13.99 | &nbsp;&nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $12.50 | &nbsp;&nbsp; $13.69 |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.20 | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.08 | 0.22 |
| Net realized and <br> unrealized gains <br> (losses) from <br> investments and <br> foreign currency<br>| 0.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | 1.37 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp; (0.58)<br>| 0.39 |
| Total from investment <br> operations<br>| 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | 1.57 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp; (0.50)<br>| 0.61 |
| Less distributions paid: |  |  |  |  |  |  |  |
| From net investment <br> income<br>| (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.20)<br>|
| From net realized gains | (0.88)<br>| &nbsp;&nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.60)<br>|
| Total distributions paid | (1.00)<br>| &nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.80)<br>|
| Change in net asset value | (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.19)<br>|
| Net asset value, end of <br> period<br>| $13.76 | &nbsp;&nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp; $15.60 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $12.50 |
| Total return | 5.75 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.99<br> %<br>| 12.28<br> %<br>| &nbsp;&nbsp; (7.11 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.90<br> %<br>| &nbsp;&nbsp; (4.25<br> %)<br>| 6.38<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000's)<br>| $37759 | &nbsp;&nbsp;&nbsp; $37657 | &nbsp;&nbsp; $35078 | &nbsp;&nbsp; $35215 | &nbsp;&nbsp;&nbsp; $39445 | &nbsp;&nbsp; $30593 | &nbsp;&nbsp; $35956 |
| Ratio of net expenses to <br> average net assets<br>| 0.73 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| 0.73<br> %<br>| 0.78 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| 1.20<br> %<br>| 1.20<br> %<br>|
| Ratio of net investment <br> income to average net <br> assets<br>| 1.64 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> %<br>| 1.51<br> %<br>| 1.03 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| 0.70<br> %<br>| 1.78<br> %<br>|
| Ratio of gross expenses to <br> average net assets<br>| 0.86 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| 0.73<br> %<br>| 0.98 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| 1.88<br> %<br>| 1.74<br> %<br>|
| Ratio of expense recoupment <br> to average net assets<br>|  | &nbsp;&nbsp;&nbsp; — | 0.02<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(e)</sup> | 26.80 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 40.50<br> %<br>| 21.24<br> %<br>| 46.37 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.00<br> %<br>| 64.00<br> %<br>| 46.00<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) For the period from November 1, 2021 to September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income (loss) for the period ended was calculated using the average
 shares outstanding method.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Perpetual Americas Funds Trust (the "Trust") (formerly JOHCM Funds Trust) is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). As an open-end registered investment company (as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services - Investment Companies". The TSW Core Plus Bond Fund, the TSW Emerging Markets Fund, the TSW High Yield Bond Fund, and the TSW Large Cap Value Fund (each, a "Fund" and collectively, the "Funds") are each a diversified fund, a series of the Trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust.

Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2025, the following classes of shares were in operation:

---

| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| TSW Core Plus Bond Fund | Institutional Shares: May 15, 2024 | &nbsp;&nbsp; to seek strong, risk-adjusted total return over a <br> market cycle<br>|
| TSW Emerging Markets Fund | Institutional Shares: December 21, 2021 | to maximize long-term capital appreciation |
| TSW High Yield Bond Fund | Institutional Shares: October 26, 2021 | &nbsp;&nbsp; to seek high current income with a secondary <br> focus on capital appreciation<br>|
| TSW Large Cap Value Fund | Institutional Shares: July 16, 1992 | &nbsp;&nbsp; to seek maximum long-term total return, <br> consistent with reasonable risk to principal<br>|

---

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

Prior to December 6, 2021, the TSW Large Cap Value Fund operated as the TS&W Equity Portfolio, a series of Advisors' Inner Circle Fund, which was reorganized into the Trust on December 6, 2021.

**A. Significant accounting policies related to investments are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 — quoted prices in active markets for identical assets

• Level 2 — other significant observable inputs (including adjustments made to quoted prices of a security, quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in closed-end investment companies are valued at the last quoted sales prices or official closing prices taken from the primary market or composite in which each security trades. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Trustees have designated JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services, investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value, in accordance with the Trust's valuation policy, when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds generally use a systematic valuation model provided by an approved independent third party pricing service to fair value their international equity securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2025 in valuing Funds' investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **TSW Core Plus Bond Fund** |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31080340 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31080340 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 51918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 51918 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 7120371 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7120371 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 23617441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23617441 |
| Short-Term Investments | &nbsp;&nbsp; 5065385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5065385 |
| Total Investments | &nbsp;&nbsp; $5065385 | &nbsp;&nbsp; $61870070 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $66935455 |
| **TSW Emerging Markets Fund** |  |  |  |  |
| Common Stocks:\* |  |  |  |  |
| Brazil | &nbsp;&nbsp; $531567 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $531567 |
| Canada | &nbsp;&nbsp; 161500 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 161500 |
| Guatemala | &nbsp;&nbsp; 104432 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 104432 |

---

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| India | &nbsp;&nbsp; $258464 | &nbsp;&nbsp; $926050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1184514 |
| Mexico | &nbsp;&nbsp; 305729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 305729 |
| United States | &nbsp;&nbsp; 353389 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 353389 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 5213082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5213082 |
| Total Common Stocks\* | &nbsp;&nbsp; $1715081 | &nbsp;&nbsp; $6139132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7854213 |
| Short-Term Investments | &nbsp;&nbsp; $75901 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $75901 |
| Total Investments | &nbsp;&nbsp; $1790982 | &nbsp;&nbsp; $6139132 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7930114 |
| **TSW High Yield Bond Fund** |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9251398 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9251398 |
| Foreign Issuer Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 103837 | &nbsp;&nbsp; — | &nbsp;&nbsp; 103837 |
| Short-Term Investments | &nbsp;&nbsp; 56860 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56860 |
| Total Investments | &nbsp;&nbsp; $56860 | &nbsp;&nbsp; $9355235 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9412095 |
| **TSW Large Cap Value Fund** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $34195791 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34195791 |
| Short-Term Investments | &nbsp;&nbsp; 3561422 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3561422 |
| Total Investments | &nbsp;&nbsp; $37757213 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37757213 |

---

\* See additional categories in the Schedule of Investments.

As of March 31, 2025, there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the period ended March 31, 2025.

**EQUITY-LINKED SECURITIES**

The Funds may invest in equity-linked securities, also known as participation notes. The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts. These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Funds is the U.S. dollar. The market values of non-U.S. securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

The Funds may engage in spot currency transactions for the purpose of non-U.S. security settlement and operational processes. Certain Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Funds' securities and the price of a Funds' shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2025.

**WHEN-ISSUED/DELAYED DELIVERY SECURITIES**

Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2025, if any, are noted in each Fund's Schedule of Investments and in aggregate as Payable for when-issued securities, in each Fund's Statement of Assets & Liabilities.

**INVESTMENT TRANSACTIONS AND INCOME** 

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from non-U.S. securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Non-cash dividends are recognized as investment income at the fair value of the asset received.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one Fund are allocated among the applicable Funds in the Trust on a pro-rata basis based on relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

**DIVIDENDS AND DISTRIBUTIONS**

Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | |
|:---|:---|
|  | **Declaration and** <br> **Payment Frequency**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; Daily/Monthly |
| TSW Emerging Markets Fund | &nbsp;&nbsp; Annually |
| TSW High Yield Bond Fund | &nbsp;&nbsp; Daily/Monthly |
| TSW Large Cap Value Fund | &nbsp;&nbsp; Quarterly |

---

The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains at least once a year.

Distributions from net investment income and from net realized capital gain are determined in accordance with U.S. federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**U.S. FEDERAL INCOME TAX INFORMATION**

No provision is made for U.S. federal income taxes as each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds', excluding the TSW Large Cap Value Fund, U.S. federal income tax returns for the tax years ended September 30, 2021 through September 30, 2024, as applicable, remain subject to examination by the Internal Revenue Service. The TSW Large Cap Value Fund's U.S. federal income tax returns for the tax years ended October 31, 2021 and September 30, 2022 through September 30, 2024 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The TSW Emerging Markets Fund paid $1,950 in capital gain taxes which are netted with any refunds received during the period. This amount is included in the net realized gains (losses) from investment transactions on the Statements of Operations.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

**OFFERING COSTS**

Offering costs consist of expenses incurred to establish a Fund, enable it legally to do business, and primarily include certain registration fees, legal fees, and print fees in connection with initial registration statement and offering of the Fund. Offering costs are accounted for as deferred costs and amortized to expense over a Fund's first twelve months of operations on a straight-line basis.

**OTHER RISKS**

Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these foreign markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Other risks associated with investing in foreign securities include, among other things, imposition of exchange control regulation by the U.S. or foreign governments, U.S. and non-U.S. withholding taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in foreign nations. There may be less publicly available information about certain foreign companies than would be the case for comparable companies in the U.S., and certain foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.

Certain Funds may invest in emerging market securities. Investing in emerging market securities involves risks which are in addition to the usual risks inherent in foreign investments. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls and investment restrictions that are subject to political change and balance of payments position. Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the U.S. Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the trading and custody of such securities.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund's investments. An epidemic or pandemic can result in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, which may adversely affect markets, issuers, and/or non-U.S. exchange rates. The effects of any disease outbreak may be greater in countries with less developed disease prevention and control programs and may also exacerbate other pre-existing political, social, economic, market and financial risks. A pandemic and its effects can result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. Infectious illness outbreaks can adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Any such events could have a significant adverse impact on the value of a Fund's investments.

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. In addition, sanctions imposed on Russia, Russian individuals, and Russian corporate and banking entities by the U.S. and other countries, and any sanctions imposed in the future, may have a significant adverse impact on the Russian economy and related markets. Such actions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, securities market trading halts related to the conflict could adversely impact the value and liquidity of a Fund's holdings and could impair a Fund's ability to transact in and/or value portfolio securities. The ramifications of the conflict and related sanctions may negatively impact other regional and global financial markets (including in Europe

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

and the U.S.), companies in other countries (including those that have done business in Russia), and various sectors, industries and markets for securities and commodities, such as oil and natural gas. The price and liquidity of a Fund's investments may fluctuate widely as a result of the conflict and related events. The extent and duration of the military conflict or future escalation of such hostilities (including cyberattacks), the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant adverse impact on Fund performance and the value of an investment in a Fund.

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the "Agreement") with JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS") to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into a Third Amended and Restated Expense Limitation Agreement whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets).

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| TSW Core Plus Bond Fund | Institutional | 0.40% | 0.50% |
| TSW Emerging Markets Fund | Institutional | 0.80% | 0.99% |
| TSW High Yield Bond Fund | Institutional | 0.50% | 0.65% |
| TSW Large Cap Value Fund | Institutional | 0.58% | 0.73% |

---

The Third Amended and Restated Expense Limitation Agreement is effective until February 1, 2026 for the Funds. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

Thompson, Siegel & Walmsley LLC (the "Sub-Adviser" or "TSW") serves as the investment sub-adviser to the Funds. For its services, the Sub-Adviser is paid a fee of 0.25%, 0.65%, 0.35%, and 0.43%, based on average daily net assets of the TSW Core Plus Bond Fund, TSW Emerging Markets Fund, TSW High Yield Bond Fund and TSW Large Cap Value Fund, respectively, by the Adviser.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

For the six months ended March 31, 2025, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| TSW Core Plus Bond Fund | $108224 | $90133 | $— |
| TSW Emerging Markets Fund | 30558 | 36016 |  |
| TSW High Yield Bond Fund | 24190 | 29946 |  |
| TSW Large Cap Value Fund | 107445 | 23604 |  |

---

The balances of recoverable expenses to PAFS by the Funds at March 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the period ended:** | **Expiring** | **TSW**<br> **Core**<br> **Plus**<br> **Bond**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **TSW**<br> **Emerging**<br> **Markets**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **TSW**<br> **High**<br> **Yield**<br> **Bond**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **TSW**<br> **Large**<br> **Cap**<br> **Value**<br> **Fund**<br>|
| September 30, 2022 | September 30, 2025 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $84,709<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $135,241<br> \*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $40,060<br> \*\*\*<br>|
| September 30, 2023 | September 30, 2026 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85549 | &nbsp;&nbsp;&nbsp;&nbsp; 79563 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; 82,052<br> \*\*\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55765 | &nbsp;&nbsp;&nbsp;&nbsp; 63024 | &nbsp;&nbsp;&nbsp;&nbsp; 80022 |
| Six months ended March 31, 2025 | September 30, 2028 | &nbsp;&nbsp; 90133 | &nbsp;&nbsp;&nbsp;&nbsp; 36016 | &nbsp;&nbsp;&nbsp;&nbsp; 29946 | &nbsp;&nbsp;&nbsp;&nbsp; 23604 |
| Balances of Recoverable Expenses to PAFS |  | &nbsp;&nbsp; $172185 | &nbsp;&nbsp;&nbsp;&nbsp; $262039 | &nbsp;&nbsp;&nbsp;&nbsp; $307774 | &nbsp;&nbsp;&nbsp;&nbsp; $143686 |

---

---

| | |
|:---|:---|
| \* | For the period from December 21, 2021, commencement of operations, to September 30, 2022. |
| \*\* | For the period from October 26, 2021, commencement of operations, to September 30, 2022. |
| \*\*\* | For the period from December 6, 2021, commencement of operations, to September 30, 2022. |
| \*\*\*\* | For the period from May 15, 2024, commencement of operations, to September 30, 2024. |

---

Perpetual Americas Funds Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group ("ACA Group"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. PAFS, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds. Neither the Distributor nor ACA Group is affiliated with the Trust, the Adviseror TSW.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services are reflected as "Accounting and Administration" fees on the Statements of Operations.

Foreside Fund Officer Services, LLC, an affiliate of ACA Group, provides principal financial officer and treasurer services for the Funds pursuant to a written agreement with the Trust on behalf of the Funds. The Funds have agreed to pay ACA Group an annual fee based on the level of net assets in the Fund complex, subject to an overall minimum annual fee of $200,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees allocated to the Funds and paid to ACA Group pursuant to these agreements are reflected as "Treasurer Service" fees on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Institutional Class Shareholder Services, Record keeping and Sub-Transfer Agency Agreement (the "Shareholder Services Agreement"). Pursuant to the Shareholder Services Agreement, the Trust, on behalf of each Fund, agrees that Institutional Shares of each Fund shall reimburse PAFS or its designee for any payments PAFS or such designee makes to third-party service providers for personal services, accounting or subaccounting, record keeping and/or other administrative services provided to beneficial holders of Institutional Class shares of the Funds. Payments by a Fund pursuant to the Shareholder Services Agreement shall not exceed such amounts as are approved by the Board from time to time. The Funds incurred no fees pursuant to the Shareholder Services Agreement during the six months ended March 31, 2025.

Certain officers of the Trust are affiliated with PAFS, ACA Group, Northern Trust, or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2025, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds is reflected as "Trustees" expenses on the Statements of Operations.

**C. Credit Agreements**

The Trust, on behalf of the Funds, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes which permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured Overnight Financing Rate plus 1.30% or the Prime Rate minus 1.50%. The Funds had no borrowings under the Credit Agreement during the six months ended March 31, 2025.

**D. Investment Transactions**

For the six months ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $20237936 | &nbsp;&nbsp; $2524377 |
| TSW Emerging Markets Fund | &nbsp;&nbsp; 1457235 | &nbsp;&nbsp; 1525831 |
| TSW High Yield Bond Fund | &nbsp;&nbsp; 2668520 | &nbsp;&nbsp; 2349682 |
| TSW Large Cap Value Fund | &nbsp;&nbsp; 9092310 | &nbsp;&nbsp; 10768000 |

---

For the six months ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of U.S. government securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from sales** |
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $25741392 | &nbsp;&nbsp; $4177767 |

---

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. U.S. Federal Income Tax**

As of March 31, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $67501794<br>| &nbsp;&nbsp; $140482<br>| &nbsp;&nbsp; $(706821) <br>| &nbsp;&nbsp; $(566339) <br>|
| TSW Emerging Markets Fund | &nbsp;&nbsp; 7189870<br>| &nbsp;&nbsp; 1155597<br>| &nbsp;&nbsp; (415353) <br>| &nbsp;&nbsp; 740244<br>|
| TSW High Yield Bond Fund | &nbsp;&nbsp; 9461319<br>| &nbsp;&nbsp; 124951<br>| &nbsp;&nbsp; (174175) <br>| &nbsp;&nbsp; (49224) <br>|
| TSW Large Cap Value Fund | &nbsp;&nbsp; 31024021<br>| &nbsp;&nbsp; 7233036<br>| &nbsp;&nbsp; (499844) <br>| &nbsp;&nbsp; 6733192<br>|

---

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2024 and September 30, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From**  | **Distributions From**  | **Distributions From**  | **Distributions From**  |
| **Fund** | **Ordinary**<br> **Income\***<br> **2024**<br>| **Long-Term**<br> **Capital Gains**<br> **2024**<br>| **Ordinary**<br> **Income\***<br> **2023**<br>| **Long-Term**<br> **Capital Gains**<br> **2023**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $114889 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| TSW Emerging Markets Fund | &nbsp;&nbsp; 216019 | &nbsp;&nbsp; — | &nbsp;&nbsp; 137485 | &nbsp;&nbsp; — |
| TSW High Yield Bond Fund | &nbsp;&nbsp; 630387 | &nbsp;&nbsp; — | &nbsp;&nbsp; 727639 | &nbsp;&nbsp; — |
| TSW Large Cap Value Fund | &nbsp;&nbsp; 668234 | &nbsp;&nbsp; 2,234,137<br> \*\*<br>| &nbsp;&nbsp; 738192 | &nbsp;&nbsp; 3,372,912<br> \*\*\*<br>|

---

\* Ordinary income includes short-term capital gains, if any.

\*\* The amount does not include tax equalization utilized of $261,855 in net long term capital gains in which the TSW Large Cap Value Fund designated as being distributed to shareholders on their redemption of shares. 

\*\*\* The amount does not include tax equalization utilized of $114,889 in net long term capital gains in which the TSW Large Cap Value Fund designated as being distributed to shareholders on their redemption of shares. 

As of the latest tax year ended September 30, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Distributions** <br> **Payable**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| TSW Core Plus <br> Bond Fund<br>| $4551 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1997)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $177972 | &nbsp;&nbsp;&nbsp; $180526 |
| TSW Emerging Markets <br> Fund<br>| 235056 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1304239)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 750446 | &nbsp;&nbsp;&nbsp; (318737)<br>|
| TSW High Yield <br> Bond Fund<br>| 5098 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (868524)<br>| &nbsp;&nbsp;&nbsp; (2888)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 145161 | &nbsp;&nbsp;&nbsp; (718265)<br>|
| TSW Large Cap <br> Value Fund<br>| 49740 | &nbsp;&nbsp;&nbsp; 2095811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8050101 | &nbsp;&nbsp;&nbsp; 10195652 |

---

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

As of the latest tax year ended September 30, 2024, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| TSW Emerging Markets Fund | &nbsp;&nbsp; $909343 | &nbsp;&nbsp; $394896 |
| TSW High Yield Bond Fund | &nbsp;&nbsp; 4037 | &nbsp;&nbsp; 864487 |

---

**F. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; $41061000  | &nbsp;&nbsp; $1121690  | &nbsp;&nbsp; $(934581)  | &nbsp;&nbsp; $41248109  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 297981  | &nbsp;&nbsp; 11370  | &nbsp;&nbsp; (150523)  | &nbsp;&nbsp; 158828  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 183831  | &nbsp;&nbsp; 264376  | &nbsp;&nbsp; (491349)  | &nbsp;&nbsp; (43142)  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 1192510  | &nbsp;&nbsp; 2602269  | &nbsp;&nbsp; (3160706)  | &nbsp;&nbsp; 634073  |

---

Transactions in shares for the six months ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; 4075268  | &nbsp;&nbsp; 111578  | &nbsp;&nbsp; (93484)  | &nbsp;&nbsp; 4093362  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 33084  | &nbsp;&nbsp; 1233  | &nbsp;&nbsp; (15021)  | &nbsp;&nbsp; 19296  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 19832  | &nbsp;&nbsp; 28498  | &nbsp;&nbsp; (53001)  | &nbsp;&nbsp; (4671)  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 89457  | &nbsp;&nbsp; 197232  | &nbsp;&nbsp; (233938)  | &nbsp;&nbsp; 52751  |

---

Transactions in dollars for the year ended September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| TSW Core Plus Bond Fund\* | Institutional Shares | &nbsp;&nbsp; $26646423  | &nbsp;&nbsp; $90504  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26736927  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 560876  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 560876  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 1751113  | &nbsp;&nbsp; 513627  | &nbsp;&nbsp; (6426400)  | &nbsp;&nbsp; (4161660)  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 2077854  | &nbsp;&nbsp; 2846423  | &nbsp;&nbsp; (6127605)  | &nbsp;&nbsp; (1203328)  |

---

\* For the period from May 15, 2024, commencement of operations, to September 30, 2024.

Transactions in shares for the year ended September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| TSW Core Plus Bond Fund\* | Institutional Shares | &nbsp;&nbsp; 2593137  | &nbsp;&nbsp; 8790  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2601927  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 62691  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62691  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 197291  | &nbsp;&nbsp; 56584  | &nbsp;&nbsp; (720477)  | &nbsp;&nbsp; (466602)  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 161887  | &nbsp;&nbsp; 227297  | &nbsp;&nbsp; (468499)  | &nbsp;&nbsp; (79315)  |

---

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

\* For the period from May 15, 2024, commencement of operations, to September 30, 2024.

**G. Concentration of Ownership**

A significant portion of a Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of a Fund's investment strategy.

As of March 31, 2025, PAFS or PAFS affiliates held outstanding shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **%**<br> **Ownership**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; 0.0\* |
| TSW Emerging Markets Fund | Institutional Shares | 97.6 |
| TSW High Yield Bond Fund | Institutional Shares | 1.9 |
| TSW Large Cap Value Fund | Institutional Shares | 7.3 |

---

\*Amount is less than 0.05%.<br>

------

**TSW MUTUAL FUNDS**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**TSW MUTUAL FUNDS**

**PROXY DISCLOSURES**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**TSW MUTUAL FUNDS**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**March 31, 2025 (Unaudited)**

------

Included on page 36 in the Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2025 (Unaudited)**

------

Prior to and at the December 12-13, 2024 meeting of the Board of Trustees (the "Board"), the Board requested, and JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser") and Thompson, Siegel & Walmsley LLC ("TSW") provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Adviser and TSW to the TSW Emerging Markets Fund, TSW High Yield Bond Fund, TSW Large Cap Value Fund, and TSW Core Plus Bond Fund (the "Funds"); (ii) the investment performance of the Funds, including the performance of the each Fund's predecessor fund, as applicable<sup>1</sup>; (iii) the costs of the services provided and the profits realized by the Adviser and TSW from its relationship with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds' potential shareholders. The Trustees were assisted in their evaluation of the Investment Advisory Agreement and Investment Subadvisory Agreement (together, the "Advisory Agreements") by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from management. In reviewing the Advisory Agreements, the Trustees, including all the Independent Trustees, considered the following and other factors with respect to the Funds:

*Nature, Extent and Quality of the Services*

The Board examined the nature, extent, and quality of services to be provided to each Fund by the Adviser and TSW. The Board noted that the Adviser is an indirect wholly owned subsidiary of Perpetual Limited. The Board considered the terms of the Advisory Agreements, information and reports provided by each of the Adviser and TSW on its respective personnel and operations, the Adviser's experience with the investment strategy and risks of each Fund, and TSW's experience with the investment strategy and risks of each Fund. The Board reviewed each of the Adviser and TSW's investment philosophy and portfolio construction processes, compliance program, insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the reports provided by each of the Adviser and TSW, there had been no previously undisclosed (i) material compliance issues or concerns raised or encountered since the last approval of the Advisory Agreements or (ii) material compliance issues in the past two years with respect to the Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. The Board expressed satisfaction with the quality, extent, and nature of the services provided by each of the Adviser and TSW.

*Performance and Profits*

The Trustees reviewed performance information for the Funds, including each Fund's one-year, three-year, five-year and ten-year periods (as available) ended on October 31, 2024. The Board considered a report prepared by an industry standard independent service provider, FUSE Research Network LLC (the "FUSE Report"), which presented comparisons of investment performance, expenses and fees of the Funds relative to their investment categories, competitor fund groups and broader benchmarks. The Trustees also reviewed and considered profitability analyses for the Funds prepared by the Adviser and TSW on a consolidated basis included in the Board Materials. The analyses included details on income, direct expenses, staff costs, overhead, taxes, distribution related expenses and operating profit/loss. As part of the review of the profitability analyses, the Trustees also considered information provided by the Adviser related to its operating margin versus that of other investment advisers. The Trustees noted that, based on the information provided, the profits realized and/or to be realized were not excessive. Finally, the Trustees discussed potential adverse impacts to overall profitability as a result of current market conditions.

The Board noted that the TSW Core Plus Bond Fund's contractual management fee<sup>2</sup> tied with two other funds to rank eight out of 13 among the Fund's Expense Group. The Board further noted that the Fund's contractual management fee was 0.40% compared to a median contractual management fee of 0.39% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked six out of 13 among the Fund's Expense Group and 59 out of 111 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.500% compared to a median total expense of 0.53% for the Expense Group and 0.49% for the Expense Universe. The Board concluded that the proposed investment advisory fees and expense ratios after waiver or reimbursement were reasonable. The Board noted that, because the TSW Core Plus Bond Fund had not yet been in operation for a one-year period, the Fund had no performance history.

<sup>1</sup> TSW Large Cap Value Fund has a predecessor fund which was reorganized into the Trust effective December 6, 2021.

<sup>2</sup> FUSE's contractual management fees (referred to as "Contractual Advisory Fees" in the FUSE report) reflect effective advisory fees calculated using a common asset level and then apply each fund's contractual fee schedule at that asset level. FUSE recommends that more weight and consideration be place on contractual advisory fees for comparison to peer funds.

------

**TSW MUTUAL FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2025 (Unaudited)**

------

With respect to the TSW Emerging Markets Fund, the Board noted that the Fund's contractual management fee tied with one other fund to rank two out of 12 among the Fund's Expense Group. The Board further noted that the Fund's contractual management fee was 0.80% compared to a median contractual management fee of 1.00% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and reimbursements, and noted that the Fund ranked five out of 12 among the Fund's Expense Group and 40 out of 141 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.99% compared to a median total expense of 1.04% for the Expense Group and 1.08% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 125 out of 141 among the Fund's Performance Universe over the one-year period ended October 31, 2024. The Fund's returns were 15.02% compared to a median return of the Performance Universe of 23.04% over the one-year period ended October 31, 2024.

The Board noted that the TSW High Yield Bond Fund's contractual management fee tied with one other fund to rank four out of 13 among the Fund's Expense Group. The Board further noted that the Fund's contractual management fee was 0.50% compared to a median contractual management fee of 0.55% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 13 among the Fund's Expense Group and 41 out of 113 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.65% compared to a median total expense of 0.70% for the Expense Group and 0.72% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 82 out of 115 and 44 out of 109 among the Fund's Performance Universe over the one- and three-year periods ended October 31, 2024. The Fund's returns were 14.30% and 3.25% compared to a median return of the Performance Universe of 15.19% and 2.89% over the one- and three-year period ended October 31, 2024.

With respect to the TSW Large Cap Value Fund, the Board noted that the Fund's contractual management fee ranked six out of 13 among the Fund's Expense Group. The Board further noted that the Fund's contractual management fee was 0.58% compared to a median contractual management fee of 0.59% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and reimbursements, and noted that the Fund ranked six out of 13 among the Fund's Expense Group and 84 out of 193 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.73% compared to a median total expense of 0.75% for the Expense Group and 0.75% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 185 out of 193, 105 out of 181, 79 out of 173, and 63 out of 144 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2024, respectively. The Fund's returns were 20.68%, 7.43%, 11.15%, and 9.28% compared to a median return of the Performance Universe of 30.04%, 7.75%, 10.94%, and 9.13% over the one-, three-, five-, and ten-year periods ended October 31, 2024, respectively.

The Board then reviewed the expense caps that were in place for each of the Funds and noted that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses through February 1, 2026. After considering the comparative data, as described above, and as provided in the Board Materials, the Board concluded that the advisory fees and expense ratios were reasonable.

*Economies of Scale*

In considering the economies of scale for the Funds, the Board considered the marketing and distribution plans, capacity, and breakeven points for each of the Funds.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee assigned different weights to various factors considered.

------

(This page has been intentionally left blank)

------

**Investment Subadviser**

Thompson, Siegel & Walmsley LLC

6641 West Broad Street

Suite 600

Richmond, Virginia 23230

**Investment Adviser**

Perpetual Americas Funds Services

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, Massachusetts 02199

**Distributor**

Perpetual Americas Funds Distributors, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**For Additional Information, call**

866-260-9549 (toll free) or 312-557-5913

TSW 03/25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

------

**Item 19. Exhibits.**

(a)(1) Not applicable - only for annual reports

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Perpetual Americas Funds Trust

---

| | |
|:---|:---|
| By:  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Jonathan Weitz  |
|  | Jonathan Weitz  |
|  | President and Principal Executive Officer  |
| Date:  | June 3, 2025  |

---

---

| | |
|:---|:---|
| By:  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

------

## Ex-99.Cert

#### Certification
I, Jonathan Weitz, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Jonathan Weitz  |
|  | Jonathan Weitz  |
|  | President and Principal Executive Officer  |

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I, Troy Sheets, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |

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## Exhibit 99.906

#### Certification
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of the Perpetual Americas Funds Trust (the "registrant").

Jonathan Weitz, Principal Executive Officer, and Troy Sheets, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

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| | |
|:---|:---|
| June 3, 2025  | June 3, 2025  |
| Date  | Date  |
| /s/ Jonathan Weitz  | /s/ Troy Sheets  |
| Jonathan Weitz  | Troy Sheets  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

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This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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