# EDGAR Filing Document

**Accession Number:** 0001651872
**File Stem:** 0001398344-26-000341
**Filing Date:** 2026-1
**Character Count:** 211278
**Document Hash:** 9e04c9148f865fd292398df67393215c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000341.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001398344-26-000341

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gallery Trust
- **CENTRAL INDEX KEY:** 0001651872

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23091
- **FILM NUMBER:** 26519127

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** (610) 676-1000

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

## Series and Classes Contracts Data

### MONDRIAN INTERNATIONAL VALUE EQUITY FUND (Series ID: S000051620)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000162391 | MONDRIAN INTERNATIONAL VALUE EQUITY FUND | MPIEX           |

### MONDRIAN EMERGING MARKETS VALUE EQUITY FUND (Series ID: S000063083)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000204585 | MONDRIAN EMERGING MARKETS VALUE EQUITY FUND | MPEMX           |

### MONDRIAN GLOBAL LISTED INFRASTRUCTURE FUND (Series ID: S000063813)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000206727 | Mondrian Global Listed Infrastructure Fund | MGIFX           |

### Mondrian Global Equity Value Fund (Series ID: S000068924)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000220240 | Mondrian Global Equity Value Fund | MPGVX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**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 811-23091**

**Gallery Trust**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Michael Beattie

C/O SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: 1-888-832-4386**

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: October 31, 2025**

**Item 1. Reports to Stockholders.**

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of
 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# Gallery Trust
![Image](i404d592d668cbf6dbb8fbabc.jpg)

## Mondrian International Value Equity Fund

## Institutional Shares - MPIEX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Shares of the Mondrian International Value Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.mondrian.com/mutualfunds/international-value-equity-fund/. You can also request this information by contacting us at 888-832-4386.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mondrian International Value Equity Fund, Institutional Shares | $83 | 0.74% |

---

## How did the Fund perform in the last year?
International equity markets have risen strongly over the past twelve months. Europe led returns, driven by German fiscal stimulus focused on defense and infrastructure which improved the economic outlook for the region. The Danish equity market lagged, driven by its outsized exposure to Novo Nordisk, which published disappointing trial data for its latest obesity drug and lowered growth expectations as competition intensified. The Spanish and Italian market outperformance was driven by financials. The financials sector led returns on the back of strong earnings, shareholder returns, and an improved European outlook, whilst the health care sector lagged on concerns around the impact of US government policy on the sector. Most major international currencies appreciated against the US dollar. The Fund outperformed the MSCI EAFE Index in the past twelve months. Country allocation added to relative returns: The underweight position in the relatively weak Swiss market and the lack of exposure to the weak Danish market more than offset the negative impact of the overweight position in the relatively weak French market. The French equity market lagged amid renewed political instability surrounding a controversial budget proposal. Stock selection in Germany and Singapore held back relative returns: Stock selection in Germany was held back by Evonik, the diversified German chemicals company, which lagged on the back of weak demand in selected end-markets, with the commoditized Performance Materials segment particularly under pressure. In Singapore, United Overseas Bank, the Singaporean bank, lagged the strong market as excess liquidity in the region pressured net interest margins. This was partly offset by strong stock selection in Spain where Banco Santander, the Spanish bank, was buoyed by strong earnings and strong capital generation that drove a step up in shareholder returns. Sector allocation slightly added to relative returns: The positive impact of the underweight positions in the relatively weak materials and health care sectors and overweight position in the strong utilities sector more than offset the negative impact of the underweight position in the strong financials sector. Strong stock selection within the consumer discretionary and financials sectors added to relative returns. Stock selection in consumer discretionary was driven by Sony, the Japanese diversified entertainment and electronics group, which outperformed on the strength of its gaming division. Currency allocation held back relative returns: The positive impact of the underweight position in the relatively weak Australian dollar was more than offset by the underweight position in the strong Swiss franc and lack of exposure to the strong Swedish krona.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $1,000,000 Investment
![Growth Chart](i5fde905e4c3156bd33ba8f5b.jpg)

---

| | | |
|:---|:---|:---|
| | Mondrian International Value Equity Fund, Institutional Shares <sup>Footnote Reference\*\*</sup> | MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $1000000 | $1000000 |
| Oct/16 | $971723 | $967734 |
| Oct/17 | $1179526 | $1194547 |
| Oct/18 | $1102120 | $1112668 |
| Oct/19 | $1189496 | $1235549 |
| Oct/20 | $976831 | $1150737 |
| Oct/21 | $1335565 | $1544064 |
| Oct/22 | $1055392 | $1188947 |
| Oct/23 | $1254011 | $1360165 |
| Oct/24 | $1531277 | $1672542 |
| Oct/25 | $1912779 | $2057758 |

---

The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 888-832-4386 or visit https://www.mondrian.com/mutualfunds/international-value-equity-fund/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\*\* | &nbsp;&nbsp;The financial statements include the financial information of the Predecessor Fund through September 24, 2018 (See Note 1 in Notes to Financial Statements). |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| Footnote† | &nbsp;&nbsp;EAFE – Europe, Australasia, and the Far East |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Mondrian International Value Equity Fund, Institutional Shares<sup>Footnote Reference\*\*</sup> | 24.91% | 14.38% | 6.70% |
| MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 23.03% | 12.33% | 7.48% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1077709249 | 49 | $5586258 | 39% |

---

## What did the Fund invest in?

### Country Weightings\*
![Holdings Table](i5601fc59f93eb12649c78caa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 1.4% |
| Austria | 1.4% |
| Finland | 1.7% |
| Netherlands | 1.9% |
| Singapore | 2.8% |
| Spain | 3.3% |
| Switzerland | 4.8% |
| Hong Kong | 6.0% |
| Italy | 7.2% |
| Germany | 9.5% |
| France | 15.4% |
| United Kingdom | 19.7% |
| Japan | 24.0% |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Lloyds Banking Group PLC | 3.5% |
| Enel SpA | 3.5% |
| Nestle SA | 3.4% |
| Banco Santander SA | 3.3% |
| SSE PLC | 3.3% |
| GSK PLC | 3.2% |
| Allianz SE | 3.1% |
| Snam SpA | 2.9% |
| Sanofi SA | 2.9% |
| Associated British Foods PLC | 2.8% |

---

\* Percentages are calculated based on total net assets.

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 888-832-4386 

* https://www.mondrian.com/mutualfunds/international-value-equity-fund/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id0148b09684227f91d115199.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 888-832-4386 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

#### Gallery Trust

#### Mondrian International Value Equity Fund / Institutional Shares - MPIEX

#### Annual Shareholder Report - October 31, 2025

#### MPIEX-AR-2025
![Image](i404d592d668cbf6dbb8fbabc.jpg)

# Gallery Trust
![Image](i404d592d668cbf6dbb8fbabc.jpg)

## Mondrian Emerging Markets Value Equity Fund

## Institutional Shares - MPEMX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Shares of the Mondrian Emerging Markets Value Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.mondrian.com/mutualfunds/emerging-markets-value-equity-fund/. You can also request this information by contacting us at 888-832-4386.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mondrian Emerging Markets Value Equity Fund, Institutional Shares | $106 | 0.92% |

---

## How did the Fund perform in the last year?
The Emerging Markets (EM) asset class delivered strong returns over the twelve-month period, with the MSCI EM Index gaining 27.91%. Performance rebounded sharply following the broad market sell-off in April 2025, which was triggered by recently elected President Trump's "Liberation Day" trade tariffs. All EM regions performed broadly in line with the overall Index: Latin America (+28.1%), Asia (+28.0%), and EMEA (+27.1%). A dominant global equity theme during the period was the growing expectation for the monetisation of Artificial Intelligence (AI). Within Asia, this theme most clearly benefitted South Korea (+68.2%), Taiwan (+37.8%), and China (+33.7%). Key EM companies central to the AI value chain — such as TSMC, Hon Hai, SK Hynix, Samsung Electronics, and Alibaba — drove much of this strength. South Korea was also helped by continued progress on its "Corporate Value-Up" reforms, supported by the new government, which prompted many corporates to enhance shareholder return policies. Similarly, in China, the government signalled more supportive macroeconomic policies to stimulate growth and encourage domestic consumption. In contrast, India (-1.2%) underperformed as earnings growth struggled to meet elevated expectations implied by high starting valuations. The Fund's underweight position in India contributed over 300 bps to relative performance. Market returns across Europe, the Middle East, and Africa (EMEA) were broadly positive. South Africa (+41.2%) benefitted from strength in gold and PGM mining companies, while the UAE (+42.8%) led the Middle East, and smaller European markets were supported by hopes for improved geopolitical stability. In Latin America, Mexico (+38.3%) outperformed on expectations it would gain trade advantages with the US relative to peers. The Mondrian Emerging Markets Equity Fund returned +30.69%, outperforming the Index, driven by a combination of positive stock selection and top-down allocation factors. Strong stock selection in Taiwan and India was a key contributor, while the large underweight to India was the main positive top-down factor. Although an overweight to Indonesia detracted due to the market's relative underperformance, this was partially offset by good stock selection within the Fund's Indonesian holdings. Within Latin America, the Fund's performance was supported by overweight allocations to Mexico and Peru, partially offset by an overweight to Brazil, which lagged the region. An underweight to South Africa, particularly the mining sector, held back relative returns within EMEA. At the sector level, relative outperformance was primarily driven by stock selection within consumer discretionary, consumer staples, and IT. An underweight allocation to the IT sector was a modest headwind given the sector's overall strength during the period. Across other sectors, the Fund's health care positioning also added value.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $1,000,000 Investment
![Growth Chart](id98c475dc29302962138f16b.jpg)

---

| | | |
|:---|:---|:---|
| | Mondrian Emerging Markets Value Equity Fund, Institutional Shares <sup>Footnote Reference\*\*</sup> | MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> |
| Oct/15 | $1000000 | $1000000 |
| Oct/16 | $1058282 | $1092674 |
| Oct/17 | $1240616 | $1381695 |
| Oct/18 | $1099999 | $1208759 |
| Oct/19 | $1222374 | $1352069 |
| Oct/20 | $1291702 | $1463636 |
| Oct/21 | $1476020 | $1711873 |
| Oct/22 | $1050880 | $1180741 |
| Oct/23 | $1229664 | $1308253 |
| Oct/24 | $1489906 | $1639442 |
| Oct/25 | $1947138 | $2097083 |

---

The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 888-832-4386 or visit https://www.mondrian.com/mutualfunds/emerging-markets-value-equity-fund/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\*\* | &nbsp;&nbsp;The financial statements include the financial information of the Predecessor Fund through September 24, 2018 (See Note 1 in Notes to Financial Statements). |
| Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Mondrian Emerging Markets Value Equity Fund, Institutional Shares<sup>Footnote Reference\*\*</sup> | 30.69% | 8.55% | 6.89% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 27.91% | 7.46% | 7.69% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $22428652 | 61 | $39500 | 44% |

---

## What did the Fund invest in?

### Country Weightings\*
![Holdings Table](i8a6e7095140dbeadd38b4fbf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 6.5% |
| Finland | 1.6% |
| Malaysia | 1.7% |
| Philippines | 1.9% |
| United Arab Emirates | 3.7% |
| Mexico | 3.9% |
| Indonesia | 4.8% |
| Saudi Arabia | 4.9% |
| Brazil | 8.1% |
| India | 10.0% |
| South Korea | 11.9% |
| Taiwan | 15.5% |
| China | 28.5% |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.3% |
| Alibaba Group Holding Ltd | 4.8% |
| Samsung Electronics Co Ltd, Preference | 4.2% |
| HDFC Bank Ltd | 3.0% |
| Tencent Holdings Ltd | 2.9% |
| Bank Rakyat Indonesia Persero Tbk PT | 2.8% |
| Hon Hai Precision Industry Co Ltd | 2.6% |
| Shinhan Financial Group Co Ltd | 2.2% |
| Axis Bank Ltd | 2.2% |
| Telkom Indonesia Persero Tbk PT | 2.0% |

---

\* Percentages are calculated based on total net assets.

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 888-832-4386 

* https://www.mondrian.com/mutualfunds/emerging-markets-value-equity-fund/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id0148b09684227f91d115199.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 888-832-4386 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

#### Gallery Trust

#### Mondrian Emerging Markets Value Equity Fund / Institutional Shares - MPEMX

#### Annual Shareholder Report - October 31, 2025

#### MPEMX-AR-2025
![Image](i404d592d668cbf6dbb8fbabc.jpg)

# Gallery Trust
![Image](i404d592d668cbf6dbb8fbabc.jpg)

## Mondrian Global Listed Infrastructure Fund

## Institutional Shares - MGIFX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Shares of the Mondrian Global Listed Infrastructure Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.mondrian.com/mutualfunds/global-listed-infrastructure-fund/. You can also request this information by contacting us at 888-832-4386.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mondrian Global Listed Infrastructure Fund, Institutional Shares | $104 | 0.95% |

---

## How did the Fund perform in the last year?
Global markets were strong over the period despite some volatility in the first half. April saw a sharp sell-off following President Trump's Liberation Day tariff announcements, but sentiment improved over the subsequent months as expectations grew that the final US tariffs would be lower than feared. Growth-oriented sectors led gains as semiconductor names rallied with the reversal of Biden-era export restrictions and rising enthusiasm for AI technologies. The MSCI ACW index rose 22.64%. The MSCI ACW Core Infrastructure index underperformed this index, mainly due to a lack of exposure to AI-related sectors like IT and communication services, as well as a higher weighting in the relatively weak North American railroad sector. The fund outperformed this index, primarily due to stock selection in the transportation infrastructure sector. Eiffage, the French tollroad operator, was the largest contributor to the fund's return. Eiffage is seen as a key beneficiary of the German government's landmark €500 billion infrastructure spending plan, which is expected to drive revenues for the contracting business. The company also reported strong operational results over the year, with steady earnings growth across the group and a record-high order backlog. Guangdong Investment, the Chinese water utility, saw its share price rise following the successful carve-out of its troubled property investment business. Guangdong Investment's exposure to real estate development had grown during China's late 2010s property boom, and the slowdown in the sector since 2021 had been an overhang on the company's share price in recent years. The company announced the carve-out of the property development segment at the end of 2024, and since then investors have refocused attention on the core business: a highly profitable, stable and cash flow-generative water utility. Promotora y Operadora de Infraestrutura (PINFRA), the Mexican tollroad operator, was another strong performer over the year. The company benefitted from a resilient domestic macroeconomic backdrop despite the uncertainty caused by tariffs, as well as falling Mexican bond yields. Investors also reacted positively to PINFRA's sale of its non-core Altamira Port operation at a favourable valuation. Edison International, the US electric utility, was the main detractor over the period following the South California wildfires in January. One of the wildfires ignited within Edison's service area, causing the share price to fall as investors attempted to gauge the utility's involvement in the fire and potential associated financial costs. Cellnex and American Tower, the telecom tower operators, also saw their share prices decrease during the year. Rate-sensitive telecom tower stocks have lagged other sectors in recent years as long-term interest rates have remained elevated. In the case of Cellnex, the market has also been concerned about a recent wave of consolidation amongst European mobile operators, which could reduce the number of customers hosted on Cellnex's towers.

#### How did the Fund perform since inception?

## Total Return Based on $1,000,000 Investment
![Growth Chart](i010151af7945ace1713a3ba7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Mondrian Global Listed Infrastructure Fund, Institutional Shares | MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | MSCI ACWI Core Infrastructure (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Dec/18 | $1000000 | $1000000 | $1000000 |
| Oct/19 | $1214932 | $1177720 | $1192352 |
| Oct/20 | $1086633 | $1235284 | $1095897 |
| Oct/21 | $1365905 | $1695766 | $1359639 |
| Oct/22 | $1210436 | $1357337 | $1239464 |
| Oct/23 | $1249867 | $1499883 | $1181160 |
| Oct/24 | $1548957 | $1991706 | $1475659 |
| Oct/25 | $1826516 | $2442685 | $1622071 |

---

Since its inception on December 17, 2018. The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 888-832-4386 or visit https://www.mondrian.com/mutualfunds/global-listed-infrastructure-fund/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Mondrian Global Listed Infrastructure Fund, Institutional Shares | 17.92% | 10.95% | 9.16% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 22.64% | 14.61% | 13.87% |
| MSCI ACWI Core Infrastructure (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 9.92% | 8.16% | 7.29% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $2283584 | 28 | $- | 28% |

---

## What did the Fund invest in?

### Country Weightings\*
![Holdings Table](ibe29d5823bdf6636f13a1fb6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 3.0% |
| Portugal | 3.5% |
| Australia | 3.6% |
| Chile | 3.6% |
| Japan | 3.7% |
| Mexico | 3.8% |
| United Kingdom | 3.9% |
| Spain | 7.3% |
| China | 7.4% |
| Canada | 8.4% |
| Italy | 10.0% |
| France | 12.0% |
| United States | 29.9% |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Prologis Inc REIT | 4.7% |
| Canadian National Railway | 4.4% |
| CSX Corp | 4.3% |
| Vinci SA | 4.1% |
| Veolia Environnement SA | 4.1% |
| South Bow, Cl W | 4.1% |
| Eversource Energy | 4.0% |
| SSE PLC | 3.9% |
| American Tower REIT | 3.8% |
| Guangdong Investment Ltd | 3.8% |

---

\* Percentages are calculated based on total net assets.

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 888-832-4386 

* https://www.mondrian.com/mutualfunds/global-listed-infrastructure-fund/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id0148b09684227f91d115199.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 888-832-4386 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

#### Gallery Trust

#### Mondrian Global Listed Infrastructure Fund / Institutional Shares - MGIFX

#### Annual Shareholder Report - October 31, 2025

#### MGIFX-AR-2025
![Image](i404d592d668cbf6dbb8fbabc.jpg)

# Gallery Trust
![Image](i404d592d668cbf6dbb8fbabc.jpg)

## Mondrian Global Equity Value Fund

## Institutional Shares - MPGVX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Shares of the Mondrian Global Equity Value Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.mondrian.com/mutualfunds/global-equity-value-fund/. You can also request this information by contacting us at 888-832-4386.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Mondrian Global Equity Value Fund, Institutional Shares | $82 | 0.74% |

---

## How did the Fund perform in the last year?
Global markets got off to a strong start in the period, led by the US. Cyclical sectors outperformed on the expectation that a Republican-controlled Congress would implement favourable economic policies, including tax reform and deregulation, stimulating growth, and boosting corporate profitability. Markets subsequently declined in the first quarter of 2025, driven by a wave of tariff announcements from the Trump administration and growing concerns over consumer confidence, which heightened fears of a potential US recession. Weakness continued into April, when there was a sharp sell-off following President Trump's Liberation Day tariff announcements which proposed >30% tariffs on key partners and 125% levies on China. Growth-oriented sectors, particularly IT and communication services, led gains as semiconductor names rallied with the reversal of Biden-era export restrictions and rising enthusiasm for AI technologies. This rally continued into the third quarter of 2025 as clarity on US fiscal, monetary, and trade policy saw cyclical names outperform. Market strength reflected investor optimism as policy clarity and monetary easing bolstered expectations for the global economy. This optimism continued into October as the Federal Reserve lowered interest rates, hopes grew around a potential US-China trade agreement, and corporate earnings largely exceeded expectations. The Fund gained 20.80% over the twelve months, a challenging period for a defensive value manager, slightly underperforming the strongly rising MSCI AC World Index which gained 22.64%, while providing a very solid absolute return. Negative stock selection, in particular in the US, drove the majority of relative returns while overweight exposure to the weaker consumer staples and healthcare sectors and underweight exposure to the stronger IT sector also held back returns. Sector allocation was a headwind: Overweight exposure to the consumer staples and healthcare sectors, as well as underweight exposure to the better-performing IT sector, held back returns. These negative effects were only slightly offset by underweight exposure to the relatively weaker energy sector. Stock selection at the country level also held back returns: Stock selection was strong in the UK and Japan. However, this was more than offset by weaker selections in the US: not holding NVIDIA, whose current valuation is not sufficiently attractive according to our dividend discount methodology, pulled back returns by more than 100bps. However, country allocation added to returns: Overweight exposure to the relatively weaker French and German markets, as well as having no exposure to the better performing Canadian market, held back returns. But this was more than offset by the Fund's overweight exposure to South Korea, and by having no exposure to the weaker Danish market. Currency allocation was also a positive contributor: The Fund's overweight exposure to the better-performing euro and British pound, as well the underweight exposure to the relatively weaker US dollar, added to returns. This more than offset the negative of having no exposure to the relatively stronger Swedish krona.

#### How did the Fund perform since inception?

## Total Return Based on $1,000,000 Investment
![Growth Chart](ie638bd3e53f7cda626d034de.jpg)

---

| | | |
|:---|:---|:---|
| | Mondrian Global Equity Value Fund, Institutional Shares | MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Jun/20 | $1000000 | $1000000 |
| Oct/20 | $1022000 | $1055018 |
| Oct/21 | $1309106 | $1448301 |
| Oct/22 | $1089856 | $1159259 |
| Oct/23 | $1271982 | $1281003 |
| Oct/24 | $1586765 | $1701055 |
| Oct/25 | $1916821 | $2086222 |

---

Since its inception on June 30, 2020. The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 888-832-4386 or visit https://www.mondrian.com/mutualfunds/global-equity-value-fund/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Mondrian Global Equity Value Fund, Institutional Shares | 20.80% | 13.40% | 12.96% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 22.64% | 14.61% | 14.76% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $346263008 | 56 | $1641840 | 43% |

---

## What did the Fund invest in?

### Country Weightings\*
![Holdings Table](i8f4124e40f6cf348abb4fd30.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 7.3% |
| Taiwan | 1.6% |
| Netherlands | 1.7% |
| Finland | 1.8% |
| Singapore | 1.9% |
| China | 3.3% |
| South Korea | 3.5% |
| Italy | 4.3% |
| Germany | 4.3% |
| United Kingdom | 6.4% |
| Japan | 6.8% |
| France | 8.7% |
| United States | 47.7% |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Alphabet Inc, Cl A | 3.7% |
| Samsung Electronics Co Ltd, Preference | 3.0% |
| Thermo Fisher Scientific | 2.9% |
| Enel SpA | 2.8% |
| Lloyds Banking Group PLC | 2.8% |
| Charles Schwab Corp | 2.7% |
| Associated British Foods PLC | 2.6% |
| Sony Corp Group | 2.4% |
| Merck & Co Inc | 2.4% |
| DuPont de Nemours | 2.4% |

---

\* Percentages are calculated based on total net assets.

## Material Fund Changes
There were no material changes during the reporting period.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

* 888-832-4386 

* https://www.mondrian.com/mutualfunds/global-equity-value-fund/ 

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](id0148b09684227f91d115199.jpg)

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 888-832-4386 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

#### Gallery Trust

#### Mondrian Global Equity Value Fund / Institutional Shares - MPGVX

#### Annual Shareholder Report - October 31, 2025

#### MPGVX-AR-2025
![Image](i404d592d668cbf6dbb8fbabc.jpg)**

(b) Not applicable

**Item 2. Code of Ethics.**

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3. Audit Committee Financial Expert.**

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The Registrant's audit committee financial experts are Thomas P. Lemke and Jay Nadel, and each of Mr. Lemke and Mr. Nadel are "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4. Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to the Gallery Trust (the aforementioned "Trust").

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $113420 |  |  | $109059 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  | $18824<sup>(2)</sup> | $115500<sup>(2)</sup> |  |  | $65000<sup>(2)</sup> |
| (d) | All Other Fees |  |  | $150152<sup>(3)</sup> |  |  | $146757<sup>(3)</sup> |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services
 normally provided by the accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Contains tax compliance services provided to service affiliates of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Non-audit assurance engagements for service affiliates of the Funds.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) are included within the list of services that have received the general pre-approval of the Audit Committee
 pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) have been previously pre-approved in connection with the independent auditor's annual engagement letter
 for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such
 services are consistent with SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

---

| | |
|:---|:---|
| (e)(2) | Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC): |

---

---

| | | |
|:---|:---|:---|
| | **FYE October 31, 2025** | **FYE October 31, 2024** |
| Audit-Related Fees<br>| None | None |
| Tax Fees | None | None |
| All Other Fees<br>| None | None |

---

(f)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp; During the past fiscal year, all non-audit services provided by Registrant's principal accountant to either Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit services were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i)**&nbsp;&nbsp;&nbsp;&nbsp;** Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j)**&nbsp;&nbsp;&nbsp;&nbsp;** Not applicable. The Registrant is not a "foreign issuer", as defined in 17 CFR § 240.3b-4e.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

(a) The Schedule of Investments is included as part of the Financial Statements and Other Information filed under
 Item 7 of this form.

(b) Not applicable.

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

Financial statements and financial highlights are filed herein.

![](fp0096591-1_01.jpg)

**Gallery Trust**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 22 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 24 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 28 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 32 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 36 |
| Report of Independent Registered Public Accounting Firm | 63 |
| Notice to Shareholders (Unaudited) | 65 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 67 |
| Fund Information | 68 |

---

**This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus.**

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 99.1%**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **AUSTRALIA — 1.4%** |  |  |
| **INDUSTRIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | 6827740 | $&nbsp;&nbsp;&nbsp;&nbsp;15317998 |
| Total Australia |  | 15317998 |
| **AUSTRIA — 1.4%** |  |  |
| **INDUSTRIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ANDRITZ | 204890 | 15490807 |
| Total Austria |  | 15490807 |
| **FINLAND — 1.7%** |  |  |
| **MATERIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene | 680323 | 18254545 |
| Total Finland |  | 18254545 |
| **FRANCE — 15.4%** |  |  |
| **CONSUMER DISCRETIONARY — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Kering SA | 34912 | 12397791 |
| **CONSUMER STAPLES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Carrefour | 957852 | 14426093 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 273583 | 26794756 |
|  |  | 41220849 |
| **HEALTH CARE — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 308998 | 31258974 |
| **INDUSTRIALS — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 586075 | 26454215 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 193870 | 25923463 |
|  |  | 52377678 |
| **INFORMATION TECHNOLOGY — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini | 186046 | 28622199 |
| Total France |  | 165877491 |
| **GERMANY — 9.5%** |  |  |
| **FINANCIALS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE | 82661 | 33216498 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **GERMANY (continued)** |  |  |
| **HEALTH CARE — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 216906 | $&nbsp;&nbsp;&nbsp;&nbsp;28413174 |
| **INDUSTRIALS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post | 545840 | 25079258 |
| **MATERIALS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 957406 | 16044178 |
| Total Germany |  | 102753108 |
| **HONG KONG — 6.0%** |  |  |
| **FINANCIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 2145200 | 20874376 |
| **INDUSTRIALS — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd. | 4112000 | 27268626 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd. | 281215 | 16511421 |
|  |  | 43780047 |
| Total Hong Kong |  | 64654423 |
| **ITALY — 7.2%** |  |  |
| **ENERGY — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Eni SpA | 484571 | 8935199 |
| **UTILITIES — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 3701250 | 37440786 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 5120114 | 31578752 |
|  |  | 69019538 |
| Total Italy |  | 77954737 |
| **JAPAN — 24.0%** |  |  |
| **COMMUNICATION SERVICES — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | 1430300 | 22799501 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | 13327000 | 13716866 |
|  |  | 36516367 |
| **CONSUMER DISCRETIONARY — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Honda Motor Co Ltd. | 1332500 | 13467907 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 2343300 | 27227351 |
| &nbsp;&nbsp;&nbsp;Sony Corp Group | 1065500 | 29673736 |
|  |  | 70368994 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **JAPAN (continued)** |  |  |
| **FINANCIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Sompo Holdings | 465200 | $&nbsp;&nbsp;&nbsp;&nbsp;14177190 |
| **INDUSTRIALS — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Hitachi Ltd. | 23000 | 785657 |
| &nbsp;&nbsp;&nbsp;Komatsu Limited | 388400 | 12992358 |
| &nbsp;&nbsp;&nbsp;MINEBEA MITSUMI Inc. | 957400 | 18921825 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | 621400 | 17643166 |
| &nbsp;&nbsp;&nbsp;Secom Co Ltd. | 438100 | 14809888 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | 192400 | 20914301 |
|  |  | 86067195 |
| **INFORMATION TECHNOLOGY — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | 1107000 | 25656598 |
| &nbsp;&nbsp;&nbsp;Fujitsu Ltd. | 832400 | 21692723 |
|  |  | 47349321 |
| **MATERIALS — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 129700 | 3898645 |
| Total Japan |  | 258377712 |
| **NETHERLANDS — 1.9%** |  |  |
| **HEALTH CARE — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | 724326 | 19842962 |
| Total Netherlands |  | 19842962 |
| **SINGAPORE — 2.8%** |  |  |
| **FINANCIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd. | 1130340 | 30064184 |
| Total Singapore |  | 30064184 |
| **SPAIN — 3.3%** |  |  |
| **FINANCIALS — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 3458062 | 35238149 |
| Total Spain |  | 35238149 |
| **SWITZERLAND — 4.8%** |  |  |
| **CONSUMER STAPLES — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle SA | 387773 | 37051113 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **SWITZERLAND (continued)** |  |  |
| **HEALTH CARE — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 44768 | $&nbsp;&nbsp;&nbsp;&nbsp;14501270 |
| Total Switzerland |  | 51552383 |
| **UNITED KINGDOM — 19.7%** |  |  |
| **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;WPP PLC | 2958058 | 11177520 |
| **CONSUMER STAPLES — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 1000749 | 30199113 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 439579 | 22513245 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 132553 | 5266897 |
|  |  | 57979255 |
| **ENERGY — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BP PLC | 2828162 | 16569642 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 520499 | 19513178 |
|  |  | 36082820 |
| **FINANCIALS — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 32396147 | 37984068 |
| **HEALTH CARE — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;GSK PLC | 1471543 | 34453850 |
| **UTILITIES — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;SSE PLC | 1390855 | 35039491 |
| Total United Kingdom |  | 212717004 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $901,515,613) |  | 1068095503 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $901,515,613) |  | $1068095503 |

---

Percentages are based on Net Assets of $1,077,709,249.

*Ltd — Limited*

*PLC — Public Limited Company*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

As of October 31, 2025, all of the Fund's investments were considered Level 2, in accordance the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

*For more information on valuation inputs, see Note 2 in Notes to Financial Statements.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 95.7%**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **BRAZIL — 6.2%** |  |  |
| **CONSUMER STAPLES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA | 99200 | $235095 |
| **ENERGY — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 36475 | 424569 |
| **HEALTH CARE — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Hypera SA | 65000 | 311109 |
| **MATERIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Vale Sponsored ADR Class B | 34782 | 420514 |
| Total Brazil |  | 1391287 |
| **CANADA — 0.9%** |  |  |
| **MATERIALS — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrick Gold | 6450 | 211560 |
| Total Canada |  | 211560 |
| **CHINA — 28.5%** |  |  |
| **COMMUNICATION SERVICES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu Class A \* | 15752 | 238426 |
| &nbsp;&nbsp;&nbsp;China Tower Class H | 269800 | 389766 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 8100 | 657945 |
|  |  | 1286137 |
| **CONSUMER DISCRETIONARY — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 50384 | 1072108 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances Inc Class A | 31196 | 174438 |
| &nbsp;&nbsp;&nbsp;Midea Group Co Ltd Class A | 18403 | 197683 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 46100 | 397927 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings Inc. | 8440 | 365114 |
|  |  | 2207270 |
| **CONSUMER STAPLES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Budweiser Brewing APAC | 225900 | 229140 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | 21590 | 361164 |
|  |  | 590304 |
| **ENERGY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;PetroChina Class H | 318000 | 328722 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **CHINA (continued)** |  |  |
| **FINANCIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co of China Ltd Class H | 56500 | $408175 |
| **INDUSTRIALS — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway Class A | 347700 | 253548 |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR | 18879 | 245427 |
| &nbsp;&nbsp;&nbsp;NARI Technology Class A | 79400 | 270543 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong Ltd. | 62000 | 207132 |
|  |  | 976650 |
| **MATERIALS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Tapai Group Class A | 197320 | 234865 |
| **UTILITIES — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd. | 366000 | 347694 |
| Total China |  | 6379817 |
| **FINLAND — 1.6%** |  |  |
| **INDUSTRIALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Metso Corp. | 21322 | 349658 |
| Total Finland |  | 349658 |
| **HONG KONG — 1.1%** |  |  |
| **CONSUMER STAPLES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;WH Group Ltd. | 262728 | 252723 |
| Total Hong Kong |  | 252723 |
| **INDIA — 10.0%** |  |  |
| **COMMUNICATION SERVICES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Indus Towers Ltd \* | 101143 | 414476 |
| **CONSUMER DISCRETIONARY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp | 5266 | 328705 |
| **FINANCIALS — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd. | 35142 | 487684 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 59624 | 662950 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd Sponsored ADR | 768 | 27817 |
|  |  | 1178451 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **INDIA (continued)** |  |  |
| **INFORMATION TECHNOLOGY — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Infosys Ltd Sponsored ADR | 18820 | $311847 |
| Total India |  | 2233479 |
| **INDONESIA — 4.8%** |  |  |
| **COMMUNICATION SERVICES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 2275400 | 440141 |
| **FINANCIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 2643039 | 632269 |
| Total Indonesia |  | 1072410 |
| **KAZAKHSTAN — 0.6%** |  |  |
| **FINANCIALS — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 1721 | 128714 |
| Total Kazakhstan |  | 128714 |
| **MALAYSIA — 1.7%** |  |  |
| **FINANCIALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | 163700 | 385805 |
| Total Malaysia |  | 385805 |
| **MEXICO — 3.9%** |  |  |
| **CONSUMER STAPLES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 87708 | 290338 |
| **FINANCIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Sponsored Class O | 42322 | 397308 |
| **INDUSTRIALS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario Pacifico Class B | 9214 | 191367 |
| Total Mexico |  | 879013 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **PERU — 0.7%** |  |  |
| **FINANCIALS — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd. | 629 | $164169 |
| Total Peru |  | 164169 |
| **PHILIPPINES — 1.9%** |  |  |
| **FINANCIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 184226 | 417912 |
| Total Philippines |  | 417912 |
| **PORTUGAL — 1.1%** |  |  |
| **CONSUMER STAPLES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS | 9748 | 251059 |
| Total Portugal |  | 251059 |
| **SAUDI ARABIA — 4.9%** |  |  |
| **COMMUNICATION SERVICES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Telecom Co. | 25076 | 302081 |
| **ENERGY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. | 51139 | 353345 |
| **FINANCIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;The Saudi National Bank | 41017 | 436444 |
| Total Saudi Arabia |  | 1091870 |
| **SOUTH AFRICA — 1.3%** |  |  |
| **INDUSTRIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 22923 | 298190 |
| Total South Africa |  | 298190 |
| **SOUTH KOREA — 6.5%** |  |  |
| **COMMUNICATION SERVICES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;KT Corp ADR | 12673 | 235084 |
| **CONSUMER DISCRETIONARY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kia Corp. | 4068 | 341218 |
| **FINANCIALS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co Ltd. | 9795 | 503096 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **SOUTH KOREA (continued)** |  |  |
| **INFORMATION TECHNOLOGY — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd. | 5112 | $384812 |
| Total South Korea |  | 1464210 |
| **TAIWAN — 15.5%** |  |  |
| **INFORMATION TECHNOLOGY — 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co Ltd. | 69000 | 573900 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 17000 | 216599 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 15000 | 250480 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd. | 48000 | 2321265 |
| &nbsp;&nbsp;&nbsp;Yageo Corporation | 14000 | 112684 |
| Total Taiwan |  | 3474928 |
| **UNITED ARAB EMIRATES — 3.7%** |  |  |
| **ENERGY — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas PLC | 363777 | 345640 |
| **FINANCIALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 46389 | 220209 |
| **REAL ESTATE — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 68564 | 265318 |
| Total United Arab Emirates |  | 831167 |
| **UNITED KINGDOM — 0.8%** |  |  |
| **MATERIALS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Mondi PLC | 16656 | 186178 |
| Total United Kingdom |  | 186178 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,445,394) |  | 21464149 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |
|  | **Equity Fund** |
|  | **October 31, 2025** |

---

**PREFERRED STOCK — 7.3%**

---

| | | |
|:---|:---|:---|
|  | **Number of Shares** | **Value (U.S. $)** |
| **BRAZIL — 1.9%** |  |  |
| **FINANCIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Itausa SA^ | 192915 | 417030 |
| **SOUTH KOREA — 5.4%** |  |  |
| **CONSUMER DISCRETIONARY — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor^ | 1811 | 279031 |
| **INFORMATION TECHNOLOGY — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd^ | 15978 | 942941 |
|  |  | 1221972 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,038,473) |  | 1639002 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 103.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,483,867) |  | $&nbsp;&nbsp;&nbsp;&nbsp;23103151 |

---

Percentages are based on Net Assets of $22,428,652.

\* Non-income producing security.

^ There is currently no rate available.

*ADR — American Depositary Receipt*

*Ltd — Limited*

*PJSC — Public Joint Stock Company*

*PLC — Public Limited Company*

*SGPS — Sociedade Gestora de Participações Sociais*

The following is a summary of the level of the inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $4377944 | $17086205 | $— | $21464149 |
| &nbsp;&nbsp;&nbsp;Preferred Stock | 417030 | 1221972 |  | 1639002 |
| Total Investments in Securities | $4794974 | $18308177 | $— | $23103151 |

---

*For more information on valuation inputs, see Note 2 in Notes to Financial Statements.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Listed**<br> **Infrastructure Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 100.1%** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **AUSTRALIA — 3.6%** |  |  |
| **INDUSTRIALS — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd | 36175 | $81158 |
| Total Australia |  | 81158 |
| **CANADA — 8.4%** |  |  |
| **ENERGY — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;South Bow Class W | 3597 | 93301 |
| **INDUSTRIALS — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian National Railway | 1038 | 99533 |
| Total Canada |  | 192834 |
| **CHILE — 3.6%** |  |  |
| **UTILITIES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas SA | 882823 | 83360 |
| Total Chile |  | 83360 |
| **CHINA — 7.4%** |  |  |
| **INDUSTRIALS — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co Ltd Class H | 66000 | 80350 |
| **REAL ESTATE — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Land Holdings \* | 20072 | 685 |
| **UTILITIES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd | 92000 | 87398 |
| Total China |  | 168433 |
| **FRANCE — 12.0%** |  |  |
| **INDUSTRIALS — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Eiffage SA | 706 | 86873 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 705 | 94269 |
|  |  | 181142 |
| **UTILITIES — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | 2829 | 93490 |
| Total France |  | 274632 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Listed**<br> **Infrastructure Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **GERMANY — 3.0%** |  |  |
| **UTILITIES — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 3654 | $67987 |
| Total Germany |  | 67987 |
| **ITALY — 10.0%** |  |  |
| **INDUSTRIALS — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Enav SpA | 15166 | 79244 |
| **UTILITIES — 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 8086 | 81796 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 10742 | 66252 |
|  |  | 148048 |
| Total Italy |  | 227292 |
| **JAPAN — 3.7%** |  |  |
| **INDUSTRIALS — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Japan Airport Terminal | 2700 | 83893 |
| Total Japan |  | 83893 |
| **MEXICO — 3.8%** |  |  |
| **INDUSTRIALS — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura | 6685 | 86362 |
| Total Mexico |  | 86362 |
| **PORTUGAL — 3.5%** |  |  |
| **UTILITIES — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP Energias de Portugal SA | 16230 | 80681 |
| Total Portugal |  | 80681 |
| **SPAIN — 7.3%** |  |  |
| **COMMUNICATION SERVICES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom | 2765 | 86079 |
| **UTILITIES — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Redeia Corp SA | 4497 | 80954 |
| Total Spain |  | 167033 |

---

 

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Listed**<br> **Infrastructure Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **UNITED KINGDOM — 3.9%** |  |  |
| **UTILITIES — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SSE PLC | 3572 | $89989 |
| Total United Kingdom |  | 89989 |
| **UNITED STATES — 29.9%** |  |  |
| **HEALTH CARE — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc | 185 | 85041 |
| **INDUSTRIALS — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CSX Corp | 2709 | 97578 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 343 | 75587 |
|  |  | 173165 |
| **REAL ESTATE — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower REIT | 490 | 87700 |
| &nbsp;&nbsp;&nbsp;Prologis Inc REIT | 867 | 107586 |
|  |  | 195286 |
| **UTILITIES — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Edison International | 1246 | 69003 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1238 | 91377 |
| &nbsp;&nbsp;&nbsp;NiSource | 1614 | 67966 |
|  |  | 228346 |
| Total United States |  | 681838 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,014,594) |  | 2285492 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,014,594) |  | $2285492 |

---

Percentages are based on Net Assets of $2,283,584.

\* Non-income producing security.

*Ltd — Limited*

*PLC — Public Limited Company*

*REIT — Real Estate Investment Trust*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Listed**<br> **Infrastructure Fund**<br> **October 31, 2025** |

---

The following is a summary of the level of the inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $1125429 | $1160063 | $— | $2285492 |
| Total Investments in Securities | $1125429 | $1160063 | $— | $2285492 |

---

 

*For more information on valuation inputs, see Note 2 in Notes to Financial Statements.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 96.3%** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **AUSTRALIA — 1.4%** |  |  |
| **INDUSTRIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd | 2105700 | $4724127 |
| Total Australia |  | 4724127 |
| **BRAZIL — 0.9%** |  |  |
| **HEALTH CARE — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Hypera SA | 654600 | 3133105 |
| Total Brazil |  | 3133105 |
| **CHINA — 3.3%** |  |  |
| **CONSUMER DISCRETIONARY — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd | 215900 | 4594082 |
| &nbsp;&nbsp;&nbsp;Midea Group Co Ltd Class A | 278755 | 2994357 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings Inc | 87666 | 3792431 |
| Total China |  | 11380870 |
| **FINLAND — 1.8%** |  |  |
| **MATERIALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene | 228138 | 6121439 |
| Total Finland |  | 6121439 |
| **FRANCE — 8.7%** |  |  |
| **CONSUMER DISCRETIONARY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kering SA | 9965 | 3538725 |
| **CONSUMER STAPLES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 62192 | 6091093 |
| **HEALTH CARE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 54137 | 5476628 |
| **INDUSTRIALS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vinci SA | 51365 | 6868307 |
| **INFORMATION TECHNOLOGY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini | 52796 | 8122387 |
| Total France |  | 30097140 |

---

 

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Number of <br> Shares** |<br>**Value<br> (U.S. $)** |
| **GERMANY — 4.3%** |  |  |
| **HEALTH CARE — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 61356 | $8037208 |
| **INDUSTRIALS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post | 152054 | 6986299 |
| Total Germany |  | 15023507 |
| **HONG KONG — 1.4%** |  |  |
| **FINANCIALS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 478400 | 4655184 |
| Total Hong Kong |  | 4655184 |
| **INDIA — 0.8%** |  |  |
| **FINANCIALS — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd | 250196 | 2781892 |
| Total India |  | 2781892 |
| **INDONESIA — 1.3%** |  |  |
| **FINANCIALS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 19299500 | 4616831 |
| Total Indonesia |  | 4616831 |
| **ITALY — 4.3%** |  |  |
| **UTILITIES — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 961786 | 9729152 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 830870 | 5124464 |
| Total Italy |  | 14853616 |
| **JAPAN — 6.8%** |  |  |
| **CONSUMER DISCRETIONARY — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sony Corp Group | 301800 | 8405006 |
| **CONSUMER STAPLES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co | 152900 | 2770575 |
| &nbsp;&nbsp;&nbsp;Sundrug Co Ltd | 220600 | 5954047 |
|  |  | 8724622 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **JAPAN (continued)** |  |  |
| **INDUSTRIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp | 59700 | $6489520 |
| Total Japan |  | 23619148 |
| **NETHERLANDS — 1.7%** |  |  |
| **HEALTH CARE — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | 219244 | 6006205 |
| Total Netherlands |  | 6006205 |
| **SINGAPORE — 1.9%** |  |  |
| **FINANCIALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd | 247900 | 6593513 |
| Total Singapore |  | 6593513 |
| **SOUTH KOREA — 0.5%** |  |  |
| **INFORMATION TECHNOLOGY — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 21497 | 1618213 |
| Total South Korea |  | 1618213 |
| **SWITZERLAND — 1.5%** |  |  |
| **HEALTH CARE — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 16466 | 5333674 |
| Total Switzerland |  | 5333674 |
| **TAIWAN — 1.6%** |  |  |
| **INFORMATION TECHNOLOGY — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 117000 | 5658083 |
| Total Taiwan |  | 5658083 |
| **UNITED KINGDOM — 6.4%** |  |  |
| **CONSUMER STAPLES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 296700 | 8953371 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 67419 | 3452895 |
|  |  | 12406266 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **UNITED KINGDOM (continued)** |  |  |
| **FINANCIALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 8165756 | $9574245 |
| Total United Kingdom |  | 21980511 |
| **UNITED STATES — 47.7%** |  |  |
| **COMMUNICATION SERVICES — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet Inc Class A | 45123 | 12688136 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc Class A | 10372 | 6724686 |
|  |  | 19412822 |
| **CONSUMER STAPLES — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Dollar Tree Inc \* | 64197 | 6363206 |
| &nbsp;&nbsp;&nbsp;Kenvue Inc | 355401 | 5107112 |
| &nbsp;&nbsp;&nbsp;PepsiCo Inc | 38296 | 5594663 |
| &nbsp;&nbsp;&nbsp;Sysco | 99042 | 7356840 |
|  |  | 24421821 |
| **ENERGY — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp | 36718 | 4199070 |
| **FINANCIALS — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America | 121574 | 6498130 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp | 100261 | 9476670 |
| &nbsp;&nbsp;&nbsp;Fiserv \* | 27434 | 1829574 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co | 72189 | 6278277 |
|  |  | 24082651 |
| **HEALTH CARE — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc | 15015 | 6902095 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 6837 | 1736325 |
| &nbsp;&nbsp;&nbsp;Merck & Co Inc | 96894 | 8330946 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 17819 | 10110322 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 17735 | 6057567 |
|  |  | 33137255 |
| **INDUSTRIALS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 450399 | 4724685 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc | 21436 | 6197148 |
|  |  | 10921833 |
| **INFORMATION TECHNOLOGY — 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CDW Corp | 44505 | 7092762 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp | 15684 | 8121332 |
| &nbsp;&nbsp;&nbsp;Salesforce Inc | 31050 | 8085731 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund**<br> **October 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br>**Number of <br> Shares** |<br>**Value <br> (U.S. $)** |
| **UNITED STATES (continued)** |  |  |
| **INFORMATION TECHNOLOGY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc | 40116 | $6477129 |
|  |  | 29776954 |
| **MATERIALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 100132 | 8175778 |
| **REAL ESTATE — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT | 105876 | 4283743 |
| &nbsp;&nbsp;&nbsp;Prologis Inc REIT | 54829 | 6803731 |
|  |  | 11087474 |
| Total United States |  | 165215658 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $279,157,417) |  | 333412716 |
| **PREFERRED STOCK — 3.0%** |  |  |
| **SOUTH KOREA — 3.0%** |  |  |
| **INFORMATION TECHNOLOGY — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd^ | 176121 | 10393774 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,082,792) |  | 10393774 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 99.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $286,240,209) |  | $343806490 |

---

Percentages are based on Net Assets of $346,263,008.

\* Non-income producing security.

^ There is currently no rate available.

*Ltd — Limited*

*PLC — Public Limited Company*

*REIT — Real Estate Investment Trust*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund**<br> **October 31, 2025** |

---

The following is a summary of the level of the inputs used as of October 31, 2025, in valuing the Fund's investments carried at value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Common Stock | $174911769 | $158500947 | $— | $333412716 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  | 10393774 |  | 10393774 |
| Total Investments in Securities | $174911769 | $168894721 | $— | $343806490 |

---

 

*Amounts designated as "—" are $0 or have been rounded to $0.*

*For more information on valuation inputs, see Note 2 in Notes to Financial Statements.*

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Mondrian** <br> **International** <br> **Value Equity** <br> **Fund**  | **Mondrian** <br> **Emerging** <br> **Markets Value** <br> **Equity Fund** |
| **Assets:** |  |  |
| Investments (Cost $901,515,613 and $17,483,867) | $1068095503 | $23103151 |
| Foreign currency (Cost $209,832 and $17,769) | 207785 | 17832 |
| Cash | 4051568 | 112214 |
| Receivable for capital shares sold | 21124999 |  |
| Reclaims receivable | 4507764 | 5854 |
| Dividends receivable | 3442111 | 40855 |
| Receivable for investment securities sold | 1420759 | 45639 |
| Unrealized appreciation on spot foreign currency contracts | 4352 | 9 |
| Receivable from Investment Adviser |  | 885 |
| Prepaid expenses | 23940 | 12236 |
| &nbsp;&nbsp;&nbsp;Total assets | 1102878781 | 23338675 |
| **Liabilities:** |  |  |
| Payable for investment securities purchased | 24193789 | 45334 |
| Payable due to Investment Adviser | 520677 |  |
| Payable for capital shares redeemed | 211023 | 718237 |
| Payable due to Administrator | 75366 | 1638 |
| Audit fees payable | 46413 | 27653 |
| Transfer Agent Fees Payable | 8714 | 5797 |
| Chief Compliance Officer fees payable | 4301 | 95 |
| Unrealized depreciation on spot foreign currency contracts | 1308 |  |
| Payable due to Trustees | 340 | 8 |
| Accrued foreign capital gains tax |  | 97447 |
| Other accrued expenses | 107601 | 13814 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 25169532 | 910023 |
| **Commitments and Contingencies†** |  |  |
| **Net assets** | $1077709249 | $22428652 |
| **Net assets consist of:** |  |  |
| Paid-in capital | $835713768 | $123302691 |
| Total distributable earnings/(accumulated loss) | 241995481 | (100874039) |
| **Net assets** | $1077709249 | $22428652 |
| Outstanding Shares of Beneficial Interest |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 59317956 | 2228396 |
| **Net Asset Value**, Offering and Redemption Price Per Share | $18.17 | $10.06 |

---

† See Note 5 in the Notes to Financial
 Statements.

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Mondrian** <br> **Global Listed** <br> **Infrastructure** <br> **Fund**  | **Mondrian** <br> **Global Equity** <br> **Value Fund** |
| **Assets:** | | |
| Investments (Cost $2,014,594 and $286,240,209) | $2285492 | $343806490 |
| Foreign currency (Cost $16 and $22) | 17 | 22 |
| Cash | 14668 |  |
| Reclaims receivable | 11622 | 390399 |
| Receivable from Investment Adviser | 8021 |  |
| Dividends receivable | 1120 | 630161 |
| Receivable for capital shares sold |  | 1351550 |
| Unrealized appreciation on spot foreign currency contracts |  | 65 |
| Receivable for investment securities sold |  | 1909245 |
| Prepaid expenses | 2272 | 13478 |
| &nbsp;&nbsp;&nbsp;Total assets | 2323212 | 348101410 |
| **Liabilities:** |  |  |
| Audit fees payable | 30464 | 27653 |
| Transfer Agent Fees Payable | 5644 | 6457 |
| Payable due to Administrator | 164 | 25059 |
| Chief Compliance Officer fees payable | 9 | 1428 |
| Payable due to Trustees | 1 | 113 |
| Payable for investment securities purchased |  | 382877 |
| Unrealized depreciation on spot foreign currency contracts |  | 471 |
| Payable due to Investment Adviser |  | 160214 |
| Accrued foreign capital gains tax |  | 127495 |
| Payable due to Custodian |  | 1064106 |
| Other accrued expenses | 3346 | 42529 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 39628 | 1838402 |
| **Commitments and Contingencies†** |  |  |
| **Net assets** | $2283584 | $346263008 |
| **Net assets consist of:** |  |  |
| Paid-in capital | $1873773 | $270245731 |
| Total distributable earnings | 409811 | 76017277 |
| **Net assets** | $2283584 | $346263008 |
| Outstanding Shares of Beneficial Interest |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 181924 | 20480192 |
| **Net Asset Value**, Offering and Redemption Price Per Share | $12.55 | $16.91 |

---

† See Note 5 in the Notes to Financial
 Statements.

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Year Ended**<br> **October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian <br>International <br>Value Equity<br>Fund |
| **Investment income** |  |
| Dividends | $40877288 |
| Less: foreign taxes withheld | (588546) |
| &nbsp;&nbsp;&nbsp;Total investment income | 40288742 |
| **Expenses** |  |
| Investment advisory fees | 6164387 |
| Accounting and administration fees | 830515 |
| Registration fees | 92469 |
| Custodian fees | 90518 |
| Audit fees | 82525 |
| Printing fees | 69075 |
| Legal fees | 53558 |
| Dividend disbursing and transfer agent fees and expenses | 53260 |
| Trustees' fees and expenses | 47943 |
| Chief Compliance Officer fees | 15143 |
| Other | 96654 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 7596047 |
| **Less:** |  |
| Investment advisory fees waived | (578129) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 7017918 |
| **Net investment income** | 33270824 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 69990747 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 813301 |
| **Net realized gain** | 70804048 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 106409777 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 287520 |
| **Net change in unrealized appreciation/(depreciation)** | 106697297 |
| **Net realized and unrealized gain** | 177501345 |
| **Net increase in net assets resulting from operations** | $210772169 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Year Ended**<br> **October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian <br>Emerging<br>Markets Value<br>Equity Fund |
| **Investment income** |  |
| Dividends | $918022 |
| Less: foreign taxes withheld | (91049) |
| &nbsp;&nbsp;&nbsp;Total investment income | 826973 |
| **Expenses** |  |
| Investment advisory fees | 156122 |
| Dividend disbursing and transfer agent fees and expenses | 35841 |
| Audit fees | 33100 |
| Custodian fees | 28263 |
| Registration fees | 19112 |
| Accounting and administration fees | 18251 |
| Printing fees | 2758 |
| Legal fees | 1142 |
| Trustees' fees and expenses | 1067 |
| Chief Compliance Officer fees | 762 |
| Other | 11677 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 308095 |
| **Less:** |  |
| Investment advisory fees waived | (116622) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 191473 |
| **Net investment income** | 635500 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 758852 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (10189) |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | (606) |
| **Net realized gain** | 748057 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 4382729 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax on appreciated securities | (35486) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 2343 |
| **Net change in unrealized appreciation/(depreciation)** | 4349586 |
| **Net realized and unrealized gain** | 5097643 |
| **Net increase in net assets resulting from operations** | $5733143 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Year Ended**<br> **October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian <br>Global Listed <br>Infrastructure <br>Fund |
| **Investment income** |  |
| Dividends | $87424 |
| Less: foreign taxes withheld | (7339) |
| &nbsp;&nbsp;&nbsp;Total investment income | 80085 |
| **Expenses** |  |
| Audit fees | 36833 |
| Dividend disbursing and transfer agent fees and expenses | 34917 |
| Investment advisory fees | 17524 |
| Registration fees | 6170 |
| Custodian fees | 2601 |
| Accounting and administration fees | 1805 |
| Printing fees | 1373 |
| Chief Compliance Officer fees | 484 |
| Legal fees | 116 |
| Trustees' fees and expenses | 105 |
| Other | 7744 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 109672 |
| **Less:** |  |
| Investment advisory fees waived | (17524) |
| Reimbursement from Investment Adviser | (72562) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 19586 |
| **Net investment income** | 60499 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 86242 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 1695 |
| &nbsp;&nbsp;&nbsp;Foreign currency exchange contracts | (1968) |
| **Net realized gain** | 85969 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 200218 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 501 |
| **Net change in unrealized appreciation/(depreciation)** | 200719 |
| **Net realized and unrealized gain** | 286688 |
| **Net increase in net assets resulting from operations** | $347187 |

---

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Year Ended**<br> **October 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian Global<br>Equity Value<br>Fund |
| **Investment income** |  |
| Dividends | $8679419 |
| Less: foreign taxes withheld | (439132) |
| &nbsp;&nbsp;&nbsp;Total investment income | 8240287 |
| **Expenses** |  |
| Investment advisory fees | 1886770 |
| Accounting and administration fees | 253621 |
| Custodian fees | 44872 |
| Dividend disbursing and transfer agent fees and expenses | 39436 |
| Registration fees | 36685 |
| Audit fees | 33032 |
| Printing fees | 29026 |
| Legal fees | 16120 |
| Trustees' fees and expenses | 14032 |
| Chief Compliance Officer fees | 5129 |
| Other | 34222 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 2392945 |
| **Less:** |  |
| Investment advisory fees waived | (244930) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 2148015 |
| **Net investment income** | 6092272 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 19198117 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (35516) |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | (68650) |
| **Net realized gain** | 19093951 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 32670350 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax on appreciated securities | (23209) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 46085 |
| **Net change in unrealized appreciation/(depreciation)** | 32693226 |
| **Net realized and unrealized gain** | 51787177 |
| **Net increase in net assets resulting from operations** | $57879449 |

---

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value**<br> **Equity Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>October 31, 2025 | Year Ended <br>October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $33270824 | $26180065 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 70804048 | 40647234 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 106697297 | 98556756 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 210772169 | 165384055 |
| **Distributions** | (66077724) | (29037803) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 215934608 | 184192515 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 50709096 | 22864636 |
| &nbsp;&nbsp;&nbsp;Redeemed | (216952904) | (196017913) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 49690800 | 11039238 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 194385245 | 147385490 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 883324004 | 735938514 |
| &nbsp;&nbsp;&nbsp;End of year | $1077709249 | $883324004 |

---

(1) See Note 8- Share transactions in
 the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value**<br> **Equity Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>October 31, 2025 | Year Ended <br>October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $635500 | $609065 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 748057 | 877879 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 4349586 | 2377322 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 5733143 | 3864266 |
| **Distributions** | (627572) | (610646) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1392085 | 1200590 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 626662 | 609811 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5318848) | (3477393) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions | (3300101) | (1666992) |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 1805470 | 1586628 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 20623182 | 19036554 |
| &nbsp;&nbsp;&nbsp;End of year | $22428652 | $20623182 |

---

(1) See Note 8- Share transactions in
 the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Listed**<br> **Infrastructure Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>October 31, 2025 | Year Ended <br>October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $60499 | $54599 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 85969 | 21582 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 200719 | 297408 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 347187 | 373589 |
| **Distributions** | (77790) | (94957) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1 |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 77791 | 94957 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 77792 | 94957 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 347189 | 373589 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1936395 | 1562806 |
| &nbsp;&nbsp;&nbsp;End of year | $2283584 | $1936395 |

---

(1) See Note 8- Share
 transactions in the Notes to Financial Statements. Amounts designated as "—"
 are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity**<br> **Value Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Year Ended <br>October 31, 2025 | Year Ended <br>October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $6092272 | $3369621 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 19093951 | 12264917 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 32693226 | 22458505 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 57879449 | 38093043 |
| **Distributions** | (11851926) | (3041860) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 111917080 | 75947655 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 11701822 | 2940418 |
| &nbsp;&nbsp;&nbsp;Redeemed | (54641629) | (29705570) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 68977273 | 49182503 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 115004796 | 84233686 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 231258212 | 147024526 |
| &nbsp;&nbsp;&nbsp;End of year | $346263008 | $231258212 |

---

(1) See Note 8- Share transactions in
 the Notes to Financial Statements.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian International Value** |
|  | **Equity Fund** |

---

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year <br>Ended<br>10/31/25 | Year<br>Ended<br>10/31/24 | Year <br>Ended <br>10/31/23 | Year <br>Ended <br>10/31/22 | Year <br>Ended <br>10/31/21 |
| Net asset value, beginning of year | $15.79 | $13.41 | $11.62 | $15.19 | $11.37 |
| **Income/(loss) from operations:<sup>(1)</sup>** | **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.57 | 0.46 | 0.41 | 0.39 | 0.43 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 3.00 | 2.46 | 1.75 | (3.48) | 3.71 |
| &nbsp;&nbsp;&nbsp;Total from operations | 3.57 | 2.92 | 2.16 | (3.09) | 4.14 |
| **Dividends and distributions **from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.47) | (0.29) | (0.48) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.72) | (0.07) | (0.08) |  |  |
| Total dividends and distributions | (1.19) | (0.54) | (0.37) | (0.48) | (0.32) |
| Net asset value, end of year | $18.17 | $15.79 | $13.41 | $11.62 | $15.19 |
| **Total return\*** | 24.91% | 22.11% | 18.82% | (20.98)% | 36.72%<sup>(2)</sup> |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of year ($ Thousands) | $1077709 | $883324 | $735939 | $600057 | $710402 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.74% | 0.74% | 0.74% | 0.74% | 0.73% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 0.80% | 0.80% | 0.81% | 0.83% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.51% | 3.05% | 3.03% | 2.85% | 2.97% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 39%<sup>(3)</sup> | 34% | 19% | 23% | 19% |

---

\* Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Per share data calculated using
 average shares method.

(2) If not for the one-time Fortis Group
 litigation payment, the Total return would have been 36.42%.

(3) Excludes effect of securities received
 or delivered from processing in-kind transactions.

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Emerging Markets Value** |

---

 **Equity Fund**

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>10/31/25 | Year<br>Ended<br>10/31/24 | Year<br>Ended<br>10/31/23 | Year<br>Ended<br>10/31/22 | Year<br>Ended<br>10/31/21 |
| Net asset value, beginning of year | $7.95 | $6.76 | $5.93 | $8.43 | $7.62 |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.25 | 0.23 | 0.20 | 0.14 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.10 | 1.18 | 0.81 | (2.54) | 0.95 |
| &nbsp;&nbsp;&nbsp;Total from operations | 2.35 | 1.41 | 1.01 | (2.40) | 1.09 |
| **Dividends and distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) | (0.22) | (0.18) | (0.10) | (0.28) |
| Total dividends and distributions | (0.24) | (0.22) | (0.18) | (0.10) | (0.28) |
| Net asset value, end of year | $10.06 | $7.95 | $6.76 | $5.93 | $8.43 |
| **Total return\*** | 30.69% | 21.16% | 17.01% | (28.80)% | 14.27% |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of year ($ Thousands) | $22429 | $20623 | $19037 | $18742 | $25180 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 1.48% | 1.51% | 1.32% | 1.35% | 1.39% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 3.05% | 3.00% | 2.90% | 1.96% | 1.57% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 44% | 40% | 32% | 39% | 49% |

---

\* Total Return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Per share data calculated using
 average shares method.

*The accompanying notes are an integral part of the financial statements.* 

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Listed** |

---

 **Infrastructure Fund**

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year <br>Ended <br>10/31/25 | Year <br>Ended <br>10/31/24 | Year <br>Ended <br>10/31/23 | Year <br>Ended <br>10/31/22 | Year <br>Ended <br>10/31/21 |
| Net asset value, beginning of year | $11.11 | $9.45 | $9.94 | $12.03 | $10.17 |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.33 | 0.32 | 0.34 | 0.39 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.55 | 1.91 | 0.05 | (1.66) | 2.27 |
| &nbsp;&nbsp;&nbsp;Total from operations | 1.88 | 2.23 | 0.39 | (1.27) | 2.55 |
| **Dividends and distributions from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.33) | (0.34) | (0.27) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.12) | (0.24) | (0.54) | (0.55) | (0.37) |
| Total dividends and distributions | (0.44) | (0.57) | (0.88) | (0.82) | (0.69) |
| Net asset value, end of year | $12.55 | $11.11 | $9.45 | $9.94 | $12.03 |
| **Total return\*** | 17.92% | 23.93% | 3.26% | (11.38)% | 25.70% |
| **Ratios and supplemental data** |  |  |  |  |  |
| Net assets, end of year ($ Thousands) | $2284 | $1936 | $1563 | $1514 | $1707 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 5.32% | 5.76% | 6.68% | 6.32% | 5.08% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.93% | 2.97% | 3.18% | 3.51% | 2.36% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 28% | 18% | 17% | 26% | 39% |

---

\* Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Per share data calculated using
 average shares method.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **Mondrian Global Equity** |

---

**Value Fund**

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year<br>Ended<br>10/31/25 | Year<br>Ended<br>10/31/24 | Year<br>Ended<br>10/31/23 | Year<br>Ended<br>10/31/22 | Year<br>Ended<br>10/31/21 |
| Net asset value, beginning of year | $14.73 | $12.02 | $10.56 | $12.88 | $10.22 |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.32 | 0.24 | 0.18 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.57 | 2.71 | 1.57 | (2.29) | 2.68 |
| &nbsp;&nbsp;&nbsp;Total from operations | 2.89 | 2.95 | 1.75 | (2.13) | 2.84 |
| **Dividends and distributions **from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.24) | (0.14) | (0.08) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.50) |  | (0.15) | (0.11) |  |
| Total dividends and distributions | (0.71) | (0.24) | (0.29) | (0.19) | (0.18) |
| Net asset value, end of year | $16.91 | $14.73 | $12.02 | $10.56 | $12.88 |
| **Total return\*** | 20.80% | 24.75% | 16.71% | (16.75)% | 28.09% |
| **Ratios and supplemental **data** |  |  |  |  |  |
| Net assets, end of year ($ Thousands) | $346263 | $231258 | $147025 | $122313 | $83522 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 0.82% | 0.83% | 0.86% | 0.89% | 1.17% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.10% | 1.72% | 1.51% | 1.36% | 1.29% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 43% | 48% | 42% | 46% | 64% |

---

\* Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

(1) Per share data calculated using
 average shares method.

Amounts designated as "—" are $0 or have been rounded to $0.

*The accompanying notes are an integral part of the financial statements.*

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization**

Gallery Trust (the "Trust"), is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated August 25, 2015. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end investment management company with four funds. The financial statements herein are those of the Mondrian International Value Equity Fund (formerly, Mondrian International Equity Fund) (the "International Fund"), Mondrian Emerging Markets Value Equity Fund (formerly, the Mondrian Emerging Markets Equity Fund) (the "Emerging Markets Fund"), the Mondrian Global Listed Infrastructure Fund (the "Global Listed Infrastructure Fund"), and the Mondrian Global Equity Value Fund (the "Global Equity Value Fund") (each a "Fund" and collectively the "Funds"). The International Fund, Emerging Markets Fund and Global Listed Infrastructure Fund are classified as diversified, and the Global Equity Value Fund is classified as "non-diversified" under the 1940 Act. The investment objective of the International Fund is to seek long-term total return by investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The investment objective of the Emerging Markets Fund is to seek long-term capital appreciation. The investment objective of the Global Listed Infrastructure Fund is to seek long-term total return by investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of infrastructure companies listed on a domestic or foreign exchange. The investment objective of the Global Equity Value Fund is to seek long-term total return. Mondrian Investment Partners Limited, a limited company organized under the laws of England and Wales in 1990, serves as the Funds' investment adviser ("Mondrian" or the "Adviser"). The Adviser makes investment decisions for the Funds and reviews, supervises and administers the investment program of the Funds, subject to the supervision of, and policies established by, the Trustees of the Trust.

**2. Significant accounting policies**

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board ("FASB") in Accounting Standards Codification ("ASC") Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Use of estimates** — The preparation of financial statements 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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

**Valuation of investments** — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ , the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of each Fund's pricing time, the security will be valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Board"). The prices for foreign securities will be reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Funds' Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC. ("ICE") as a third party fair valuation vendor. ICE provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities in their portfolios that exceed the applicable "confidence interval" based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Funds' Administrator and requests that a meeting of the Committee be held.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3 — Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Fair value measurement classifications are summarized in the Funds' Schedule of Investments.

**Federal income taxes** — It is each Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986. Accordingly, no provision for Federal income taxes has been made in the financial statements.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended October 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended October 31, 2025, the Funds did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds or its agent file withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees, if applicable, on the Statement of Operations, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

**Security transactions, dividend and investment income** — Security transactions are accounted for on trade date basis for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recognized on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Purchase discounts and premiums on debt securities are accreted and amortized to maturity and included in interest income. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend, net of withholding taxes, if such information is obtained subsequent to the ex-dividend date.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Foreign currency translation** — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statements of Operations.

Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid.

**Forward Foreign Currency Contracts** — The Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. The Funds may also engage in currency transactions to enhance the Funds' returns. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund's Schedule of Investments for details regarding open forward foreign currency contracts as of October 31, 2025, if applicable.

To reduce counterparty risk with respect to Over-the-Counter ("OTC") transactions, the Funds have entered into netting arrangements, established within the Funds' International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

**Dividends and distributions to shareholders** — The International Fund, Emerging Markets Fund, Global Listed Infrastructure Fund, and Global Equity Value Fund distribute their net investment income at least annually. For each Fund, net realized capital gains, if any, are distributed at least annually. All distributions are recorded on ex-dividend date.

**Expenses** — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds based on the number of funds and/or relative daily net assets.

**Investments in REITs** — Dividend income from Real Estate Investment Trusts ("REIT") is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are determined by each REIT only after its fiscal year-end, and may differ from the estimated amounts.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Segment Reporting** — In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Funds' Adviser acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**3. Transactions with affiliates**

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

A portion of the services provided by the CCO and his staff, who are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's advisors and service providers, as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

**4. Administration, Custodian and Transfer Agent Agreements**

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the year ended October 31, 2025, the amounts paid for these services are represented in the table below:

---

| | |
|:---|:---|
|  | **Accounting and <br> Administration Fees** |
| International Value Equity Fund | $830515 |
| Emerging Markets Value Equity Fund | 18251 |
| Global Listed Infrastructure Fund | 1805 |
| Global Equity Value Fund | 253621 |

---

Expenses incurred under the agreements are shown on the Statements of Operations as "Accounting and administration fees".

Brown Brothers Harriman & Co., (the "Custodian") serves as the Funds' Custodian pursuant to a custody agreement. Apex Fund Services (the "Transfer Agent") serves as the Funds' Transfer Agent pursuant to a transfer agency agreement.

**5. Investment Advisory Agreement**

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds. The Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate for each fund. The table below shows the rate of each Fund's investment advisory fee.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | |
|:---|:---|
|  | **Advisory Fee** |
| International Value Equity Fund | 0.65% |
| Emerging Markets Value Equity Fund | 0.75% |
| Global Listed Infrastructure Fund | 0.85% |
| Global Equity Value Fund | 0.65% |

---

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and non-routine (collectively "excluded expenses")) from exceeding the below percentages of the average daily net assets of the Funds until February 28, 2027 (the "Expense Limitation"). Refer to waiver of investment advisory fees and the Reimbursement from Investment Adviser on the Statements of Operations for fees waived and expenses reimbursed for the year ended October 31, 2025.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Expense Limitation** |
| International Value Equity Fund | 0.74% |
| Emerging Markets Value Equity Fund | 0.92% |
| Global Listed Infrastructure Fund | 0.95% |
| Global Equity Value Fund | 0.74% |

---

This agreement may be terminated: (i) by the Board for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027.

Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the year ended October 31, 2025. The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Funds' total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by the Board for any reason at any time, or by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. During the year ended October 31, 2025, there has been no recoupment of previously waived and reimbursed fees. As of October 31, 2025, the fees which were previously waived by the Adviser which may be subject to possible future recapture, are as follows:

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring <br> 2026 | Expiring <br> 2027 | Expiring <br> 2028 | Total |
| International Value Equity Fund | $542381 | $492623 | $578129 | $1613133 |
| Emerging Markets Value Equity Fund | 71942 | 131423 | 116622 | 319987 |
| Global Listed Infrastructure Fund | 87603 | 99947 | 90086 | 277636 |
| Global Equity Value Fund | 170177 | 187307 | 244930 | 602414 |

---

**6. Investment transactions**

The cost of purchases and proceeds from security sales other than long-term U.S. Government and short-term securities for the year ended October 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Sales and Maturities | U.S.<br> Government <br> Purchases | U.S.<br> Government <br> Sales and <br> Maturities |
| International Value Equity Fund | $368681656 | $371347863 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $— |
| Emerging Markets Value Equity Fund | 9196033 | 11582209 |  |  |
| Global Listed Infrastructure Fund | 646868 | 578041 |  |  |
| Global Equity Value Fund | 187535265 | 124392078 |  |  |

---

The purchase balance of the International Value Equity Fund includes the effect of securities received from processing in-kind subscriptions of $21,004,439 and has been properly excluded from the calculation of portfolio turnover within the Fund's financial highlights. There were no in-kind redemptions and there were no realized gains on in-kind transacitons.

**7. Federal tax information**

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

The permanent differences primarily consist of foreign currency translations, reclassification of long term capital gain distribution on REITs, investments in PFICs and India capital gain reclasses. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2025.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for wash sale loss deferrals, investments in PFICs and forwards. Distributions during the years ended October 31, 2025 and October 31, 2024, unless otherwise noted, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term Capital Gain** | **Total** |
| International Value Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $35416918 | $30660806 | $66077724 |
| &nbsp;&nbsp;&nbsp;2024 | 26360330 | 2677473 | 29037803 |
| Emerging Markets Value Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 627572 |  | 627572 |
| &nbsp;&nbsp;&nbsp;2024 | 610646 |  | 610646 |
| Global Listed Infrastructure Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 58358 | 19432 | 77790 |
| &nbsp;&nbsp;&nbsp;2024 | 59032 | 35925 | 94957 |
| Global Equity Value Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 3550906 | 8301020 | 11851926 |
| &nbsp;&nbsp;&nbsp;2024 | 3041860 |  | 3041860 |

---

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

As of October 31, 2025, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **International <br> Value Equity Fund** | **Emerging <br> Markets Value <br> Equity Fund** |
| Undistributed Ordinary Income | $46485729 | $793694 |
| Undistributed Long-Term Capital Gain | 61352234 |  |
| Capital Loss Carryforwards |  | (106100944) |
| Unrealized Appreciation | 134160373 | 4433217 |
| Other Temporary Differences | (2855) | (6) |
| Total Distributable Earnings |  |  |
| (Accumulated Losses) | $241995481 | $(100874039) |

---

---

| | | |
|:---|:---|:---|
|  | **Global Listed Infrastructure Fund** | **Global Equity <br> Value Fund** |
| Undistributed Ordinary Income | $70947 | $12201525 |
| Undistributed Long-Term Capital Gain | 90232 | 16078026 |
| Unrealized Appreciation | 248632 | 47737341 |
| Other Temporary Differences | – | 385 |
| Total Distributable Earnings | $409811 | $76017277 |

---

Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. The Funds have capital losses carried forward as follows:

---

| | |
|:---|:---|
|  | **Total\*** |
| Emerging Markets Value Equity Fund | $106100944 |

---

 

*\** *The utilization of this amount is subject to significant limitation under IRC section 382-384.*

During the year ended October 31, 2025, the Funds utilized capital loss carryforwards to offset capital gains amounting to:

---

| | |
|:---|:---|
|  | **Total** |
| Emerging Markets Value Equity Fund | $635066 |

---

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to passive foreign investment companies, foreign capital gains tax, and wash sales. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at October 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Federal Tax Cost** | **Aggregate Gross Unrealized Appreciation** | **Aggregate Gross Unrealized Depreciation** | **Aggregate Gross Unrealized Depreciation** | **Net Unrealized Appreciation (Depreciation)** |
| International Value Equity Fund | $934078343 | $194880335 | ($| 60719962) | $134160373 |
| Emerging Markets Value Equity Fund | 18667749 | 6110819 |  | (1677602) | 4433217 |
| Global Listed Infrastructure Fund | 2037257 | 347732 |  | (99100) | 248632 |
| Global Equity Value Fund | 296082406 | 67106218 |  | (19368877) | 47737341 |

---

8. Share transactions

The share transactions are shown below:

---

| | | |
|:---|:---|:---|
|  | **Mondrian International Value**<br>**Equity Fund** | **Mondrian International Value**<br>**Equity Fund** |
|  | **Year ended <br> October 31, 2025** | **Year ended<br> October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;Issued | 13138124 | 12284447 |
| &nbsp;&nbsp;Reinvestment of dividends | 3553263 | 1567968 |
| &nbsp;&nbsp;Redeemed | (13318333) | (12770615) |
| &nbsp;&nbsp;Net increase in shares outstanding | 3373054 | 1081800 |

---

---

| | | |
|:---|:---|:---|
|  | **Mondrian Emerging Markets Value <br> Equity Fund** | **Mondrian Emerging Markets Value <br> Equity Fund** |
|  | **Year ended <br> October 31, 2025** | **Year ended <br> October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;Issued | 184494 | 157443 |
| &nbsp;&nbsp;Reinvestment of dividends | 84914 | 83194 |
| &nbsp;&nbsp;Redeemed | (635377) | (462516) |
| &nbsp;&nbsp;Net decrease in shares outstanding | (365969) | (221879) |

---

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | |
|:---|:---|:---|
|  | **Mondrian Global Listed**<br> **Infrastructure Fund** | **Mondrian Global Listed**<br> **Infrastructure Fund** |
|  | **Year ended<br> October 31, 2025** | **Year ended <br> October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 7649 | 8949 |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 7649 | 8949 |

---

---

| | | |
|:---|:---|:---|
|  | **Mondrian Global Equity Value Fund** | **Mondrian Global Equity Value Fund** |
|  | **Year ended <br> October 31, 2025** | **Year ended <br> October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;Issued | 7416332 | 5324390 |
| &nbsp;&nbsp;Reinvestment of dividends | 848361 | 218294 |
| &nbsp;&nbsp;Redeemed | (3483951) | (2071829) |
| &nbsp;&nbsp;Net increase in shares outstanding | 4780742 | 3470855 |

---

**9. Risks associated with financial instruments**

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risk factors affecting shareholders' investments in the Funds are set forth below.

**Active Management Risk** *(All Funds)*

The Funds are subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Funds' investments may prove to be incorrect. If the investments selected and strategies employed by the Funds fail to produce the intended results, the Funds could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies.

**Convertible Securities Risk** *(All Funds)*

The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Corporate Fixed Income Securities Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

**Depositary Receipts Risk** *(Emerging Markets Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Funds will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. Certain of the depositary receipts in which the Funds invest may be unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the underlying securities.

**Derivatives Risk** *(All Funds)*

The Funds' use of forward contracts and futures contracts is subject to market risk, leverage risk, correlation risk, liquidity risk and hedging risk. Market risk is described elsewhere in this section. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Funds' share price and may also cause the Funds to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy their obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Liquidity risk is described elsewhere in this section. Hedging risk is the risk that derivatives instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Funds engage in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. The Funds' use of forward contracts is also subject to credit risk and valuation risk. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Emerging Markets Securities Risk** *(All Funds)*

The Funds' investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

**Equity Risk** *(All Funds)*

Since it purchases equity securities, the Funds are subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity market has moved in cycles, and the value of the Funds' securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Funds.

**Exchange-Traded Funds Risk** *(Emerging Markets Value Equity Fund)*

ETFs are pooled investment vehicles, such as registered investment companies and grantor trusts, whose shares are listed and traded on U.S. and non-U.S. stock exchanges or otherwise traded in the over-the-counter market. To the extent that the Fund invests in ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities in which the ETF invests, and the value of the Fund's investment will fluctuate in response to the performance of the ETF's holdings. ETFs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in ETFs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the ETFs' operating expenses, in addition to paying Fund expenses.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Fixed Income Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Funds' investment in that issuer. Interest rate risk is the risk that the value of a fixed income security will fall when interest rates rise. In general, the longer the maturity of a fixed income security, the more likely its value will decline when interest rates rise.

**Foreign Company Risk** *(All Funds)*

Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Funds may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the Funds' portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

**Foreign Currency Risk** *(All Funds)*

As a result of the Funds' investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Foreign Government Agencies Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Bonds issued by government agencies, subdivisions or instrumentalities of foreign governments are generally backed only by the general creditworthiness and reputation of the entity issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A foreign government agency's operations and financial condition are influenced by the foreign government's economic and other policies.

**Foreign Sovereign Debt Securities Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

The Funds' investments in foreign sovereign debt securities are subject to the risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

**Geographic Focus Risk** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

To the extent that a Fund focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Funds may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

**High Yield Bond Risk** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

High yield, or "junk," bonds are debt securities rated below investment grade. High yield bonds are speculative, involve greater risks of default, downgrade, or price declines and are more volatile and tend to be less liquid than investment-grade securities. Companies issuing high yield bonds are less financially strong, are more likely to encounter financial difficulties, and are more vulnerable to adverse market events and negative sentiments than companies with higher credit ratings.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Industry Concentration Risk** *(Global Listed Infrastructure Fund)*

The Fund concentrates its investments in infrastructure companies. Concentration in particular industries subjects the Fund to the risks associated with those industries. As a result, the Fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting those industries than funds investing in a broader range of industries.

**Infrastructure Company Risk** *(Global Listed Infrastructure Fund)*

Infrastructure companies are subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, costs associated with environmental and other regulations, difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation or unsettled capital markets, the effects of economic slowdown and surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies, service interruption due to environmental, operational or other mishaps, and other factors. Additionally, infrastructure entities may be subject to regulation by various governmental authorities and may also be affected by governmental regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; nationalization; and general changes in market sentiment towards infrastructure assets.

**Investment Style Risk** *(All Funds)*

The Funds pursue a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued to the Adviser in light of factors such as the company's earnings, book value, revenues or cash flow. The Adviser's methodology for analyzing value may differ from other market approaches. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Funds could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Large-Capitalization Company Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

The large-capitalization companies in which the Funds may invest may lag the performance of smaller capitalization companies because large-capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

**Large Purchase and Redemption Risk** *(All Funds)*

Large purchases or redemptions of the Funds' shares may force the Funds to purchase or sell securities at times when it would not otherwise do so, and may cause the Funds' portfolio turnover rate and transaction costs to rise, which may negatively affect the Funds' performance and have adverse tax consequences for Fund shareholders.

**Liquidity Risk** *(All Funds)*

Certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

**Market Risk** *(All Funds)*

The prices of and the income generated by the Funds' securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds' performance and cause losses on your investment in the Funds.

**MLPs Risk** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, such as the energy industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors. A Fund's investment in MLPs may result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the MLPs' operating expenses, in addition to paying Fund expenses.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk of natural disasters, social unrest and environmental damage. These companies may also be at risk of increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

**Non-Diversification Risk** *(Global Equity Value Fund)*

The Global Equity Value Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund.

**Portfolio Turnover Risk** *(Emerging Markets Value Equity Fund and Global Listed Infrastructure Fund)*

Due to their investment strategies, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.

**Preferred Stocks Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Private Placements Risk** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

**REITs Risk** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Funds. Accordingly, the Funds' investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

**Rights and Warrants Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/ or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

**Risks of Investing in Other Investment Companies** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

To the extent the Funds invest in other investment companies, such as open-end funds, closed-end funds and ETFs, the Funds will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Funds rely on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Funds' investment could decline, which could adversely affect the Funds' performance. By investing in another investment company, Fund shareholders indirectly bear the Funds' proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Funds' own operations.

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Funds. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, the Adviser may not be able to liquidate the Funds' holdings at the most optimal time, which could adversely affect Fund performance.

**Small- and Mid-Capitalization Company Risk** *(International Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

The small- and mid-capitalization companies that the Funds invest in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in small- and mid-capitalization companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**Stock Connect Investing Risk** *(Emerging Markets Value Equity Fund, Global Listed Infrastructure Fund and Global Equity Value Fund)*

Trading through Stock Connect is subject to a number of restrictions that may affect the Funds' investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Funds' investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Funds. Stock Connect operates only on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Funds may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Supranational Entities Risk** *(International Value Equity Fund)*

Government members, or "stockholders," usually make initial capital contributions to a supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee, however, that one or more stockholders of the supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

**U.S. Government Securities Risk** *(Global Listed Infrastructure Fund and Global Equity Value Fund)*

The Funds' investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**10. Indemnifications**

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

**11. Borrowing from banks**

The Funds have access to custodian overdraft facilities. A Fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed on the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate. For the year ended October 31, 2025, none of the Funds incurred any interest expense.

**12. Concentration of Shareholders**

At October 31, 2025, the percentage of total shares outstanding held by a limited number of shareholders owning 10% or greater aggregate total shares for each Fund, which were comprised of omnibus accounts that were held on behalf of various individual shareholders was as follows:

---

| | | |
|:---|:---|:---|
|  | **No. of Shareholders** | **% Ownership** |
| International Value Equity Fund | 3 | 55% |
| Emerging Markets Value Equity Fund | 2 | 81% |
| Global Listed Infrastructure Fund | 1 | 100% |
| Global Equity Value Fund | 2 | 81% |

---

**13. Recent Accounting Pronouncement**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**14. Subsequent events**

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financials were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Gallery Trust and Shareholders of Mondrian International Value Equity Fund, Mondrian Emerging Markets Value Equity Fund, Mondrian Global Listed Infrastructure Fund and Mondrian Global Equity Value Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Mondrian International Value Equity Fund, Mondrian Emerging Markets Value Equity Fund, Mondrian Global Listed Infrastructure Fund and Mondrian Global Equity Value Fund (constituting Gallery Trust, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five periods in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 29, 2025

We have served as the auditor of one or more investment companies in Mondrian Investment Partners Limited since 2016.

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025<br> **(Unaudited)** |

---

**NOTICE TO SHAREHOLDERS**

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2025, the Funds are designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  | Foreign Investors | Foreign Investors | Foreign Investors |
| Return of<br>Capital<br>| Ordinary<br> Income<br> Distributions | Long-Term<br> Capital Gain<br> Distributions | Total<br> Distributions | Qualifying<br> for<br> Corporate<br> Dividends<br> Received<br> Deduction<br> (1) | Qualifying<br> Dividend<br> Income<br> (2) | U.S.<br> Government<br> Interest<br> (3) | Interest<br> Related<br> Dividends<br> (4) | Short-Term<br> Capital<br> Gain<br> Dividends<br> (5) | Foreign<br> Tax<br> Credit<br> (6) |
| Mondrian International Value Equity Fund | Mondrian International Value Equity Fund | Mondrian International Value Equity Fund | Mondrian International Value Equity Fund |  |  |  |  |  |  |
| 0.00% | 54.01% | 45.99% | 100.00% | 0.00% | 74.48% | 0.00% | 0.00% | 100.00% | 1.80% |
| Mondrian Emerging Markets Value Equity Fund | Mondrian Emerging Markets Value Equity Fund | Mondrian Emerging Markets Value Equity Fund | Mondrian Emerging Markets Value Equity Fund |  |  |  |  |  |  |
| 0.00% | 100.00% | 0.00% | 100.00% | 0.75% | 76.77% | 0.00% | 0.00% | 0.00% | 11.89% |
| Mondrian Global Listed Infrastructure Fund | Mondrian Global Listed Infrastructure Fund | Mondrian Global Listed Infrastructure Fund | Mondrian Global Listed Infrastructure Fund |  |  |  |  |  |  |
| 0.00% | 76.96% | 23.04% | 100.00% | 15.19% | 98.31% | 0.00% | 0.00% | 100.00% | 7.75% |
| Mondrian Global Equity Value Fund | Mondrian Global Equity Value Fund | Mondrian Global Equity Value Fund |  |  |  |  |  |  |  |
| 0.00% | 32.02% | 67.98% | 100.00% | 36.75% | 89.13% | 0.00% | 0.00% | 0.00% | 2.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *The percentage in this column represents the amount of "Qualifying Dividend Income" as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short-term capital gain and net investment income distributions). It is the intention of the Fund to designate the maximum amount permitted by law.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *"U.S. Government Interest" represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *The percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distributions. Interest related dividends are exempted from U.S. withholding tax when paid to foreign investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *The percentage in this column represents the amount of "Short-Term Capital Gain Dividends" and is reflected as a percentage of short-term capital gain distributions that is exempted from U.S. withholding tax when paid to foreign investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *The percentage in this column represents the amount of "Qualifying Foreign Taxes" as a percentage of ordinary distributions during the fiscal year ended October 31, 2025. The International Value Equity Fund, Emerging Markets Value Equity Fund, Global Listed Infrastructure Fund, and Global Equity Value Fund intend to pass through a Foreign Tax Credit to shareholders for fiscal year ended 2025. The total amounts of foreign source income are $36,340,906, $749,491, $56,572 and $5,222,967, respectively. The total amounts of foreign tax paid are $1,210,773, $84,727, $6,533 and $358,319, respectively. Your allocation share of the foreign tax credit will be reported on form 1099-DIV.* 

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

**(Unaudited)**

**NOTICE TO SHAREHOLDERS (continued)**

*The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.*

---

| | |
|:---|:---|
| **Gallery Trust** | **October 31, 2025** |

---

&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;&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;&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;**(Unaudited)**

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11)**

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

Not applicable.

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

At a Special Meeting of Shareholders held on June 11, 2025, shareholders of The Gallery Trust elected Trustees.

All Nominees receiving a plurality of the votes cast at the Meeting with respect to a Trust will be elected as Trustees of the Trust, provided that thirty-three and one third percent (33 1/3%) of the shares of the Trust entitled to vote are present in person or by proxy at the Meeting. The election of Trustees for one Trust is not contingent on the election of Trustees for the other Trust. With a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive votes from less than a majority of the votes cast. Because the Nominees are running unopposed, assuming a quorum is present, all Nominees are expected to be elected as Trustees, as all Nominees who receive a single vote in his or her favor will be elected, while votes not cast or votes to withhold (or abstentions) will have no effect on the election outcome.

---

| | | | |
|:---|:---|:---|:---|
|  | **Votes For** | **Votes Withheld** | **Proposal Passing** |
| **John G. Alshefski** | 43749369 | 170028 | Yes |
| **Jon C. Hunt** | 43602428 | 316969 | Yes |
| **Thomas P. Lemke** | 43605805 | 313592 | Yes |
| **Nichelle Maynard-Elliott** | 43606460 | 312937 | Yes |
| **Jay C. Nadel** | 43627976 | 291421 | Yes |
| **Randall S. Yanker** | 43605831 | 313566 | Yes |

---

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

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

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

Not applicable.

---

| | |
|:---|:---|
| **FUND INFORMATION** |  |
| ***Registered office*** | P.O. Box 588 |
|  | Portland, Maine 04112 |
| ***Adviser*** | Mondrian Investment Partners Limited |
|  | 10 Gresham Street, 5th Floor |
|  | London, England EC2V 7JD |
| ***Distributor*** | SEI Investments Distribution Co. |
|  | One Freedom Valley Drive |
|  | Oaks, Pennsylvania 19456 |
| ***Administrator*** | SEI Investments Global Funds Services |
|  | One Freedom Valley Drive |
|  | Oaks, Pennsylvania 19456 |
| ***Legal Counsel*** | Morgan, Lewis & Bockius LLP |
|  | 2222 Market Street |
|  | Philadelphia, Pennsylvania 19103 |
| ***Custodian*** | Brown Brothers Harriman & Co |
|  | 40 Water Street |
|  | Boston, Massachusetts 02109 |
| ***Transfer Agent*** | Apex Fund Services |
|  | Three Canal Plaza |
|  | Portland, Maine 04101 |
| ***Independent Registered*** | PricewaterhouseCoopers LLP |
| ***Public Accounting Firm*** | 2001 Market Street |
|  | Philadelphia, Pennsylvania 19103 |

---

MON-AR-001-1000

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

**Item 16. Controls and Procedures.**

(a)**&nbsp;&nbsp;&nbsp;&nbsp;** The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b)**&nbsp;&nbsp;&nbsp;&nbsp;** There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) 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.

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

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19. Exhibits.**

[(a)(1)](fp0096591-1_ex99code.htm) [Code of Ethics attached hereto.](fp0096591-1_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0096591-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)**&nbsp;&nbsp;&nbsp;&nbsp;** Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0096591-1_ex99906cert.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.

---

| | |
|:---|:---|
| (Registrant) | Gallery Trust |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: January 8, 2026 |  |

---

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 (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: January 8, 2026 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: January 8, 2026 |  |

---

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**<br> **THE ADVISORS' INNER CIRCLE FUND II**<br> **THE ADVISORS' INNER CIRCLE FUND III**<br> **BISHOP STREET FUNDS**<br> **GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**<br> **CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**<br> **SYMMETRY PANORAMIC TRUST**<br> **WILSHIRE PRIVATE ASSETS MASTER FUND**<br> **WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's SFOs must at all times seek to
provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of the Gallery 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), if any, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| |
|:---|
| Date: January 8, 2026 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of the Gallery 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), if any, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| |
|:---|
| Date: January 8, 2026 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of the Gallery Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of the Gallery Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material
respects, the financial condition and results of operations of the Fund.

Dated: January 8, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---