# EDGAR Filing Document

**Accession Number:** 0001651872
**File Stem:** 0001398344-25-012738
**Filing Date:** 2025-7
**Character Count:** 168146
**Document Hash:** 45c3dcd7f33d7468aceaca65adefc037
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012738.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012738

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23091
- **FILM NUMBER:** 251107179

**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-CSRS**

**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: April 30, 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](i7462b40eb8ff1f98e2b72527.jpg)

## Mondrian Emerging Markets Value Equity Fund

## Institutional Shares - MPEMX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(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 | $46 | 0.92% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $19719247 | 59 | $27774 | 24% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](i8db0fca2e82326d5c36a3a98.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 8.1% |
| Finland | 1.6% |
| Philippines | 1.7% |
| Malaysia | 1.9% |
| United Arab Emirates | 3.3% |
| Saudi Arabia | 4.3% |
| Indonesia | 4.4% |
| Mexico | 5.2% |
| Brazil | 8.1% |
| India | 10.7% |
| Taiwan | 11.3% |
| South Korea | 11.6% |
| China | 27.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Taiwan Semiconductor Manufacturing Co Ltd | 8.2% |
| Alibaba Group Holding Ltd | 4.6% |
| HDFC Bank Ltd | 3.4% |
| Axis Bank Ltd | 3.2% |
| Tencent Holdings Ltd | 3.2% |
| Samsung Electronics Co Ltd, Preference | 3.0% |
| Shinhan Financial Group Co Ltd | 2.9% |
| Bank Rakyat Indonesia Persero Tbk PT | 2.5% |
| Indus Towers Ltd | 2.3% |
| Grupo Financiero Banorte SAB de CV Sponsored, Cl O | 2.1% |

---

## 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](i8623c5ffbafa094119f3d750.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.

MPEMX-SAR-2025

# Gallery Trust
![Image](i7462b40eb8ff1f98e2b72527.jpg)

## Mondrian Global Equity Value Fund

## Institutional Shares - MPGVX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(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 | $38 | 0.74% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $279103088 | 57 | $700717 | 19% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](i312698a3cc9a39f2731b2a78.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 6.1% |
| Australia | 1.2% |
| Switzerland | 1.8% |
| Netherlands | 1.8% |
| Germany | 2.1% |
| South Korea | 2.2% |
| Sweden | 2.4% |
| China | 2.9% |
| Italy | 4.5% |
| United Kingdom | 8.0% |
| France | 9.7% |
| Japan | 11.3% |
| United States | 44.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| British American Tobacco PLC | 3.0% |
| Sony Corp Group | 3.0% |
| Enel SpA | 2.8% |
| Lloyds Banking Group PLC | 2.7% |
| Charles Schwab Corp | 2.7% |
| Vinci SA | 2.6% |
| Wells Fargo & Co | 2.6% |
| L3Harris Technologies Inc | 2.4% |
| Autoliv | 2.4% |
| Sysco | 2.4% |

---

## 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](i8623c5ffbafa094119f3d750.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.

MPGVX-SAR-2025

# Gallery Trust
![Image](i7462b40eb8ff1f98e2b72527.jpg)

## Mondrian Global Listed Infrastructure Fund

## Institutional Shares - MGIFX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(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 | $49 | 0.95% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $2074878 | 27 | $- | 9% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](i918c76b62c2f3e5c97177725.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 2.9% |
| Germany | 3.1% |
| Mexico | 3.3% |
| Malaysia | 3.4% |
| Chile | 3.4% |
| Portugal | 4.0% |
| United Kingdom | 4.5% |
| Canada | 7.1% |
| China | 7.2% |
| Spain | 8.1% |
| Italy | 11.9% |
| France | 14.1% |
| United States | 26.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Eiffage SA | 4.8% |
| Vinci SA | 4.6% |
| Enel SpA | 4.6% |
| Veolia Environnement SA | 4.6% |
| SSE PLC | 4.5% |
| American Tower REIT | 4.3% |
| Cellnex Telecom | 4.3% |
| Enav SpA | 4.3% |
| South Bow, Cl W | 4.3% |
| Prologis Inc | 4.3% |

---

## 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](i8623c5ffbafa094119f3d750.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.

MGIFX-SAR-2025

# Gallery Trust
![Image](i7462b40eb8ff1f98e2b72527.jpg)

## Mondrian International Value Equity Fund

## Institutional Shares - MPIEX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(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 | $39 | 0.74% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $973056876 | 51 | $2551472 | 20% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Group By Sector Chart](ife58db6f573da1899357dfce.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Australia | 1.2% |
| Austria | 1.5% |
| Netherlands | 1.8% |
| Spain | 3.3% |
| Singapore | 3.9% |
| Switzerland | 4.4% |
| Hong Kong | 4.8% |
| Italy | 7.0% |
| Germany | 9.5% |
| France | 14.4% |
| United Kingdom | 22.6% |
| Japan | 24.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets</u> |
| Lloyds Banking Group PLC | 3.6% |
| Allianz SE | 3.5% |
| Sony Corp Group | 3.4% |
| Banco Santander SA | 3.4% |
| Enel SpA | 3.3% |
| Nestle SA | 3.2% |
| SSE PLC | 3.2% |
| Fujitsu Ltd | 3.1% |
| GSK PLC | 3.0% |
| Snam SpA | 3.0% |

---

## 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](i8623c5ffbafa094119f3d750.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.

MPIEX-SAR-2025**

(b) Not
 applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

(a) The
 Schedules of Investments are 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.

![](fp0093739-1_01.jpg)

**Gallery Trust**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 30 |
| Other Information (Form N-CSRS Items 8-11) | 57 |
| Fund Information | 61 |

---

**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 <br> Equity Fund** |

---

**April 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 99.2%**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **AUSTRALIA — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd | 6081802 | $11906410 |
| Total Australia |  | 11906410 |
| **AUSTRIA — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;ANDRITZ | 204191 | 14673097 |
| Total Austria |  | 14673097 |
| **FRANCE — 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bouygues SA | 613206 | 26953649 |
| &nbsp;&nbsp;&nbsp;Capgemini | 120335 | 19211751 |
| &nbsp;&nbsp;&nbsp;Carrefour | 782697 | 12072081 |
| &nbsp;&nbsp;&nbsp;Kering SA | 50600 | 10294693 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 190725 | 20673709 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 218457 | 23897393 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 193073 | 27120418 |
| Total France |  | 140223694 |
| **GERMANY — 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Allianz SE | 81935 | 33886383 |
| &nbsp;&nbsp;&nbsp;Deutsche Post | 535410 | 22876987 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | 817886 | 18380216 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 127721 | 17781314 |
| Total Germany |  | 92924900 |
| **HONG KONG — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 1699800 | 12736459 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings Ltd | 3301500 | 18617421 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings Ltd | 329515 | 14642027 |
| &nbsp;&nbsp;&nbsp;WH Group Ltd | 1319639 | 1180031 |
| Total Hong Kong |  | 47175938 |
| **ITALY — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 3698742 | 32064267 |
| &nbsp;&nbsp;&nbsp;Eni SpA | 480119 | 6876037 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **ITALY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Snam SpA | 5028384 | $28860308 |
| Total Italy |  | 67800612 |
| **JAPAN — 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp | 1078800 | 22096401 |
| &nbsp;&nbsp;&nbsp;Fujitsu Ltd | 1362300 | 30264124 |
| &nbsp;&nbsp;&nbsp;Hitachi Ltd | 460600 | 11383966 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co Ltd | 1320600 | 13436765 |
| &nbsp;&nbsp;&nbsp;Kao Corp | 29200 | 1250389 |
| &nbsp;&nbsp;&nbsp;KDDI Corp | 1091900 | 19352424 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp | 403500 | 4782173 |
| &nbsp;&nbsp;&nbsp;MINEBEA MITSUMI | 956300 | 14015562 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp | 619100 | 11976741 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp | 13234200 | 13833408 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 1523000 | 17462671 |
| &nbsp;&nbsp;&nbsp;Secom Co Ltd | 440300 | 16190020 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings | 292900 | 9598659 |
| &nbsp;&nbsp;&nbsp;Sony Corp Group | 1239600 | 32704116 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp | 192500 | 22575417 |
| Total Japan |  | 240922836 |
| **NETHERLANDS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV \* | 680175 | 17262710 |
| Total Netherlands |  | 17262710 |
| **SINGAPORE — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications Ltd | 3679202 | 10644654 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd | 1013240 | 26910483 |
| Total Singapore |  | 37555137 |
| **SPAIN — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | 4635481 | 32637745 |
| Total Spain |  | 32637745 |
| **SWITZERLAND — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle SA | 296460 | 31554427 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **SWITZERLAND (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 33486 | $10949471 |
| Total Switzerland |  | 42503898 |
| **UNITED KINGDOM — 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 803131 | 22138315 |
| &nbsp;&nbsp;&nbsp;BP PLC | 2886620 | 13328594 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 617455 | 26895186 |
| &nbsp;&nbsp;&nbsp;GSK PLC | 1471777 | 29115566 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | 388707 | 15949751 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | 3299718 | 12682388 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 35559423 | 34936200 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 514819 | 16614028 |
| &nbsp;&nbsp;&nbsp;SSE PLC | 1381508 | 31147425 |
| &nbsp;&nbsp;&nbsp;WPP PLC | 2205363 | 17097115 |
| Total United Kingdom |  | 219904568 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $819,059,800) |  | 965491545 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 99.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $819,059,800) |  | $965491545 |

---

Percentages are based on Net Assets of $973,056,876.

\* Non-income producing security.

*Ltd — Limited*

*PLC — Public Limited Company*

As of April 30, 2025, all of the Fund's investments were considered Level 1, 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 <br> Equity Fund** |

---

**April 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 94.2%**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **BRAZIL — 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev SA | 82400 | $212129 |
| &nbsp;&nbsp;&nbsp;Hypera SA | 74200 | 313004 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 33258 | 375483 |
| &nbsp;&nbsp;&nbsp;Vale Sponsored ADR Class B | 38874 | 361917 |
| Total Brazil |  | 1262533 |
| **CANADA — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Barrick Gold Corp US | 16502 | 314198 |
| Total Canada |  | 314198 |
| **CHINA — 27.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd | 60384 | 901535 |
| &nbsp;&nbsp;&nbsp;Autohome Inc Sponsored ADR | 4064 | 110866 |
| &nbsp;&nbsp;&nbsp;Baidu Class A \* | 19552 | 215600 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway Class A | 353900 | 282796 |
| &nbsp;&nbsp;&nbsp;China Medical System Holdings Ltd | 89000 | 94993 |
| &nbsp;&nbsp;&nbsp;China Tower Class H | 254800 | 369072 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group Ltd | 369520 | 291048 |
| &nbsp;&nbsp;&nbsp;Gree Electric Appliances Inc Class A | 31196 | 195749 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd | 390000 | 315595 |
| &nbsp;&nbsp;&nbsp;Midea Group Co Ltd Class A | 20303 | 205844 |
| &nbsp;&nbsp;&nbsp;PetroChina Class H | 434000 | 331636 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co of China Ltd Class H | 63500 | 380050 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 39400 | 273109 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong Ltd | 88000 | 211455 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings Ltd | 10200 | 624760 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding Corp Class H | 62000 | 111993 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin Class A | 16290 | 288709 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings Inc | 5412 | 234394 |
| Total China |  | 5439204 |
| **FINLAND — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Metso Corp | 28975 | 314833 |
| Total Finland |  | 314833 |

---

 

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **HONG KONG — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;WH Group Ltd | 308228 | $275620 |
| Total Hong Kong |  | 275620 |
| **INDIA — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank Ltd | 45307 | 635526 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd | 29812 | 677149 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd Sponsored ADR | 2633 | 191393 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp | 3612 | 163652 |
| &nbsp;&nbsp;&nbsp;Indus Towers Ltd \* | 92646 | 446473 |
| Total India |  | 2114193 |
| **INDONESIA — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 2148339 | 497576 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT | 2331300 | 367457 |
| Total Indonesia |  | 865033 |
| **KAZAKHSTAN — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Kaspi.KZ JSC ADR | 1182 | 103886 |
| Total Kazakhstan |  | 103886 |
| **MALAYSIA — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Malayan Banking Bhd | 159900 | 370538 |
| Total Malaysia |  | 370538 |
| **MEXICO — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario Pacifico Class B | 13625 | 276092 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV Sponsored Class O | 49216 | 422002 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV | 104926 | 332427 |
| Total Mexico |  | 1030521 |
| **PERU — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp Ltd | 1385 | 280033 |
| Total Peru |  | 280033 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **PHILIPPINES — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 114530 | $328708 |
| Total Philippines |  | 328708 |
| **PORTUGAL — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS | 8561 | 207196 |
| Total Portugal |  | 207196 |
| **SAUDI ARABIA — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co | 47734 | 322730 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | 37582 | 358082 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom Co | 12634 | 160398 |
| Total Saudi Arabia |  | 841210 |
| **SOUTH AFRICA — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 20150 | 255449 |
| Total South Africa |  | 255449 |
| **SOUTH KOREA — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Kia Corp | 4359 | 277029 |
| &nbsp;&nbsp;&nbsp;KT Corp ADR | 9255 | 180102 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 9938 | 387756 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance Co Ltd | 367 | 96825 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Co Ltd | 15749 | 569169 |
| Total South Korea |  | 1510881 |
| **TAIWAN — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co Ltd | 70000 | 311871 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology Corp | 103000 | 311495 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 57000 | 1615070 |
| Total Taiwan |  | 2238436 |
| **UNITED ARAB EMIRATES — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Adnoc Gas Plc | 360313 | 311023 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 83962 | 343540 |
| Total United Arab Emirates |  | 654563 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **UNITED KINGDOM — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Mondi PLC | 11425 | $173421 |
| Total United Kingdom |  | 173421 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $16,309,453) |  |  |
|  |  | 18580456 |
| **PREFERRED STOCK — 5.6%** |  |  |
| **BRAZIL — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Itausa SA^ | 176353 | 331877 |
| **SOUTH KOREA — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Motor^ | 1718 | 184427 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd^ | 17862 | 589636 |
|  |  | 774063 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,083,383) |  | 1105940 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,392,836) |  | $19686396 |

---

Percentages are based on Net Assets of $19,719,247.

\* Non-income producing security. <br> ^ 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 accompanying notes are an integral part of the financial statements.*

---

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

---

**April 30, 2025 (Unaudited)**

As of April 30, 2025, all of the Fund's investments were considered Level 1, 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 Global Listed <br> Infrastructure Fund** |

---

**April 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 99.1%**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **AUSTRALIA — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd | 30734 | $60168 |
| Total Australia |  | 60168 |
| **CANADA — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge Inc | 1261 | 58971 |
| &nbsp;&nbsp;&nbsp;South Bow Class W | 3597 | 88842 |
| Total Canada |  | 147813 |
| **CHILE — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas SA | 724546 | 71147 |
| Total Chile |  | 71147 |
| **CHINA — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Investment Ltd | 92000 | 74448 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway Co Ltd Class H | 60000 | 74663 |
| Total China |  | 149111 |
| **FRANCE — 14.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Eiffage SA | 734 | 99877 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | 2602 | 95036 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 686 | 96360 |
| Total France |  | 291273 |
| **GERMANY — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 3654 | 63907 |
| Total Germany |  | 63907 |
| **HONG KONG — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Land Holdings \* | 20072 | 590 |
| Total Hong Kong |  | 590 |
| **ITALY — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Enav SpA | 20221 | 89542 |
| &nbsp;&nbsp;&nbsp;Enel SpA | 11002 | 95376 |

---

 

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **ITALY (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Snam SpA | 10742 | $61654 |
| Total Italy |  | 246572 |
| **MALAYSIA — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Westports Holdings | 71200 | 70146 |
| Total Malaysia |  | 70146 |
| **MEXICO — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura | 6119 | 68468 |
| Total Mexico |  | 68468 |
| **PORTUGAL — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;EDP Energias de Portugal SA | 21166 | 83429 |
| Total Portugal |  | 83429 |
| **SPAIN — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom | 2220 | 89842 |
| &nbsp;&nbsp;&nbsp;Redeia Corp SA | 3760 | 78848 |
| Total Spain |  | 168690 |
| **UNITED KINGDOM — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SSE PLC | 4157 | 93724 |
| Total United Kingdom |  | 93724 |
| **UNITED STATES — 26.1%** |  |  |
| &nbsp;&nbsp;&nbsp;American Tower REIT | 400 | 90164 |
| &nbsp;&nbsp;&nbsp;CSX Corp | 2958 | 83031 |
| &nbsp;&nbsp;&nbsp;Edison International | 1246 | 66674 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1238 | 73636 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc | 222 | 76608 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp | 283 | 63406 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **UNITED STATES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Prologis Inc | 867 | $88607 |
| Total United States |  | 542126 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,885,803) |  | 2057164 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 99.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,885,803) |  | $2057164 |

---

Percentages are based on Net Assets of $2,074,878.

\* Non-income producing security.

*Ltd — Limited*

*PLC — Public Limited Company*

*REIT — Real Estate Investment Trust*

As of April 30, 2025, all of the Fund's investments were considered Level 1, 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 Global Equity <br> Value Fund** |

---

**April 30, 2025 (Unaudited)**

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 96.4%**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **AUSTRALIA — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd | 1711277 | $3350186 |
| Total Australia |  | 3350186 |
| **BRAZIL — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hypera SA | 788900 | 3327888 |
| Total Brazil |  | 3327888 |
| **CHINA — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd | 239000 | 3568277 |
| &nbsp;&nbsp;&nbsp;Midea Group Co Ltd Class A | 262855 | 2664982 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings Inc | 44643 | 1933488 |
| Total China |  | 8166747 |
| **FRANCE — 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini | 38141 | 6089296 |
| &nbsp;&nbsp;&nbsp;Kering SA | 18721 | 3808833 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 47878 | 5189754 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 41886 | 4581983 |
| &nbsp;&nbsp;&nbsp;Vinci SA | 52048 | 7311035 |
| Total France |  | 26980901 |
| **GERMANY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Post | 141469 | 6044685 |
| Total Germany |  | 6044685 |
| **HONG KONG — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 404400 | 3030135 |
| Total Hong Kong |  | 3030135 |
| **INDIA — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd | 144732 | 3287436 |
| Total India |  | 3287436 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **INDONESIA — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT | 14327100 | $3318297 |
| Total Indonesia |  | 3318297 |
| **ITALY — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA | 893219 | 7743285 |
| &nbsp;&nbsp;&nbsp;Snam SpA | 871741 | 5003340 |
| Total Italy |  | 12746625 |
| **JAPAN — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fujitsu Ltd | 231200 | 5136215 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co | 301300 | 5530853 |
| &nbsp;&nbsp;&nbsp;Sony Corp Group | 319500 | 8429304 |
| &nbsp;&nbsp;&nbsp;Sundrug Co Ltd | 175000 | 5831402 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp | 56500 | 6626031 |
| Total Japan |  | 31553805 |
| **NETHERLANDS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV \* | 196056 | 4975863 |
| Total Netherlands |  | 4975863 |
| **SINGAPORE — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank Ltd | 29800 | 791454 |
| Total Singapore |  | 791454 |
| **SOUTH KOREA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd | 20767 | 810277 |
| Total South Korea |  | 810277 |
| **SWEDEN — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Autoliv | 71292 | 6646553 |
| Total Sweden |  | 6646553 |
| **SWITZERLAND — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 15121 | 4944363 |
| Total Switzerland |  | 4944363 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **TAIWAN — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co Ltd | 109000 | $3088466 |
| Total Taiwan |  | 3088466 |
| **UNITED KINGDOM — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | 225990 | 6229417 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | 194233 | 8460427 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 7797204 | 7660548 |
| Total United Kingdom |  | 22350392 |
| **UNITED STATES — 44.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet Inc Class A | 41657 | 6615132 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 45557 | 3663238 |
| &nbsp;&nbsp;&nbsp;CDW Corp | 40954 | 6575574 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp | 93020 | 7571828 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 343026 | 3968811 |
| &nbsp;&nbsp;&nbsp;Dollar Tree Inc \* | 51441 | 4206331 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours | 91405 | 6031816 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp | 34449 | 3638848 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare Inc | 17420 | 6011294 |
| &nbsp;&nbsp;&nbsp;Kenvue Inc | 235627 | 5560797 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies Inc | 30625 | 6738112 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 13878 | 3344737 |
| &nbsp;&nbsp;&nbsp;McDonald's | 4089 | 1307049 |
| &nbsp;&nbsp;&nbsp;Merck | 69610 | 5930772 |
| &nbsp;&nbsp;&nbsp;Meta Platforms Inc Class A | 10392 | 5705208 |
| &nbsp;&nbsp;&nbsp;Micron Technology Inc | 20850 | 1604407 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp | 14392 | 5688582 |
| &nbsp;&nbsp;&nbsp;NNN REIT Class REIT | 79572 | 3271205 |
| &nbsp;&nbsp;&nbsp;Prologis Inc | 42808 | 4374978 |
| &nbsp;&nbsp;&nbsp;Salesforce | 7033 | 1889837 |
| &nbsp;&nbsp;&nbsp;Sysco | 92949 | 6636559 |
| &nbsp;&nbsp;&nbsp;Texas Instruments Inc | 36607 | 5858950 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific | 13439 | 5765331 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group Inc | 10891 | 4480993 |

---

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

---

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

---

**April 30, 2025 (Unaudited)**

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Shares** | **Value <br> (U.S. $)** |
| **UNITED STATES (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co | 101173 | $7184295 |
| Total United States |  | 123624684 |
| &nbsp;&nbsp;&nbsp;Total Common Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $240,301,217) |  |  |
|  |  | 269038757 |
| **PREFERRED STOCK — 1.9%** |  |  |
| **SOUTH KOREA — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co Ltd^ | 163439 | 5395229 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,906,141) |  | 5395229 |
| &nbsp;&nbsp;&nbsp;Total Value of Securities — 98.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $247,207,358) |  | $274433986 |

---

Percentages are based on Net Assets of $279,103,088.

\* Non-income producing security. <br> ^ There is currently no rate available.

*Ltd — Limited*

*PLC — Public Limited Company*

*REIT — Real Estate Investment Trust*

As of April 30, 2025, all of the Fund's investments were considered Level 1, 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** | **April 30, 2025 (Unaudited)** |

---

**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 $819,059,800 and $17,392,836) | $965491545 | $19686396 |
| Foreign currency (Cost $226,146 and $29,592) | 226146 | 29588 |
| Cash | 6038117 | 105676 |
| Dividends receivable | 5452485 | 43676 |
| Reclaims receivable | 3941328 | 3589 |
| Receivable for investment securities sold | 2018500 | 109581 |
| Receivable for capital shares sold | 420464 |  |
| Unrealized appreciation on spot foreign currency contracts |  | 214 |
| Prepaid expenses | 51945 | 7217 |
| &nbsp;&nbsp;&nbsp;Total assets | 983640530 | 19985937 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed | 7707027 |  |
| Payable for investment securities purchased | 2238519 | 153070 |
| Payable due to Investment Adviser | 441386 | 2861 |
| Payable due to Administrator | 66975 | 1386 |
| Audit fees payable | 26910 | 9575 |
| Transfer Agent Fees Payable | 11757 | 7671 |
| Chief Compliance Officer fees payable | 6536 |  |
| Unrealized depreciation on spot foreign currency contracts | 2136 |  |
| Accrued foreign capital gains tax |  | 82913 |
| Other accrued expenses | 82408 | 9214 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 10583654 | 266690 |
| **Commitments and Contingencies†** |  |  |
| **Net assets** | $973056876 | $19719247 |
| **Net assets consist of:** |  |  |
| Paid-in capital | $821295882 | $125587673 |
| Total distributable earnings/(accumulated loss) | 151760994 | (105868426) |
| **Net assets** | $973056876 | $19719247 |
| Outstanding Shares of Beneficial Interest |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 58557016 | 2469653 |
| **Net Asset Value,** Offering and Redemption Price Per Share | $16.62 | $7.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† See Note 5 in the Notes to Financial
 Statements.

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

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025 (Unaudited)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Mondrian<br> Global Listed<br> Infrastructure<br> Fund** | **Mondrian<br> Global Equity<br> Value Fund** |
| **Assets:** |  |  |
| Investments (Cost $1,885,803 and $247,207,358) | $2057164 | $274433986 |
| Foreign currency (Cost $2,474 and $37,819) | 2462 | 37819 |
| Cash | 14056 | 2929594 |
| Reclaims receivable | 9470 | 309266 |
| Receivable from Investment Adviser | 5728 |  |
| Receivable for capital shares sold |  | 2639700 |
| Dividends receivable |  | 854290 |
| Receivable for investment securities sold |  | 1258234 |
| Prepaid expenses | 3649 | 14208 |
| &nbsp;&nbsp;&nbsp;Total assets | 2092529 | 282477097 |
| **Liabilities:** |  |  |
| Audit fees payable | 10061 | 9575 |
| Transfer Agent Fees Payable | 7444 | 8237 |
| Payable due to Administrator | 146 | 19053 |
| Payable for investment securities purchased |  | 2357942 |
| Payable for capital shares redeemed |  | 687154 |
| Unrealized depreciation on spot foreign currency contracts |  | 16 |
| Chief Compliance Officer fees payable |  | 1547 |
| Payable due to Investment Adviser |  | 121924 |
| Accrued foreign capital gains tax |  | 140480 |
| Other accrued expenses |  | 28081 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 17651 | 3374009 |
| **Commitments and Contingencies†** |  |  |
| **Net assets** | $2074878 | $279103088 |
| **Net assets consist of:** |  |  |
| Paid-in capital | $1873772 | $248044264 |
| Total distributable earnings | 201106 | 31058824 |
| **Net assets** | $2074878 | $279103088 |
| Outstanding Shares of Beneficial Interest |  |  |
| &nbsp;&nbsp;&nbsp;(unlimited authorization - no par value) | 181924 | 18979949 |
| **Net Asset Value,** Offering and Redemption Price Per Share | $11.41 | $14.71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† See Note 5 in the Notes to Financial
 Statements.

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

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Six Months Ended**<br> **April 30, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian<br> International<br> Value Equity<br> Fund |
| **Investment income** |  |
| Dividends | $15434153 |
| Less: foreign taxes withheld | (1123471) |
| &nbsp;&nbsp;&nbsp;Total investment income | 14310682 |
| **Expenses** |  |
| Investment advisory fees | 2832504 |
| Accounting and administration fees | 393409 |
| Registration fees | 49104 |
| Custodian fees | 39196 |
| Audit fees | 31340 |
| Printing fees | 30079 |
| Legal fees | 25106 |
| Dividend disbursing and transfer agent fees and expenses | 25035 |
| Trustees' fees and expenses | 22186 |
| Chief Compliance Officer fees | 9662 |
| Other | 48106 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 3505727 |
| **Less:** |  |
| Investment advisory fees waived | (281032) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 3224695 |
| **Net investment income** | 11085987 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 22655234 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 110974 |
| **Net realized gain** | 22766208 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 86261632 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 423855 |
| **Net change in unrealized appreciation/(depreciation)** | 86685487 |
| **Net realized and unrealized gain** | 109451695 |
| **Net increase in net assets resulting from operations** | $120537682 |

---

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

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Six Months Ended**<br> **April 30, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian<br> Emerging<br> Markets Value<br> Equity Fund |
| **Investment income** |  |
| Dividends | $376395 |
| Less: foreign taxes withheld | (36820) |
| &nbsp;&nbsp;&nbsp;Total investment income | 339575 |
| **Expenses** |  |
| Investment advisory fees | 74432 |
| Dividend disbursing and transfer agent fees and expenses | 16662 |
| Audit fees | 14004 |
| Custodian fees | 10096 |
| Registration fees | 9760 |
| Accounting and administration fees | 8965 |
| Printing fees | 731 |
| Legal fees | 574 |
| Trustees' fees and expenses | 516 |
| Chief Compliance Officer fees | 252 |
| Other | 1954 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 137946 |
| **Less:** |  |
| Investment advisory fees waived | (46658) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 91288 |
| **Net investment income** | 248287 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (542032) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (4991) |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | (250) |
| **Net realized loss** | (547273) |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 1057005 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax on appreciated securities | (20952) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 1689 |
| **Net change in unrealized appreciation/(depreciation)** | 1037742 |
| **Net realized and unrealized gain** | 490469 |
| **Net increase in net assets resulting from operations** | $738756 |

---

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

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Six Months Ended**<br> **April 30, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian<br> Global Listed<br> Infrastructure<br> Fund |
| **Investment income** |  |
| Dividends | $28140 |
| Less: foreign taxes withheld | (2435) |
| &nbsp;&nbsp;&nbsp;Total investment income | 25705 |
| **Expenses** |  |
| Dividend disbursing and transfer agent fees and expenses | 16198 |
| Audit fees | 15876 |
| Investment advisory fees | 8005 |
| Registration fees | 3179 |
| Custodian fees | 1109 |
| Accounting and administration fees | 850 |
| Printing fees | 62 |
| Chief Compliance Officer fees | 57 |
| Legal fees | 54 |
| Trustees' fees and expenses | 48 |
| Other | 1249 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 46687 |
| **Less:** |  |
| Investment advisory fees waived | (8005) |
| Reimbursement from Investment Adviser | (29735) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 8947 |
| **Net investment income** | 16758 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 20300 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 341 |
| **Net realized gain** | 20641 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 100681 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 402 |
| **Net change in unrealized appreciation/(depreciation)** | 101083 |
| **Net realized and unrealized gain** | 121724 |
| **Net increase in net assets resulting from operations** | $138482 |

---

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

---

| | |
|:---|:---|
| **Gallery Trust** | **For the Six Months Ended**<br> **April 30, 2025 (Unaudited)** |

---

**STATEMENTS OF OPERATIONS**

---

| | |
|:---|:---|
|  | Mondrian Global<br> Equity Value<br> Fund |
| **Investment income** |  |
| Dividends | $3419096 |
| Less: foreign taxes withheld | (156209) |
| &nbsp;&nbsp;&nbsp;Total investment income | 3262887 |
| **Expenses** |  |
| Investment advisory fees | 799242 |
| Accounting and administration fees | 110993 |
| Dividend disbursing and transfer agent fees and expenses | 18036 |
| Registration fees | 16382 |
| Audit fees | 14004 |
| Custodian fees | 12253 |
| Printing fees | 8255 |
| Legal fees | 6896 |
| Trustees' fees and expenses | 6064 |
| Chief Compliance Officer fees | 2717 |
| Other | 13588 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | 1008430 |
| **Less:** |  |
| Investment advisory fees waived | (98525) |
| &nbsp;&nbsp;&nbsp;**Net expenses** | 909905 |
| **Net investment income** | 2352982 |
| **Net realized gain/(loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 8304864 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (53819) |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | (42961) |
| **Net realized gain** | 8208084 |
| **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 2330697 |
| &nbsp;&nbsp;&nbsp;Accrued foreign capital gains tax on appreciated securities | (36194) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency | 65427 |
| **Net change in unrealized appreciation/(depreciation)** | 2359930 |
| **Net realized and unrealized gain** | 10568014 |
| **Net increase in net assets resulting from operations** | $12920996 |

---

*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**

---

| | | |
|:---|:---|:---|
|  | Six-month Period<br> Ended April 30,<br> 2025<br> (Unaudited) | Year Ended<br> October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $11085987 | $26180065 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 22766208 | 40647234 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 86685487 | 98556756 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 120537682 | 165384055 |
| **Distributions** | (66077724) | (29037803) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 88369861 | 184192515 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 50709096 | 22864636 |
| &nbsp;&nbsp;&nbsp;Redeemed | (103806043) | (196017913) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 35272914 | 11039238 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 89732872 | 147385490 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 883324004 | 735938514 |
| &nbsp;&nbsp;&nbsp;End of period | $973056876 | $883324004 |

---

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

---

| | | |
|:---|:---|:---|
|  | Six-month Period<br> Ended April 30,<br> 2025<br> (Unaudited) | Year Ended<br> October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $248287 | $609065 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (547273) | 877879 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 1037742 | 2377322 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 738756 | 3864266 |
| **Distributions** | (627572) | (610646) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1253745 | 1200590 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 626662 | 609811 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2895526) | (3477393) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets from capital share transactions | (1015119) | (1666992) |
| &nbsp;&nbsp;&nbsp;Total increase/(decrease) in net assets | (903935) | 1586628 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 20623182 | 19036554 |
| &nbsp;&nbsp;&nbsp;End of period | $19719247 | $20623182 |

---

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

---

| | | |
|:---|:---|:---|
|  | Six-month Period<br> Ended April 30,<br> 2025<br> (Unaudited) | Year Ended<br> October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $16758 | $54599 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 20641 | 21582 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 101083 | 297408 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 138482 | 373589 |
| **Distributions** | (77790) | (94957) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 77791 | 94957 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 77791 | 94957 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 138483 | 373589 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1936395 | 1562806 |
| &nbsp;&nbsp;&nbsp;End of period | $2074878 | $1936395 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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 Equity**<br> **Value Fund** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | Six-month Period<br> Ended April 30,<br> 2025<br> (Unaudited) | Year Ended<br> October 31, 2024 |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $2352982 | $3369621 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 8208084 | 12264917 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 2359930 | 22458505 |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 12920996 | 38093043 |
| **Distributions** | (11851926) | (3041860) |
| **Capital share transactions: <sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 51475346 | 75947655 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 11701822 | 2940418 |
| &nbsp;&nbsp;&nbsp;Redeemed | (16401362) | (29705570) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets from capital share transactions | 46775806 | 49182503 |
| &nbsp;&nbsp;&nbsp;Total increase in net assets | 47844876 | 84233686 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 231258212 | 147024526 |
| &nbsp;&nbsp;&nbsp;End of period | $279103088 | $231258212 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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**<br> **Equity Fund** |

---

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year or period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six-month<br> period<br> ended<br> 4/30/25<br> (Unaudited) | 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 | Year<br> Ended<br> 10/31/20 |
| Net asset value, beginning of period | $15.79 | $13.41 | $11.62 | $15.19 | $11.37 | $14.69 |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.19 | 0.46 | 0.41 | 0.39 | 0.43 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 1.83 | 2.46 | 1.75 | (3.48) | 3.71 | (2.72) |
| &nbsp;&nbsp;&nbsp;Total from operations | 2.02 | 2.92 | 2.16 | (3.09) | 4.14 | (2.44) |
| **Dividends and distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.47) | (0.47) | (0.29) | (0.48) | (0.32) | (0.51) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.72 | (0.07) | (0.08) |  |  | (0.37) |
| Total dividends and distributions | (1.19 | (0.54) | (0.37) | (0.48) | (0.32) | (0.88) |
| Net asset value, end of period | $16.62 | $15.79 | $13.41 | $11.62 | $15.19 | $11.37 |
| **Total return\*** | 14.26 | 22.11% | 18.82% | (20.98)% | 36.72%<sup>(2)</sup> | (17.88)% |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period ($ Thousands) | $973057 | $883324 | $735939 | $600057 | $710402 | $463697 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.74 | 0.74% | 0.74% | 0.74% | 0.73% | 0.79% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 0.80 | 0.80% | 0.81% | 0.83% | 0.85% | 0.94% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.54 | 3.05% | 3.03% | 2.85% | 2.97% | 2.26% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 20 | 34% | 19% | 23% | 19% | 24% |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Portfolio turnover
 rate is for the period indicated and has not been annualized.

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

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

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<br> Equity Fund** |

---

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year or period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six-month<br> period<br> ended<br> 4/30/25<br> (Unaudited) | 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 | Year<br> Ended<br> 10/31/20 |
| Net asset value, beginning of period | $7.95 | $6.76 | $5.93 | $8.43 | $7.62 | $7.40 |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.23 | 0.20 | 0.14 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.17 | 1.18 | 0.81 | (2.54) | 0.95 | 0.30 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.27 | 1.41 | 1.01 | (2.40) | 1.09 | 0.42 |
| **Dividends and distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24 | (0.22) | (0.18) | (0.10) | (0.28) | (0.20) |
| Total dividends and distributions | (0.24 | (0.22) | (0.18) | (0.10) | (0.28) | (0.20) |
| Net asset value, end of period | $7.98 | $7.95 | $6.76 | $5.93 | $8.43 | $7.62 |
| **Total return\*** | 3.67 | 21.16% | 17.01% | (28.80)% | 14.27% | 5.67% |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period ($ Thousands) | $19719 | $20623 | $19037 | $18742 | $25180 | $13068 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.92 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 1.39 | 1.51% | 1.32% | 1.35% | 1.39% | 1.41% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 2.50 | 3.00% | 2.90% | 1.96% | 1.57% | 1.67% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 24 | 40% | 32% | 39% | 49% | 48% |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Portfolio turnover
 rate is for the period indicated and has not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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** **<br> Infrastructure Fund** |

---

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year or period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six-month<br> period<br> ended<br> 4/30/25<br> (Unaudited) | 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 | Year<br> Ended<br> 10/31/20 |
| Net asset value, beginning of period | $11.11 | $9.45 | $9.94 | $12.03 | $10.17 | $12.14 |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.09 | 0.32 | 0.34 | 0.39 | 0.28 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.65 | 1.91 | 0.05 | (1.66) | 2.27 | (1.58) |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.74 | 2.23 | 0.39 | (1.27) | 2.55 | (1.17) |
| **Dividends and distributions from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.32) | (0.33) | (0.34) | (0.27) | (0.32) | (0.41) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.12 | (0.24) | (0.54) | (0.55) | (0.37) | (0.39) |
| Total dividends and distributions | (0.44 | (0.57) | (0.88) | (0.82) | (0.69) | (0.80) |
| Net asset value, end of period | $11.41 | $11.11 | $9.45 | $9.94 | $12.03 | $10.17 |
| **Total return\*** | 7.21 | 23.93% | 3.26% | (11.38)% | 25.70% | (10.56)% |
| **Ratios and supplemental data** |  |  |  |  |  |  |
| Net assets, end of period ($ Thousands) | $2075 | $1936 | $1563 | $1514 | $1707 | $1358 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.95 | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 4.95 | 5.76% | 6.68% | 6.32% | 5.08% | 7.42% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.78 | 2.97% | 3.18% | 3.51% | 2.36% | 3.76% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 9 | 18% | 17% | 26% | 39% | 44% |

---

\* 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.

&nbsp;&nbsp;&nbsp;&nbsp;† Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Portfolio turnover
 rate is for the period indicated and has not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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** **<br> Value Fund** |

---

**FINANCIAL HIGHLIGHTS**

Selected per share data & ratios

for a share outstanding throughout the year or period

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Six-month<br> period<br> ended<br> 4/30/25<br> (Unaudited) | 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 | Period<br> Ended<br> 10/31/20\* |  |
| Net asset value, beginning of period | $14.73 | $12.02 | $10.56 | $12.88 | $10.22 | $10.00 |  |
| **Income/(loss) from operations:<sup>(1)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.14 | 0.24 | 0.18 | 0.16 | 0.16 | 0.05 |  |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.55 | 2.71 | 1.57 | (2.29) | 2.68 | 0.17 |  |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.69 | 2.95 | 1.75 | (2.13) | 2.84 | 0.22 |  |
| **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 period | $14.71 | $14.73 | $12.02 | $10.56 | $12.88 | $10.22 |  |
| **Total return†** | 5.08 | 24.75% | 16.71% | (16.75)% | 28.09% | 2.20 | % |
| **Ratios and supplemental data** |  |  |  |  |  |  |  |
| Net assets, end of period ($ Thousands) | $279103 | $231258 | $147025 | $122313 | $83522 | $2604 |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (including waivers and reimbursements) | 0.74 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74 | %<sup>‡</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets (excluding waivers and reimbursements) | 0.82 | 0.83% | 0.86% | 0.89% | 1.17% | 9.16 | %<sup>‡</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.91 | 1.72% | 1.51% | 1.36% | 1.29% | 1.42 | %<sup>‡</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 19 | 48% | 42% | 46% | 64% | 10 | %<sup>§</sup> |

---

\* Commenced operations June 30, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;† 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.

&nbsp;&nbsp;&nbsp;&nbsp;‡ Annualized.

§ Portfolio turnover rate is for the period indicated and has not been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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** | **April 30, 2025<br> (Unaudited)** |

---

**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** | **April 30, 2025<br> (Unaudited)** |

---

**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** | **April 30, 2025<br> (Unaudited)** |

---

**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** | **April 30, 2025<br> (Unaudited)** |

---

**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** | **April 30, 2025<br> (Unaudited)** |

---

**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 period ended April 30, 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 Statement of Operations. During the period ended April 30, 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 on the Statement of Operations 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** | **April 30, 2025<br> (Unaudited)** |

---

**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 April 30, 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** | **April 30, 2025<br> (Unaudited)** |

---

**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 Statement 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 Statement 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** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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.

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 period ended April 30, 2025, the amounts paid for these services are represented in the table below:

---

| | |
|:---|:---|
|  | **Accounting and<br> Administration Fees** |
| International Value Equity Fund | $393409 |
| Emerging Markets Value Equity Fund | 8965 |
| Global Listed Infrastructure Fund | 850 |
| Global Equity Value Fund | 110993 |

---

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

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

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.

---

| | |
|:---|:---|
|  | **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 Advisor on the Statements of Operations for fees waived and expenses reimbursed for the period ended April 30, 2025.

---

| | |
|:---|:---|
|  | **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 period ended April 30, 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 period ended April 30, 2025, there has been no recoupment of previously waived and reimbursed fees. As of April 30, 2025, the fees which were previously waived by the Adviser which may be subject to possible future reimbursement, are as follows:

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring<br> 2026 | Expiring<br> 2027 | Expiring<br> 2028 | Total |
| International Value Equity Fund | $864538 | $498784 | $235231 | $1598553 |
| Emerging Markets Value Equity Fund | 142850 | 118988 | 38694 | 300532 |
| Global Listed Infrastructure Fund | 157560 | 86931 | 31885 | 276376 |
| Global Equity Value Fund | 272163 | 186542 | 83062 | 541767 |

---

**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 period ended April 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Purchases | Sales and Maturities | U.S. Government Purchases | U.S. Government Sales and Maturities |
| International Value Equity Fund | $174898402 | $191681014 | $– $|  |
| Emerging Markets Value Equity Fund | 4728560 | 5904882 | – |  |
| Global Listed Infrastructure Fund | 179489 | 173737 | – |  |
| Global Equity Value Fund | 82828781 | 47839923 | – |  |

---

**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** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

The permanent differences primarily consist of foreign currency translations, reclassification of long term capital gain distribution on REITs and investments in PFICs. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2024.

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, 2024 and October 31, 2023, unless otherwise noted, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| International Value Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $26360330 | $2677473 | $29037803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 14886290 | 3832310 | 18718600 |
| Emerging Markets Value Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 610646 |  | 610646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 532861 |  | 532861 |
| Global Listed Infrastructure Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 59032 | 35925 | 94957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 54827 | 82000 | 136827 |
| Global Equity Value Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3041860 |  | 3041860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2833146 | 416796 | 3249942 |

---

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

As of October 31, 2024, the components of Distributable Earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **International<br> Value Equity<br> Fund** | **Emerging<br> Markets Value<br> Equity Fund** |
| Undistributed Ordinary Income | $33890893 | $627492 |
| Undistributed Long-Term Capital Gain | 30659858 |  |
| Capital Loss Carryforwards |  | (106736011) |
| Unrealized Appreciation | 32750930 | 128913 |
| Other Temporary Differences | (645) | (4) |
| Total Distributable Earnings |  |  |
| (Accumulated Losses) | $97301036 | $(105979610) |

---

---

| | | |
|:---|:---|:---|
|  | **Global Listed<br> Infrastructure<br> Fund** | **Global Equity<br> Value Fund** |
| Undistributed Ordinary Income | $52664 | $2971675 |
| Undistributed Long-Term Capital Gain | 19428 | 8299553 |
| Unrealized Appreciation | 68325 | 18715780 |
| Other Temporary Differences | (3) | 2746 |
| Total Distributable Earnings | $140414 | $29989754 |

---

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 | $106736011 |

---

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

During the year ended October 31, 2024, the Funds utilized capital loss carryforwards to offset capital gains amounting to:

---

| | |
|:---|:---|
|  | **Total** |
| Emerging Markets Value Equity Fund | $584709 |
| Global Equity Value Fund | 2887722 |

---

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 April 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br> Tax<br> Cost** | **Aggregate Gross<br> Unrealized<br> Appreciation** | **Aggregate Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| International Value Equity Fund | $819059800 | $180142088 | $(33710343) | $146431745 |
| Emerging Markets Value Equity Fund | 17392836 | 3106094 | (812534) | 2293560 |
| Global Listed Infrastructure Fund | 1885803 | 293459 | (122098) | 171361 |
| Global Equity Value Fund | 247207358 | 41550837 | (14324209) | 27226628 |

---

**8. Share transactions**

The share transactions are shown below:

---

| | | |
|:---|:---|:---|
|  | **Mondrian International Value<br> Equity Fund** | **Mondrian International Value<br> Equity Fund** |
|  | **Six-month period<br> ended April 30,<br> 2025<br> (Unaudited)** | **Year ended<br> October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5883323 | 12284447 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 3553263 | 1567968 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6824472) | (12770615) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 2612114 | 1081800 |

---

---

| | | |
|:---|:---|:---|
|  | **Mondrian Emerging Markets Value**<br> **Equity Fund** | **Mondrian Emerging Markets Value**<br> **Equity Fund** |
|  | **Six-month period**<br> **ended April 30,**<br> **2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 168596 | 157443 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 84914 | 83194 |
| &nbsp;&nbsp;&nbsp;Redeemed | (378222) | (462516) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (124712) | (221879) |

---

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | |
|:---|:---|:---|
|  | **Mondrian Global Listed**<br> **Infrastructure Fund** | **Mondrian Global Listed**<br> **Infrastructure Fund** |
|  | **Six-month period**<br> **ended April 30,**<br> **2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;Reinvestment of dividends | 7649 | 8949 |
| &nbsp;&nbsp;Net increase in shares outstanding | 7649 | 8949 |

---

---

| | | |
|:---|:---|:---|
|  | **Mondrian Global Equity Value Fund** | **Mondrian Global Equity Value Fund** |
|  | **Six-month period<br> ended April 30,<br> 2025<br> (Unaudited)** | **Year ended<br> October 31, 2024** |
| Shares transactions: |  |  |
| &nbsp;&nbsp;&nbsp;**Institutional Class shares** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3572338 | 5324390 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 848361 | 218294 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1140200) | (2071829) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding | 3280499 | 3470855 |

---

**9. Risks associated with financial instruments**

As with all mutual funds, a shareholder of a Fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the Funds' net asset value and ability to meet its investment objective. A more complete description of risks associated with each Fund is included in the prospectus.

**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** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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 Fund invests 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 participatory notes is subject to market risk, correlation risk, credit risk, valuation risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. 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. 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. Liquidity risk is described below. The Funds' use of forwards is also subject to leverage risk and hedging risk. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. 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. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**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 markets have moved in cycles, and the value of the Funds' equity 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.

**ETFs 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 a 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 Funds. Accordingly, a 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** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

Because the value of ETF shares depends on the demand in the market, shares may trade at a discount or premium to their NAV and the Adviser may not be able to liquidate a Fund's holdings at the most optimal time, which could adversely affect the Fund's performance.

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

The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market fluctuations as a result of changes in interest rates. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or the Fund may experience increased redemptions from shareholders, which may impact the Fund's liquidity or force the Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest. Rating agencies are private services that provide ratings of the credit quality of fixed income securities. Ratings assigned by a rating agency are not absolute standards of credit quality and do not evaluate market risks or the liquidity of securities. Rating agencies may fail to make timely changes in credit ratings, and an issuer's current financial condition may be better or worse than a rating indicates.

**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 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 publically 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 portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. 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.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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.

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

Investments in debt securities issued by governments or by government agencies and instrumentalities or supranational organizations involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. A governmental entity's willingness or ability to pay interest and repay principal in a timely manner may be affected by a variety of factors, including its cash flow, the size of its reserves, its access to foreign exchange, the relative size of its debt service burden to its economy as a whole, and political constraints. A governmental entity may default on its obligations or may require renegotiation or reschedule of debt payments. Any restructuring of a sovereign debt obligation held by a Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, a Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt. The sovereign debt of many non-U.S. governments, including their sub-divisions and instrumentalities, is rated below investment grade. Sovereign debt risk may be greater for debt securities issued or guaranteed by emerging market countries.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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 Fund 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 highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

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

The Mondrian Global Listed Infrastructure 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** - Infrastructure companies may be highly susceptible to a variety of factors that may adversely affect their business or operations. Regulation by various governmental authorities may adversely affect infrastructure companies, including governmental regulation of rates charged for services, the imposition of special tariffs and changes in tax laws, environmental laws and regulations, regulatory policies and accounting standards. Changes in law or regulations and general changes in market sentiment towards infrastructure assets may be difficult to predict or respond to, which may adversely affect the operations of infrastructure companies. In addition, changes in technology could change the way a service or product is delivered rendering the existing technology obsolete and potentially threatening the profitability of an infrastructure company.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

Some infrastructure companies' assets are not movable, which creates the risk that an event may occur in the region of the company's asset that may impair the performance of that asset and the performance of the issuer. Natural disasters, such as earthquakes, flood, lightning, hurricanes and wind or man-made disasters, such as terrorist attacks or political activities could result in substantial damage to the facilities of companies located in the affected areas, and significant volatility in the products or services of infrastructure companies could adversely impact the prices of infrastructure companies' securities. Any destruction or loss of an infrastructure asset may have a major impact on the infrastructure company. Failure by the infrastructure company to carry adequate insurance or to operate the asset appropriately could lead to significant losses and damages.

Infrastructure companies' revenues may also be impacted by a number of factors, including a decrease in the number of users of the asset, inability to meet user demand, failure to efficiently maintain and operate infrastructure assets, failure of customers or counterparties to pay their contractual obligations, difficulties in obtaining financing for construction programs or the inability to complete a project within budget. In addition, infrastructure assets can be highly leveraged, which makes such companies more susceptible to changes in interest rates. The market value of infrastructure companies also may decline in value in times of higher inflation rates.

Other factors that may affect the operations of infrastructure companies include difficulty in raising capital, inexperience with and potential losses resulting from a developing deregulatory environment, high interest costs in connection with capital construction programs, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors

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

The Mondrian Global Equity Value Fund pursues 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 Fund 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** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**Large Capitalization Company Risk** *(International Value Equity 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 Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's 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 lower the price, sell other securities instead or forgo 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 a Fund's 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 a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Similarly, 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 Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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. MLP operating expenses are not reflected in the fee table and example in this prospectus.

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for 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 diversified funds. 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 diversified funds.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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.

**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 Fund 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 Fund. Accordingly, the Fund's 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.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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)*

To the extent a Fund invests in other investment companies, such as open-end funds, closed-end funds and ETFs, the Fund 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 Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's 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 Fund's 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 Fund. 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 Fund's 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 in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized 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-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

**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 a Fund's 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 Fund's 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 Fund. 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 Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

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

U.S. government securities, such as Treasury bills, notes and bonds and mortgage-backed securities guaranteed by Ginnie Mae, are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as Freddie Mac and Fannie Mae may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. There is no assurance that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so. The maximum potential liability of the issuers of some U.S. government securities held by a Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of U.S. government securities will not have the funds to meet their payment obligations in the future. Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae and Freddie Mac and the value of their securities and the securities which they guarantee. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**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 period ended April 30, 2025, none of the Funds incurred any interest expense.

**12. Concentration of Shareholders**

At April 30, 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:

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

**NOTES TO FINANCIAL STATEMENTS (continued)**

---

| | | |
|:---|:---|:---|
|  | **No. of<br> Shareholders** | **% Ownership** |
| International Value Equity Fund | 3 | 60% |
| Emerging Markets Value Equity Fund | 2 | 82% |
| Global Listed Infrastructure Fund | 1 | 100% |
| Global Equity Value Fund | 2 | 81% |

---

**13. Recent Accounting Pronouncement**

In this reporting period, the Fund 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 each Fund's 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.

**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** | **April 30, 2025<br> (Unaudited)** |

---

**OTHER INFORMATION (FORM N-CSRS 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.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

Included within the Statement(s) of Operations of the financial statements.

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

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of Gallery Trust (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on December 4–5, 2024 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds' advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Funds' performance compared with peer groups of mutual funds and the Funds' benchmark indices.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

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

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**Nature, Extent and Quality of Services Provided by the Adviser**

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Funds. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

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

**Investment Performance of the Funds and the Adviser**

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

**Costs of Advisory Services, Profitability and Economies of Scale**

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates to the Mondrian International Value Equity Fund, Mondrian Emerging Markets Value Equity Fund and Mondrian Global Equity Value Fund. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser's commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

---

| | |
|:---|:---|
| **Gallery Trust** | **April 30, 2025<br> (Unaudited)** |

---

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

The Trustees considered the Adviser's views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement**

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

---

| | |
|:---|:---|
| **FUND INFORMATION** |  |
| ***Registered office*** | P.O. Box 588 |
|  | Portland, ME 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, PA 19456 |
| ***Administrator*** | SEI Investments Global Funds Services |
|  | One Freedom Valley Drive |
|  | Oaks, PA 19456 |
| ***Legal Counsel*** | Morgan, Lewis & Bockius LLP |
|  | 2222 Market Street |
|  | Philadelphia, PA 19103 |
| ***Custodian*** | Brown Brothers Harriman & Co |
|  | 40 Water Street |
|  | Boston, MA 02109 |
| ***Transfer Agent*** | Apex Fund Services |
|  | Three Canal Plaza |
|  | Portland, ME 04101 |
| ***Independent Registered*** | PricewaterhouseCoopers LLP |
| ***Public Accounting Firm*** | 2001 Market Street |
|  | Philadelphia, PA 19103 |

---

MON-SA-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) 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 Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) 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) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(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.](fp0093739-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0093739-1_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: July 7, 2025 |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: July 7, 2025 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: July 7, 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-CSRS 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: July 7, 2025

---

| |
|:---|
| /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-CSRS 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: July 7, 2025

---

| |
|:---|
| /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-CSRS for the period ended April 30, 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-CSRS 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-CSRS fairly presents, in all material respects,
 the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: July 7, 2025 |  |
|  | /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-CSRS for the period ended April 30, 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-CSRS 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-CSRS fairly presents, in all material respects,
 the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: July 7, 2025 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---