# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-000484
**Filing Date:** 2026-2
**Character Count:** 74333
**Document Hash:** 22d4c4719cbac6eddf7a8e22b8740b0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000484.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000484

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 26679080

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

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

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

## Series and Classes Contracts Data

### JOHCM Emerging Markets Opportunities Fund (Series ID: S000070682)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224743 | Class Z Shares       |  |
| C000224744 | Institutional Shares | JOEMX           |
| C000224745 | Investor Shares      | JOEAX           |
| C000224746 | Advisor Shares       | JOEIX           |

## Nport-Ex

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 94.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 0.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Melexis N.V. |  | 3900 | &nbsp;&nbsp; $263539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogna Educacao S.A. |  | 495000 | &nbsp;&nbsp; 285301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construtora Tenda S.A. |  | 84089 | &nbsp;&nbsp; 377141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer S.A. - ADR |  | 10729 | &nbsp;&nbsp; 690626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd. - Class A |  | 20298 | &nbsp;&nbsp; 195673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Raia Drogasil S.A. |  | 131120 | &nbsp;&nbsp; 559226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vulcabras S.A. |  | 139181 | &nbsp;&nbsp; 507741 |
|  |  |  | &nbsp;&nbsp; 2615708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capstone Copper Corp.<sup>(a)</sup> <br>|  | 81821 | &nbsp;&nbsp; 821459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. |  | 8500 | &nbsp;&nbsp; 440385 |
|  |  |  | &nbsp;&nbsp; 1261844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 0.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enel Chile S.A. - ADR |  | 59000 | &nbsp;&nbsp; 237180 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 11.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anhui Yingliu Electromechanical Co. Ltd. - Class A |  | 146551 | &nbsp;&nbsp; 877104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AsiaInfo Technologies Ltd.<sup>(b)</sup> <br>|  | 378301 | &nbsp;&nbsp; 367476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bethel Automotive Safety Systems Co. Ltd. - Class A |  | 62979 | &nbsp;&nbsp; 462876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CanSino Biologics, Inc. - Class H<sup>(a)(b)</sup> <br>|  | 76548 | &nbsp;&nbsp; 343461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China National Building Material Co. Ltd. - Class H |  | 1252859 | &nbsp;&nbsp; 824218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CIMC Enric Holdings Ltd. |  | 184000 | &nbsp;&nbsp; 223419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dongfang Electric Corp. Ltd. - Class H |  | 111803 | &nbsp;&nbsp; 359139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flat Glass Group Co. Ltd. - Class H<sup>(a)</sup> <br>|  | 189534 | &nbsp;&nbsp; 229651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GDS Holdings Ltd. - Class A<sup>(a)</sup> <br>|  | 154035 | &nbsp;&nbsp; 666990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InnoScience Suzhou Technology Holding Co. Ltd. - Class H<sup>(a)</sup> <br>|  | 48749 | &nbsp;&nbsp; 491079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 195742 | &nbsp;&nbsp; 334256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minth Group Ltd. |  | 201385 | &nbsp;&nbsp; 820786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexteer Automotive Group Ltd. |  | 980344 | &nbsp;&nbsp; 807433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongcheng Travel Holdings Ltd. |  | 221954 | &nbsp;&nbsp; 639964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trina Solar Co. Ltd. - Class A<sup>(a)</sup> <br>|  | 83635 | &nbsp;&nbsp; 198423 |
|  |  |  | &nbsp;&nbsp; 7646275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cyprus | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Theon International PLC |  | 6700 | &nbsp;&nbsp; 211019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIXTRON S.E. |  | 17398 | &nbsp;&nbsp; 349308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVA TePla A.G.<sup>(a)</sup> <br>|  | 18000 | &nbsp;&nbsp; 478062 |
|  |  |  | &nbsp;&nbsp; 827370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. |  | 37695 | &nbsp;&nbsp; 846114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank S.A.<sup>(a)</sup> <br>|  | 56959 | &nbsp;&nbsp; 454778 |
|  |  |  | &nbsp;&nbsp; 1300892 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cowell e Holdings, Inc.<sup>(a)</sup> <br>|  | 101481 | &nbsp;&nbsp; $359363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Electric Holdings Ltd. |  | 109318 | &nbsp;&nbsp; 417456 |
|  |  |  | &nbsp;&nbsp; 776819 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 18.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aster DM Healthcare Ltd.<sup>(b)</sup> <br>|  | 65921 | &nbsp;&nbsp; 452422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avalon Technologies Ltd.<sup>(a)(b)</sup> <br>|  | 36851 | &nbsp;&nbsp; 360353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biocon Ltd. |  | 83148 | &nbsp;&nbsp; 364399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brigade Enterprises Ltd. |  | 43926 | &nbsp;&nbsp; 432519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cartrade Tech Ltd.<sup>(a)</sup> <br>|  | 16698 | &nbsp;&nbsp; 525058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ceat Ltd. |  | 8468 | &nbsp;&nbsp; 359205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cholamandalam Financial Holdings Ltd. |  | 35380 | &nbsp;&nbsp; 713627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coromandel International Ltd. |  | 14486 | &nbsp;&nbsp; 365279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Data Patterns India Ltd. |  | 11926 | &nbsp;&nbsp; 348521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exide Industries Ltd. |  | 92263 | &nbsp;&nbsp; 371806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genus Power Infrastructures Ltd. |  | 185370 | &nbsp;&nbsp; 622029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lemon Tree Hotels Ltd.<sup>(a)(b)</sup> <br>|  | 411365 | &nbsp;&nbsp; 728910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTAR Technologies Ltd.<sup>(a)</sup> <br>|  | 18356 | &nbsp;&nbsp; 493561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Narayana Hrudayalaya Ltd. |  | 40915 | &nbsp;&nbsp; 861278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netweb Technologies India Ltd. |  | 11385 | &nbsp;&nbsp; 394044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PB Fintech Ltd.<sup>(a)</sup> <br>|  | 33557 | &nbsp;&nbsp; 681598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phoenix Mills (The) Ltd. |  | 38749 | &nbsp;&nbsp; 799085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNB Housing Finance Ltd.<sup>(b)</sup> <br>|  | 66230 | &nbsp;&nbsp; 701138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVR Inox Ltd.<sup>(a)</sup> <br>|  | 28734 | &nbsp;&nbsp; 324554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shriram Finance Ltd. |  | 70063 | &nbsp;&nbsp; 776560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sobha Ltd. |  | 35698 | &nbsp;&nbsp; 579600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thermax Ltd. |  | 10106 | &nbsp;&nbsp; 339860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thyrocare Technologies Ltd.<sup>(b)</sup> <br>|  | 58535 | &nbsp;&nbsp; 290267 |
|  |  |  | &nbsp;&nbsp; 11885673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aneka Tambang Tbk |  | 3104405 | &nbsp;&nbsp; 584814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisarua Mountain Dairy PT TBK |  | 1589269 | &nbsp;&nbsp; 538653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitra Adiperkasa Tbk PT |  | 4185955 | &nbsp;&nbsp; 292082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale Indonesia Tbk PT |  | 2379313 | &nbsp;&nbsp; 737496 |
|  |  |  | &nbsp;&nbsp; 2153045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macau | 0.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM China Holdings Ltd. |  | 270491 | &nbsp;&nbsp; 455644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 Speed Mart Retail Holdings Bhd. |  | 1181251 | &nbsp;&nbsp; 1109060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malayan Cement Bhd. |  | 400163 | &nbsp;&nbsp; 755360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Velesto Energy Bhd. |  | 3876900 | &nbsp;&nbsp; 262727 |
|  |  |  | &nbsp;&nbsp; 2127147 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alsea S.A.B. de C.V. |  | 180000 | &nbsp;&nbsp; $538476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Energy S.A.B. de C.V.<sup>(a)</sup> <br>|  | 12000 | &nbsp;&nbsp; 583920 |
|  |  |  | &nbsp;&nbsp; 1122396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBM Offshore N.V. |  | 22758 | &nbsp;&nbsp; 655257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Peru | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cia de Minas Buenaventura S.A.A. - ADR |  | 12000 | &nbsp;&nbsp; 333960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercorp Financial Services, Inc. |  | 9500 | &nbsp;&nbsp; 402420 |
|  |  |  | &nbsp;&nbsp; 736380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Century Pacific Food, Inc. |  | 906318 | &nbsp;&nbsp; 600611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 4.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alior Bank S.A. |  | 21000 | &nbsp;&nbsp; 644571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit Systems S.A.<sup>(a)</sup> <br>|  | 346 | &nbsp;&nbsp; 337641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diagnostyka S.A. |  | 29000 | &nbsp;&nbsp; 1379024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zabka Group S.A.<sup>(a)</sup> <br>|  | 77303 | &nbsp;&nbsp; 491793 |
|  |  |  | &nbsp;&nbsp; 2853029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia | 0.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ozon Holdings PLC - ADR<sup>(a)(c)</sup> <br>|  | 7516 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services Co. |  | 12800 | &nbsp;&nbsp; 768177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Medical Care Co. |  | 16000 | &nbsp;&nbsp; 608724 |
|  |  |  | &nbsp;&nbsp; 1376901 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aspen Pharmacare Holdings Ltd. |  | 35000 | &nbsp;&nbsp; 246839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings Ltd. |  | 30957 | &nbsp;&nbsp; 489779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nedbank Group Ltd. |  | 51000 | &nbsp;&nbsp; 820003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northam Platinum Holdings Ltd. |  | 7900 | &nbsp;&nbsp; 160819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Mutual Ltd. |  | 521928 | &nbsp;&nbsp; 469609 |
|  |  |  | &nbsp;&nbsp; 2187049 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 7.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APR Corp.<sup>(a)</sup> <br>|  | 3489 | &nbsp;&nbsp; 559434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNK Financial Group, Inc. |  | 68841 | &nbsp;&nbsp; 757499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Classys, Inc. |  | 9724 | &nbsp;&nbsp; 367195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coway Co. Ltd. |  | 5483 | &nbsp;&nbsp; 330065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Douzone Bizon Co. Ltd. |  | 8967 | &nbsp;&nbsp; 531347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HAESUNG DS Co. Ltd. |  | 13841 | &nbsp;&nbsp; 535665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Wia Corp. |  | 8167 | &nbsp;&nbsp; 429832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NH Investment & Securities Co. Ltd. |  | 27753 | &nbsp;&nbsp; 406460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Systems Corp. |  | 2052 | &nbsp;&nbsp; 297982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanil Electric Co. Ltd. |  | 5405 | &nbsp;&nbsp; 487538 |
|  |  |  | &nbsp;&nbsp; 4703017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 18.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Solution Holding Co. Ltd. |  | 9666 | &nbsp;&nbsp; 409153 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcadyan Technology Corp. |  | 94505 | &nbsp;&nbsp; $523348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. |  | 17646 | &nbsp;&nbsp; 848028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. |  | 3806 | &nbsp;&nbsp; 879412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bizlink Holding, Inc. |  | 18662 | &nbsp;&nbsp; 902794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elan Microelectronics Corp. |  | 118126 | &nbsp;&nbsp; 445503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. |  | 16265 | &nbsp;&nbsp; 851544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fositek Corp. |  | 8099 | &nbsp;&nbsp; 418863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. |  | 47814 | &nbsp;&nbsp; 1045439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gorilla Technology Group, Inc.<sup>(a)</sup> <br>|  | 19000 | &nbsp;&nbsp; 207480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innodisk Corp. |  | 22586 | &nbsp;&nbsp; 414046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson Health Tech Co. Ltd. |  | 85015 | &nbsp;&nbsp; 408563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaori Heat Treatment Co. Ltd. |  | 28000 | &nbsp;&nbsp; 516860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Slide Works Co. Ltd. |  | 5050 | &nbsp;&nbsp; 602712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; King Yuan Electronics Co. Ltd. |  | 127703 | &nbsp;&nbsp; 1005919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinik Co. |  | 29375 | &nbsp;&nbsp; 370687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinsus Interconnect Technology Corp. |  | 82047 | &nbsp;&nbsp; 415190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LandMark Optoelectronics Corp.<sup>(a)</sup> <br>|  | 11464 | &nbsp;&nbsp; 223657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Makalot Industrial Co. Ltd. |  | 56827 | &nbsp;&nbsp; 521780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Microwave Technology, Inc. |  | 32863 | &nbsp;&nbsp; 710173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visco Vision, Inc. |  | 49306 | &nbsp;&nbsp; 273831 |
|  |  |  | &nbsp;&nbsp; 11994982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ichitan Group PCL - NVDR |  | 1555858 | &nbsp;&nbsp; 661012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret A.S. |  | 170000 | &nbsp;&nbsp; 463003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulker Biskuvi Sanayi A.S. |  | 120000 | &nbsp;&nbsp; 301943 |
|  |  |  | &nbsp;&nbsp; 764946 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Development PJSC |  | 59000 | &nbsp;&nbsp; 243373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kyivstar Group Ltd.<sup>(a)</sup> <br>|  | 22231 | &nbsp;&nbsp; 288558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presight AI Holding PLC<sup>(a)</sup> <br>|  | 590000 | &nbsp;&nbsp; 526908 |
|  |  |  | &nbsp;&nbsp; 1058839 |
| TOTAL COMMON STOCKS (Cost $52,845,141) |  |  | &nbsp;&nbsp; 60476574 |
| EQUITY-LINKED SECURITIES | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Bank Ltd.<sup>(a)</sup> <br>|  | 328547 | &nbsp;&nbsp; 976363 |
| TOTAL EQUITY-LINKED SECURITIES (Cost $613,987) |  |  | &nbsp;&nbsp; 976363 |
| PREFERRED STOCKS | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpargatas S.A., 3.16%<sup>(d)</sup> <br>|  | 287737 | &nbsp;&nbsp; 625959 |
| TOTAL PREFERRED STOCKS (Cost $631,117) |  |  | &nbsp;&nbsp; 625959 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 3.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(e)</sup> <br>|  | 2072556 | &nbsp;&nbsp; $2072556 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,072,556) |  |  | &nbsp;&nbsp; 2072556 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $56,162,801)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 64151452 |
| NET OTHER ASSETS (LIABILITIES) | 0.0 %<sup>(f)</sup><br>|  | &nbsp;&nbsp; 5811 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $64157263 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $3,244,027 or 5% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(e)</sup>7-day current yield as of December 31, 2025 is disclosed. |
| <sup>(f)</sup>Amount rounds to less than 0.05%. |

---

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

Abbreviations: <br> ADR – American Depositary Receipt <br> NVDR – Non-Voting Depositary Receipt

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 25.6% |
| Consumer Discretionary  | 16.8  |
| Financials  | 12.5  |
| Industrials  | 10.8  |
| Materials  | &nbsp;&nbsp; 8.7  |
| Health Care  | &nbsp;&nbsp; 8.0  |
| Consumer Staples  | &nbsp;&nbsp; 7.5  |
| Real Estate  | &nbsp;&nbsp; 3.2  |
| Energy  | &nbsp;&nbsp; 2.3  |
| Communication Services  | &nbsp;&nbsp; 1.0  |
| Utilities  | &nbsp;&nbsp; 0.4  |
| Total | &nbsp;&nbsp; 96.8% |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 94.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 6.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. - Class A |  | 631773 | &nbsp;&nbsp; $4637214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B3 S.A. - Brasil Bolsa Balcao<sup>(a)</sup> <br>|  | 9460157 | &nbsp;&nbsp; 24084687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 3730653 | &nbsp;&nbsp; 35739171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - ADR |  | 1449435 | &nbsp;&nbsp; 17175805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.<sup>(a)</sup> <br>|  | 6119118 | &nbsp;&nbsp; 3584994 |
|  |  |  | &nbsp;&nbsp; 85221871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corp. |  | 1074084 | &nbsp;&nbsp; 46776358 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 23.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilibili, Inc. - Class Z<sup>(a)</sup> <br>|  | 510560 | &nbsp;&nbsp; 12654609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance Co. Ltd. - Class H |  | 5200313 | &nbsp;&nbsp; 18295009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Oilfield Services Ltd. - Class H |  | 9336288 | &nbsp;&nbsp; 8385349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China Resources Land Ltd. |  | 5420500 | &nbsp;&nbsp; 18944274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings Ltd. |  | 2839976 | &nbsp;&nbsp; 25251691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd. |  | 1567000 | &nbsp;&nbsp; 7429594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy Co. Ltd. |  | 4556000 | &nbsp;&nbsp; 4349529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. |  | 658100 | &nbsp;&nbsp; 18146435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. |  | 1412584 | &nbsp;&nbsp; 108720343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group - Class A |  | 1483777 | &nbsp;&nbsp; 13154897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tongcheng Travel Holdings Ltd. |  | 3022824 | &nbsp;&nbsp; 8715763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. |  | 684330 | &nbsp;&nbsp; 48713020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery Co. Ltd. - Class H |  | 2353730 | &nbsp;&nbsp; 14734440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xiaomi Corp. - Class B<sup>(a)(b)</sup> <br>|  | 4328400 | &nbsp;&nbsp; 21856955 |
|  |  |  | &nbsp;&nbsp; 329351908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. |  | 1043377 | &nbsp;&nbsp; 54644335 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 7.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies Ltd. |  | 351803 | &nbsp;&nbsp; 6353868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. - ADR |  | 920612 | &nbsp;&nbsp; 33639162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. - ADR |  | 401906 | &nbsp;&nbsp; 11976799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infosys Ltd. - ADR |  | 228000 | &nbsp;&nbsp; 4062960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Larsen & Toubro Ltd. |  | 497157 | &nbsp;&nbsp; 22587385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. |  | 236128 | &nbsp;&nbsp; 9744680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services Ltd. |  | 185650 | &nbsp;&nbsp; 6622552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UltraTech Cement Ltd. |  | 98931 | &nbsp;&nbsp; 12970746 |
|  |  |  | &nbsp;&nbsp; 107958152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT |  | 74789803 | &nbsp;&nbsp; 22805897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT |  | 79969754 | &nbsp;&nbsp; 17513929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitra Adiperkasa Tbk PT |  | 132379909 | &nbsp;&nbsp; 9237037 |
|  |  |  | &nbsp;&nbsp; 49556863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 5.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bolsa Mexicana de Valores S.A.B. de C.V. |  | 2762179 | &nbsp;&nbsp; 5678515 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex S.A.B. de C.V. - ADR |  | 3882146 | &nbsp;&nbsp; $44605858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 1737556 | &nbsp;&nbsp; 16108155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. |  | 5107946 | &nbsp;&nbsp; 15921644 |
|  |  |  | &nbsp;&nbsp; 82314172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia | 0.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC - ADR<sup>(a)(c)</sup> <br>|  | 306786 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globaltrans Investment PLC - REG - GDR<sup>(a)(c)</sup> <br>|  | 757185 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. - ADR<sup>(a)</sup> <br>|  | 192708 | &nbsp;&nbsp; 24583760 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstRand Ltd. |  | 6056293 | &nbsp;&nbsp; 33188924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd. - Class N |  | 187981 | &nbsp;&nbsp; 12537856 |
|  |  |  | &nbsp;&nbsp; 45726780 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 11.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Card Co. Ltd. |  | 11303 | &nbsp;&nbsp; 438486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. |  | 212457 | &nbsp;&nbsp; 17807062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. - REG - GDR |  | 6144 | &nbsp;&nbsp; 12693504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance Co. Ltd. |  | 269482 | &nbsp;&nbsp; 29458441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. |  | 121468 | &nbsp;&nbsp; 55010206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Square Co. Ltd.<sup>(a)</sup> <br>|  | 168519 | &nbsp;&nbsp; 42914775 |
|  |  |  | &nbsp;&nbsp; 158322474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 12.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President Chain Store Corp. |  | 383927 | &nbsp;&nbsp; 2706508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. |  | 3043816 | &nbsp;&nbsp; 150154033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yuanta Financial Holding Co. Ltd. |  | 23268101 | &nbsp;&nbsp; 29103177 |
|  |  |  | &nbsp;&nbsp; 181963718 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 6.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank PJSC |  | 3757165 | &nbsp;&nbsp; 14628674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aldar Properties PJSC |  | 13383309 | &nbsp;&nbsp; 31702345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC |  | 11790833 | &nbsp;&nbsp; 45105494 |
|  |  |  | &nbsp;&nbsp; 91436513 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglogold Ashanti PLC |  | 559371 | &nbsp;&nbsp; 48409574 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 13747 | &nbsp;&nbsp; 27690032 |
| TOTAL COMMON STOCKS (Cost $958,386,657) |  |  | &nbsp;&nbsp; 1333956510 |
| PREFERRED STOCKS | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A. - ADR, 4.57%<sup>(d)</sup> <br>|  | 5813500 | &nbsp;&nbsp; 41624662 |
| TOTAL PREFERRED STOCKS (Cost $27,077,500) |  |  | &nbsp;&nbsp; 41624662 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(e)</sup> <br>|  | 37467563 | &nbsp;&nbsp; $37467563 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $37,467,563) |  |  | &nbsp;&nbsp; 37467563 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $1,022,931,720)<br>| 99.9<br> %<br>|  | &nbsp;&nbsp; 1413048735 |
| NET OTHER ASSETS (LIABILITIES) | 0.1<br> %<br>|  | &nbsp;&nbsp; 1839122 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1414887857 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $21,856,955 or 2% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of issuer's net income. |
| <sup>(e)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

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

---

| |
|:---|
| Abbreviations: |
| ADR – American Depositary Receipt |
| GDR – Global Depositary Receipt |
| REG – Registered |

---

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 27.3% |
| Information Technology  | 19.5  |
| Consumer Discretionary  | 10.9  |
| Materials  | 10.8  |
| Communication Services  | 10.8  |
| Real Estate  | &nbsp;&nbsp; 6.8  |
| Industrials  | &nbsp;&nbsp; 4.9  |
| Consumer Staples  | &nbsp;&nbsp; 2.3  |
| Utilities  | &nbsp;&nbsp; 2.1  |
| Energy  | &nbsp;&nbsp; 1.8  |
| Total | &nbsp;&nbsp; 97.2% |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | 3.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QBE Insurance Group Ltd. |  | 999402 | &nbsp;&nbsp; $13265655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 4.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alimentation Couche-Tard, Inc. |  | 205026 | &nbsp;&nbsp; 11197223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd. - Class B |  | 165239 | &nbsp;&nbsp; 7910717 |
|  |  |  | &nbsp;&nbsp; 19107940 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 11.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes S.E. |  | 233778 | &nbsp;&nbsp; 6549705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard S.A. |  | 73023 | &nbsp;&nbsp; 6273196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. |  | 172201 | &nbsp;&nbsp; 17934086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. |  | 24338 | &nbsp;&nbsp; 6718615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thales S.A. |  | 50114 | &nbsp;&nbsp; 13533836 |
|  |  |  | &nbsp;&nbsp; 51009438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 20.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brenntag S.E. |  | 115799 | &nbsp;&nbsp; 6721449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. |  | 67897 | &nbsp;&nbsp; 17844786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. |  | 825305 | &nbsp;&nbsp; 15627087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heidelberg Materials A.G. |  | 61384 | &nbsp;&nbsp; 15914236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. |  | 255531 | &nbsp;&nbsp; 11149065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA |  | 93199 | &nbsp;&nbsp; 13301666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. - REG |  | 39981 | &nbsp;&nbsp; 11197743 |
|  |  |  | &nbsp;&nbsp; 91756032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRH PLC |  | 97822 | &nbsp;&nbsp; 12268178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italy | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leonardo S.p.A. |  | 196386 | &nbsp;&nbsp; 11233389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 16.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. |  | 265251 | &nbsp;&nbsp; 8348956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ebara Corp. |  | 437420 | &nbsp;&nbsp; 10309888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. |  | 1254196 | &nbsp;&nbsp; 13386740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nippon Sanso Holdings Corp. |  | 330432 | &nbsp;&nbsp; 9871352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. |  | 845228 | &nbsp;&nbsp; 8044644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoftBank Corp. |  | 10624962 | &nbsp;&nbsp; 14587627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yokohama Financial Group, Inc. |  | 1075933 | &nbsp;&nbsp; 8894758 |
|  |  |  | &nbsp;&nbsp; 73443965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. |  | 153840 | &nbsp;&nbsp; 6745311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | 7.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aena S.M.E. S.A.<sup>(a)</sup> <br>|  | 238675 | &nbsp;&nbsp; 6681293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bankinter S.A. |  | 552299 | &nbsp;&nbsp; 9187470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CaixaBank S.A. |  | 609703 | &nbsp;&nbsp; 7484083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. |  | 151345 | &nbsp;&nbsp; 10020670 |
|  |  |  | &nbsp;&nbsp; 33373516 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 3.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB |  | 204043 | &nbsp;&nbsp; $6590811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB - Class A |  | 486086 | &nbsp;&nbsp; 7042192 |
|  |  |  | &nbsp;&nbsp; 13633003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 7.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A. - Class A - REG |  | 30895 | &nbsp;&nbsp; 6662539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Holcim A.G.<sup>(b)</sup> <br>|  | 90867 | &nbsp;&nbsp; 8845931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) |  | 37605 | &nbsp;&nbsp; 15529748 |
|  |  |  | &nbsp;&nbsp; 31038218 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 16.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B&M European Value Retail S.A. |  | 2720050 | &nbsp;&nbsp; 6189038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC |  | 192281 | &nbsp;&nbsp; 10922065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC |  | 456224 | &nbsp;&nbsp; 14537825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC |  | 1057077 | &nbsp;&nbsp; 16265086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shell PLC |  | 340396 | &nbsp;&nbsp; 12572129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC |  | 651033 | &nbsp;&nbsp; 10868581 |
|  |  |  | &nbsp;&nbsp; 71354724 |
| TOTAL COMMON STOCKS (Cost $413,713,703) |  |  | &nbsp;&nbsp; 428229369 |
| SHORT-TERM INVESTMENTS | 2.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class) 3.63%<sup>(c)</sup> <br>|  | 12637017 | &nbsp;&nbsp; 12637017 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $12,637,017) |  |  | &nbsp;&nbsp; 12637017 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $426,350,720)<br>| 98.8<br> %<br>|  | &nbsp;&nbsp; 440866386 |
| NET OTHER ASSETS (LIABILITIES) | 1.2<br> %<br>|  | &nbsp;&nbsp; 5226953 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $446093339 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $6,681,293 or 1% of net assets.<br>|
| <sup>(b)</sup>Non-income producing security. |
| <sup>(c)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

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

Abbreviations: <br> REG – Registered

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

At December 31, 2025 the industry sectors (excluding short-term investments) for the JOHCM International Opportunities Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 20.7% |
| Industrials  | 18.1  |
| Materials  | 12.3  |
| Health Care  | &nbsp;&nbsp; 8.9  |
| Consumer Discretionary  | &nbsp;&nbsp; 8.4  |
| Communication Services  | &nbsp;&nbsp; 7.3  |
| Utilities  | &nbsp;&nbsp; 7.1  |
| Consumer Staples  | &nbsp;&nbsp; 6.4  |
| Information Technology  | &nbsp;&nbsp; 4.0  |
| Energy  | &nbsp;&nbsp; 2.8  |
| Total | &nbsp;&nbsp; 96.0% |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 98.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Australia | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Star Resources Ltd. |  | 3384809 | &nbsp;&nbsp; $60379125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. |  | 460618 | &nbsp;&nbsp; 60221665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UCB S.A. |  | 206978 | &nbsp;&nbsp; 58037200 |
|  |  |  | &nbsp;&nbsp; 118258865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 8.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> <br>|  | 5448792 | &nbsp;&nbsp; 61969067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lundin Gold, Inc. |  | 723635 | &nbsp;&nbsp; 61290472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd. - Class B |  | 1230632 | &nbsp;&nbsp; 58915762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. |  | 500319 | &nbsp;&nbsp; 58818603 |
|  |  |  | &nbsp;&nbsp; 240993904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genmab A/S<sup>(a)</sup> <br>|  | 171046 | &nbsp;&nbsp; 53021538 |
| &nbsp;&nbsp;&nbsp;&nbsp; France | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. |  | 647335 | &nbsp;&nbsp; 58410245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 11.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Boerse A.G. |  | 200500 | &nbsp;&nbsp; 52695695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E.ON S.E. |  | 3166024 | &nbsp;&nbsp; 59948421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTU Aero Engines A.G. |  | 116300 | &nbsp;&nbsp; 48209633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. |  | 212448 | &nbsp;&nbsp; 51618184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. - REG |  | 216996 | &nbsp;&nbsp; 60775507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy A.G.<sup>(a)</sup> <br>|  | 434688 | &nbsp;&nbsp; 60981768 |
|  |  |  | &nbsp;&nbsp; 334229208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. |  | 991912 | &nbsp;&nbsp; 54991601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. |  | 1091927 | &nbsp;&nbsp; 57187023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 23.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advantest Corp. |  | 473717 | &nbsp;&nbsp; 59900530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hitachi Ltd. |  | 1722330 | &nbsp;&nbsp; 54014975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHI Corp. |  | 3108896 | &nbsp;&nbsp; 54656240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Exchange Group, Inc. |  | 5138192 | &nbsp;&nbsp; 54842815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Steel Works (The) Ltd. |  | 1134279 | &nbsp;&nbsp; 55861984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kajima Corp. |  | 1401058 | &nbsp;&nbsp; 52241973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NEC Corp. |  | 1719562 | &nbsp;&nbsp; 58182252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organo Corp. |  | 613895 | &nbsp;&nbsp; 50826256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Bank Ltd.<sup>(a)</sup> <br>|  | 1220305 | &nbsp;&nbsp; 53875128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Resona Holdings, Inc. |  | 5848583 | &nbsp;&nbsp; 55665179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBI Holdings, Inc. |  | 2552287 | &nbsp;&nbsp; 55001812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taisei Corp. |  | 613966 | &nbsp;&nbsp; 58186124 |
|  |  |  | &nbsp;&nbsp; 663255268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 7.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen N.V.<sup>(a)(b)</sup> <br>|  | 34081 | &nbsp;&nbsp; 55071494 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argenx S.E.<sup>(a)</sup> <br>|  | 69244 | &nbsp;&nbsp; $58330000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronext N.V.<sup>(b)</sup> <br>|  | 339901 | &nbsp;&nbsp; 51129817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prosus N.V.<sup>(a)</sup> <br>|  | 867827 | &nbsp;&nbsp; 53900151 |
|  |  |  | &nbsp;&nbsp; 218431462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portugal | 2.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Comercial Portugues S.A. |  | 60440545 | &nbsp;&nbsp; 63656850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 5.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. |  | 1388223 | &nbsp;&nbsp; 60868405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sea Ltd. - ADR<sup>(a)</sup> <br>|  | 314166 | &nbsp;&nbsp; 40078157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore Exchange Ltd. |  | 4422081 | &nbsp;&nbsp; 58346424 |
|  |  |  | &nbsp;&nbsp; 159292986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweden | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandvik AB |  | 1913957 | &nbsp;&nbsp; 61822901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 8.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Galderma Group A.G. |  | 298995 | &nbsp;&nbsp; 60885207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) |  | 154527 | &nbsp;&nbsp; 63815058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sandoz Group A.G. |  | 818434 | &nbsp;&nbsp; 59423364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group A.G. - REG |  | 1365869 | &nbsp;&nbsp; 63068458 |
|  |  |  | &nbsp;&nbsp; 247192087 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 14.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC |  | 9606932 | &nbsp;&nbsp; 61633932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centrica PLC |  | 24729478 | &nbsp;&nbsp; 56517972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Grid PLC |  | 3871144 | &nbsp;&nbsp; 59564716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rolls-Royce Holdings PLC |  | 3799590 | &nbsp;&nbsp; 58899066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard Chartered PLC |  | 2416210 | &nbsp;&nbsp; 59341276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC |  | 849474 | &nbsp;&nbsp; 55643637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wise PLC - Class A<sup>(a)</sup> <br>|  | 4518660 | &nbsp;&nbsp; 54270172 |
|  |  |  | &nbsp;&nbsp; 405870771 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.<sup>(a)</sup> <br>|  | 91213 | &nbsp;&nbsp; 52968301 |
| TOTAL COMMON STOCKS (Cost $2,216,054,567) |  |  | &nbsp;&nbsp; 2849962135 |
| SHORT-TERM INVESTMENTS | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(c)</sup> <br>|  | 24606560 | &nbsp;&nbsp; 24606560 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $24,606,560) |  |  | &nbsp;&nbsp; 24606560 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $2,240,661,127)<br>| 99.5<br> %<br>|  | &nbsp;&nbsp; 2874568695 |
| NET OTHER ASSETS (LIABILITIES) | 0.5<br> %<br>|  | &nbsp;&nbsp; 15261798 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $2889830493 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $106,201,311 or 4% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

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

Abbreviations: <br> ADR – American Depositary Receipt <br> REG – Registered

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

At December 31, 2025 the industry sectors (excluding short-term investments) for the JOHCM International Select Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 31.7% |
| Industrials  | 21.3  |
| Health Care  | 12.2  |
| Materials  | 10.4  |
| Utilities  | &nbsp;&nbsp; 6.2  |
| Information Technology  | &nbsp;&nbsp; 5.9  |
| Consumer Staples  | &nbsp;&nbsp; 3.9  |
| Communication Services  | &nbsp;&nbsp; 3.7  |
| Consumer Discretionary  | &nbsp;&nbsp; 3.3  |
| Total | &nbsp;&nbsp; 98.6% |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Perpetual Americas Funds Trust

- **b. Investment Company Act file number:** 811-23615

- **c. CIK number of Registrant:** 0001830437

- **d. LEI of Registrant:** 549300T1VINOEO8DGR87

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1 Congress Street, Suite 3101

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

  - **Telephone number:** 617-993-0716

**Item A.2. Information about the Series.**

- **a. Name of Series:** JOHCM Emerging Markets Opportunities Fund

- **b. EDGAR series identifier (if any):** S000070682

- **c. LEI of Series:** 549300XSPRLPZQSLR003

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1415518444.97

**Total Liabilities:** $1418648.23

**Net Assets:** $1414099796.74

**Cash Not Reported:** $333756.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224744 | 2.31%                | 0.20%                | 2.77%                |
| Class ID C000224745 | 2.32%                | 0.20%                | 2.64%                |
| Class ID C000224746 | 2.32%                | 0.20%                | 2.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4704352.79              | $27014428.54                               |
| Month 2  | $-11046446.21            | $14235336.26                               |
| Month 3  | $6334008.29              | $26880014.59                               |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tata Consultancy Services Ltd.                        | Tata Consultancy Services Ltd. INR1                               | CUSIP: Y85279100<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    185650 | NS      | $6622552.33   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc.                                         | SK Hynix Inc. KRW5000                                             | CUSIP: Y8085F100<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    121468 | NS      | $55010206.65  | 3.89%             |  |  |  | No            |                  2 | On Loan: No      |
| President Chain Store Corp.                           | President Chain Store Corp. TWD10                                 | CUSIP: Y7082T105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    383927 | NS      | $2706507.87   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Card Co Ltd                                   | Samsung Card Co Ltd KRW5000                                       | CUSIP: Y7T70U105<br>LEI: 988400B548F73NBDMH75 | Long             | EC               | CORP              | KR        |     11303 | NS      | $438485.67    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                           | Samsung Electronics Co Ltd. KRW100                                | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |    212457 | NS      | $17807061.85  | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.          | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   3043816 | NS      | $150154033.19 | 10.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Tsingtao Brewery Group Co Ltd.                        | Tsingtao Brewery Group Co Ltd. SER'H'CNY1                         | CUSIP: Y8997D102<br>LEI: 300300OJ7D0Q1ESE8L15 | Long             | EC               | CORP              | CN        |   2353730 | NS      | $14734439.92  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA                              | Itau Unibanco Holding SA ADR EACH REPR 1 PRF NPV                  | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |   5813500 | NS      | $41624661.79  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Square Co Ltd                                      | SK Square Co Ltd KRW100                                           | CUSIP: Y8T6X4107<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    168519 | NS      | $42914774.82  | 3.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mahindra & Mahindra Ltd.                              | Mahindra & Mahindra Ltd. INR5                                     | CUSIP: Y54164150<br>LEI: 3358003B573EV4KB4Z02 | Long             | EC               | CORP              | IN        |    236128 | NS      | $9744679.84   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                                 | Tencent Holdings Ltd. HKD0.00002                                  | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |   1412584 | NS      | $108720343.33 | 7.69%             |  |  |  | No            |                  1 | On Loan: No      |
| H World Group Ltd.                                    | H World Group Ltd. USD0.00001                                     | CUSIP: G46587112<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | KY        |   1567000 | NS      | $7429593.84   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Music Entertainment Group                     | Tencent Music Entertainment Group HKD0.000083 A                   | CUSIP: G87577113<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |   1483777 | NS      | $13154896.50  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd.                                          | Infosys Ltd. SPON ADR EACH REP 1 ORD SHS                          | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |    228000 | NS      | $4062960.00   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte S.A.B. de C.V.               | Grupo Financiero Banorte S.A.B. de C.V. COM NPV SERIES O          | CUSIP: P49501201<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1737556 | NS      | $16108154.86  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                  | CEMEX S.A.B. de C.V. SPON ADR REP 10 ORD SHS                      | CUSIP: 151290889<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |   3882146 | NS      | $44605857.54  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                       | ICICI Bank Ltd. SPON ADR EACH REP 2 ORD SHS                       | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |    401906 | NS      | $11976798.80  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA                                | Petroleo Brasileiro SA SPON ADS EACH REP 2 ORD SHS                | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |   1449435 | NS      | $17175804.75  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                                 | Anglogold Ashanti PLC COM SHS                                     | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |    559371 | NS      | $48409574.19  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC                        | Abu Dhabi Commercial Bank PJSC AED1                               | CUSIP: M0152Q104<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |   3757165 | NS      | $14628673.20  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC                                 | Aldar Properties PJSC AED1                                        | CUSIP: M0517N101<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |  13383309 | NS      | $31702345.19  | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd.                           | Samsung Electronics Co Ltd. GDR EACH REP 25 COM STK KRW100(REG S) | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      6144 | NS      | $12693504.00  | 0.90%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Kunlun Energy Co Ltd.                                 | Kunlun Energy Co Ltd. ORD HKD0.01                                 | CUSIP: G5320C108<br>LEI: 5299007GRIKP15GM4927 | Long             | EC               | CORP              | BM        |   4556000 | NS      | $4349529.08   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bilibili Inc.                                         | Bilibili Inc. USD0.0001 Z CLASS                                   | CUSIP: G1098A101<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | KY        |    510560 | NS      | $12654608.81  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Gazprom Public Joint Stock Company                    | Gazprom Public Joint Stock Company SPON ADR                       | CUSIP: 368287207<br>LEI: 213800FD9J2IHTA7YX78 | Long             | EC               | CORP              | RU        |    306786 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Wal-Mart De Mexico                                    | Wal-Mart De Mexico COM NPV                                        | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   5107946 | NS      | $15921644.26  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                       | Naspers Limited NPV(POST SPLT)                                    | CUSIP: S53435129<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |    187981 | NS      | $12537855.94  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL Technologies Ltd.                                 | HCL Technologies Ltd. INR2                                        | CUSIP: Y3121G147<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |    351803 | NS      | $6353867.63   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercadolibre Inc                                      | Mercadolibre Inc COM USD0.001                                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |     13747 | NS      | $27690032.22  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Life Insurance Co Ltd.                        | Samsung Life Insurance Co Ltd. KRW500                             | CUSIP: Y74860100<br>LEI: 988400VYE6E0WYSM4S92 | Long             | EC               | CORP              | KR        |    269482 | NS      | $29458441.00  | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc.                                          | NetEase Inc. USD0.0001                                            | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |    658100 | NS      | $18146435.04  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Vamos Locacao De Caminhoes Maquinas E Equipamentos SA | Vamos Locacao De Caminhoes Maquinas E Equipamentos SA COM NPV     | CUSIP: P9680U112<br>LEI: 9845004ADLE5510G4A37 | Long             | EC               | CORP              | BR        |   6119118 | NS      | $3584993.84   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| ENN Energy Holdings Ltd.                              | ENN Energy Holdings Ltd. HKD0.10                                  | CUSIP: G3066L101<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | KY        |   2839976 | NS      | $25251691.47  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                                 | Emaar Properties PJSC AED1                                        | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |  11790833 | NS      | $45105494.15  | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia (Persero) Tbk                   | Bank Rakyat Indonesia (Persero) Tbk IDR50                         | CUSIP: Y0697U112<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |  79969754 | NS      | $17513929.15  | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                            | Arcos Dorados Holdings Inc COM NPV CL 'A'                         | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |    631773 | NS      | $4637213.82   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongcheng Travel Holdings Ltd                         | Tongcheng Travel Holdings Ltd USD0.0005                           | CUSIP: G8918W106<br>LEI: 2549004WGGNOPL8NUL61 | Long             | EC               | CORP              | KY        |   3022824 | NS      | $8715763.24   | 0.62%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Barrick Mining Corp.                                  | Barrick Mining Corp. COM SHS                                      | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |   1074084 | NS      | $46776358.20  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp.                                          | Xiaomi Corp. USD0.0000025 B CLASS                                 | CUSIP: G9830T106<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |   4328400 | NS      | $21856954.53  | 1.55%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Banco BTG Pactual S.A.                                | Banco BTG Pactual S.A. UNITS(1COM & 2PRF A) 02/17                 | CUSIP: P1R8ZJ253<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |   3730653 | NS      | $35739171.43  | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd.                                              | Sea Ltd. ADS EACH REP ONE CL A SHS                                | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |    192708 | NS      | $24583759.56  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - Brasil, Bolsa, Balcao                       | B3 S.A. - Brasil, Bolsa, Balcao COM NPV                           | CUSIP: P1909G107<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |   9460157 | NS      | $24084687.38  | 1.70%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                          | Northern Institutional Funds TREAS PRT PRMR                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  37467563 | NS      | $37467563.16  | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd.                                        | HDFC Bank Ltd. SPON ADS EACH REP 3 ORD SHS                        | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |    920612 | NS      | $33639162.48  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd.                   | Hong Kong Exchanges & Clearing Ltd. NPV                           | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |   1043377 | NS      | $54644334.90  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Bolsa Mexicana De Valores Sab De Cv                   | Bolsa Mexicana De Valores Sab De Cv SER'A'NPV                     | CUSIP: P17330104<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |   2762179 | NS      | $5678515.43   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| China Oilfield Services Ltd.                          | China Oilfield Services Ltd. 'H'CNY1                              | CUSIP: Y15002101<br>LEI: 529900J4X53VL8QQW675 | Long             | EC               | CORP              | CN        |   9336288 | NS      | $8385348.67   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Mandiri (Persero) Tbk PT                         | Bank Mandiri (Persero) Tbk PT IDR125                              | CUSIP: Y7123S108<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |  74789803 | NS      | $22805896.65  | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| China Life Insurance Co Ltd.                          | China Life Insurance Co Ltd. 'H'CNY1                              | CUSIP: Y1477R204<br>LEI: 549300J6TFLDXGH6S048 | Long             | EC               | CORP              | CN        |   5200313 | NS      | $18295009.44  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Larsen & Toubro Ltd.                                  | Larsen & Toubro Ltd. INR2                                         | CUSIP: Y5217N159<br>LEI: 3358003FR3JIC5FRXA90 | Long             | EC               | CORP              | IN        |    497157 | NS      | $22587384.98  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultratech Cement Ltd.                                 | Ultratech Cement Ltd. INR10                                       | CUSIP: Y9046E109<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |     98931 | NS      | $12970746.40  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitra Adiperkasa Tbk PT                               | Mitra Adiperkasa Tbk PT IDR50                                     | CUSIP: Y71299104<br>LEI: 254900Z2B7Y7F69ZZZ04 | Long             | EC               | CORP              | ID        | 132379909 | NS      | $9237037.18   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Firstrand Ltd                                         | Firstrand Ltd ZAR0.01                                             | CUSIP: S5202Z131<br>LEI: 529900XYOP8CUZU7R671 | Long             | EC               | CORP              | ZA        |   6056293 | NS      | $33188924.50  | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Land Ltd.                             | China Resources Land Ltd. ORD HKD0.10                             | CUSIP: G2108Y105<br>LEI: 5299001HL0TU7X15HK51 | Long             | EC               | CORP              | HK        |   5420500 | NS      | $18944273.84  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Globaltrans Investment PLC                            | Globaltrans Investment PLC SPONS GDR RG S                         | CUSIP: 37949E204<br>LEI: 213800D6EVVEJJW3MD09 | Long             | EC               | CORP              | CY        |    757185 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Yuanta Financial Holding Co., Ltd.                    | Yuanta Financial Holding Co., Ltd. TWD10                          | CUSIP: Y2169H108<br>LEI: 21380045JG57LJEFFE13 | Long             | EC               | CORP              | TW        |  23268101 | NS      | $29103176.88  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                                   | Trip.com Group Ltd. USD0.00125                                    | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |    684330 | NS      | $48713019.90  | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-23

**Name of Applicant:** Perpetual Americas Funds Trust

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer