# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0001193125-26-027373
**Filing Date:** 2026-1
**Character Count:** 2255439
**Document Hash:** c7a9ff17c26bdb49897c61ac7f2956a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-027373.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001193125-26-027373

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 250

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**EFFECTIVENESS DATE**: 20260201

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 26573274

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-249784
- **FILM NUMBER:** 26573273

**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           |

### JOHCM Emerging Markets Discovery Fund (Series ID: S000070683)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224747 | Class Z Shares       |  |
| C000224748 | Advisor Shares       | JOMEX           |
| C000224749 | Institutional Shares | JOMMX           |
| C000224750 | Investor Shares      |  |

### JOHCM International Opportunities Fund (Series ID: S000070685)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224755 | Class Z Shares       |  |
| C000224756 | Institutional Shares | JOPSX           |
| C000224757 | Advisor Shares       |  |
| C000224758 | Investor Shares      |  |

### JOHCM International Select Fund (Series ID: S000070686)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224759 | Institutional Shares | JOHIX           |
| C000224760 | Class Z Shares       |  |
| C000224761 | Investor Shares      | JOHAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231389 | Advisor Shares       |  |
| C000231390 | Investor Shares      |  |
| C000231391 | Class Z Shares       |  |
| C000231392 | Institutional Shares | TSWMX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231393 | Class Z Shares       |  |
| C000231394 | Investor Shares      |  |
| C000231395 | Institutional Shares | TSWHX           |
| C000231396 | Advisor Shares       |  |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231397 | Advisor Shares       |  |
| C000231398 | Class Z Shares       |  |
| C000231399 | Investor Shares      |  |
| C000231400 | Institutional Shares | TSWEX           |

### Regnan Sustainable Water and Waste Fund (Series ID: S000079256)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000240230 | Advisor Shares       |  |
| C000240231 | Institutional Shares |  |
| C000240232 | Investor Shares      |  |
| C000240233 | Class Z Shares       |  |

### Trillium ESG Global Equity Fund (Series ID: S000081438)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244332 | Institutional Shares | PORIX           |
| C000244333 | Investor Shares      | PORTX           |
| C000244334 | Class Z Shares       |  |
| C000244335 | Advisor Shares       |  |

### Trillium ESG Small/Mid Cap Fund (Series ID: S000081439)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244336 | Institutional Shares | TSMDX           |
| C000244337 | Investor Shares      |  |
| C000244338 | Class Z Shares       |  |
| C000244339 | Advisor Shares       |  |

### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund (Series ID: S000084917)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249634 | Class Z Shares       |  |
| C000249635 | Institutional Shares | BEOIX           |
| C000249636 | Advisor Shares       |  |
| C000249637 | Investor Shares      |  |

### Barrow Hanley Total Return Bond Fund (Series ID: S000084918)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249638 | Class Z Shares       |  |
| C000249639 | Investor Shares      |  |
| C000249640 | Institutional Shares | BTRIX           |
| C000249641 | Advisor Shares       |  |

### Barrow Hanley Credit Opportunities Fund (Series ID: S000084919)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249642 | Investor Shares      |  |
| C000249643 | Advisor Shares       |  |
| C000249644 | Class Z Shares       |  |
| C000249645 | Institutional Shares | BCONX           |

### Barrow Hanley Floating Rate Fund (Series ID: S000084920)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249646 | Class Z Shares       |  |
| C000249647 | Advisor Shares       |  |
| C000249648 | Institutional Shares | BFRNX           |
| C000249649 | Investor Shares      |  |

### Barrow Hanley US Value Opportunities Fund (Series ID: S000084921)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249650 | Class Z Shares       |  |
| C000249651 | Institutional Shares | BVOIX           |
| C000249652 | Advisor Shares       |  |
| C000249653 | Investor Shares      |  |

### Barrow Hanley Emerging Markets Value Fund (Series ID: S000084922)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249654 | Class Z Shares       |  |
| C000249655 | Investor Shares      |  |
| C000249656 | Institutional Shares | BEMVX           |
| C000249657 | Advisor Shares       |  |

### Barrow Hanley International Value Fund (Series ID: S000084923)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249658 | Advisor Shares       |  |
| C000249659 | Investor Shares      |  |
| C000249660 | Class Z Shares       |  |
| C000249661 | Institutional Shares | BNIVX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249809 | Class Z Shares       |  |
| C000249810 | Institutional Shares | TSWFX           |
| C000249811 | Investor Shares      |  |
| C000249812 | Advisor Shares       |  |

?xml version='1.0' encoding='ASCII'? 485BPOS

------

#### As filed with the Securities and Exchange Commission on January 28, 2026

#### Securities Act Registration No. 333-249784

#### Investment Company Act Registration No. 811-23615

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-1A

#### (CHECK APPROPRIATE BOX OR BOXES)

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| **THE SECURITIES ACT OF 1933** | ☒ |
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 30** | ☒ |

---

#### and/or

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| **THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| **Amendment No. 32** | ☒ |

---

## PERPETUAL AMERICAS FUNDS TRUST

#### (Exact Name of Registrant as Specified in Charter)

#### 1 Congress Street, Suite 3101

#### Boston, Massachusetts 02114

#### (Address of Principal Executive Offices)

#### Registrant's Telephone Number, including Area Code: (617) 933-0716

#### Andrew Jolin

#### 1 Congress Street, Suite 3101

#### Boston, Massachusetts 02114

#### (Name and Address of Agent for Service)

#### COPY TO:

#### George Raine, Esq.

#### Ropes & Gray LLP

#### Prudential Tower

#### 800 Boylston Street

#### Boston, MA 02199-3600
Approximate date of proposed public offering: As soon as practicable after the effective date of this registration statement.

It is proposed that this filing will become effective:

☐ Immediately upon filing pursuant to paragraph (b)

☒ On February 1, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)

☐ On (date) pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This Post-Effective Amendment is being filed in connection with the Trust's annual update of its Registration Statement.

------

![LOGO](g13362g0112233951513.jpg)

---

| | |
|:---|:---|
| **Barrow Hanley Concentrated Emerging Markets** | **Barrow Hanley International Value Fund** |
| **ESG Opportunities Fund** | **Institutional Shares (BNIVX)** |
| Institutional Shares (BEOIX) | Investor Shares (Not currently offered) |
| Investor Shares (Not currently offered) | Advisor Shares (Not currently offered) |
| Advisor Shares (Not currently offered) | Class Z Shares (Not currently offered) |
| Class Z Shares (Not currently offered) |  |
| **Barrow Hanley Credit Opportunities Fund** | **Barrow Hanley Total Return Bond Fund** |
| Institutional Shares (BCONX) | Institutional Shares (BTRIX) |
| Investor Shares (Not currently offered) | Investor Shares (Not currently offered) |
| Advisor Shares (Not currently offered) | Advisor Shares (Not currently offered) |
| Class Z Shares (Not currently offered) | Class Z Shares (Not currently offered) |
| **Barrow Hanley Emerging Markets Value Fund** | **Barrow Hanley US Value Opportunities Fund** |
| Institutional Shares (BEMVX) | Institutional Shares (BVOIX) |
| Investor Shares (Not currently offered) | Investor Shares (Not currently offered) |
| Advisor Shares (Not currently offered) | Advisor Shares (Not currently offered) |
| Class Z Shares (Not currently offered) | Class Z Shares (Not currently offered) |
| **Barrow Hanley Floating Rate Fund** |  |
| Institutional Shares (BFRNX) |  |
| Investor Shares (Not currently offered) |  |
| Advisor Shares (Not currently offered) |  |
| Class Z Shares (Not currently offered) |  |

---

PROSPECTUS DATED FEBRUARY 1, 2026

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[FUND SUMMARIES](#probarr13362_1)** | 3 |
|  [Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund](#probarr13362_2) | 3 |
|  [Barrow Hanley Credit Opportunities Fund](#probarr13362_3) | 11 |
|  [Barrow Hanley Emerging Markets Value Fund](#probarr13362_4) | 17 |
|  [Barrow Hanley Floating Rate Fund](#probarr13362_5) | 23 |
|  [Barrow Hanley International Value Fund](#probarr13362_6) | 29 |
|  [Barrow Hanley Total Return Bond Fund](#probarr13362_7) | 35 |
|  [Barrow Hanley US Value Opportunities Fund](#probarr13362_8) | 41 |
|  **[ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF THE FUNDS](#probarr13362_9)** | 47 |
|  [Principal Investments and Strategies of Each Fund](#probarr13362_10) | 47 |
|  [More Information about Investment Strategies Related to the Funds](#probarr13362_11) | 53 |
|  [Summary of Principal and Non-Principal Risks](#probarr13362_12) | 55 |
|  [Portfolio Holdings Disclosure](#probarr13362_13) | 66 |
|  **[MANAGEMENT OF THE FUNDS](#probarr13362_14)** | 66 |
|  [Barrow, Hanley, Mewhinney & Strauss LLC](#probarr13362_15) | 66 |
|  [Portfolio Management](#probarr13362_17) | 67 |
|  [Investment Adviser, Administrator, Transfer Agent, Custodian, and Distributor](#probarr13362_18) | 70 |
|  **[YOUR ACCOUNT](#probarr13362_19)** | 71 |
|  [Pricing Your Shares](#probarr13362_20) | 71 |
|  [How to Purchase Shares](#probarr13362_21) | 72 |
|  [How to Redeem Shares](#probarr13362_22) | 77 |
|  [How to Exchange Shares](#probarr13362_23) | 80 |
|  [Market Timing Policy](#probarr13362_24) | 81 |
|  [Distribution Plans](#probarr13362_25) | 81 |
|  **[DIVIDENDS AND DISTRIBUTIONS](#probarr13362_26)** | 82 |
|  [Fund Policy](#probarr13362_27) | 82 |
|  **[TAXES](#probarr13362_28)** | 82 |
|  [Distributions](#probarr13362_29) | 82 |
|  **[SHAREHOLDER REPORTS AND OTHER INFORMATION](#probarr13362_30)** | 84 |
|  **[FINANCIAL HIGHLIGHTS](#probarr13362_31)** | 84 |

---

------

#### FUND SUMMARY

#### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund

#### Investment Objective
The Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund (the "Fund") seeks long-term capital appreciation and consistent income from dividends.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** <br>**Shares** | **Advisor <br>Shares** | **Investor** <br>**Shares** | **Class Z** <br>**Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.93% | 0.93% | 0.93% | 0.93% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses<sup>1</sup> | 1.03% | 1.03% | 1.03% | 1.03% |
|  Total Annual Fund Operating Expenses | 1.96% | 2.06% | 2.21% | 1.96% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -0.85% | -0.85% | -0.85% | -0.85% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 1.11% | 1.21% | 1.36% | 1.11% |

---

<sup>1</sup> Amount includes interest expense of 0.07%.

<sup>2</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 1.04%, 1.14%, 1.29%, and 1.04% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement. Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements may exceed 1.04%, 1.14%, 1.29%, and 1.04% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, due to certain excluded expenses.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-

------

year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $113 | $533 | $979 | $2217 |
|  Advisor Shares | $123 | $564 | $1030 | $2322 |
|  Investor Shares | $138 | $609 | $1107 | $2478 |
|  Class Z Shares | $113 | $533 | $979 | $2217 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 54.05% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that are (1) issued by companies located in emerging market countries and (2) consistent with the environmental, social and governance ("ESG") criteria of Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"). The Fund obtains indirect exposure to equity securities through instruments such as sponsored and unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

Emerging market countries, which may include frontier countries, are countries represented in the MSCI Emerging Markets Index, the MSCI Frontier Markets Index and to the extent not represented in those indexes, Singapore and Hong Kong.

The Fund invests principally in common stock and sponsored and unsponsored ADRs and GDRs, of companies of any market capitalization. The Fund may invest in the securities of companies located in the People's Republic of China ("China"), including A Shares of such companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Sub-Adviser aims to achieve the Fund's investment objective through an emerging markets strategy with an investment portfolio composed of a small number (approximately 25 – 40) of fundamentally researched securities. The securities in which the Fund invests may be denominated in currencies other than the U.S. dollar. The Fund's portfolio will be constructed on a bottom-up basis as discussed below and typically will be diversified across sectors and regions. The Fund may also participate in initial public offerings ("IPOs").

*Value* 

The Sub-Adviser believes markets are inefficient, and that these inefficiencies can best be exploited through adherence to a valuation centric investment process dedicated to the selection of securities on a bottom-up basis. The Sub-Adviser's portfolio managers focus primarily on fundamental securities analysis, valuation, and prospects for a return to intrinsic valuation.

The Sub-Adviser selects securities that it believes are temporarily undervalued by other market participants and whose value will rise over a reasonable amount of time. The Sub-Adviser seeks to understand and quantify drivers of upside value going forward, which are generally categorized into four value silos: 1) sales improvement, 2) profit margin improvement, 3) multiple expansion (defined as the increase in the valuation of a security without a proportional increase in its earnings or revenue, such as through an increase in the security's valuation multiple), and 4) capital efficiency (defined as dividends, share repurchase, accretive mergers and acquisitions and/or divestments, etc.).

*Fundamental Securities Analysis* 

The Sub-Adviser's investment process starts with a quantitative, value-based screen to narrow down the broad emerging markets universe to a smaller group of emerging markets stocks (guidance list), so that the Sub-Adviser's team can then conduct a detailed fundamental and qualitative analysis to determine which stocks represent compelling investment opportunities. The Sub-Adviser focuses primarily on fundamental securities analysis, valuation, and drivers of upside value going forward. The fundamental securities analysis carried out by the Sub-Adviser will include company engagement, earnings and profitability projections and

------

estimates of intrinsic value. The Sub-Adviser's bottom-up process emphasizes identifying and investing in market dislocations where it believes it has an information advantage over other market participants that will allow the individual investment to appreciate to its estimated intrinsic value. This bottom-up process will also contribute to the Fund being over-or underweight in specific sectors, countries and regions based on the dislocations the Sub-Adviser is seeing at the individual security level.

*ESG Criteria* 

The Sub-Adviser applies ESG exclusionary screens to the universe of investable securities to exclude securities of companies that exhibit certain criteria or have exposure to certain industries. The Sub-Adviser's ESG exclusionary screens exclude companies significantly involved in (i) the production of tobacco; (ii) the generation, extraction and/or refining of certain fossil fuels; (iii) the production of unconventional weapons; (iv) the manufacture or production of controversial weapons (i.e., weapons of mass destruction, nuclear weapons, biological weapons, chemical weapons, depleted uranium weapons, cluster munitions or landmines); (v) the production or manufacturing of pornography, alcohol, or gambling; and (vi) companies which have violated various international human rights standards.

The Sub-Adviser uses ESG analysis as part of its fundamental analysis to identify investment opportunities taking into account a company's intrinsic valuation and sustainability risks. Generally, the Sub-Adviser considers sustainability risks as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the company. The Sub-Adviser reviews the following ESG criteria ("ESG Criteria") when assessing a company's valuation and sustainability risks:

The Sub-Adviser reviews the following ESG criteria ("ESG Criteria") when assessing a company's valuation and sustainability risks:

1) Environmental criteria, such as a company's greenhouse gas emissions and climate change risks and how efficiently and effectively a company uses its raw material inputs;

2) Social criteria, such as a company's human resources, supply chain management and management of access to essential products or services such as health care services and products to disadvantaged communities or groups; and

3) Governance criteria, such as a company's executive pay, bribery and corruption allegations or convictions, political lobbying and donations and tax strategy.

To assess the ESG Criteria for a particular company, the Sub-Adviser evaluates ESG data from both internal and external resources, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser's proprietary materiality mapping analysis, which evaluates ESG issues facing specific industry groups and uses a visual map designed to show how sustainability issues manifest across various industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Proprietary research reports on issuers prepared by the Sub-Adviser that include internal ESG scoring and commentary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Data provided by third party ESG research and ratings firms, which include research on the ESG practices, ESG risk ratings and the environmental impact of issuers.

ESG Criteria are evaluated on a case-by-case basis, and no individual factor (such as "E" or "S" or "G") or set of factors consistently or categorically receives elevated consideration.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Emerging Markets Risk.** In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies

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in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**ESG Factor Risk.** Considering ESG factors when evaluating an investment may result in the selection or exclusion of certain investments based on the Barrow Hanley's view of these factors and carries the risk that the Fund may underperform funds that do not take ESG factors into account. In evaluating an issuer, Barrow Hanley may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of related risks and opportunities.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Because Barrow Hanley evaluates ESG criteria when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG criteria. ESG criteria may prioritize long term rather than short term returns. ESG information and data, including that provided by third parties, may be incomplete, inaccurate, or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, there is a risk that the securities identified by Barrow Hanley to fit within its sustainability criteria do not operate as anticipated. Although Barrow Hanley seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments.

As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. Barrow Hanley's exclusion of certain potential investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such investments are performing well. Further, an increased focus on ESG or sustainability investing in recent years may have led to increased valuations of certain issuers with higher ESG profiles, which in turn may limit the Fund's ability to outperform relative to the market. A reversal of that trend could result in losses with respect to investments in such issuers.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may

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affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Geographic Focus Risk.** The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**Focused Investment Risk**. Focusing investments in a particular market, sector or value chain (which includes the range of activities required to bring a product or services to market and which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**IPO Risk.** The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks.

**Stock Connect Investing Risk.** Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day, which may restrict or preclude the Fund's ability to invest in China A Shares through Stock Connect. In addition, investments made through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to the Fund. Moreover, China A Shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market's laws and rules applicable to investors in China A Shares. Therefore, the Fund's investments in China A Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect will only operate on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when the Fund may be subject to the risk of price fluctuations of China A Shares during the time when Stock Connect is not trading. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**Management and Quantitative Screening Risk**. Barrow Hanley's use of a systematic quantitative screening process and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities. Additionally, Barrow Hanley's judgment regarding the investment criteria underlying the screening process may prove to be incorrect.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

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**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

#### Performance Information
The Concentrated Emerging Markets ESG Opportunities Predecessor Fund was reorganized into the Fund on August 18, 2024 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Concentrated Emerging Markets ESG Opportunities Predecessor Fund.<sup>(a)</sup> The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Concentrated Emerging Markets ESG Opportunities Predecessor Funds for periods prior to reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance information is shown for Class I Shares of the Concentrated Emerging Markets ESG Opportunities Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

<sup>(a)</sup> The financial and performance history of the Concentrated Emerging Markets ESG Opportunities Predecessor Fund includes the financial and performance history of the Barrow, Hanley, Mewhinney & Strauss LLC Concentrated Emerging Markets Fund (the "Concentrated Emerging Markets Private Predecessor Fund"), which was a private fund managed by Barrow Hanley using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used by Barrow Hanley to manage the Concentrated Emerging Markets ESG Opportunities Predecessor Fund. The Concentrated Emerging Markets Private Predecessor Fund was not a mutual fund registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore was not subject to the same investment and tax restrictions as the Concentrated Emerging Markets ESG Opportunities Predecessor Fund. If the Concentrated Emerging Markets Private Predecessor Fund operated as a registered mutual fund, the Concentrated Emerging Markets Private Predecessor Fund's performance may have been lower. The Concentrated Emerging Markets Private Predecessor Fund contributed all of its assets to the Concentrated Emerging Markets ESG Opportunities Predecessor Fund on April 12, 2022 and subsequently dissolved. The Concentrated Emerging Markets ESG Opportunities Predecessor Fund together with the Concentrated Emerging Markets Private Predecessor Fund are referred to as the "Concentrated Emerging Markets ESG Opportunities Predecessor Funds."

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#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g98u47.jpg)

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| | |
|:---|:---|
|  Best quarter: | 10/01/2020-12/31/2020 – 23.34% |
|  Worst quarter: | 01/01/2020-03/31/2020 – (33.42)% |

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Average Annual Total Returns – for the Periods Ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception<sup>1</sup>** |
|  Institutional Shares - Before Taxes (No Load) | 41.90% | 9.00% | 9.60% | 6.77% |
|  Institutional Shares - After Taxes on Distributions (No Load) | 39.64% | 7.71% | 4.92% | 6.19% |
|  Institutional Shares - After Taxes on Distributions and Sale of Fund Shares (No Load) | 25.32% | 6.75% | 7.72% | 5.33% |
|  MSCI Emerging Markets Value Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 32.74% | 6.76% | 7.96% | 5.07% |
|  MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 33.57% | 4.20% | 8.42% | 5.84% |

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<sup>1</sup> Inception for the Institutional Shares is February 22, 2015.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Managers

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| | | |
|:---|:---|:---|
| **Randolph Wrighton, Jr., CFA** | **Sherry Zhang, CFA** | **David Feygenson** |
| Senior Managing Director, Equity<br> Portfolio Manager and Analyst | Managing Director, Equity<br> Portfolio Manager and Analyst | Director, Equity Portfolio<br> Manager and Analyst |
| Length of Service: Since 2022\* | Length of Service: Since 2022\* | Length of Service: Since 2022\* |

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\* Length of Service includes portfolio management services provided to the Concentrated Emerging Markets ESG Opportunities Predecessor Fund, which reorganized into the Fund on August 18, 2024.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

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***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### FUND SUMMARY

#### Barrow Hanley Credit Opportunities Fund

#### Investment Objective
The Barrow Hanley Credit Opportunities Fund (the "Fund") seeks to maximize total return, consistent with preservation of capital.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** <br>**Shares** | **Advisor** <br>**Shares** | **Investor** <br>**Shares** | **Class Z <br>Shares** |
|  **Shareholder Fees** (Fees paid directly from your <br>investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.60% | 0.60% | 0.60% | 0.60% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.20% | 0.20% | 0.20% | 0.20% |
|  Acquired Fund Fees and Expenses | 0.13% | 0.13% | 0.13% | 0.13% |
|  Total Annual Fund Operating Expenses | 0.93% | 1.03% | 1.18% | 0.93% |
|  Fee Waivers and Reimbursements<sup>1,2</sup> | -0.16% | -0.16% | -0.16% | -0.16% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.77% | 0.87% | 1.02% | 0.77% |

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<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies (other than the Barrow Hanley Floating Rate Fund), and extraordinary expenses) exceed 0.77%, 0.87%, 1.02%, and 0.77% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement.

The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

The Adviser further has agreed contractually to waive its investment advisory fee payable by the Fund in the amount of the investment advisory fee the Adviser receives attributable to the assets of the Fund invested in the Barrow Hanley Floating Rate Fund until February 1, 2027. This agreement may be terminated by the Board at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

<sup>2</sup> The contractual expense limit and advisory fee waiver represent 0.03% and 0.13%, respectively, of the 0.16% in Fee Waivers and Reimbursements shown in the table.

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#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1 year example and for the first year of the 3, 5 and 10 year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $79 | $280 | $499 | $1128 |
|  Advisor Shares | $89 | $312 | $553 | $1245 |
|  Investor Shares | $104 | $359 | $634 | $1418 |
|  Class Z Shares | $79 | $280 | $499 | $1128 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34.25% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in credit instruments.

Credit instruments consist broadly of any debt instrument or instrument with debt-like characteristics, and include high yield bonds (commonly known as "junk bonds"), bank loans, loan participations and assignments, collateralized loan obligations ("CLOs"), mortgage-and asset-backed securities, structured notes, convertible securities, preferred stock and shares of investment companies that invest principally in credit or floating-rate loan instruments, including the Barrow Hanley Floating Rate Fund and other mutual funds in this Prospectus.

The Fund's portfolio typically will consist principally of high yield bonds that Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"), believes are trading below their intrinsic value, selected through a fundamental research process designed to achieve a balanced goal for yield, principal preservation and capital appreciation.

To construct the Fund's portfolio, Barrow Hanley evaluates the macro environment, industry, and sector trends to determine views from one to three years. This process is designed to enable Barrow Hanley to find specific sectors that offer opportunities for both industry and issuer mispricings given Barrow Hanley's expectations of changing fundamentals. From there, Barrow Hanley uses two primary methods of identifying potential investments. The first involves independent sorting and research of documents filed with the Securities and Exchange Commission, as well as general and financial news, through the use of third party research databases, news services and screening software. The second method relies on the professional relationships that Barrow Hanley has established with money managers, leveraged buyout and private equity investors, investment bankers, research analysts, consultants, securities traders, brokers, corporate managers, corporate attorneys and accountants including in depth discussions with Barrow Hanley's equity research professionals. This analysis is designed to lead Barrow Hanley to industries and debt issuers that offer opportunities for what Barrow Hanley believes are mispriced investments.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

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**Credit Risk.** An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

**Asset-Backed Securities Risk.** Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Loan-Related Investments Risk.** In addition to risks generally associated with debt investments (e.g., interest rate risk, credit risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that collateral securing a loan, if any, may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity and wide bid/ask spreads, which may cause the Fund to be unable to realize the full value of its investment in a bank loan. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans. As upheld on August 24, 2023 by the United States Court of Appeal for the Second Circuit, bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**CLO Risk.** Collateralized loan obligations ("CLOs") issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche and the type of the underlying debts and loans in the tranche. Investments in non-creditworthy borrowers or subordinate tranches may carry greater risk. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. Because the underlying assets in CLOs are loans, in the event an underlying loan is subject to liquidity risks such as the risk of extended settlement, investments in the corresponding CLOs may be indirectly subject to the same risks.

**Convertible Securities Risk.** Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause a Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Fixed Income Risk.** Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally declines. Rising interest rates may also extend the duration of a fixed income security, typically reducing the security's value. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**Floating Rate Securities Risk.** The Fund may invest in obligations with interest rates that are reset periodically. Although floating rate securities are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain floating rate instruments have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the "reference rate"). If the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. Floating rate securities are issued by a wide variety of issuers and may be issued for a wide variety of purposes, including as a method of reconstructing cash flows. Issuers of floating rate securities may include, but are not limited to, financial companies, merchandising entities, bank holding companies, and other entities. In addition to the risks associated with the floating nature of interest payments, investors remain exposed to other underlying risks associated with the issuer of the floating rate security, such as credit risk.

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**High Yield ("Junk Bond") Investments Risk.** Below investment grade fixed income securities, also known as "junk bonds," are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy.

**Interest Rate Risk.** When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Your investment will decline in value if the value of the Fund's investments decreases. In a declining interest rate environment fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Investment Company Risk.** Shareholders in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fund.

**Liquidity Risk.** The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

**Management Risk**. Barrow Hanley's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Mortgage-Backed Securities Risk.** Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Structured Notes Risk** – Structured notes are specially-designed derivative debt instruments in which the terms may be structured by the purchaser and the issuer of the note. The Fund bears the risk that the issuer of the structured note will default. The Fund also bears the risk of loss of its principal investment and periodic payments expected to be received for the duration of its investment. In addition, a liquid market may not exist for the structured notes. The lack of a liquid market may make it difficult to sell the structured notes at an acceptable price or to accurately value them.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

#### Performance Information
The Credit Opportunities Predecessor Fund was reorganized into the Fund on August 18, 2024 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Credit Opportunities Predecessor Fund.<sup>(a)</sup> The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Credit Opportunities Predecessor Funds for periods prior to reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance information is shown for Class I Shares of the Credit Opportunities Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual

<sup>(a)</sup> The financial and performance history of the Credit Opportunities Predecessor Fund includes the financial and performance history of the Barrow, Hanley, Mewhinney & Strauss LLC High Yield Fixed Income Fund (the "Credit Opportunities Private Predecessor Fund"), which was a private fund managed by Barrow Hanley using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used by Barrow Hanley to manage the Credit Opportunities Predecessor Fund. The Credit Opportunities Private Predecessor Fund was not a mutual fund registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore was not subject to the same investment and tax restrictions as the Credit Opportunities Predecessor Fund. If the Credit Opportunities Private Predecessor Fund operated as a registered mutual fund, the Credit Opportunities Private Predecessor Fund's performance may have been lower. The Credit Opportunities Private Predecessor Fund contributed all of its assets to the Credit Opportunities Predecessor Fund on April 12, 2022 and subsequently dissolved. The Credit Opportunities Predecessor Fund together with the Credit Opportunities Private Predecessor Fund are referred to as the "Credit Opportunities Predecessor Funds."

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fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g56m51.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 04/01/2020-06/30/2020 – 16.85% |
|  Worst quarter: | 01/01/2020-03/31/2020 – (15.78)% |

---

Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br>**Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes (No Load) | 8.43% | 5.22% | 6.76% | 5.88% |
|  Institutional Shares – After Taxes on Distributions (No Load) | 5.40% | 2.83% | 5.53% | 5.23% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares<br>(No Load) | 4.92% | 2.92% | 4.84% | 4.57% |
|  ICE BofA BB-B US High Yield Index (reflects no deductions for fees,<br>expenses or taxes)<sup>2</sup> | 8.73% | 4.12% | 6.07% | 5.99% |
|  Bloomberg US Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 7.30% | -0.36% | 2.01% | 3.14% |

---

<sup>1</sup> Inception for the Institutional Shares is February 28, 2007.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### Portfolio Managers

---

| | | |
|:---|:---|:---|
| **Nick Losey, CFA** | **Chet Paipanandiker** | **Michael Trahan, CFA** |
| Managing Director, Fixed<br> Income Portfolio Manager and Analyst | Managing Director, Fixed<br> Income Portfolio Manager and Analyst | Managing Director, Fixed<br> Income Portfolio Manager and Analyst |
| Length of Service: Since 2022\* | Length of Service: Since 2022\* | Length of Service: Since 2022\* |

---

\* Length of Service includes portfolio management services provided to the Credit Opportunities Predecessor Fund, which reorganized into the Fund on August 18, 2024.

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Barrow Hanley Credit Opportunities Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

------

#### FUND SUMMARY

#### Barrow Hanley Emerging Markets Value Fund

#### Investment Objective
The Barrow Hanley Emerging Markets Value Fund (the "Fund") seeks long-term capital appreciation and consistent income from dividends.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** <br>**Shares** | **Advisor** <br>**Shares** | **Investor <br>Shares** | **Class Z** <br>**Shares** |
|  **Shareholder Fees** (Fees paid directly from your <br>investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.87% | 0.87% | 0.87% | 0.87% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 3.24% | 3.24% | 3.24% | 3.24% |
|  Total Annual Fund Operating Expenses | 4.11% | 4.21% | 4.36% | 4.11% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -3.13% | -3.13% | -3.13% | -3.13% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.98% | 1.08% | 1.23% | 0.98% |

---

<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.98%, 1.08%, 1.23%, and 0.98% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-

------

year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $100 | $963 | $1841 | $4105 |
|  Advisor Shares | $110 | $992 | $1888 | $4190 |
|  Investor Shares | $125 | $1036 | $1958 | $4316 |
|  Class Z Shares | $100 | $963 | $1841 | $4105 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, Fund's portfolio turnover rate was 42.77% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies" located in emerging market countries and instruments with economic characteristics similar to such securities. Instruments with economic characteristics similar to securities of companies located in emerging market countries include sponsored and unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

Emerging market countries, which may include frontier market countries, are countries represented in the MSCI Emerging Markets Index, the MSCI Frontier Markets Index and to the extent not represented in those indexes, Singapore and Hong Kong. The Fund invests principally in common stock and sponsored and unsponsored ADRs and GDRs, of companies of any market capitalization.

The Fund may invest in the securities of companies located in the People's Republic of China ("China"), including A Shares of such companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"), pursues a value-oriented strategy and strives to construct a portfolio of "value companies", which the portfolio managers select on a bottom-up basis. The portfolio managers utilize a variety of valuation metrics to assess a company, including, but not limited to, price to earnings ratio, price to book ratio, free cash flow yield, price to sales, and/or dividend yield. The Fund defines a "value company" as an issuer with one or more valuation metrics favorable to the MSCI Emerging Markets Index aggregate for the same metric. Barrow Hanley's Emerging Markets Value team employs a two-stage process – incorporating both quantitative and qualitative elements – to manage their investment research effort. Initially, the team uses a valuation based, quantitative screen to narrow down a broad universe of approximately 5,500 emerging markets stocks to a universe of approximately 100-150 stocks (the "guidance list") that appear to Barrow Hanley to have attractive valuations and also exhibit stable to improving operating fundamentals, strong operating cash flow, and a responsible balance sheet. This guidance list serves as the beginning of Barrow Hanley's research team's qualitative assessment. The research team further refines the guidance list using sector-specific criteria (including, capital ratios for financials, price-to-net asset value metrics for energy, and other metrics), ultimately focusing on ideas that Barrow Hanley believes are compelling opportunities. In the fundamental stage of the investment process, the responsible analyst(s) conducts stock-specific research on each company of interest, including interviews with company management.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

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**Emerging Markets Risk.** In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Geographic Focus Risk.** The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**IPO Risk.** The Fund may purchase securities in Initial Public Offerings ("IPOs"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Management and Quantitative Screening Risk**. Barrow Hanley's use of a systematic quantitative screening process and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular

------

asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities. Additionally, Barrow Hanley's judgment regarding the investment criteria underlying the screening process may prove to be incorrect.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Stock Connect Investing Risk.** Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day, which may restrict or preclude the Fund's ability to invest in China A Shares through Stock Connect. In addition, investments made through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to the Fund. Moreover, China A Shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market's laws and rules applicable to investors in China A Shares. Therefore, the Fund's investments in China A Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect will only operate on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when the Fund may be subject to the risk of price fluctuations of China A Shares during the time when Stock Connect is not trading. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

#### Performance Information
The Emerging Markets Value Predecessor Fund was reorganized into the Fund on August 18, 2024 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Emerging Markets Value Predecessor Fund, and Institutional shares of the Emerging Markets Value Predecessor Fund were reorganized into Institutional Shares of the Fund. The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Emerging Markets Value Predecessor Fund for periods prior to reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance information is shown for Class I Shares of the Emerging Markets Value Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are

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calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g79d02.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 04/01/2025-06/30/2025 – 15.20% |
|  Worst quarter: | 04/01/2022-06/30/2022 – (10.10)% |

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Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br> Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes (No Load) | 44.31% | 9.72% |
|  Institutional Shares – After Taxes on Distributions (No Load) | 42.78% | 8.40% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares (No Load) | 26.88% | 7.37% |
|  MSCI Emerging Markets Value Index (reflects no deductions for fees, expenses or taxes<sup>2</sup> | 32.74% | 7.70% |
|  MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 33.57% | 6.25% |

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<sup>1</sup> Inception for the Institutional Shares is December 29, 2021.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### Portfolio Managers

---

| | | |
|:---|:---|:---|
| **Randolph Wrighton, Jr., CFA** | **Sherry Zhang, CFA** | **David Feygenson** |
| Senior Managing Director, Equity<br> Portfolio Manager and Analyst | Managing Director, Equity<br> Portfolio Manager and Analyst | Director, Equity Portfolio<br> Manager and Analyst |
| Length of Service: Since 2021\* | Length of Service: Since 2021\* | Length of Service: Since 2021\* |

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\* Length of Service includes portfolio management services provided to the Emerging Markets Value Predecessor Fund, which reorganized into the Fund on August 18, 2024.

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Barrow Hanley Emerging Markets Value Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

------

#### FUND SUMMARY

#### Barrow Hanley Floating Rate Fund

#### Investment Objective
The Barrow Hanley Floating Rate Fund (the "Fund") seeks to maximize total return, consistent with preservation of capital.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional<br> Shares** | **Advisor<br> Shares** | **Investor<br> Shares** | **Class Z<br> Shares** |
|  **Shareholder Fees** (Fees paid directly from <br>your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.45% | 0.45% | 0.45% | 0.45% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.23% | 0.23% | 0.23% | 0.23% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses | 0.69% | 0.79% | 0.94% | 0.69% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -0.09% | -0.09% | -0.09% | -0.09% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.60% | 0.70% | 0.85% | 0.60% |

---

<sup>1</sup> Expenses associated with investments in underlying investment companies are excluded from the contractual expense limitation.

<sup>2</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.59%, 0.69%, 0.84%, and 0.59% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement. Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements may exceed 0.59%, 0.69%, 0.84%, and 0.59% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, due to certain excluded expenses.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-

------

year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $61 | $212 | $375 | $850 |
|  Advisor Shares | $72 | $243 | $430 | $970 |
|  Investor Shares | $87 | $291 | $511 | $1146 |
|  Class Z Shares | $61 | $212 | $375 | $850 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, Fund's portfolio turnover rate was 78.17% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate instruments. Floating rate instruments are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semi-annually) in response to changes in the market rate of interest on which the interest rate is based. For purposes of this policy, any security or investment will be considered a floating rate instrument if it has a maturity of six months or less even if it pays a rate of interest rate that does not reset or adjust prior to maturity. Floating rate instruments include bank loans, high yield bonds (commonly known as "junk bonds"), collateralized loan obligations ("CLOs"), structured notes and shares of investment companies that invest principally in floating rate instruments. The Fund may invest in floating rate instruments of any credit quality. The Fund expects that many or all of the Fund's investments will be rated below investment grade or unrated but of comparable credit quality.

The Fund invests primarily in floating rate bank loans. Certain bank loans may be secured by collateral of the borrower and thus may be senior to most other securities issued by the borrower (e.g., common stock and other debt instruments) in the event of bankruptcy. Other bank loans may be unsecured obligations of the borrower. A bank loan may be acquired through the financial institution acting as agent for the lenders or from the borrower, as an assignment from another lender who holds a direct interest in the bank loan, or as a participation interest in another lender's portion of the bank loan.

The Fund's portfolio typically will consist principally of floating rate instruments that Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"), believes are trading below their intrinsic value, selected through a fundamental research process designed to achieve a balanced goal for yield, principal preservation, and capital appreciation. To construct the Fund's portfolio, Barrow Hanley evaluates the macro environment and industry and sector trends to determine views from one to three years. This process is designed to enable Barrow Hanley to find specific sectors that offer opportunities for both industry and issuer mispricings given Barrow Hanley's expectations of changing fundamentals. From there, Barrow Hanley uses two primary methods of identifying potential investments. The first involves independent sorting and research of documents filed with the Securities and Exchange Commission, as well as general and financial news, through the use of third-party research databases, news services and screening software. The second method relies on the professional relationships that Barrow Hanley has established with money managers, leveraged buyout and private equity investors, investment bankers, research analysts, consultants, securities traders, brokers, corporate managers, corporate attorneys and accountants including in depth discussions with Barrow Hanley's equity research professionals. This analysis is designed to lead Barrow Hanley to industries and debt issuers that offer opportunities for what Barrow Hanley believes are mispriced investments.

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#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Loan-Related Investments Risk.** In addition to risks generally associated with debt investments (e.g., interest rate risk, credit risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that collateral securing a loan, if any, may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity and wide bid/ask spreads, which may cause the Fund to be unable to realize the full value of its investment in a bank loan. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans. As upheld on August 24, 2023 by the United States Court of Appeal for the Second Circuit, bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Floating Rate Securities Risk.** The Fund may invest in obligations with interest rates that are reset periodically. Although floating rate securities are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain floating rate instruments have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the "reference rate"). If the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. Floating rate securities are issued by a wide variety of issuers and may be issued for a wide variety of purposes, including as a method of reconstructing cash flows. Issuers of floating rate securities may include, but are not limited to, financial companies, merchandising entities, bank holding companies, and other entities. In addition to the risks associated with the floating nature of interest payments, investors remain exposed to other underlying risks associated with the issuer of the floating rate security, such as credit risk.

**Credit Risk.** An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

**Interest Rate Risk.** When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Your investment will decline in value if the value of the Fund's investments decreases. In a declining interest rate environment fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Fixed Income Risk.** Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally declines. Rising interest rates may also extend the duration of a fixed income security, typically reducing the security's value. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**CLO Risk.** CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and

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investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche and the type of the underlying debts and loans in the tranche. Investments in non-creditworthy borrowers or subordinate tranches may carry greater risk. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. Because the underlying assets in CLOs are loans, in the event an underlying loan is subject to liquidity risks such as the risk of extended settlement, investments in the corresponding CLOs may be indirectly subject to the same risks.

**Structured Notes Risk** – Structured notes are specially-designed derivative debt instruments in which the terms may be structured by the purchaser and the issuer of the note. The Fund bears the risk that the issuer of the structured note will default. The Fund also bears the risk of loss of its principal investment and periodic payments expected to be received for the duration of its investment. In addition, a liquid market may not exist for the structured notes. The lack of a liquid market may make it difficult to sell the structured notes at an acceptable price or to accurately value them.

**Liquidity Risk.** The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

**High Yield ("Junk Bond") Investments Risk.** Below investment grade fixed income securities, also known as "junk bonds," are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy.

**Investment Company Risk.** Shareholders in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fund.

**Management and Quantitative Screening Risk**. Barrow Hanley's use of a systematic quantitative screening process and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities. Additionally, Barrow Hanley's judgment regarding the investment criteria underlying the screening process may prove to be incorrect.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

#### Performance Information
The Floating Rate Predecessor Fund was reorganized into the Fund on August 18, 2024 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Floating Rate Predecessor Fund.<sup>(a)</sup> The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Floating Rate Predecessor Funds for periods prior to reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance information is shown for Class I Shares of the Floating Rate Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

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<sup>(a)</sup> The financial and performance history of the Floating Rate Predecessor Fund includes the financial and performance history of the Barrow, Hanley, Mewhinney & Strauss LLC Bank Loan Fund (the "Floating Rate Private Predecessor Fund"), which was a private fund managed by Barrow Hanley using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used by Barrow Hanley to manage the Floating Rate Predecessor Fund. The Floating Rate Private Predecessor Fund was not a mutual fund registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore was not subject to the same investment and tax restrictions as the Floating Rate Predecessor Fund. If the Floating Rate Private Predecessor Fund operated as a registered mutual fund, the Floating Rate Private Predecessor Fund's performance may have been lower. The Floating Rate Private Predecessor Fund contributed all of its assets to the Floating Rate Predecessor Fund on April 12, 2022 and subsequently dissolved. The Floating Rate Predecessor Fund together with the Floating Rate Private Predecessor Fund are referred to as the "Floating Rate Predecessor Funds."<br>

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g75a94.jpg)

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| | |
|:---|:---|
|  Best quarter: | 04/01/2020-06/30/2020 – 8.27% |
|  Worst quarter: | 01/01/2020-03/31/2020 – (12.21)% |

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Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since<br> Inception<sup>1</sup>** |
|  Institutional Shares - Before Taxes (No Load) | 6.67% | 6.88% | 5.94% |
|  Institutional Shares - After Taxes on Distributions (No Load) | 3.21% | 4.14% | 4.14% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares (No Load) | 3.88% | 4.09% | 3.84% |
|  S&P UBS Leveraged Loan Index (previously known as the Credit Suisse Leveraged Loan Index) (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 5.96% | 6.38% | 5.46% |
|  Bloomberg US Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 7.30% | -0.36% | 2.04% |

---

<sup>1</sup> Inception for Institutional Shares is May 31, 2018.

<sup>2</sup> Index returns shown are net of withholding taxes.

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#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Managers

---

| | | |
|:---|:---|:---|
| **Nick Losey, CFA** | **Chet Paipanandiker** | **Michael Trahan, CFA** |
| Managing Director, Fixed<br> Income Portfolio Manager and Analyst | Managing Director, Fixed<br> Income Portfolio Manager and Analyst | Managing Director, Fixed<br> Income Portfolio Manager and Analyst |
| Length of Service: Since 2022\* | Length of Service: Since 2022\* | Length of Service: Since 2022\* |

---

\* Length of Service includes portfolio management services provided to the Floating Rate Predecessor Fund, which reorganized into the Fund on August 18, 2024.

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Barrow Hanley Floating Rate Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### FUND SUMMARY

#### Barrow Hanley International Value Fund

#### Investment Objective
The Barrow Hanley International Value Fund (the "Fund") seeks to obtain higher returns compared to the MSCI EAFE Value Index.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional<br> Shares** | **Advisor<br> Shares** | **Investor<br> Shares** | **Class Z<br> Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.66% | 0.66% | 0.66% | 0.66% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses<sup>1</sup> | 0.60% | 0.60% | 0.60% | 0.60% |
|  Total Annual Fund Operating Expenses | 1.26% | 1.36% | 1.51% | 1.26% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -0.34% | -0.34% | -0.34% | -0.34% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.92% | 1.02% | 1.17% | 0.92% |

---

<sup>1</sup> Amount includes interest expense of 0.07%.

<sup>2</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.85%, 0.95%, 1.10%, and 0.85% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board) of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement. Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements may exceed 0.85%, 0.95%, 1.10%, and 0.85% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, due to certain excluded expenses.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-

------

year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $94 | $366 | $659 | $1493 |
|  Advisor Shares | $104 | $397 | $712 | $1606 |
|  Investor Shares | $119 | $444 | $792 | $1773 |
|  Class Z Shares | $94 | $366 | $659 | $1493 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41.08% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies." Additionally, the Fund invests, under normal circumstances, in at least three countries, and invests at least 40% of its total assets in securities of non-U.S. companies. If conditions are not favorable, the Fund will invest at least 30% of its total assets in securities of non-U.S. companies. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company's assets are located outside of the U.S.; (ii) at least 50% of the company's revenue is generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or (iv) the company's securities are traded principally outside of the U.S. The non-U.S. companies in which the Fund invests primarily are located in developed market countries and to a lesser extent are located in emerging market countries. Emerging market countries, which may include frontier market countries, are countries represented in the MSCI Emerging Markets Index, the MSCI Frontier Markets Index and to the extent not represented in those indexes, Singapore and Hong Kong.

The Fund may invest in the securities of companies located in the People's Republic of China ("China"), including A Shares of such companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

The Fund invests principally in common stock and sponsored and unsponsored ADRs and GDRs, of companies of any market capitalization. Barrow, Hanley, Mewhinney & Strauss, LLC's, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"), seeks to invest in companies that are temporarily undervalued for reasons Barrow Hanley can identify, understand, and believe will improve over time. In addition to valuation, Barrow Hanley typically also looks for companies with what Barrow Hanley believes are stronger than average balance sheets, attractive but sustainable dividend yields, temporarily depressed profitability, and stable-to-improving operating fundamentals. Barrow Hanley expects that the price-to-earnings and price-to-book ratios of the Fund's aggregate portfolio typically will be lower than the broad market while simultaneously delivering an opportunity for what Barrow Hanley believes is attractive dividend yield.

Barrow Hanley pursues a value-oriented strategy and strives to construct a portfolio of "value companies", which the portfolio managers select on a bottom-up basis. The portfolio managers utilize a variety of valuation metrics to assess a company, including, but not limited to, price to earnings ratio, price to book ratio, free cash flow yield, price to sales, and/or dividend yield. The Fund defines a "value company" as an issuer with one or more valuation metrics favorable to the MSCI EAFE Index aggregate for the same metric. Barrow Hanley's International Value team employs a two-stage process—incorporating both quantitative and qualitative elements—to manage their investment research effort. Initially, the team uses a valuation based, quantitative screen to narrow down a broad universe of approximately 3,800 ex-US stocks to a universe of approximately 150-200 stocks (the "guidance list") that appear to Barrow Hanley to have attractive valuations and also exhibit stable to improving operating fundamentals, strong operating cash flow, and a responsible balance sheet. This guidance list serves as the beginning of Barrow Hanley's research team's qualitative assessment. The research team further refines the guidance list using sector specific criteria (including, capital ratios for financials, price-to-net asset value metrics for energy, and other metrics), ultimately focusing on ideas that Barrow Hanley believes are compelling opportunities.

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#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Emerging Markets Risk.** In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Geographic Focus Risk.** The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments

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in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**IPO Risk.** The Fund may purchase securities in Initial Public Offerings ("IPOs"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Management and Quantitative Screening Risk**. Barrow Hanley's use of a systematic quantitative screening process and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities. Additionally, Barrow Hanley's judgment regarding the investment criteria underlying the screening process may prove to be incorrect.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Stock Connect Investing Risk.** Trading through Stock Connect is subject to a number of restrictions that may affect the Fund's investments and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day, which may restrict or preclude the Fund's ability to invest in China A Shares through Stock Connect. In addition, investments made through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to the Fund. Moreover, China A Shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market's laws and rules applicable to investors in China A Shares. Therefore, the Fund's investments in China A Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect will only operate on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when the Fund may be subject to the risk of price fluctuations of China A Shares during the time when Stock Connect is not trading. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect the Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

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#### Performance Information
The International Value Predecessor Fund was reorganized into the Fund on August 18, 2024 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the International Value Predecessor Fund, and Institutional shares of the International Value Predecessor Fund were reorganized into Institutional Shares of the Fund. The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the International Value Predecessor Fund for periods prior to reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance information is shown for Class I Shares of the International Value Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g46h61.jpg)

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| | |
|:---|:---|
|  Best quarter: | 10/01/2022-12/31/2022 – 18.71% |
|  Worst quarter: | 07/01/2022-09/30/2022 – (14.46)% |

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Average Annual Total Returns – for the Periods Ended December 31, 2025

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inception<sup>1</sup>**  |
|  Institutional Shares - Before Taxes (No Load) | 36.99% | 10.70% |
|  Institutional Shares - After Taxes on Distributions (No Load) | 35.94% | 9.77% |
|  Institutional Shares - After Taxes on Distributions and Sale of Fund Shares (No Load) | 23.49% | 8.56% |
|  MSCI EAFE Value Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 42.25% | 13.94% |
|  MSCI EAFE Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 31.22% | 8.31% |

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<sup>1</sup> Inception for Institutional Shares is December 29, 2021.

<sup>2</sup> Index returns shown are net of withholding taxes.

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#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Managers

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| | |
|:---|:---|
| **Randolph Wrighton, Jr., CFA** | **Patrik Wibom** |
| Senior Managing Director, Equity Portfolio Manager and Analyst | Director, Equity Portfolio Manager and Analyst |
| Length of Service: Since 2021\* | Length of Service: Since 2021\* |

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\* Length of Service includes portfolio management services provided to the International Value Predecessor Fund, which reorganized into the Fund on August 18, 2024.

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

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***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Barrow Hanley International Value Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### FUND SUMMARY

#### Barrow Hanley Total Return Bond Fund

#### Investment Objective
The Barrow Hanley Total Return Bond Fund (the "Fund") seeks to provide maximum long-term total return.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional<br> Shares** | **Advisor<br> Shares** | **Investor<br> Shares** | **Class Z<br> Shares** |
|  **Shareholder Fees (Fees paid directly from your investment)** |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.35% | 0.35% | 0.35% | 0.35% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.17% | 0.17% | 0.17% | 0.17% |
|  Total Annual Fund Operating Expenses | 0.52% | 0.62% | 0.77% | 0.52% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -0.17% | -0.17% | -0.17% | -0.17% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.35% | 0.45% | 0.60% | 0.35% |

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<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.35%, 0.45%, 0.60%, and 0.35% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

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#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1 year example and for the first year of the 3-, 5-, and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $36 | $150 | $274 | $636 |
|  Advisor Shares | $46 | $181 | $329 | $758 |
|  Investor Shares | $61 | $229 | $411 | $938 |
|  Class Z Shares | $36 | $150 | $274 | $636 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 72.25% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments. Fixed income securities and other debt instruments include corporate bonds, including high yield bonds (commonly known as "junk bonds"), commercial paper, debt securities issued or guaranteed by the U.S. government and its agencies and instrumentalities, Treasury Inflation-Protected Securities ("TIPS"), municipal bonds, bank loans, loan participations and assignments, mortgage- and asset-backed securities, fixed-income structured products and convertible securities.

Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"), believes that investing in undervalued securities with above-average yield to maturity and capital appreciation potential can generate above-average returns over the long term. Using this approach, Barrow Hanley seeks to construct a portfolio of U.S. fixed income securities with diversified maturities, consisting primarily of investment grade securities with opportunistic exposure to high yield securities.

Barrow Hanley's analysis of fixed income securities and other debt instruments looks at cash flow, earnings, and balance sheet fundamentals that Barrow Hanley believes will impact the future credit rating of the issuer and the yield premium demanded by market participants for such issuer's fixed-income securities relative to similarly rated securities. A significant focus in Barrow Hanley's credit research is identifying the credits that have a greater probability of ratings upgrades while avoiding downgrades. Barrow Hanley reviews the financial statements and Securities and Exchange Commission filings of companies, analyzing, a number of fundamental factors, including profitability and credit measures, in its investment selection process.

The Fund is actively managed, and the Fund's Sub-Adviser will not consider portfolio turnover a limiting factor in making investment decisions for the Fund.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

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**Asset-Backed Securities Risk.** Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

**Loan-Related Investments Risk.** In addition to risks generally associated with debt investments (e.g., interest rate risk, credit risk, and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that collateral securing a loan, if any, may be insufficient or unavailable to the Fund, and that the Fund's rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity and wide bid/ask spreads, which may cause the Fund to be unable to realize the full value of its investment in a bank loan. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans. As upheld on August 24, 2023 by the United States Court of Appeal for the Second Circuit, bank loans may not be considered "securities," and purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

**Convertible Securities Risk.** Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause a Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Fixed Income Risk.** Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally declines. Rising interest rates may also extend the duration of a fixed income security, typically reducing the security's value. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**Commercial Paper Risk.** Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

**Credit Risk.** An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

**High Yield ("Junk Bond") Investments Risk.** Below investment grade fixed income securities, also known as "junk bonds," are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy.

**Inflation Protected Securities Risk.** The value of inflation protected securities, including TIPS, will generally fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

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**Interest Rate Risk.** When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Your investment will decline in value if the value of the Fund's investments decreases. In a declining interest rate environment fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Liquidity Risk.** The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

**Management Risk**. Barrow Hanley's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Mortgage-Backed Securities Risk.** Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

**Municipal Securities Risk.** Municipal securities are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from U.S. federal income tax.

Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds.

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

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Portfolio Turnover Risk.** The Fund may sell its portfolio securities, regardless of the length of time that they have been held, if Barrow Hanley determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and higher amounts of taxable distributions to shareholders.

#### Performance Information
The Total Return Bond Predecessor Fund was reorganized into the Fund on August 18, 2024 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Total Return Bond Predecessor Fund.<sup>(a)</sup> The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Total Return Bond Predecessor Funds for periods prior to the reorganization) by showing how the Fund's performance has varied

<sup>(a)</sup> The financial and performance history of the Total Return Bond Predecessor Fund includes the financial and performance history of the Barrow, Hanley, Mewhinney & Strauss LLC Core Fixed Income Fund (the "Total Return Bond Private Predecessor Fund"), which was a private fund managed by Barrow Hanley using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used by Barrow Hanley to manage the Total Return Bond Predecessor Fund. The Total Return Bond Private Predecessor Fund was not a mutual fund registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and therefore was not subject to the same investment and tax restrictions as the Total Return Bond Predecessor Fund. If the Total Return Bond Private Predecessor Fund operated as a registered mutual fund, the Total Return Bond Private Predecessor Fund's performance may have been lower. The Total Return Bond Private Predecessor Fund contributed all of its assets to the Total Return Bond Predecessor Fund on April 12, 2022 and subsequently dissolved. The Total Return Bond Predecessor Fund together with the Total Return Bond Private Predecessor Fund are referred to as the "Total Return Bond Predecessor Funds."

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from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance information is shown for Class I Shares of the Total Return Bond Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g00m41.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 10/01/2023-12/31/2023 – 6.21% |
|  Worst quarter: | 01/01/2022-03/31/2022 – (5.99)% |

---

Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br>**Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes (No Load) | 7.53% | -0.28% | 7.96% | 3.21% |
|  Institutional Shares – After Taxes on Distributions (No Load) | 5.43% | -1.62% | 1.29% | 2.89% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares (No Load) | 4.43% | -0.79% | 1.23% | 2.46% |
|  Bloomberg US Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 7.30% | -0.36% | 2.01% | 3.26% |

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<sup>1</sup> Inception for Institutional Shares is January 2, 2004.

<sup>2</sup> Index returns shown are net of withholding taxes.

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#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Managers

---

| | | | |
|:---|:---|:---|:---|
| **Scott McDonald, CFA** | **Deborah Petruzzelli** | **Justin Martin, CFA** | **Matt Routh, CFA** |
| Senior Managing Director and Fixed Income Portfolio Manager | Managing Director, Fixed Income Portfolio Manager and Analyst | Director, Fixed Income<br> Portfolio Manager and Analyst | Director, Fixed Income Portfolio Manager and Analyst |
| Length of Service: Since 2022\* | Length of Service: Since 2022\* | Length of Service: Since 2022\* | Length of Service: Since 2022\* |

---

\* Length of Service includes portfolio management services provided to the Total Return Bond Predecessor Fund, which reorganized into the Fund on August 18, 2024. 

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Barrow Hanley Total Return Bond Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### FUND SUMMARY

#### Barrow Hanley US Value Opportunities Fund

#### Investment Objective
The Barrow Hanley US Value Opportunities Fund (the "Fund") seeks to outperform the Fund's benchmark over a full market cycle, typically five to seven years.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional<br> Shares** | **Advisor<br> Shares** | **Investor<br> Shares** | **Class Z<br> Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.55% | 0.55% | 0.55% | 0.55% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.22% | 0.22% | 0.22% | 0.22% |
|  Total Annual Fund Operating Expenses | 0.77% | 0.87% | 1.02% | 0.77% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -0.07% | -0.07% | -0.07% | -0.07% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.70% | 0.80% | 0.95% | 0.70% |

---

<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.70%, 0.80%, 0.95%, and 0.70% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board) of the Fund at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-

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year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $72 | $239 | $421 | $948 |
|  Advisor Shares | $82 | $271 | $475 | $1066 |
|  Investor Shares | $97 | $318 | $556 | $1241 |
|  Class Z Shares | $72 | $239 | $421 | $948 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 50.95% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by "value companies" located in the United States.

The Fund invests primarily in a portfolio of equity securities issued by large, medium, and small capitalization U.S. companies and may also invest in real estate investment trusts ("REITs") American Depositary Receipts ("ADRs") and initial public offerings ("IPOs").

The Fund will pursue a traditional value-oriented strategy by constructing portfolios of individual stocks, selected on a bottom-up basis. The portfolio managers utilize a variety of valuation metrics to assess a company, including, but not limited to, price to earnings ratio, price to book ratio, free cash flow yield, price to sales, and/or dividend yield. The Fund defines a "value company" as an issuer with one or more valuation metrics favorable to the S&P 500 Index aggregate for the same metric. In seeking to achieve its investment objective, the Fund follows a strategy based on an underlying philosophy that securities markets are inefficient and that these inefficiencies can be favorably exploited through adherence to a value-oriented investment process dedicated to individual stock selection on a bottom-up basis. The Fund does not attempt to time the market or rotate in and out of broad market sectors, as, Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"), believes it is difficult, if not impossible, to add incremental value on a consistent basis by market timing.

The Fund will generally stay fully invested with what Barrow Hanley believes is a defensive, conservative orientation based on Barrow Hanley's belief that above-average returns can be achieved while taking below average risks. Barrow Hanley implements this strategy by constructing portfolios of individual stocks that reflect value characteristics described above. Through a research-intensive process, Barrow Hanley's investment team seeks to identify large, medium, and small capitalization companies that are undervalued and temporarily out of favor for reasons that can be identified and understood and that have profitability and earnings growth greater than that of the S&P 500 Index. Under normal circumstances, the Fund invests primarily in large capitalization companies but has the flexibility to invest in companies of any capitalization that meet the Fund's investment criteria. The qualitative aspects of Barrow Hanley's investment analysis are designed to produce judgments regarding the prospects for a company's business. Barrow Hanley believes that the value of the underlying business, identified through its quantitative analysis, can be "unlocked" as the company's fundamentals improve and investor confidence is restored.

Barrow Hanley's investment team seeks to outperform the Fund's benchmark over a full market cycle. Full market cycles tend to vary in length and are generally longer than the Fund's typical holding period for portfolio securities (3-4 years). The strategy of emphasizing low price/book ratios as well as high dividend yields is intended to help achieve capital preservation in down markets. In periods of economic recovery and rising equity markets, this investment strategy seeks to achieve profitability and earnings growth rewarded by the expansion of price/ earnings ratios and the generation of excess returns.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund will also vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the

------

Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Management and Quantitative Screening Risk**. Barrow Hanley's use of a systematic quantitative screening process and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities. Additionally, Barrow Hanley's judgment regarding the investment criteria underlying the screening process may prove to be incorrect.

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**REIT and Real Estate-Related Investment Risk**. Adverse changes in the real estate markets may affect the value of REIT investments.

**Geographic Focus Risk.** The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**IPO Risk.** The Fund may purchase securities in Initial Public Offerings ("IPOs"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and

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information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

#### Performance Information
The US Value Opportunities Predecessor Fund was reorganized into the Fund on August 18, 2024, following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the US Value Opportunities Predecessor Fund.<sup>(a)</sup> The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the US Value Opportunities Predecessor Funds for periods prior to reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance information is shown for Class I Shares of the US Value Opportunities Predecessor Fund as of December 31, 2023. Class I Shares of the Predecessor Fund were merged into Institutional Shares of the Fund as a result of the reorganization. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31\*
![LOGO](g13362g00m46.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 10/01/2023-12/31/2023 – 10.37% |
|  Worst quarter: | 01/01/2025-03/31/2025 – (3.02)% |

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<sup>(a)</sup> The financial and performance history of the US Value Opportunities Predecessor Fund includes the financial and performance history of the Barrow, Hanley, Mewhinney & Strauss LLC Diversified Large Cap Value Fund, which was a private fund managed by Barrow Hanley using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used by Barrow Hanley to manage the US Value Opportunities Predecessor Fund. The Barrow, Hanley, Mewhinney & Strauss LLC Diversified Large Cap Value Fund contributed all of its assets to the US Value Opportunities Predecessor Fund on April 12, 2022 and subsequently dissolved. On April 12, 2022, the Barrow, Hanley, Mewhinney & Strauss LLC Large Cap Value Fund, another private fund managed by Barrow Hanley, also contributed its assets to the US Value Opportunities Predecessor Fund and subsequently dissolved. The US Value Opportunities Predecessor Fund together with the

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Barrow, Hanley, Mewhinney & Strauss LLC Diversified Large Cap Value Fund and the Barrow, Hanley, Mewhinney & Strauss LLC Large Cap Value Fund are referred to as the "US Value Opportunities Predecessor Funds."

Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since**<br> **Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes (No Load) | 12.88% | 11.54% |
|  Institutional Shares – After Taxes on Distributions (No Load) | 9.14% | 9.58% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares (No Load) | 10.32% | 8.98% |
|  Russell 1000 Value Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 15.91% | 9.05% |
|  Russell 1000 Index (reflects no deductions for fees, expenses or taxes)<sup>2</sup> | 17.37% | 13.83% |

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<sup>1</sup> Inception for the Institutional Shares is April 12, 2022.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
Barrow Hanley is the Fund's sub-adviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Managers

---

| | | |
|:---|:---|:---|
|  **Mark Giambrone** | **Michael Nayfa, CFA** | **Terry Pelzel, CFA** |
|  Executive Director, Equity<br> Portfolio Manager and Analyst | Managing Director, Equity<br> Portfolio Manager and Analyst | Managing Director, Equity<br> Portfolio Manager and Analyst |
|  Length of Service: Since 2022\* | Length of Service: Since 2022\* | Length of Service: Since 2022\* |

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\* Length of Service includes portfolio management services provided to the US Value Opportunities Predecessor Fund, which reorganized into the Fund on August 18, 2024.

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### To Buy or Sell Shares:
Barrow Hanley US Value Opportunities Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF THE FUNDS

#### Principal Investments and Strategies of Each Fund

#### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund

#### Investment Objective:
The investment objective of the Fund is to seek long-term capital appreciation and consistent income from dividends.

#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that are (1) issued by companies located in emerging market countries and (2) consistent with the environmental, social and governance ("ESG") criteria of Barrow, Hanley, Mewhinney & Strauss, LLC, the Fund's sub-adviser (the "Sub-Adviser" or "Barrow Hanley"). The Fund obtains indirect exposure to equity securities through instruments such as sponsored and unsponsored American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs").

Emerging market countries, which may include frontier countries, are countries represented in the MSCI Emerging Markets Index, the MSCI Frontier Markets Index and to the extent not represented in those indexes, Singapore and Hong Kong.

The Fund invests principally in common stock and sponsored and unsponsored ADRs and GDRs, of companies of any market capitalization. The Fund may invest in the securities of companies located in the People's Republic of China ("China"), including A Shares of such companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Sub-Adviser aims to achieve the Fund's investment objective through an emerging markets strategy with an investment portfolio composed of a small number (approximately 25 – 40) of fundamentally researched securities. The securities in which the Fund invests may be denominated in currencies other than the U.S. dollar. The Fund's portfolio will be constructed on a bottom-up basis as discussed below and typically will be diversified across sectors and regions. The Fund may also participate in initial public offerings ("IPOs").

*Value* 

The Sub-Adviser believes markets are inefficient, and that these inefficiencies can best be exploited through adherence to a valuation centric investment process dedicated to the selection of securities on a bottom-up basis. The Sub-Adviser's portfolio managers focus primarily on fundamental securities analysis, valuation, and prospects for a return to intrinsic valuation.

The Sub-Adviser selects securities that it believes are temporarily undervalued by other market participants and whose value will rise over a reasonable amount of time. The Sub-Adviser seeks to understand and quantify drivers of upside value going forward, which are generally categorized into four value silos: 1) sales improvement, 2) profit margin improvement, 3) multiple expansion (defined as the increase in the valuation of a security without a proportional increase in its earnings or revenue, such as through an increase in the security's valuation multiple), and 4) capital efficiency (defined as dividends, share repurchase, accretive mergers and acquisitions and/or divestments, etc.).

*Fundamental Securities Analysis* 

The Sub-Adviser's investment process starts with a quantitative, value-based screen to narrow down the broad emerging markets universe to a smaller group of emerging markets stocks (guidance list), so that the Sub-Adviser's team can then conduct a detailed fundamental and qualitative analysis to determine which stocks represent compelling investment opportunities. The Sub-Adviser focuses primarily on fundamental securities analysis, valuation, and drivers of upside value going forward. The fundamental securities analysis carried out by the Sub-Adviser will include company engagement, earnings and profitability projections and estimates of intrinsic value. The Sub-Adviser's bottom-up process emphasizes identifying and investing in market dislocations where it believes it has an information advantage over other market participants that will allow the individual investment to appreciate to its estimated intrinsic value. This bottom-up process will also contribute to the Fund being over-or underweight in specific sectors, countries and regions based on the dislocations the Sub-Adviser is seeing at the individual security level. The Sub-Adviser typically will assess the prospects for a return of securities to estimated intrinsic value by: (i) holding generally daily research platform meetings; (ii) holding generally weekly formal team meetings; (iii) reviewing internal research; (iv) initiating company management engagement; (v) conducting ESG scoring and assessment, as discussed below; (vi) evaluating positive and negative movements in the

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prices of securities; and (vii) understanding exposures and risks concerning the portfolio. Judgements generally are made in the context of market valuation, risk/reward opportunity, and alternative investment opportunities.

*ESG Criteria* 

The Sub-Adviser applies ESG exclusionary screens to the universe of investable securities to exclude securities of companies that exhibit certain criteria or have exposure to certain industries. The Sub-Adviser's ESG exclusionary screens exclude companies significantly involved in (i) the production of tobacco; (ii) the generation, extraction and/or refining of certain fossil fuels; (iii) the production of unconventional weapons; (iv) the manufacture or production of controversial weapons (i.e., weapons of mass destruction, nuclear weapons, biological weapons, chemical weapons, depleted uranium weapons, cluster munitions or landmines); (v) the production or manufacturing of pornography, alcohol, or gambling; and (vi) companies which have violated various international human rights standards.

The Sub-Adviser uses ESG analysis as part of its fundamental analysis to identify investment opportunities taking into account a company's intrinsic valuation and sustainability risks. Generally, the Sub-Adviser considers sustainability risks as environmental, social or governance events or conditions that, if they occur, could cause an actual or a potential material negative impact on the value of the company. The Sub-Adviser reviews the following ESG criteria ("ESG Criteria") when assessing a company's valuation and sustainability risks:

The Sub-Adviser reviews the following ESG criteria ("ESG Criteria") when assessing a company's valuation and sustainability risks:

1) Environmental criteria, such as a company's greenhouse gas emissions and climate change risks and how efficiently and effectively a company uses its raw material inputs;

2) Social criteria, such as a company's human resources, supply chain management and management of access to essential products or services such as health care services and products to disadvantaged communities or groups; and

3) Governance criteria, such as a company's executive pay, bribery and corruption allegations or convictions, political lobbying and donations and tax strategy.

To assess the ESG Criteria for a particular company, the Sub-Adviser evaluates ESG data from both internal and external resources, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser's proprietary materiality mapping analysis, which evaluates ESG issues facing specific industry groups and uses a visual map designed to show how sustainability issues manifest across various industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Proprietary research reports on issuers prepared by the Sub-Adviser that include internal ESG scoring and commentary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Data provided by third party ESG research and ratings firms, which include research on the ESG practices, ESG risk ratings and the environmental impact of issuers.

ESG Criteria are evaluated on a case-by-case basis, and no individual factor (such as "E" or "S" or "G") or set of factors consistently or categorically receives elevated consideration.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### Barrow Hanley Credit Opportunities Fund

#### Investment Objective:
The investment objective of the Fund is to maximize total return, consistent with preservation of capital.

#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in credit instruments.

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Credit instruments consist broadly of any debt instrument or instrument with debt-like characteristics, and include high yield bonds (commonly known as "junk bonds"), bank loans, loan participations and assignments, collateralized loan obligations ("CLOs"), mortgage-and asset-backed securities, structured notes, convertible securities, preferred stock and shares of investment companies that invest principally in credit or floating-rate loan instruments, including the Barrow Hanley Floating Rate Fund and other mutual funds in this Prospectus.

The Fund's portfolio typically will consist principally of high yield bonds that Barrow Hanley believes are trading below their intrinsic value, selected through a fundamental research process designed to achieve a balanced goal for yield, principal preservation and capital appreciation.

To construct the Fund's portfolio, Barrow Hanley evaluates the macro environment, industry, and sector trends to determine views from one to three years. This process is designed to enable Barrow Hanley to find specific sectors that offer opportunities for both industry and issuer mispricings given Barrow Hanley's expectations of changing fundamentals. From there, Barrow Hanley uses two primary methods of identifying potential investments. The first involves independent sorting and research of documents filed with the Securities and Exchange Commission, as well as general and financial news, through the use of third-party research databases, news services and screening software. The second method relies on the professional relationships that Barrow Hanley has established with money managers, leveraged buyout and private equity investors, investment bankers, research analysts, consultants, securities traders, brokers, corporate managers, corporate attorneys and accountants including in depth discussions with Barrow Hanley's equity research professionals. This analysis is designed to lead Barrow Hanley to industries and debt issuers that offer opportunities for what Barrow Hanley believes are mispriced investments. In this regard, a mispriced investment refers primarily to traditional value metrics utilized by the Sub-Adviser, such as low price/earnings, price/book and high dividend yield relative to the markets in which the Fund may invest. A security also may be mispriced due to a negative theme occurring within an overall industry and/or sector and where the Sub-Adviser believes an investment in the security creates opportunities for outperformance.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### Barrow Hanley Emerging Markets Value Fund

#### Investment Objective:
The investment objective of the Fund is to seek long-term capital appreciation and consistent income from dividends.

#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies" located in emerging market countries and instruments with economic characteristics similar to such securities. Instruments with economic characteristics similar to securities of companies located in emerging market countries include sponsored and unsponsored ADRs and GDRs.

Emerging market countries, which may include frontier market countries, are countries represented in the MSCI Emerging Markets Index, the MSCI Frontier Markets Index and to the extent not represented in those indexes, Singapore and Hong Kong. The Fund invests principally in common stock and sponsored and unsponsored ADRs and GDRs, of companies of any market capitalization.

The Fund may invest in the securities of companies located in China, including A Shares of such companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Stock Connect programs. Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

Barrow Hanley pursues a value-oriented strategy and strives to construct a portfolio of "value companies", which the portfolio managers select on a bottom-up basis. The portfolio managers utilize a variety of valuation metrics to assess a company, including, but not limited to, price to earnings ratio, price to book ratio, free cash flow yield, price to sales, and/or dividend yield. The Fund defines a "value company" as an issuer with one or more valuation metrics favorable to the MSCI Emerging Markets Index aggregate for the same metric. Barrow Hanley's Emerging Markets Value team employs a two-stage process – incorporating both quantitative and qualitative elements – to manage their investment research effort. Initially, the team uses a valuation based, quantitative screen to narrow down a broad universe of approximately 5,500 emerging markets stocks to a universe of approximately 100-150 stocks (the "guidance list") that appear to Barrow Hanley to have attractive valuations and also exhibit stable to improving operating fundamentals, strong operating cash flow, and a responsible balance sheet. This guidance list serves as the beginning of Barrow Hanley's research team's qualitative assessment. The research team further refines the guidance list using sector-specific criteria

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(including, capital ratios for financials, price-to-net asset value metrics for energy, and other metrics), ultimately focusing on ideas that Barrow Hanley believes are compelling opportunities. In the fundamental stage of the investment process, the responsible analyst(s) conducts stock-specific research on each company of interest, including interviews with company management.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### Barrow Hanley Floating Rate Fund

#### Investment Objective:
The investment objective of the Fund is to maximize total return, consistent with preservation of capital.

#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate instruments. Floating rate instruments are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semi-annually) in response to changes in the market rate of interest on which the interest rate is based. For purposes of this policy, any security or investment will be considered a floating rate instrument if it has a maturity of six months or less even if it pays a rate of interest rate that does not reset or adjust prior to maturity. Floating rate instruments include bank loans, high yield bonds (commonly known as "junk bonds"), CLOs, structured notes and shares of investment companies that invest principally in floating rate instruments. The Fund may invest in floating rate instruments of any credit quality. The Fund expects that many or all of the Fund's investments will be rated below investment grade or unrated but of comparable credit quality.

The Fund invests primarily in floating rate bank loans. Certain bank loans may be secured by collateral of the borrower and thus may be senior to most other securities issued by the borrower (e.g., common stock and other debt instruments) in the event of bankruptcy. Other bank loans may be unsecured obligations of the borrower. A bank loan may be acquired through the financial institution acting as agent for the lenders or from the borrower, as an assignment from another lender who holds a direct interest in the bank loan, or as a participation interest in another lender's portion of the bank loan.

The Fund's portfolio typically will consist principally of floating rate instruments that Barrow Hanley believes are trading below their intrinsic value, selected through a fundamental research process designed to achieve a balanced goal for yield, principal preservation, and capital appreciation. To construct the Fund's portfolio, Barrow Hanley evaluates the macro environment and industry and sector trends to determine views from one to three years. This process is designed to enable Barrow Hanley to find specific sectors that offer opportunities for both industry and issuer mispricings given Barrow Hanley's expectations of changing fundamentals. From there, Barrow Hanley uses two primary methods of identifying potential investments. The first involves independent sorting and research of documents filed with the Securities and Exchange Commission, as well as general and financial news, through the use of third-party research databases, news services and screening software. The second method relies on the professional relationships that Barrow Hanley has established with money managers, leveraged buyout and private equity investors, investment bankers, research analysts, consultants, securities traders, brokers, corporate managers, corporate attorneys and accountants including in depth discussions with Barrow Hanley's equity research professionals. This analysis is designed to lead Barrow Hanley to industries and debt issuers that offer opportunities for what Barrow Hanley believes are mispriced investments. In this regard, a mispriced investment refers primarily to traditional value metrics utilized by Barrow Hanley, such as low price/ earnings, price/book and high dividend yield relative to the markets in which the Fund may invest. A security also may be mispriced due to a negative theme occurring within an overall industry and/or sector and where Barrow Hanley believes an investment in the security creates opportunities for outperformance.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### Barrow Hanley International Value Fund

#### Investment Objective:
The investment objective of the Fund is to seek higher returns compared to the MSCI EAFE Value Index.

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#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies." Additionally, the Fund invests, under normal circumstances, in at least three countries, and invests at least 40% of its total assets in securities of non-U.S. companies. If conditions are not favorable, the Fund will invest at least 30% of its total assets in securities of non-U.S. companies. The Fund considers a company to be a non-U.S. company if: (i) at least 50% of the company's assets are located outside of the U.S.; (ii) at least 50% of the company's revenue is generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or (iv) the company's securities are traded principally outside of the U.S. The non-U.S. companies in which the Fund invests primarily are located in developed market countries and to a lesser extent are located in emerging market countries. Emerging market countries, which may include frontier market countries, are countries represented in the MSCI Emerging Markets Index, the MSCI Frontier Markets Index and to the extent not represented in those indexes, Singapore and Hong Kong.

The Fund may invest in the securities of companies located in China, including A Shares of such companies that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through Stock Connect programs. Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China.

The Fund invests principally in common stock and sponsored and unsponsored ADRs and GDRs, of companies of any market capitalization. Barrow Hanley seeks to invest in companies that are temporarily undervalued for reasons it can identify, understand, and believe will improve over time. In addition to valuation, Barrow Hanley typically also looks for companies with what Barrow Hanley believes are stronger than average balance sheets, attractive but sustainable dividend yields, temporarily depressed profitability, and stable-to-improving operating fundamentals. Barrow Hanley expects that the price-to-earnings and price-to-book ratios of the Fund's aggregate portfolio typically will be lower than the broad market while simultaneously delivering an opportunity for what Barrow Hanley believes is attractive dividend yield.

Barrow Hanley pursues a value-oriented strategy and strives to construct a portfolio of "value companies", which the portfolio managers select on a bottom-up basis. The portfolio managers utilize a variety of valuation metrics to assess a company, including, but not limited to, price to earnings ratio, price to book ratio, free cash flow yield, price to sales, and/or dividend yield. The Fund defines a "value company" as an issuer with one or more valuation metrics favorable to the MSCI EAFE Index aggregate for the same metric. Barrow Hanley's International Value team employs a two-stage process—incorporating both quantitative and qualitative elements—to manage their investment research effort. Initially, the team uses a valuation based, quantitative screen to narrow down a broad universe of approximately 3,800 ex-US stocks to a universe of approximately 150-200 stocks (the "guidance list") that appear to Barrow Hanley to have attractive valuations and also exhibit stable to improving operating fundamentals, strong operating cash flow, and a responsible balance sheet. This guidance list serves as the beginning of Barrow Hanley's research team's qualitative assessment. The research team further refines the guidance list using sector specific criteria (including, capital ratios for financials, price-to-net asset value metrics for energy, and other metrics), ultimately focusing on ideas that Barrow Hanley believes are compelling opportunities. In the fundamental stage of the investment process, the responsible analyst(s) conducts stock-specific research on each company of interest, including interviews with company management.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### Barrow Hanley Total Return Bond Fund

#### Investment Objective:
The investment objective of the Fund is to provide maximum long-term total return.

#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments. Fixed income securities and other debt instruments include corporate bonds, including high yield bonds (commonly known as "junk bonds"), commercial paper, debt securities issued or guaranteed by the U.S. government and its agencies and instrumentalities, Treasury Inflation-Protected Securities ("TIPS"), municipal bonds, bank loans, loan participations and assignments, mortgage- and asset-backed securities, fixed-income structured products and convertible securities.

Barrow Hanley believes that investing in undervalued securities with above-average yield to maturity and capital appreciation potential can generate above-average returns over the long term. Using this approach, Barrow Hanley seeks to construct a portfolio of

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U.S. fixed income securities with diversified maturities, consisting primarily of investment grade securities with opportunistic exposure to high yield securities.

Barrow Hanley's analysis of fixed income securities and other debt instruments looks at cash flow, earnings, and balance sheet fundamentals that Barrow Hanley believes will impact the future credit rating of the issuer and the yield premium demanded by market participants for such issuer's fixed-income securities relative to similarly rated securities. A significant focus in Barrow Hanley's credit research is identifying the credits that have a greater probability of ratings upgrades while avoiding downgrades. Barrow Hanley reviews the financial statements and Securities and Exchange Commission filings of companies, analyzing, among other factors, the following fundamental factors in the selection process:

• Management's stated business goals are reviewed for reasonableness and consistency.

• The ability to pay down debt with free cash flow.

• Profitability measures compared to similarly rated companies for return on equity, return on capital, and return on investment.

• Revenue and earnings growth, including margin trends in operating earnings.

• Various credit measures, including EBITDA, selling, general and administrative (SG&A) expenses, leverage, and interest coverage ratios, both absolute and trends.

• Disclosures of any off-balance-sheet items, in order to adjust the financial calculations listed above accordingly.

The Fund is actively managed, and the Fund's Sub-Adviser will not consider portfolio turnover a limiting factor in making investment decisions for the Fund. While the Fund does not pursue active or frequent turnover as a principal strategy, the nature of the portfolio frequently results in higher levels of portfolio turnover (in excess of 100% of the average value of its portfolio on an annualized basis) when the portfolio managers implement their strategy in certain economic and market conditions. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### Barrow Hanley US Value Opportunities Fund

#### Investment Objective:
The investment objective of the Fund is to outperform the Fund's benchmark over a full market cycle, typically five to seven years.

#### Principal Investment Strategies:
Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by "value companies" located in the United States.

The Fund invests primarily in a portfolio of equity securities issued by large, medium, and small capitalization U.S. companies and may also invest in RIETs, ADRs and IPOs.

The Fund will pursue a traditional value-oriented strategy by constructing portfolios of individual stocks, selected on a bottom-up basis. The portfolio managers utilize a variety of valuation metrics to assess a company, including, but not limited to, price to earnings ratio, price to book ratio, free cash flow yield, price to sales, and/or dividend yield. The Fund defines a "value company" as an issuer with one or more valuation metrics favorable to the S&P 500 Index aggregate for the same metric. In seeking to achieve its investment objective, the Fund follows a strategy based on an underlying philosophy that securities markets are inefficient and that these inefficiencies can be favorably exploited through adherence to a value-oriented investment process dedicated to individual stock selection on a bottom-up basis. The Fund does not attempt to time the market or rotate in and out of broad market sectors, as, Barrow Hanley believes it is difficult, if not impossible, to add incremental value on a consistent basis by market timing.

The Fund will generally stay fully invested with what Barrow Hanley believes is a defensive, conservative orientation based on Barrow Hanley's belief that above-average returns can be achieved while taking below average risks. Barrow Hanley implements this strategy by constructing portfolios of individual stocks that reflect value characteristics described above. Through a research-intensive process, Barrow Hanley's investment team seeks to identify large, medium, and small capitalization companies that are undervalued

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and temporarily out of favor for reasons that can be identified and understood and that have profitability and earnings growth greater than that of the S&P 500 Index. Under normal circumstances, the Fund invests primarily in large capitalization companies but has the flexibility to invest in companies of any capitalization that meet the Fund's investment criteria. The qualitative aspects of Barrow Hanley's investment analysis are designed to produce judgments regarding the prospects for a company's business. Barrow Hanley believes that the value of the underlying business, identified through its quantitative analysis, can be "unlocked" as the company's fundamentals improve and investor confidence is restored.

Barrow Hanley's investment team seeks to outperform the Fund's benchmark over a full market cycle. Full market cycles tend to vary in length and are generally longer than the Fund's typical holding period for portfolio securities (3-4 years). The strategy of emphasizing low price/book ratios as well as high dividend yields is intended to help achieve capital preservation in down markets. In periods of economic recovery and rising equity markets, this investment strategy seeks to achieve profitability and earnings growth rewarded by the expansion of price/ earnings ratios and the generation of excess returns.

Barrow Hanley ordinarily considers selling a security when any of the factors leading to its purchase materially changes or when a more attractive candidate is identified.

#### More Information about Investment Strategies Related to the Funds
The investment objective of each Fund is not a fundamental policy and may be changed by the Board without shareholder approval. In addition to the investments and strategies described in this prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies, and engage in other investment practices that are not part of its principal investment strategy. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information ("SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that the Funds will achieve their investment goals.

The investments and strategies described in this prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or in the event of sizeable cash flows into or out of a Fund, each Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective or its other investment policies. If a Fund invests in this manner, it may not achieve its investment objective.

In addition to its principal investment strategies, a Fund may use the investment strategies described below. A Fund may also employ investment practices that this prospectus does not describe, such as participating in repurchase agreements, when-issued and forward commitment transactions, lending of securities, borrowing and other techniques. For more information concerning these and the Funds' other investment practices and their risks, you should read the SAI.

**Bank Loan Obligations.** <u>A Fund may invest in fixed and floating rate loans ("Loans"). Loans may include senior floating rate loans and secured and unsecured</u> <u>loans, second lien or more junior loans and bridge loans or bridge facilities. Loans are typically arranged through private negotiations</u> <u>between borrowers in the U.S. or in foreign or emerging markets which may be corporate issuers or issuers of sovereign debt obligations</u> <u>("Borrowers") and one or more financial institutions and other lenders. Generally, a Fund invests in Loans by purchasing assignments of</u> <u>all or a portion of Loans or Loan participations from third parties.</u>

<u>A Loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or</u> <u>other financial institution (the "Agent") for a group of Loan investors. The Agent typically administers and enforces the Loan on behalf</u> <u>of the other Loan investors in the syndicate. The Agent's duties may include responsibility for the collection of principal and interest</u> <u>payments from the Borrower and the apportionment of these payments to the credit of all Loan investors. The Agent is also typically</u> <u>responsible for monitoring compliance with the covenants contained in the Loan agreement based upon reports prepared by the Borrower.</u> <u>In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Loan investors. In the event of a default</u> <u>by the Borrower, it is possible, though unlikely, that a Fund could receive a portion of the borrower's collateral. If a Fund receives collateral</u> <u>other than cash, any proceeds received from liquidation of such collateral will be available for investment as part of the Fund's portfolio.</u>

<u>Unfunded loan commitments are contractual obligations pursuant to which a Fund agrees to invest in a Loan at a future date. Typically, a</u> <u>Fund receives a commitment fee for entering into the unfunded commitment.</u>

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**Temporary Defensive Strategies**. The Funds seek to remain fully invested in accordance with their respective investment objectives. However, in an attempt to respond to adverse market, economic, political, or other conditions, a Fund may take a temporary defensive position that is inconsistent with its principal investment strategies. These defensive positions may include investments in cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. Taking a temporary defensive position could prevent a Fund from achieving its investment objective.

**Name Policy.** Each Fund has a policy to invest, under normal circumstances, at least 80% of the value of its "assets" in certain types of investments suggested by its name (the "80% Policy"). Each Fund's 80% Policy is set forth in the SAI, as applicable. Additional detail regarding the implementation of the policy is included in the "Fund Summary" section of this prospectus. A Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when a Fund no longer meets its 80% Policy requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, it would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy. A Fund's 80% Policy is non-fundamental and can be changed by the Fund's Board of Trustees without shareholder approval. A Fund will provide shareholders with at least 60 days' prior notice of any changes to the Fund's 80% Policy.

**Location of Issuers**. A number of the Funds' policies are determined by reference to whether an issuer is "located in" a particular country or group of countries or whether the issuer is located outside the U.S. more generally. Being "located in" a particular country reflects a judgment that an issuer is economically tied to that country, and in determining where an issuer is located for these purposes the Adviser will consider a number of factors, including but not limited to:

• the markets in which the issuer's securities are principally traded;

• where the issuer's headquarters, principal offices, or operations are located;

• where the issuer is organized; and

• the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country.

No single factor will necessarily be determinative nor must all factors be present for the Adviser to determine where an issuer is located. The Adviser may weigh these factors differently with respect to different geographic policies, different countries or different series of Perpetual Americas Funds Trust (the "Trust"). The categorization of location of issuer for compliance testing purposes with respect to the Funds may differ from how other or different portfolio managers, investment professionals, or third parties assign the location of individual issuers.

**Line of Credit and Borrowings**. The Trust, on behalf of certain of the Funds, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes.

The Credit Agreement permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed (requires the lender to advance money to the borrower when requested) and $100 million of which is uncommitted (includes no obligation by the lender to loan funds when requested by the borrower) at any time outstanding, subject to asset coverage and other limitations as specified in the Credit Agreement. Borrowing results in interest expense and other fees and expenses that may impact the Funds' expenses, including any net expense ratios. The costs of borrowing may reduce the total returns for a Fund. The Credit Agreement also imposes an ongoing commitment fee on undrawn committed amounts under the credit facility, which is allocated to between the Funds, and, within each Fund, to each share class, on a pro rata basis, based on such Fund's (or such share classes, as appropriate) average daily net asset value.

**Cash-Sweep Program.** The Funds may invest in a cash-sweep program administered by the Northern Trust Company, the Funds' Administrator, through which a Fund's cash holdings are placed in the Northern Institutional Funds Treasury Portfolio (the "Cash Sweep Portfolio") a money market fund pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended (the "1940 Act"). All sweep vehicles, whether or not registered under the 1940 Act, carry certain risks. For example, money market fund sweep vehicles, such as the Cash Sweep Portfolio, are subject to market risks and are not subject to FDIC protection. As a shareholder of the Cash Sweep Portfolio, a Fund would bear, along with other shareholders, its pro rata portion of the Cash Sweep Portfolio's expenses, including any advisory and administrative fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

**Emerging Markets.** A number of Funds invest in companies located in emerging markets as part of their principal investment strategies. Unless otherwise stated in a Fund's principal investment strategy, the Funds define emerging markets countries as those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income

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economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.

**Performance Comparisons to International Indexes.** A Fund may compare its performance to one or more non-U.S. indexes prepared by MSCI. According to public disclosure made available by MSCI, the performance returns of such MSCI indexes are calculated net of foreign withholding taxes. Accordingly, performance information of such indexes presented in this prospectus reflects the net effect of foreign withholding tax.

**Seed Capital Investments into the Funds.** From time to time, the Adviser and/or its affiliates may invest "seed capital" in a Fund. These investments are generally intended to enable a Fund or a share class of the Fund to commence investment operations and/or achieve sufficient scale to implement the Fund's principal investment strategy. The Adviser and/or its affiliates are under no obligation to maintain any particular level of seed capital investments in a Fund, and they can redeem their investments at any time and without prior notice. As with redemptions by other large shareholders, redemptions of seed capital could have a significant negative impact on a Fund, including on the liquidity of the Fund's investment portfolio and the net asset value ("NAV") of the Fund shares. The form of a seed investor's contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of a Fund.

When the Adviser or an affiliate provides "seed capital" or other capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time or when it deems that sufficient additional capital has been invested in that Fund. The timing of a redemption of seed capital could benefit the seed investor and create a conflict for the Adviser if the seed investor's interests diverge from those of a Fund. For example, the seed investor may choose to redeem its shares at a time when a Fund's portfolio is more liquid than at times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including redemption activity by a seed investor, is that investors remaining in a Fund will bear a proportionately higher share of Fund expenses following the redemption.

The Adviser and/or its affiliates may vote proxies (and have voted proxies in the past) for the shares they have received in exchange for seed capital. If seed capital investments account for a significant portion of a Fund's outstanding shares, the Adviser and/or its affiliates may have the ability to determine the outcome of any matter affecting and voted on by shareholders of the Fund.

#### Summary of Principal and Non-Principal Risks
This section describes the principal risks and some related risks of investing in the Funds, listed in alphabetical order, but it does not describe every possible risk of investing in a Fund. Any investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. The significance of any specific risk to an investment in a Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. Your investment in a Fund may be subject (in varying degrees) to the following risks discussed below. Each Fund may be more susceptible to some of the risks than others and not all risks will be applicable to all Funds. You should read all of the risk information for your Fund presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Asset Allocation Risk**. The risk that if a Fund's strategy for allocating assets among different asset classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, variable interest entities ("VIEs") risks, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks. U.S. or non-U.S. government sanctions or other government's interventions could preclude a Fund from making certain investments in China or result in a Fund selling investments in China at disadvantageous times or prices. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

Additionally, in China, U.S. ownership of Chinese companies in certain sectors (including by U.S. persons and entities, inclusive of U.S. mutual funds) is prohibited. In order to facilitate non-U.S. investment, many Chinese companies have created VIEs that allow non-U.S. investors, through the use of contractual arrangements, to both exert a degree of control and to obtain substantially all of the economic benefits arising from a company without formal legal ownership. In 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. However, the Chinese government has not approved VIE structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related Chinese operating companies. If the Chinese companies (or their officers, directors, or Chinese equity holders) breached their contracts or if Chinese officials and/or regulators withdraw any acceptance of the VIE structure or if new laws, rules or regulations relating to VIE structures are adopted U.S. investors could suffer substantial, detrimental, and possibly permanent effects with little or no recourse available. VIE structures do not offer the same level of investor protections as direct ownership. Investors may experience significant losses if VIE structures are altered or disputes emerge over control of the VIE.

**CLO Risk.** Collateralized loan obligations ("CLOs") issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche and the type of the underlying debts and loans in the tranche. Investments in subordinate tranches may carry greater risk. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. Because the underlying assets in CLOs are loans,

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in the event an underlying loan is subject to liquidity risks such as the risk of extended settlement, investments in the corresponding CLOs may be indirectly subject to the same risks.

**Commercial Paper Risk.** Commercial paper is a short-term obligation with a maturity generally ranging from one to 270 days and is issued by U.S. or foreign companies or other entities in order to finance their current operations. Such investments are unsecured and usually discounted from their value at maturity. The value of commercial paper may be affected by changes in the credit rating or financial condition of the issuing entities and will tend to fall when interest rates rise and rise when interest rates fall. Asset-backed commercial paper may be issued by structured investment vehicles or other conduits that are organized to issue the commercial paper and to purchase trade receivables or other financial assets. The repayment of asset-backed commercial paper depends primarily on the cash collections received from such an issuer's underlying asset portfolio and the issuer's ability to issue new asset-backed commercial paper.

**Convertible Securities Risk.** Convertible securities subject a Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause a Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Credit Risk.** Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, a Fund may nonetheless continue to hold the security in the discretion of Barrow Hanley. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

**Currency Risk.** A significant portion of a Fund's assets may be denominated in non-U.S. currencies. There is the risk that the value of such assets and/ or the value of any distributions from such assets may decrease if the currency in which such assets are priced or in which they make distributions falls in relation to the value of the U.S. dollar. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. A Fund is not required to hedge its non-U.S. currency risk, although it may do so through non-U.S. currency exchange contracts and other methods. Therefore, to the extent a Fund does not hedge its non-U.S. currency risk, or the hedges are ineffective, the value of a Fund's assets and income could be adversely affected by currency exchange rate movements. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Cybersecurity Risk.** The computer systems, networks, and devices used by a Fund and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by a Fund and its service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds' business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its NAV; impediments to trading; the inability of the Funds,

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Barrow Hanley and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. Any problems relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on a Fund or its investors. Furthermore, as a Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Funds' shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Funds and the Funds' service providers to plan for, or respond to, a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

**Depositary Receipts.** Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Some Funds may also invest in certain depositary receipts without voting rights, for example, Thai non-voting depositary receipts ("NVDRs"). NVDRs are similar to other depositary receipts except that they do not allow the holder to participate in company decision making through voting. See Investment Strategies and Risks – Depositary Receipts in the Funds' Statement of Additional Information ("SAI") for additional information.

**Emerging Markets Risk.** Investing in emerging market securities magnifies the risks inherent in non-U.S. investments. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, tariffs and other sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Geopolitical events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established healthcare systems. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls, impacts of bilateral trade disputes and investment restrictions that are subject to political change and balance of payments position. Issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards.

Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the United States. Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the transportation and custody of such securities. Low trading volumes and volatile

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prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation.

A sub-set of emerging markets, frontier markets, are less developed than other emerging markets and are the most speculative. They have the least number of investors and may not have a stock market on which to trade. Most frontier markets consist chiefly of stocks of financial, telecommunications, and consumer companies that count on monthly payments from customers. Investments in this sector are typically illiquid, nontransparent, and subject to very low levels of regulation and high transaction fees. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Frontier market investments may be subject to substantial political and currency risk. The risk of investing in frontier markets can be increased due to government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by frontier market countries or their trading partners; and the relatively new and unsettled securities laws in many frontier market countries. These risks can result in the potential for extreme price volatility.

**Equity-Linked Instruments Risk.** There is a risk that, in addition to market risk and other risks of the referenced equity security, a Fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject a Fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of a Fund's investment.

**Equity Securities Risk.** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include both direct and indirect investments in such ownership interests, such as public and privately issued equity securities and common and preferred stocks, warrants and rights to subscribe to common stock or other equity securities, convertible securities, and derivative instruments that are expected or intended to track the price movement of equity indices. Different types of equity securities (including different types of instruments that provide direct or indirect exposure to ownership interests in issuers) provide different voting and dividend rights and priority in the event of a bankruptcy and/or insolvency of the issuer. In general, investments in equity securities and equity derivatives are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause a Fund's net asset value to fluctuate. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically 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. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ESG Factor Risk.** To the extent portfolio managers of a Fund incorporate environmental, social and/or governance considerations ("ESG factors") into their investment process, the Fund will be subject to risks associated with the relevant ESG factors.

Environmental performance criteria rate a company's management of its environmental challenges, including its effort to reduce or offset the impacts of its products and operations. Social criteria measure how well a company manages its impact on the communities where it operates, including its treatment of local populations, its handling of human rights issues, its record regarding labor-management relations, anti-discrimination policies and practices, employee safety and the quality and safety record of a company's products, its marketing practices and any involvement in regulatory or anti-competitive controversies. Governance criteria address a company's investor relations and management practices, including company sustainability reporting, board accountability and business ethics policies and practices.

In general, use of ESG factors in the securities selection process will affect a Fund's exposure to certain issuers, industries, sectors, regions, and countries; may lead to a smaller universe of investments than other funds that do not incorporate ESG factor analysis; and may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG factors are incorporated and whether such investments are in or out of favor. Successful incorporation of ESG factors into a Fund's overall investment strategy will depend on its portfolio managers' ability to identify and analyze financially material ESG issues, and there can be no assurance that the strategy or techniques employed will be successful.

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**Euro- and Eurozone-Related Risk.** To the extent a Fund invests in investments located in Europe, it may be subject to risks not typically associated with investments in the United States. A majority of western European countries and a number of eastern European countries are members of the European Union, an intergovernmental union aimed at developing economic and political coordination and cooperation among its member states. European countries that are members of the Economic and Monetary Union of the European Union ("EMU") are subject to restrictions on inflation rates, interest rates, deficits, and debt levels. The EMU sets out different stages and commitments for member states to follow in an effort to achieve greater coordination of economic, fiscal, and monetary policies. As a condition to adopting the euro, EMU member states must also relinquish control of their monetary policies to the European Central Bank and become subject to certain monetary and fiscal controls imposed by the EMU. These controls remove EMU member states' flexibility in implementing monetary policy measures to address regional economic conditions, which may impair their ability to respond to crises. A number of countries in the European Union have experienced, and may continue to experience, severe economic and financial difficulties. Additional European Union member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of a Fund's investments in euro-denominated securities and derivatives contracts, as well as securities of issuers located in the European Union or with significant exposure to European Union issuers or countries, to the extent a Fund invests in such securities.

In 2020, the UK left the EU (commonly known as "Brexit"). The full extent of the political, economic and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies and the broader economy could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

**Fixed Income Risk.** Some Funds may invest in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of a Fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of a Fund's investments decreases. Fixed income securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, changes in the value of fixed income securities will not affect cash income generated, but may affect the value of your investment.

**Floating Rate Securities Risk.** A Fund may invest in obligations with interest rates that are reset periodically. Although floating rate securities are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain floating rate instruments have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the "reference rate"). If the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the obligation, and the Fund may not benefit from increasing interest rates for a significant amount of time. Floating rate securities are issued by a wide variety of issuers and may be issued for a wide variety of purposes, including as a method of reconstructing cash flows. Issuers of floating rate securities may include, but are not limited to, financial companies, merchandising entities, bank holding companies, and other entities. In addition to the risks associated with the floating nature of interest payments, investors remain exposed to other underlying risks associated with the issuer of the floating rate security, such as credit risk.

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**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**Geographic Focus Risk.** From time to time a Fund's investment may be focused in a particular geographic region. The value of the investments of a Fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political, and other developments affecting the fiscal stability of that location, and conditions that negatively impact that location will have a greater impact on the Fund as compared with a fund that does not have its holdings similarly focused. Events negatively affecting such location are therefore likely to cause the value of a Fund's shares to decrease, perhaps significantly.

**High Yield ("Junk Bond") Investments Risk.** Some Funds may invest in high yield securities, also known as "junk bonds," which have a higher risk of issuer default or may be in default. The securities are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. In particular, lower-rated high yield securities (CCC or below) are subject to a greater degree of credit risk than higher-rated high yield bonds. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high yield bond holders, leaving few or no assets available to repay high yield bond holders. A characteristic of the high yield bond is the issuance of securities under Rule 144A, many with registration rights. Some Funds may invest in high yield securities issued under Rule 144A, with or without registration rights.

**Inflation Protected Securities Risk.** The value of inflation protected securities, generally will fluctuate in response to changes in "real" interest rates. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. The value of an inflation protected security generally decreases when real interest rates rise and generally increases when real interest rates fall. In addition, the principal value of an inflation protected security is periodically adjusted up or down along with the rate of inflation. If the measure of inflation falls, the principal value of the inflation protected security will be adjusted downwards, and consequently, the interest payable on the security will be reduced.

**Interest Rate Risk.** When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund. Your investment will decline in value if the value of the Fund's investments decreases. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Investment Company Risk.** If a Fund invests in shares of another investment company, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which a Fund invests in addition to the Fund's direct fees and expenses. A Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount, and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in a Fund.

**IPO Risk.** A Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Key Person Risk.** Key person risk is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at Barrow Hanley, which can result in decreased investment

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results if these "key" persons become unable to apply their full attention to the management of a Fund's investments for health or other reasons.

**Large Transactions Risk.** A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively purchase or redeem large amounts of shares of the Fund ("large shareholder transactions"). Such larger than normal redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large shareholder transactions may also result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, and may also increase transaction costs. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged investment plans. To the extent that such transactions result in short-term capital gains, such gains when distributed by the Fund will generally be taxed at the ordinary income tax rate for individual shareholders who hold Fund shares in a taxable account. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. A number of circumstances may cause the Fund to experience large redemptions, including, but not limited to, the occurrence of significant events affecting investor demand for securities or asset classes in which the Fund invests; changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel. Although large shareholder transactions may be more frequent under certain circumstances, a Fund is generally subject to the risk that shareholders can purchase or redeem a significant percentage of Fund shares at any time.

**Liquidity Risk.** A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Trading opportunities are also more limited for securities and other instruments that are not widely held or are traded in less developed markets. These factors may make it more difficult to sell or buy a security at a favorable price or time. Consequently, a Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund's performance. Illiquid investments may also be more difficult to value.

Liquidity risk may be amplified during times of financial or political stress, or, for example, in situations where foreign countries close their securities markets for extended periods of time due to scheduled holidays, such as the week-long closure of Chinese securities markets that occurs annually in October. Increased Fund redemption activity also may increase liquidity risk due to the need of the Fund to sell portfolio investments and may negatively impact Fund performance.

**Loan-Related Investments Risk.** In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans.

**Management Risk**. Barrow Hanley's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, data and systems imperfections, the complex nature of designing and implementing portfolio construction systems or quantitative processes, and/or the outlook on market trends and opportunities.

**Management and Quantitative Screening Risk.** Barrow Hanley's use of a systematic quantitative screening process for certain Funds and judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the

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selection of investments, portfolio construction, risk assessments, data and systems imperfections, the complex nature of designing and implementing portfolio construction systems or quantitative processes, and/or the outlook on market trends and opportunities. Because Barrow Hanley relies, in part, on a systematic, quantitative screening process in selecting securities for certain Funds, each such Fund is subject to the additional risk that Barrow Hanley's judgments regarding the investment criteria underlying the screening process may prove to be incorrect.

**Market Risk.** The market value of a Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic, and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of a Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. The Funds are subject to the risk that geopolitical events will adversely affect global economies and markets. War and other military operations, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets.

**Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage-backed securities are fixed income securities representing an interest in a pool of underlying mortgage loans. Mortgage-backed securities are sensitive to changes in interest rates, but may respond to these changes differently from other fixed income securities due to the possibility of prepayment of the underlying mortgage loans. As a result, it may not be possible to determine in advance the actual maturity date or average life of a mortgage-backed security. Rising interest rates tend to discourage re-financings, with the result that the average life and volatility of the security will increase, exacerbating its decrease in market price. When interest rates fall, however, mortgage-backed securities may not gain as much in market value because of the expectation of additional mortgage prepayments, which must be reinvested at lower interest rates.

Asset-backed securities are securities backed by non-mortgage assets such as company receivables, truck and auto loans, leases and credit card receivables. Asset-backed securities may be issued as pass-through certificates, which represent undivided fractional ownership interests in the underlying pools of assets. Therefore, repayment depends largely on the cash flows generated by the assets backing the securities. Asset-backed securities entail prepayment risk, which may vary depending on the type of asset, but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed securities present credit risks that are not presented by mortgage-backed securities because asset-backed securities generally do not have the benefit of a security interest in collateral that is comparable in quality to mortgage assets. If the issuer of an asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, a Fund will be unable to possess and sell the underlying collateral and that the Fund's recoveries on repossessed collateral may not be available to support payments on the security. In the event of a default, a Fund may suffer a loss if it cannot sell collateral quickly and receive the amount it is owed.

**Municipal Securities Risk.** Municipal securities are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from U.S. federal income tax.

Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds.

Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events were to occur, the value of the security could decrease or the value could be lost

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entirely, and it may be difficult or impossible for the Fund to sell the security at the time and the price that normally prevails in the market. Interest on municipal obligations, while generally exempt from U.S. federal income tax, may not be exempt from U.S. federal alternative minimum tax.

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

**Non-U.S. Securities Risk.** Non-U.S. securities risk is the risk associated with investments in issuers located in non-U.S. countries. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these non-U.S. markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

Other risks associated with investing in non-U.S. securities include, among other things, imposition of exchange control regulation by the U.S. or non-U.S. governments, U.S. and non-U.S. withholding or other taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in non-U.S. nations. There may be less publicly available information about certain non-U.S. companies than would be the case for comparable companies in the U.S. and certain non-U.S. companies may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain non-U.S. countries. Investors in non-U.S. countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against non-U.S. issuers or non-U.S. persons is limited. Many countries, including developed nations and emerging markets, are faced with concerns about high government debt levels, credit rating downgrades, increased disruption of international trade, possible government debt restructuring and related issues, all of which may cause the value of a Fund's non-U.S. investments to decline. Nationalization, expropriation, confiscatory taxation, currency blockage, the imposition of sanctions by other countries (such as the United States), capital controls, political changes or diplomatic developments may also cause the value of a Fund's non-U.S. investments to decline. When imposed, non-U.S. withholding or other taxes reduce a Fund's return on non-U.S. securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire non-U.S. investment. These risks also apply to securities of non-U.S. issuers traded in the United States or through depositary receipt programs such as American Depositary Receipts. In certain cases, depositary receipts may also be issued through programs in local markets, such as Thai NVDRs. See Summary of Principal and Non-Principal Risks – Depositary Receipts in this Prospectus for additional information. To the extent a Fund invests a significant portion of its assets in a specific geographic region, the Fund may have more exposure to regional political, economic, environmental, credit/counterparty and information risks. In addition, non-U.S. securities may be subject to increased credit/counterparty risk because of the potential difficulties of requiring non-U.S. entities to honor their contractual commitments.

**Participatory Notes Risk.** Participatory notes are equity access products structured as debt obligations issued by banks or broker-dealers that are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions. The performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve the same risks associated with a direct investment in the shares of the companies the notes seek to replicate. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the

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notes will not fulfill its contractual obligation to complete the transaction with a Fund. Some participatory notes may be considered illiquid and, therefore, will be subject to a Fund's percentage limitation for investments in illiquid securities. The Funds may take long or short positions in participatory notes.

**Portfolio Turnover Risk.** A Fund may sell its portfolio securities, regardless of the length of time that they have been held, if Barrow Hanley determines that it would be in the Fund's best interest to do so. It may be appropriate to buy or sell portfolio securities due to economic, market, or other factors that are not within Barrow Hanley's control. These transactions will increase a Fund's "portfolio turnover." A 100% portfolio turnover rate would occur if all of the securities in a Fund were replaced during the annual measurement period. High turnover rates generally result in higher brokerage costs to a Fund, may result in higher amounts of taxable distributions to shareholders each year and higher effective tax rates on those distribution amounts, and may reduce the Fund's returns.

**Preferred Stock Risk.** A Fund may invest in preferred stock. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of a Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**REIT Risk.** REITs are subject to certain other risks related to their structure and focus. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Small-Cap and Mid-Cap Company Risk.** Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon a relatively small management group. These companies may experience higher growth rates and higher interest rates than larger capitalization companies. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. Small cap securities may be traded over the counter or listed on an exchange and it may be harder to sell the smallest capitalization company stocks, which can reduce their selling prices. Smaller capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have a floating interest rate.

**Stock Connect Investing Risk.** Trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns. For example, trading through Stock Connect is subject to daily quotas that limit the maximum daily net purchases on any particular day, which may restrict or preclude the Fund's ability to invest in China A Shares through Stock Connect. In addition, investments made through Stock Connect are subject to trading, clearance and settlement procedures that are relatively untested, which could pose risks to a Fund. Moreover, China A Shares purchased through Stock Connect generally may not be sold, purchased or otherwise transferred other than through Stock Connect in accordance with applicable rules. A primary feature of Stock Connect is the application of the home market's laws and rules applicable to investors in China A Shares. Therefore, a Fund's investments in China A Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in China A Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect will only operate on days when both the China and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. There may be occasions when a Fund may be subject to the risk of price fluctuations of China A Shares during the time when Stock Connect is not trading. Stock Connect is a relatively new program. Further developments are likely and there can be no assurance as to the program's continued existence or whether future developments regarding the program may restrict or adversely affect a Fund's investments or returns. In addition, the application and interpretation of the laws and regulations of Hong Kong and China, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of Stock Connect are uncertain, and they may have a detrimental effect on the Fund's investments and returns.

**Structured Notes Risk.** Structured notes are debt obligations issued by industrial corporations, financial institutions or governmental or international agencies that obligate the issuer to pay amounts of principal or interest that are determined by reference to changes in some external factor or factors, or may vary from the stated rate because of changes in these factors. Investment in

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structured notes involves certain risks, including the risk that the issuer may be unable or unwilling to satisfy its obligations to pay principal or interest, which is separate from the risk that the note's reference instruments may move in a manner that is disadvantageous to the holder of the note. Structured notes, which are often illiquid, are also subject to additional risk such as market risk, liquidity risk and interest rate risk. The terms of certain structured notes may provide that a decline in the reference instrument may result in the interest rate or principal amount being reduced to zero. Structured notes may be more volatile than the underlying reference instruments or traditional debt instruments. In addition, structured notes may charge fees and administrative expenses.

A credit-linked note is a type of structured note whose value is linked to an underlying reference asset. Credit-linked notes typically provide periodic payments of interest as well as payment of principal upon maturity, the value of which is tied to the underlying reference asset. Like structured notes generally, investments in credit-linked notes are subject to the risk of loss of the principal investment and/ or periodic interest payments expected to be received from an investment in a credit-linked note in the event that one or more of the underlying obligations of a note default or otherwise become non-performing. To the extent the Fund invests in a credit-linked note that represents an interest in a single issuer or limited number of issuers, a credit event with respect to that issuer or limited number of issuers presents a greater risk of loss to the Fund than if the credit-linked note represented an interest in underlying obligations of multiple issuers.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Although Barrow Hanley seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. Barrow Hanley's exclusion of certain investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such investments are performing well. Because Barrow Hanley evaluates ESG metrics when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG metrics. ESG metrics may prioritize long term rather than short term returns. There is a risk that the information that Barrow Hanley uses in evaluating an issuer may be incomplete, inaccurate or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, Barrow Hanley's assessment of whether an issuer fits within its sustainability criteria is made at the time of purchase and as a result, there is a risk that the issuers identified by Barrow Hanley will not operate as anticipated and will no longer fit within Barrow Hanley's sustainability criteria. Further, the regulatory landscape with respect to sustainable investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process with respect to sustainable investing.

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

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

**Withholding Tax Reclaims Risk.** A Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in such Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value. Shareholders in a Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously accrued, shareholders in such Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's net asset value.

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#### Portfolio Holdings Disclosure
A description of the Funds' policies and procedures with respect to the disclosure of the portfolio holdings is available in the SAI.

#### MANAGEMENT OF THE FUNDS

#### Barrow, Hanley, Mewhinney & Strauss, LLC
Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley") is located at 2200 Ross Avenue, 31<sup>st</sup> Floor, Dallas, TX 75201, and serves, subject to supervision by the Board and the Fund's investment adviser<sup>1</sup>, as the sub-adviser for the Funds. Barrow Hanley, a Delaware limited liability company, is registered as an investment adviser with the SEC and was founded in 1979. Barrow Hanley manages and supervises the investment of the Funds' assets on a discretionary basis, subject to oversight by the Board. Barrow Hanley is an indirect wholly owned subsidiary of Perpetual Limited (Perpetual Group) (ASX: PPT), a global financial services firm operating a multi-boutique asset management business. As of September 30, 2025, Barrow Hanley had approximately $59.1 billion in assets under management. As compensation for its services, the Adviser pays to Barrow Hanley a monthly base fee for its services, subject to any applicable reduction as described further in the Sub-Advisory Agreement and the SAI.

#### Fund Expense Limitation and Recoupment Arrangements
The Adviser has contractually agreed to waive fees and reimburse expenses of each Fund to the extent that total annual operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies<sup>2</sup>, and extraordinary expenses) exceed the limits listed in the table below until February 1, 2027. Generally, if it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Funds' investment advisory agreement (the "Investment Advisory Agreement").

Pursuant to a Fund-of-Funds Fee Waiver and Expense Limitation Agreement, the Adviser further has agreed contractually to waive its investment advisory fee payable by the Barrow Hanley Credit Opportunities Fund in the amount of the investment advisory fee the Adviser receives attributable to the assets of the Barrow Hanley Credit Opportunities Fund invested in the Barrow Hanley Floating Rate Fund until February 1, 2027.

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| | | |
|:---|:---|:---|
| Fund Name | Class of Shares | Maximum<br>Operating<br>Expense Limit<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Institutional Shares | 104bps |
|  | Advisor Shares | 114bps |
|  | Investor Shares | 129bps |
|  | Class Z Shares | 104bps |
| &nbsp;&nbsp;&nbsp;Barrow Hanley Credit Opportunities Fund | Institutional Shares | 77bps |
|  | Advisor Shares | 87bps |
|  | Investor Shares | 102bps |
|  | Class Z Shares | 77bps |
| &nbsp;&nbsp;&nbsp;Barrow Hanley Emerging Markets Value Fund | Institutional Shares | 98bps |
|  | Advisor Shares | 108bps |
|  | Investor Shares | 123bps |
|  | Class Z Shares | 98bps |
| &nbsp;&nbsp;&nbsp;Barrow Hanley Floating Rate Fund | Institutional Shares | 59bps |
|  | Advisor Shares | 69bps |
|  | Investor Shares | 84bps |
|  | Class Z Shares | 59bps |
| &nbsp;&nbsp;&nbsp;Barrow Hanley International Value Fund | Institutional Shares | 85bps |
|  | Advisor Shares | 95bps |
|  | Investor Shares | 110bps |
|  | Class Z Shares | 85bps |
| &nbsp;&nbsp;&nbsp;Barrow Hanley Total Return Bond Fund | Institutional Shares | 35bps |
|  | Advisor Shares | 45bps |
|  | Investor Shares | 60bps |
|  | Class Z Shares | 35bps |
| &nbsp;&nbsp;&nbsp;Barrow Hanley US Value Opportunities Fund | Institutional Shares | 70bps |
|  | Advisor Shares | 80bps |
|  | Investor Shares | 95bps |
|  | Class Z Shares | 70bps |

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<sup>1</sup> Expressed as a percentage of each Fund's respective average daily net assets.

The Third Amended and Restated Expense Limitation Agreement dated June 13, 2024 between the Adviser and the Trust references a previous investment advisory agreement between each of the predecessor funds to which the Funds now serve as accounting successors (for purposes of this paragraph, the "Predecessor Funds"), and Perpetual US Services, LLC, doing business as PGIA ("Perpetual-PGIA"), who served as the investment adviser to the Predecessor Funds, pursuant to which Perpetual-PGIA agreed to waive fees and reimburse expenses to the extent necessary to limit the total operating expenses of each Predecessor Fund (excluding interest, taxes, brokerage commissions and other costs and expenses relating to the securities that are purchased and sold by the Predecessor Funds, shareholder servicing fees, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles and other non-routine expenses, such as litigation (collectively, "excluded expenses")). To the extent that Perpetual-PGIA waived the investment advisory fees and/or reimbursed each Predecessor Fund for such other ordinary expenses, the Adviser, on behalf of Perpetual-PGIA, may seek reimbursement of a portion or all such amounts from the Fund into which each such Predecessor Fund merged, at any time within three fiscal years after the fiscal year in which such amounts were waived or reimbursed. Any such recoupment may not cause a Fund's ordinary operating expenses to exceed the expense limitation that was in place with respect to the Predecessor Fund when the fees were waived or expenses reimbursed. The Adviser will generally seek recoupment only in accordance with the terms of any expense limitation that is in place with respect to a Fund at the time of recoupment.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services (the "Adviser"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

<sup>2</sup> Other than for the Barrow Hanley Credit Opportunities Fund with respect to its investments in the Barrow Hanley Floating Rate Fund.

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As of September 30, 2025, the following Funds are subject to recoupment by the Adviser of fees previously waived or reimbursed by the Adviser or by Perpetual-PGIA, as applicable:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Total Amount<br>Available for<br>Recoupment** | **Amount of<br>Recoupment**<br>**expiring on<br>September 30,**<br>**2028** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2027** | **Amount of<br>Recoupment<br>expiring on<br>October 31,<br>2026** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | $417085 | $115907 | $117950 | $183228 |
|  Barrow Hanley Credit Opportunities Fund | $476683 | $28552 | $143221 | $304910 |
|  Barrow Hanley Emerging Markets Value Fund | $377204 | $95528 | $131478 | $150198 |
|  Barrow Hanley Floating Rate Fund | $706320 | $93813 | $170215 | $442292 |
|  Barrow Hanley International Value Fund | $428950 | $88873 | $166780 | $173297 |
|  Barrow Hanley Total Return Bond Fund | $1103756 | $297298 | $454830 | $351628 |
|  Barrow Hanley US Value Opportunities Fund | $434292 | $76196 | $138319 | $219777 |

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#### Portfolio Management
The Funds are managed using a team-based approach. Each of the Funds is managed jointly and primarily by one or more investment professionals and may be supported by analysts. The members of the Funds' management teams, and the name of the Fund for which each team member is responsible, are listed below. Each individual listed below is primarily responsible for the day-to-day management of the respective Fund's portfolio.

#### Randolph Wrighton, Jr., CFA

#### Portfolio Manager and Analyst
*Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund* 

*Barrow Hanley Emerging Markets Value Fund* 

*Barrow Hanley International Value Fund* 

Randolph Wrighton, Jr., CFA, Senior Managing Director, Head of International Equities, Equity Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley Emerging Markets Value Fund and the Barrow Hanley International Value Fund. Mr. Wrighton joined Barrow Hanley in 2005. Prior to Barrow Hanley, he worked as an associate at Deutsche Bank Securities and as an intern analyst for both UTIMCO and New York based Perry Capital Management. He also served as a Captain in the U.S. Marine Corps from 1996-2000. Mr. Wrighton began his investment career at Barrow Hanley as a research analyst covering the Industrials, Energy, and Technology sectors. In 2006, Mr. Wrighton helped to lead the firm's expansion into Non-U.S., Global and Emerging Market investment products. He is a member of the CFA Society of Dallas-Fort Worth. Mr. Wrighton holds an MBA from the University of Texas and a BA in Economics from Vanderbilt University.

#### Sherry Zhang, CFA

#### Portfolio Manager and Analyst
*Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund* 

*Barrow Hanley Emerging Markets Value Fund* 

Sherry Zhang, CFA, Managing Director, Equity Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund and Barrow Hanley Emerging Markets Value Fund. Ms. Zhang joined Barrow Hanley in 2013 from Matthews Asia, where she was responsible for the analysis and recommendation of Asian stocks across numerous economic sectors. Ms. Zhang's investment career includes analyst roles at Q Investments, ARC Communication, and Exxon Mobil Corporation. Her tenure at Q Investments included a two-year residency in China, where she gained firsthand experience overseeing operating companies located in emerging market economies. Ms. Zhang received her BBA in Finance, cum laude, as well as her MBA, from Baylor University.

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#### David Feygenson

#### Portfolio Manager and Analyst
*Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund* 

*Barrow Hanley Emerging Markets Value Fund* 

David Feygenson, Managing Director, Equity Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund and Barrow Hanley Emerging Markets Value Fund. Mr. Feygenson joined Barrow Hanley in 2017 from VanEck Global, where he was a senior analyst, covering emerging market equities. Prior to joining VanEck, Mr. Feygenson served as a portfolio manager/senior analyst at Mirae Asset Global Investments, one of South Korea's largest asset managers. His career also includes a research position on the emerging markets team at Wellington Management Company. Mr. Feygenson earned a BS in Economics, magna cum laude, from the Wharton School of the University of Pennsylvania and an MSc in Finance and Economics from the London School of Economics.

#### Deborah Petruzzelli

#### Portfolio Manager and Analyst
*Barrow Hanley Total Return Bond Fund* 

Deborah Petruzzelli, Managing Director, Fixed Income Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Total Return Bond Fund. Ms. Petruzzelli joined Barrow Hanley in 2003. She serves as Barrow Hanley's structured securities portfolio manager for mortgage-backed, asset-backed, and commercial mortgage-backed securities. She is also an analyst for structured securities. During her investment career, Ms. Petruzzelli has served as managing director/senior portfolio manager for Victory Capital Management, Inc., where she was responsible for the management of ABS, CMBS, and whole-loan sectors for all client portfolios. She also had an active role in that firm's development of a core plus strategy, leveraging the firm's convertible equity management strengths. Prior to joining Victory, Ms. Petruzzelli worked for McDonald & Company Securities, Inc., as senior vice president for ABS syndication and traded ABS, CMO, and MBS. She earned a BSBA in Business Administration from Bowling Green State University.

#### Scott McDonald, CFA Portfolio Manager
*Barrow Hanley Total Return Bond Fund* 

Scott McDonald, CFA, Senior Managing Director and Fixed Income Portfolio Manager, serves as a portfolio manager of the Barrow Hanley Total Return Bond Fund. Mr. McDonald joined Barrow Hanley in 1995. He was appointed Co-Head of Fixed Income in 2017. Mr. McDonald serves as the lead portfolio manager for Barrow Hanley's Long Duration strategies, specializing in corporate and government bonds. He is a CFA charterholder and during his investment career, Mr. McDonald previously served as senior vice president and portfolio manager at Life Partners Group, Inc., managing corporate bonds, private placements, and mortgages. While with Life Partners, he was responsible for implementing the investment strategy for their life insurance and annuity assets. Prior to that, he was a credit supervisor and lending officer for Chase Bank of Texas. Mr. McDonald received an MBA from the University of Texas and a BBA from Southern Methodist University.

#### Justin Martin, CFA

#### Portfolio Manager and Analyst
*Barrow Hanley Total Return Bond Fund* 

Justin Martin, CFA, Managing Director, Fixed Income Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Total Return Bond Fund. Mr. Martin joined Barrow Hanley in 2004 and has served as a credit analyst in fixed income since 2009. Prior to his work as a credit analyst, Mr. Martin's work at the firm included market index research and portfolio analysis. He earned a BBA in Finance from Southern Methodist University. Mr. Martin is a CFA charterholder.

#### Matthew Routh, CFA

#### Portfolio Manager and Analyst
*Barrow Hanley Total Return Bond Fund* 

Matthew Routh, CFA, Managing Director, Fixed Income Portfolio Manager and Analyst, serves as portfolio manager of the Barrow Hanley Total Return Bond Fund. Mr. Routh joined Barrow Hanley in 2013 and has served as a credit analyst since 2016. Prior to his work as a credit analyst, Mr. Routh's work at the firm included portfolio analysis. Mr. Routh began his investment career in

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2008 at Callan Associates, where he worked in fixed income research. He is a CFA charterholder. Mr. Routh earned a BA in Economics from the University of Texas and an MA in Economics from the University of California, Santa Barbara.

#### Nick Losey, CFA

#### Portfolio Manager and Analyst
*Barrow Hanley Credit Opportunities Fund Barrow Hanley Floating Rate Fund* 

Nick Losey, CFA, Managing Director, Fixed Income Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Credit Opportunities Fund and the Floating Rate Fund. Mr. Losey joined Barrow Hanley in 2018. He serves as a portfolio manager, focusing on bank loans and high yield bonds. Mr. Losey was previously a portfolio manager at Whitebox Advisors, LLC and White Oak Global Advisors, LLC, where he focused on bank loans, high yield bonds, structured product CLO tranches, and equities. His investment career also includes serving as a portfolio manager at Highland Capital Management, LP. Mr. Losey earned a BBA from the University of Oklahoma and an MBA from Southern Methodist University, graduating magna cum laude. He is a CFA charterholder.

#### Chet Paipanandiker

#### Portfolio Manager and Analyst
*Barrow Hanley Credit Opportunities Fund* 

*Barrow Hanley Floating Rate Fund* 

Chet Paipanandiker, Managing Director, Fixed Income Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Credit Opportunities Fund and the Floating Rate Fund. Mr. Paipanandiker (Pai) joined Barrow Hanley in 2017. He serves as a portfolio manager, focusing on bank loans and high yield bonds. Mr. Pai was previously a portfolio manager at Whitebox Advisors, LLC and White Oak Global Advisors, LLC, where he focused on bank loans, structured product CLO tranches, high yield bonds, and equities. His investment career also includes serving as a portfolio manager and co-head of research at Highland Capital Management, LP. Mr. Pai earned a BBA from the University of Texas in the Business Honors and Engineering-Route-to-Business programs, graduating magna cum laude.

#### Michael Trahan, CFA Portfolio Manager and Analyst
*Barrow Hanley Credit Opportunities Fund* 

*Barrow Hanley Floating Rate Fund* 

Michael Trahan, CFA, Managing Director, Fixed Income Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley Credit Opportunities Fund and the Floating Rate Fund. Mr. Trahan joined Barrow Hanley in 2018. He serves as a Fixed Income Portfolio Manager/Analyst, focusing on bank loans and high yield bonds. Mr. Trahan was previously a senior analyst at Carlson Capital, LP, where he focused on bank loans, high yield bonds, credit default swaps, and special situation/post reorganization equities. His investment career also includes serving as a senior portfolio analyst at Highland Capital Management, LP, and as an associate at PricewaterhouseCoopers. Mr. Trahan earned a BBA and an MPA (Master in Professional Accounting) from the University of Texas. He is a CFA charterholder and is also licensed as a Certified Public Accountant.

#### Mark Giambrone

#### Portfolio Manager and Analyst
*Barrow Hanley US Value Opportunities Fund* 

Mark Giambrone, Executive Director, Head of U.S. Equities, Equity Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley US Value Opportunities Fund. Mr. Giambrone joined Barrow Hanley in 1999. Prior to joining Barrow Hanley, Mr. Giambrone served as a portfolio consultant at HOLT Value Associates. During his career, he has also served as a senior auditor/tax specialist for KPMG Peat Marwick and Ernst & Young Kenneth Leventhal. Mr. Giambrone graduated summa cum laude from Indiana University with a BS in Business and received an MBA from the University of Chicago.

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#### Michael Nayfa, CFA

#### Portfolio Manager and Analyst
*Barrow Hanley US Value Opportunities Fund* 

Michael Nayfa, CFA, Managing Director, Equity Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley US Value Opportunities Fund. Mr. Nayfa joined Barrow Hanley in 2008. His experience includes work as an analyst at HBK and institutional equity sales at Natexis Bleichroeder. Mr. Nayfa began his career in institutional sales at Sidoti & Company, LLC. He holds an MBA from the University of Texas, as well as a BBA in Finance from Texas Christian University, and is a CFA charterholder.

#### Terry Pelzel, CFA

#### Portfolio Manager and Analyst
*Barrow Hanley US Value Opportunities Fund* 

Terry Pelzel, CFA, Managing Director, Equity Portfolio Manager and Analyst, serves as a portfolio manager of the Barrow Hanley US Value Opportunities Fund. Mr. Pelzel joined Barrow Hanley in 2010. During his investment career, he served as a senior portfolio analyst at Highland Capital Management, LP and as a financial analyst at Houlihan, Lokey, Howard & Zukin, Inc. Mr. Pelzel graduated from Texas A&M University, where he earned his BBA in Finance, magna cum laude. He is also a CFA charterholder.

#### Patrik Wibom

#### Portfolio Manager and Analyst
*Barrow Hanley International Value Fund* 

Patrik Wibom, Managing Director, Equity Portfolio Manager and Analyst serves as a portfolio manager of the Barrow Hanley International Value Fund. Mr. Wibom joined Barrow Hanley in 2019 from Ivaldi Capital LLP in London, where he was a partner and portfolio manager, and was responsible for a Europe-focused fundamental equity strategy. Prior to this role, Mr. Wibom served as an investment manager at Eton Park International LLP for eight years, where he was a senior member of the European equity team. Mr. Wibom began his career at Goldman Sachs & Co. in New York in investment banking. He has 16 years of investment experience. Mr. Wibom received an MSc in Economics and Business, with a major in Finance, from the Stockholm School of Economics.

#### Investment Adviser, Administrator, Transfer Agent, Custodian, and Distributor
Perpetual Americas Funds Services<sup>1</sup> serves as the investment adviser to the Funds. Its principal place of business is 1 Congress Street, Suite 3101 Boston, MA, 02114. The Adviser is an indirect wholly owned subsidiary of Perpetual Limited. Perpetual Limited is a diversified financial services company that has been serving Australians since 1886. The Adviser is an investment adviser registered with the SEC in the U.S. under the Investment Advisers Act of 1940, as amended. As adviser to the Funds, subject to the Board's supervision, the Adviser continuously reviews, supervises, and administers each Fund's investment program. The Adviser also ensures compliance with each Fund's investment policies and guidelines. For its services, the Adviser is entitled to a management fee, as set forth below, which is calculated daily and paid monthly based on the average daily net assets of each Fund. As of September 30, 2025, the Adviser had approximately $8.9 billion in assets under management.

Under the Funds' Investment Advisory Agreement, the Adviser is paid an annual management fee from each Fund as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee<br>(as percentage of average<br>daily net assets)** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | 0.93% |
|  Barrow Hanley Credit Opportunities Fund | 0.60% |
|  Barrow Hanley Emerging Markets Value Fund | 0.87% |
|  Barrow Hanley Floating Rate Fund | 0.45% |
|  Barrow Hanley International Value Fund | 0.66% |

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<sup>1</sup> Perpetual Americas Funds Services is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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---

| | |
|:---|:---|
| **Fund** | **Management Fee<br>(as percentage of average<br>daily net assets)** |
|  Barrow Hanley Total Return Bond Fund | 0.35% |
|  Barrow Hanley US Value Opportunities Fund | 0.55% |

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Disclosure regarding the basis for the Board's approval of the Investment Advisory Agreement between the Adviser and the Trust, on behalf of the Funds, is available in the Funds' Form N-CSR filing for the period ending September 30, 2025. The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Funds' Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. The Funds have entered into a distribution agreement with Perpetual Americas Funds Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, to distribute shares of the Funds. The Distributor is a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), which is unaffiliated with the Adviser.

#### YOUR ACCOUNT

#### Pricing Your Shares
When you buy and sell shares of a Fund, the price of the shares is based on the Fund's net asset value per share ("NAV") next determined after the order is received.

#### Calculating the Fund's NAV
The NAV is calculated at the close of trading of the NYSE, normally 4:00 p.m. Eastern time ("ET")/3:00 p.m. Central time ("CT"), on each day that the NYSE is open for business. The NYSE is closed on the following days: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Your order to purchase or sell shares is priced at the next NAV calculated after your order is received and deemed to be in good order by the Funds' Transfer Agent or a financial intermediary. Only purchase orders received and deemed to be in good order by the Funds' Transfer Agent before 4:00 p.m. ET/3:00 p.m. CT will be effective at that day's NAV. On occasion, the NYSE will close before 4:00 p.m. ET/3:00 p.m. CT. When that happens, purchase requests received by the Funds or a financial intermediary after the NYSE closes will be effective the following Business Day. The NAV of a Fund may change every day.

A purchase, redemption, or exchange request is considered to be "in good order" when all necessary information is provided and all required documents are properly completed, signed, and delivered. Requests must include the following:

• The account number (if issued) and Fund name;

• The amount of the transaction, in dollar amount or number of shares;

• For redemptions and exchanges (other than telephone or wire redemptions), the signature of all account owners exactly as they are registered on the account;

• Required signature guarantees, if applicable; and

• Other supporting legal documents and certified resolutions that might be required in the case of estates, corporations, trusts and other entities or forms of ownership. Call 866-260-9549 (toll free) or 312-557-5913 for more information about documentation that may be required of these entities.

Additionally, a purchase order initiating the opening of an account is not considered to be in "good order" unless you have provided all information required by the Funds' "Customer Identification Program" as described below.

#### Valuing the Funds' Assets
The market value of a Fund's investments is determined primarily on the basis of readily available market quotations. Each Fund generally uses pricing services to determine the market value of securities. Non-U.S. securities, currencies, and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars at the prevailing exchange rate of such currencies against the U.S. dollar as provided by an approved independent pricing service.

In compliance with Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as the Funds' "valuation designee" with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. The Adviser, in its

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role as the valuation designee, has established an internal committee (the "Committee") comprised of select officers and staff of the Adviser to discharge its responsibilities under the Trust's valuation procedures (the "Valuation Procedures").

If market quotations for a security are not available or market quotations or a price provided by a pricing service do not reflect fair value, or if an event occurs after the close of trading on the domestic or non-U.S. exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Adviser, as valuation designee, will value a Fund's assets at their fair value according to the Valuation Procedures approved by the Board. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, such security's fair value will be determined by the Adviser using the Valuation Procedures, subject to oversight by the Board.

In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when the NAV is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, a Fund may use a systematic valuation model provided by a third-party pricing service to fair value its international equity securities.

Without a fair value price, short-term investors could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Non-U.S. markets in which a Fund buys securities may be open on days the U.S. markets are closed, causing a Fund's NAV to change even though the Fund is closed. On days when the U.S. markets are closed, a Fund's shareholders will not be able to purchase or sell Fund shares. While fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities, there is no assurance that fair value pricing policies will prevent dilution of the NAV by short-term investors. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

#### How to Purchase Shares
Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholders generally would be subject to U.S. tax withholding on Fund distributions. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation, or partnership. Investment in the Funds by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Funds.

You may purchase shares directly from the Funds or through your broker or financial intermediary on any day the NYSE is open, subject to certain restrictions described below. Purchase requests received in good order by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the close of the NYSE) will be effective at that day's share price. Purchase requests received in good order by the Funds or a financial intermediary after the close of trading on the NYSE are processed at the share price determined on the following Business Day. You may invest any amount you choose, as often as you wish, subject to the minimum initial and minimum additional investment as stated in this prospectus. The Funds may accept initial investments smaller than the minimum initial investment amounts from eligible retirement account investors and in connection with the Funds' participation in third-party distribution platforms and in certain other instances at their discretion.

#### Share Classes
The Funds offer multiple share classes. Each Fund offers four classes of shares through this Prospectus: Institutional, Advisor, Investor and Z Shares. Each class of shares of each Fund has the same investment objective and investments, but the different share classes have different expense structures and eligibility requirements. Your financial intermediary can help you determine which share class to purchase. You should choose a share class for which you are eligible, with the expense structure that best meets your needs.

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The principal differences among the classes are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** | **Advisor** | **Investor** | **Class Z** |
|  Minimum Initial Investment | $100000 |  |  | $10000000 |
|  Minimum Subsequent Investment |  |  |  |  |
|  Sub-Accounting/Sub-Transfer Agency Expenses | Yes. Expenses may vary depending on the arrangements with financial intermediaries that offer Fund shares. Expenses are incurred pursuant to "fee for service" arrangements with financial intermediaries. |  |  |  |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Sales Charge (Load) |  |  |  |  |
|  Redemption Fees |  |  |  |  |

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**Institutional Shares** of the Funds are primarily for institutional investors investing for their own or their customers' accounts, and for investments made though financial institutions or intermediaries that typically require sub-accounting, sub-transfer agency, shareholder services payments and/or recordkeeping payments from the Fund for some or all of their underlying investors ("sub-transfer agency fees"). Institutional Shares are expected to bear certain expenses associated with sub-transfer agency fees, which amounts may vary between the Funds. The minimum initial investment for Institutional Shares is $100,000. If you purchase Institutional Shares, you will not pay a sales charge at the time of purchase and you will not pay a 12b-1 fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

Your financial intermediary can help you determine whether you are eligible to purchase Institutional Shares. Eligible Institutional Share investors primarily include:

• individuals and institutional investors with a minimum initial investment of $100,000;

• employer sponsored retirement plans, pooled investment vehicles, clients of financial institutions or intermediaries which charge such clients a fee for advisory, investment consulting, or similar services or have entered into an agreement with the Funds or the Distributor to offer such shares though an investment platform;

• clients of trust companies where the trust company is acting in fiduciary capacity, as agent, or as custodian;

• investors through certain brokerage platforms in which an investor transacting through a broker may be required to pay commission and/or other forms of compensation to the broker;

• officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Internal Revenue Code of 1986, as amended (the "Code")), of the Funds and the Adviser, and its subsidiaries and affiliates;

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multifamily office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Other investors for which the Fund or the Distributor has pre-approved the purchase.

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**Advisor Shares** of the Funds are primarily for certain individual investors, investments made through financial institutions or intermediaries and institutional investors investing for their own or their customers' accounts. There is no minimum investment amount required for Advisor Shares. If you purchase Advisor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding ten basis points (0.10%) of each Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Advisor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Investor Shares** of the Funds are primarily for certain individual investors and investments made through financial institutions or intermediaries. There is no minimum investment amount required for Investor Shares. If you purchase Investor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding twenty-five basis points (0.25%) of a Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Investor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Class Z Shares** of the Funds require a minimum initial investment of $10,000,000. If you purchase Class Z

Shares, you will not pay a sales charge at the time of purchase, a 12b-1 fee or sub-transfer agency fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

The following categories of investors and accounts may buy Class Z Shares of each Fund, provided that they do not require or receive sub-accounting or recordkeeping payments from the Fund:

• Institutional investors, including, but not limited to, employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), endowments, foundations, insurance company general accounts, insurance company separate accounts, local, city, and state governmental institutions, and other tax-exempt entities that meet the requirements for qualification under Section 501 of the Code.

• Unaffiliated U.S. registered mutual funds including those that operate as "fund of funds," collective trust funds, investment companies or other pooled investment vehicles.

• Other investors for which the Fund or the Adviser has pre-approved the purchase.

The following categories of investors and accounts qualify to buy Class Z Shares of each Fund but the $10 million investment minimum is waived:

• Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs) that invest through a record-keeper or third party retirement platform.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Clients (other than defined contribution employer sponsored retirement plans) of an institutional consultant where (a) the consultant has undertaken to provide certain services directly to the client with respect to the client's investment in the Fund and (b) the Fund or the Distributor has notified that consultant in writing that the proposed investment is permissible.

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• Investment companies or other pooled vehicles that are managed by the Adviser or its affiliates.

• Officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Code, of the Funds and the Adviser, and its subsidiaries and affiliates.

• Existing institutional separate account clients of the Adviser or its affiliates.

• Investors for whom the Fund or the Adviser determines that a strategic reason exists for such a waiver.

• Investors with an account which the Fund or the Adviser believes will grow to meet the investment minimum in the future.

The Funds reserve the right to modify or waive the eligibility requirements and investment minimums at any time.

#### Customer Identification Program: Important Information About Procedures for Opening an Account
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, the Funds will ask for your name, residential address, date of birth, government identification number, and other information that will allow us to identify you. For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified. The Funds also may ask to see your driver's license or other identifying documents.

If we do not receive the required information, there may be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the Funds may restrict further investment until your identity is verified. Once the Funds are able to verify your identity, your investment will be accepted and processed at the next determined NAV. However, if we are unable to verify your identity, each Fund reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is liquidated. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. If your account is closed at the request of governmental or law enforcement authorities, the Funds may be required by the authorities to withhold the proceeds.

#### Purchases Through Financial Intermediaries
You may make initial and subsequent purchases of shares of the Funds through a financial intermediary, such as an investment adviser or broker-dealer, bank, or other financial institution that purchases shares for its customers. The Funds may authorize certain financial intermediaries to receive purchase and sale orders on its behalf. Before investing in the Funds through a financial intermediary, you should read carefully any materials provided by the intermediary together with this prospectus.

When shares are purchased this way, the financial intermediary may:

• charge a fee for its services;

• act as the shareholder of record of the shares;

• set different minimum initial and additional investment requirements;

• impose other charges, commissions, or restrictions;

• designate intermediaries to accept purchase and sale orders on the Funds' behalf; or

• impose an earlier cut-off time for purchase and redemption requests.

Each Fund considers a purchase or sale order as received when a financial intermediary receives the order in proper form before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes, if it closes before 4:00 p.m. ET/3:00 p.m. CT). These orders will be priced based on the Fund's NAV next computed after such order is received by the financial intermediary.

Shares held through an intermediary may be transferred into your name following procedures established by your intermediary and the Funds. Certain intermediaries may receive compensation from the Funds, the Adviser, or their affiliates.

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#### Compensation to Financial Intermediaries
It is expected that Institutional Class, Advisor Class, Investor Class and Class Z shares of the Funds will make payments, or reimburse the Adviser or its affiliates for payments they make, to financial intermediaries that provide certain administrative, recordkeeping, and account maintenance services (sometimes referred to as "sub-transfer agency" or "sub-TA" services). The amount of such payments and/or reimbursement is subject to the caps established by the Board and is reviewed by the Trustees periodically.

Although the nature and extent of sub-transfer agency services provided to shareholders and the amount of sub-transfer agency fees charged to each class will vary among financial intermediaries, Institutional Class, Advisor Class, Investor Class and Class Z shares each bear sub-accounting expenses on a class-wide basis. This means that the sub-transfer agency fees you bear as a Fund shareholder may be greater than the sub-transfer agency fees charged by your financial intermediary to the Fund with respect to your investment. Advisor Class and Investor Class shares may make sub-transfer agency payments out of amounts authorized under distribution plans to be adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The Adviser also may, at its own expense and out of its own profits, provide additional cash payments to financial intermediaries for sub-transfer agency services they provide to their clients or customers that hold shares of the Funds. Payments generally are based on either: (1) a percentage of the average daily net assets of clients serviced by such financial intermediary, or (2) the number of accounts serviced by such financial intermediary. These additional cash payments also may be made as an expense reimbursement.

Additional information concerning payments the Funds, the Adviser or their affiliates may make to financial intermediaries, and the services provided by financial intermediaries, can be found in the SAI under "Payments to Financial Intermediaries."

#### Fund Direct Purchases
You also may open a shareholder account directly with the Funds. You can obtain a copy of the New Account Application by calling the Funds at 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business. You may invest in the following ways:

#### By Wire

#### To Open a New Account:
• Complete a New Account Application and send it to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• You must also call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business to place an initial purchase via phone or provide an initial purchase Letter of Instruction.

• Wire funds for your purchase. A wire will be considered made when the money is received and the purchase is accepted by the Funds. Any delays that may occur in receiving money, including delays that may occur in processing by the bank, are not the responsibility of the Funds or the Transfer Agent. Wires must be received prior to 4:00 pm ET to receive the current day's NAV.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

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#### To Add to an Existing Account:
• Call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business or provide a subsequent purchase Letter of Instruction.

• Have your bank wire federal funds or effect an ACH transfer to:

The Northern Trust Company

Chicago, Illinois

ABA Routing No. 0710-00152

Northern Trust Account #5201682900

Shareholder Account #PAFT1056 (ex. PAFT10561234567)

Shareholder Name:

#### By Directed Reinvestment
Your dividend and capital gain distributions will be automatically reinvested unless you indicate otherwise on your application.

• Complete the "Choose Your Dividend and Capital Gain Distributions" section on the New Account Application.

• Reinvestments can only be directed to an existing Fund account.

#### Other Purchase Information
The Funds reserve the right to limit the amount of purchases and to refuse to sell to any person or intermediary. If your wire does not clear, you will be responsible for any loss incurred by a Fund. If you are already a Fund shareholder, the Fund reserves the right to redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred or money owed to the Fund. You also may be prohibited or restricted from making future purchases in the Funds.

#### Lost Shareholders, Inactive Accounts, and Unclaimed Property
It is important that the Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the shareholder or rightful owner of the account. If the Funds are unable to locate the shareholder, then they will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent at 1-866-260-9549 (toll free) or 312-557-5913 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

#### How to Redeem Shares
You may redeem all or part of your investment in a Fund on any day the NYSE is open, subject to certain restrictions described below. Redemption requests received by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes if it closes before 4:00 p.m. ET/ 3:00 p.m. CT) will be effective that day. Redemption requests received by the Funds' Transfer Agent or a financial intermediary after the close of trading on the NYSE are processed at the NAV determined on the following Business Day.

The price you will receive when you redeem your shares will be the NAV next determined after the Funds receive your properly completed order to sell. You may receive proceeds from the sale by check, bank wire transfer, or direct deposit into your bank account and in certain cases, payment may be made in securities of a Fund as described in "Additional Information About Redemptions". Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a fund's net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and ask prices are

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available. They are distributed based on a weighted-average pro-rata basis of a Fund's holdings to the redeeming shareholder. Each Fund typically expects that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time your redemption request is received. A financial intermediary may charge a transaction fee to redeem shares. In the event that a wire transfer is impossible or impractical, the redemption check will be sent by mail to the designated account. The Funds typically expect to hold cash or cash equivalents to meet redemption requests. A Fund also may use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit that may be used to meet redemption requests during stressed market conditions.

#### Redemptions Through a Financial Intermediary
If you purchased shares from a financial intermediary, you may sell (redeem) shares by contacting your financial intermediary.

#### Redeeming Directly from the Fund
If you purchased shares directly from the Funds and you appear on Fund records as the registered holder, you may redeem all or part of your shares using one of the methods described below.

#### By Mail
• Send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The redemption request must include:

1. The number of shares or the dollar amount to be redeemed;

2. The Fund account number; and

3. The signatures of **all** account owners signed in the exact name(s) and any special capacity in which they are registered.

• A Medallion Signature Guarantee (see below) is required but may be waived in certain (limited) circumstances if:

1. The proceeds are to be sent elsewhere than the address of record, or

2. The redemption is requested in writing and the amount is greater than $100,000.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

#### By Wire
If you authorized wire redemptions on your New Account Application, you can redeem shares and have the proceeds sent by federal wire transfer to a previously designated account.

• Call the Transfer Agent at 866-260-9549 (toll free) or 312-557-5913 for instructions.

• The minimum amount that may be redeemed by this method is $250.

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#### By Telephone
Telephone privileges are automatically established on your account unless you indicate otherwise on your New Account Application.

• Call 866-260-9549 (toll free) or 312-557-5913 to use the telephone privilege.

• If your account is already opened and you wish to add the telephone privilege, send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address</u>:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The written request to add the telephone privilege must be signed by each owner of the account and must be accompanied by signature guarantees.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

Neither the Funds, the Transfer Agent, nor their respective affiliates will be liable for complying with telephone instructions that they reasonably believe to be genuine or for any loss, damage, cost, or expenses in acting on such telephone instructions. You will bear the risk of any such loss. The Funds, the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent do not employ such procedures, they may be liable for losses due to unauthorized or fraudulent instructions. Such procedures may include, among others, requiring forms of personal identification before acting upon telephone instructions, providing written confirmation of the transactions, and/or digitally recording telephone instructions. The Funds may terminate the telephone procedures at any time. During periods of extreme market activity, it is possible that you may encounter some difficulty in telephoning us. If you are unable to reach us by telephone, you may request a sale by mail.

#### Medallion Signature Guarantee
Some circumstances may require that your request to redeem shares be made in writing accompanied by an original Medallion Signature Guarantee. A Medallion Signature Guarantee helps protect you against fraud. You can obtain a Medallion Signature Guarantee from most banks or securities dealers, but not from a notary public. You should verify with the institution that it is an eligible guarantor prior to signing. The recognized medallion program is Securities Transfer Agent Medallion Program. SIGNATURE GUARANTEES RECEIVED FROM INSTITUTIONS NOT PARTICIPATING IN THIS PROGRAM WILL NOT BE ACCEPTED. The Medallion Signature Guarantee must cover the amount of the requested transaction. There are several different guarantee amounts, so it is important to acquire a guarantee amount equal to or greater than the amount of the transaction. If the surety bond of the Medallion Guarantee is less than the transaction amount, your request may be rejected.

An original Medallion Signature Guarantee is generally required, but may be waived in certain (limited) circumstances if any of the following applies:

• the redemption is requested in writing and the amount redeemed is greater than $100,000;

• information on your investment application has been changed, including the name(s) or the address on your account or the name or address of a payee has been changed within 30 days of your redemption request;

• proceeds or shares are being sent/transferred from a joint account to an individual's account; or

• proceeds are being sent via wire or ACH and bank instructions have been added or changed within 30 days of your redemption request.

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If your written request is for redemption greater than $5 million, call 866-260-9549 (toll free) or 312-557-5913 for Medallion Signature Guarantee requirements.

#### Additional Information About Redemptions
The Funds typically expect that they will pay redemption proceeds by check or electronic transfer within seven (7) calendar days after receipt of a proper redemption request although proceeds normally are paid within three (3) Business Days. If you are redeeming shares that have been purchased via ACH, the Funds may hold redemption proceeds until the purchase amount has been collected, which may be as long as five (5) Business Days after purchase date. For shares recently purchased by check, redemption proceeds may not be available until the check has cleared which may take up to five (5) days for the date of purchase. To eliminate this delay, you may purchase shares of a Fund by wire. Also, when the NYSE is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the SEC, the Funds may suspend redemptions or postpone payment of redemption proceeds. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in both regular and stressed market conditions.

At the discretion of the Funds or the Transfer Agent, corporate investors and other associations may be required to furnish an appropriate certification authorizing redemptions to ensure proper authorization.

Generally, all redemptions will be for cash. However, if you redeem shares worth over the lesser of $250,000 or 1% of the NAV of a Fund, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash at the discretion of the Fund. Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash and will bear market risk until the security is sold. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a Fund and its remaining shareholders. A redemption of shares is generally a taxable event for shareholders, regardless of whether the redemption request is satisfied in cash or in kind. As with any security, a shareholder will also bear taxes on any capital gain from the sale of a security received in a redemption in kind.

#### Involuntary Redemptions of Your Shares
If your account balance drops below $100,000 in the case of Institutional Shares, $250 in the case of Advisor Shares, $250 in the case of Investor Shares, or $10,000,000 in the case of Class Z Shares because of redemptions you may be required to sell your shares. The Funds will provide you at least thirty (30) days' written notice to give you sufficient time to add to your account and avoid the sale of your shares.

#### How to Exchange Shares
You may exchange your shares for the same share class of another Fund on any Business Day by contacting the Funds directly by mail or telephone by calling 1-866-260-9549 (toll free) or 312-557-5913. The exchange privilege may be changed or canceled at any time upon sixty (60) days' written notice.

You may also exchange your shares of one class of a Fund for shares of another class of the same Fund, provided that you qualify as an eligible investor for the requested class at the time of the exchange. Investors are responsible for initiating an exchange request and all exchanges are subject to meeting any investment minimum or eligibility requirements. If you hold shares through a financial intermediary, your financial intermediary also may initiate an exchange between share classes in certain circumstances. You should consult your financial intermediary for details and read carefully any materials provided by the intermediary along with this prospectus. The Funds do not charge a fee for this privilege.

The Funds reserve the right to eliminate this exchange privilege at any time at its discretion and may refuse exchanges by any person or group if, in the Funds' judgment, the Funds would potentially be adversely affected. Before making an exchange request, you should read the prospectus carefully, particularly since fees and expenses differ from one class to another. An exchange between classes of shares of the same Fund is generally not taxable for U.S. federal income tax purposes. However, investors generally will realize a taxable gain or loss when exchanging shares of a Fund for shares of another Fund. The Funds do not provide tax advice; you should consult your own tax advisor. If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.

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The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Market Timing Policy" below.

#### Market Timing Policy
Each Fund is intended to be a long-term investment. Excessive purchases and redemptions of shares of a Fund in an effort to take advantage of short-term market fluctuations, known as "market timing," can interfere with long-term or efficient portfolio management strategies and increase the expenses of the Fund, to the detriment of long-term investors. Because each Fund invests its assets in non-U.S. securities, investors may seek to take advantage of time zone differences between the non-U.S. markets on which a Fund's portfolio securities trade and the time at which the NAV is calculated. For example, a market-timer may purchase shares of a Fund based on events occurring after non-U.S. market closing prices are established but before the NAV calculation, that are likely to result in higher prices in non-U.S. markets the next day. The market-timer would then redeem the Fund's shares the next day when a Fund's share price would reflect the increased prices in non-U.S. markets, realizing a quick profit at the expense of long-term Fund shareholders.

Excessive short-term trading may: (1) require a Fund to sell securities in the Fund's portfolio at inopportune times to fund redemption payments, (2) dilute the value of shares held by long-term shareholders, (3) cause a Fund to maintain a larger cash position than would otherwise be necessary, (4) increase brokerage commissions and related costs and expenses, and (5) generate additional tax liability. Accordingly, the Board of Trustees has adopted policies and procedures that seek to restrict market timing activity. Under these policies, the Funds periodically examine transactions that exceed monetary thresholds or numerical limits within certain time periods. If a Fund believes, in its sole discretion, that an investor is engaged in excessive short-term trading or is otherwise engaged in market timing activity, a Fund may, with or without prior notice to the investor, reject further purchase or exchange orders from that investor, and disclaim responsibility for any consequential losses that the investor may incur related to the rejected purchases. Alternatively, the Funds may limit the amount, number, or frequency of any future purchases or exchanges and/or the method by which an investor may request future purchases and redemptions. A Fund's response to any particular market timing activity will depend on the facts and circumstances of each case, such as the extent and duration of the market timing activity and the investor's trading history in the Fund. While the Funds cannot assure the prevention of all excessive trading and market timing, by making these judgments, the Funds believes it is acting in a manner that is in the best interests of shareholders.

Financial intermediaries may establish omnibus accounts with the Funds through which they place transactions for their customers. Omnibus accounts include multiple investors and typically provide the Funds with a net purchase or redemption. The identity of individual investors ordinarily is not known to or tracked by the Funds. The Funds will enter into information sharing agreements with certain financial intermediaries under which the financial intermediaries are obligated to: (1) enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Funds; (2) furnish the Funds, upon request, with information regarding customer trading activities in shares of the Funds; and (3) enforce the Funds' market-timing policy with respect to customers identified by the Funds as having engaged in market timing.

The Funds apply these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. While the Funds may monitor transactions at the omnibus account level, the netting effect makes it more difficult to identify and eliminate market-timing activities in omnibus accounts. The Funds have no arrangements to permit any investor to trade frequently in shares of the Funds, nor will it enter into any such arrangements in the future.

Financial intermediaries maintaining omnibus accounts with a Fund may impose market timing policies that are more restrictive than the market timing policy adopted by the Board of Trustees. For instance, these financial intermediaries may impose limits on the number of purchase and sale transactions that an investor may make over a set period of time and impose penalties for transactions in excess of those limits. Financial intermediaries also may exempt certain types of transactions from these limitations. If you purchased your shares through a financial intermediary, you should read carefully any materials provided by the financial intermediary together with this prospectus to fully understand the market timing policies applicable to you.

#### Distribution Plans
The Funds have adopted a plan under Rule 12b-1 that authorizes Advisor Class and Investor Class shares to pay distribution fees. Fees under the plan will not exceed 0.10% for Advisor shares and 0.25% for Investor shares. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

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#### DIVIDENDS AND DISTRIBUTIONS

#### Fund Policy
On an annual basis, each of the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley US Value Opportunities Fund, Barrow Hanley Emerging Markets Value Fund and Barrow Hanley International Value Fund distributes substantially all of its net investment income to shareholders in the form of dividends.

Each of the Barrow Hanley Total Return Bond Fund, Barrow Hanley Credit Opportunities Fund and Barrow Hanley Floating Rate Fund declare daily and pay monthly substantially all of its net investment income to shareholders in the form of dividends.

Each Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains, if any, at least once a year. Each Fund may distribute income dividends and capital gains more frequently, if necessary, to reduce or eliminate U.S. federal excise or income taxes on the Fund. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions.

Income dividends and capital gain distributions are automatically reinvested in additional shares of a Fund at the applicable NAV on the distribution date unless you request cash distributions on your application or through a written request. If cash payment is requested, a check normally will be mailed within five business days after the payable date.

Any undelivered checks or checks that are not cashed for six months may be deemed legally abandoned if an attempt to reach you to request a reissue of the check is not successful. The proceeds will then be escheated (transferred) to the appropriate state's unclaimed property administration in accordance with statutory requirements.

#### TAXES

#### Distributions
The following information is provided to help you understand the U.S. federal income taxes you may have to pay on income dividends and capital gains distributions from a Fund, as well as on gains realized from your redemption of Fund shares. Further information regarding taxes, including certain U.S. federal income tax considerations relevant to non-U.S. persons, is included in the SAI under "Tax Considerations." **This discussion is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about U.S. federal, state or local, or non-U.S. tax consequences before making an investment in a Fund.** 

Each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Code. Assuming a Fund so qualifies, the Fund will not be subject to U.S. federal income taxes to the extent it timely distributes all of its net investment income and any net realized capital gains to its shareholders. However, a Fund's failure to qualify as a regulated investment company or to meet certain minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in the value of shareholders' investments.

For U.S. federal income tax purposes, distributions of net investment income are generally taxable as ordinary income. Certain distributions of qualified dividend income paid to a noncorporate U.S. shareholder may be subject to income tax at the applicable rate for long-term capital gain assuming holding period and certain other requirements are met.

Distributions of net capital gains (that is, the excess of net realized gains from the sale of investments that a Fund owned for more than one year over the net realized losses from investments that the Fund owned for one year or less) that are properly reported by a Fund as capital gain dividends will generally be taxable as long-term capital gain regardless of how long you have held your shares in the Fund.

Distributions of net realized short-term capital gain (that is, the excess of net short-term capital gain over net long-term capital loss), if any, will be taxable to shareholders as ordinary income.

If you are a taxable investor and invest in a Fund shortly before it makes a distribution, some of your investment may be returned to you in the form of a taxable distribution. Fund distributions will reduce the NAV per share. Therefore, if you buy shares after a Fund has experienced appreciation but before the record date of a distribution of those gains, you may pay the full price for the shares and then effectively receive a portion of the purchase price back as a taxable distribution. This is commonly known as "buying a dividend."

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Distributions from a Fund (both taxable income dividends and capital gains) are normally taxable to you as ordinary income or long-term capital gains, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax-advantaged plan or account or are otherwise not subject to U.S. federal income tax). Due to the nature of the investment strategies used, distributions by a Fund generally are expected to consist primarily of income dividends and net realized capital gains; however, the nature of a Fund's distributions could vary in any given year.

Each Fund will mail to each shareholder after the close of the calendar year a U.S. Internal Revenue Service ("IRS") Form 1099 setting forth the U.S. federal income tax status of distributions made during the year. Income dividends and capital gains distributions also may be subject to state and local taxes.

#### Selling Shares
Selling, redeeming or exchanging your shares may result in a realized capital gain or loss, which is generally subject to U.S. federal income tax. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. For individuals, any long-term capital gains you realize from selling, redeeming, or exchanging Fund shares currently are taxed at preferential income tax rates. Short-term capital gains are taxed at ordinary income tax rates.

For shares acquired on or after January 1, 2012, each Fund (or relevant broker or financial adviser) is required to compute and report to the IRS and furnish to its shareholders cost basis information when such shares are sold, redeemed, or exchanged. Each Fund has elected to use the average cost method, unless you instruct the Fund to use a different IRS-accepted cost basis method, or choose to specifically identify your shares at the time of each sale or exchange. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your U.S. federal and state income tax returns. A Fund's shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

#### Backup Withholding
By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that: (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs a Fund to withhold a portion of your distributions or proceeds. You should be aware that a Fund may be fined by the IRS for each account for which a certified taxpayer identification number is not provided. In the event that such a fine is imposed with respect to a specific account in any year, a Fund may make a corresponding charge against the account.

#### Non-U.S. Taxes
Income, proceeds and gains received by a Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. In certain instances, a Fund may elect to permit shareholders to claim a credit or deduction (but not both) for non-U.S. taxes (if any) borne with respect to non-U.S. securities income earned by the Fund. In such a case, shareholders will include in gross income from non-U.S. sources their pro rata shares of such taxes paid by a Fund. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of non-U.S. taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who hold shares of a Fund through tax-advantaged arrangements, generally will receive no benefit from any tax credit or deduction passed through by the Fund.

#### Tax Status for Retirement Plans and Other Tax-Advantaged Accounts
When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, dividend and capital gain distributions generally are not subject to current U.S. federal income taxes, but may be subject to U.S. federal income taxes upon a later withdrawal of monies from the plan or account. In general, these plans or accounts are governed by complex tax rules. You should consult with your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

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#### Net Investment Income Tax
An additional 3.8% tax may be imposed on distributions you receive from a Fund and gains from selling, redeeming, or exchanging your Fund shares.

#### SHAREHOLDER REPORTS AND OTHER INFORMATION
The Funds will send one copy of prospectuses and shareholder reports to households containing multiple shareholders with the same last name. This process, known as "householding," reduces costs and provides a convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate prospectuses and shareholder reports, call the Funds at 866-260-9549 (toll free) or 312-557-5913 and we will begin separate mailings to you within 30 days of your request. If you or others in your household invest in the Funds through a broker or other financial intermediary, you may receive separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment application.

#### FINANCIAL HIGHLIGHTS
The following Financial Highlights tables are intended to help you understand the financial performance of each class of shares of each Fund and their predecessor funds, as applicable, for the past five fiscal years or for the life of the predecessor fund, if shorter. Some of this information reflects financial information for a single Fund share. Financial information for the periods prior to August 18, 2024 represents the past financial information of the applicable Fund's predecessor fund.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a particular class of shares of a Fund, assuming reinvestment of all dividends and distributions. The financial information for the periods ended September 30, 2024 and September 30, 2025, has been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm, whose report, along with the Funds' financial statements, is included in the Funds' Form N-CSR filing. You can obtain the Form N-CSR filing, which contains more performance information, at no charge by calling 866-260-9549.

The financial information for the Funds' fiscal year ended October 31, 2023 and periods ended October 31, 2022, were audited by the predecessor funds' independent registered public accounting firm.

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#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Concentrated Emerging Markets**<br> **ESG Opportunities Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $10.25 | $8.83 | $7.97 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.09 | 0.23 | 0.25 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.51 | 1.61 | 0.68 | (2.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.60 | 1.84 | 0.93 | (2.03) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.23) | (0.22) | (0.07) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.90) | (0.20) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.13) | (0.42) | (0.07) |  |
|  Change in net asset value | 0.47 | 1.42 | 0.86 | (2.03) |
|  Net asset value, end of year/period | $10.72 | $10.25 | $8.83 | $7.97 |
|  Total return | 18.49% | 21.32 %<sup>(d)</sup> | 11.58% | (20.30 %)<sup>(d)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $6617 | $33956 | $28110 | $5163 |
|  Ratio of net expenses to average net assets | 1.11 %<sup>(e)</sup> | 1.07 %<sup>(f)</sup> | 1.05% | 1.05 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 1.00 %<sup>(e)</sup> | 2.73 %<sup>(f)</sup> | 2.68% | 3.76 %<sup>(f)</sup> |
|  Ratio of gross expenses to average net assets | 1.96 %<sup>(e)</sup> | 1.50 %<sup>(f)</sup> | 1.73% | 4.62 %<sup>(f)</sup> |
|  Portfolio turnover rate | 54.05% | 76.11 %<sup>(d)</sup> | 63.00% | 59.00 %<sup>(d)</sup> |

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<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios include Interest Expense of $10,090 for the year ended September 30, 2025. Expense ratios would have been lower by 0.07% and Net investment income ratio would have been higher by 0.07% excluding this expense. 

<sup>(f)</sup> Annualized for periods less than one year.

85.0 ------

#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Credit Opportunities Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $9.66 | $8.99 | $9.04 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.69 | 0.75 | 0.63 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 0.08 | 0.73 | 0.04 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.77 | 1.48 | 0.67 | (0.67) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.69) | (0.81) | (0.72) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.69) | (0.81) | (0.72) | (0.29) |
|  Change in net asset value | 0.08 | 0.67 | (0.05) | (0.96) |
|  Net asset value, end of year/period | $9.74 | $9.66 | $8.99 | $9.04 |
|  Total return | 8.23% | 16.94 | 7.49% | (6.63 %)<sup>(d)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $108580 | $90635 | $94778 | $97302 |
|  Ratio of net expenses to average net assets | 0.64% | 0.33 | 0.78% | 0.78 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 7.19% | 8.18 | 6.82% | 6.19 %<sup>(f)</sup> |
|  Ratio of gross expenses to average net assets | 0.80% | 0.95 | 1.08% | 1.11 %<sup>(f)</sup> |
|  Portfolio turnover rate | 34.25% | 33.39 | 24.00% | 29.00 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> The prior Adviser reimbursed the Fund $249,281 during the period in connection with a prior year expense overpayment. Without the reimbursement, the total return would have been 16.58%. 

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> The prior Adviser reimbursed the Fund $249,281 during the period in connection with a prior year expense overpayment. Without the reimbursement, the net expense ratio would have been 0.64%. 

86.0 ------

#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Emerging Markets Value Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $10.54 | $9.15 | $8.47 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.23 | 0.25 | 0.27 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.62 | 1.35 | 0.68 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.85 | 1.60 | 0.95 | (1.53) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.25) | (0.21) | (0.27) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.88) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.13) | (0.21) | (0.27) |  |
|  Change in net asset value | 0.72 | 1.39 | 0.68 | (1.53) |
|  Net asset value, end of year/period | $11.26 | $10.54 | $9.15 | $8.47 |
|  Total return | 20.55% | 17.63 %<sup>(d)</sup> | 11.10% | (15.30 %)<sup>(d)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $3486 | $3327 | $2550 | $2056 |
|  Ratio of net expenses to average net assets | 0.98% | 1.01 %<sup>(e)</sup> | 0.99% | 0.99 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 2.40% | 2.88 %<sup>(e)</sup> | 2.83% | 3.55 %<sup>(e)</sup> |
|  Ratio of gross expenses to average net assets | 4.11% | 5.90 %<sup>(e)</sup> | 6.64% | 14.67 %<sup>(e)</sup> |
|  Portfolio turnover rate | 42.77% | 85.34 %<sup>(d)</sup> | 50.00% | 40.00 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from December 29, 2021 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

87.0 ------

#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Floating Rate Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $9.78 | $9.68 | $9.45 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.79 | 0.88 | 0.89 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | (0.08) | 0.17 | 0.23 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.71 | 1.05 | 1.12 | (0.28) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.79) | (0.95) | (0.89) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.79) | (0.95) | (0.89) | (0.27) |
|  Change in net asset value | (0.08) | 0.10 | 0.23 | (0.55) |
|  Net asset value, end of year/period | $9.70 | $9.78 | $9.68 | $9.45 |
|  Total return | 7.55% | 11.17 %<sup>(d)</sup> | 12.32% | (2.81 %)<sup>(d)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $118362 | $102156 | $104488 | $109156 |
|  Ratio of net expenses to average net assets | 0.59% | 0.60 %<sup>(e)</sup> | 0.60% | 0.60 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 8.13% | 9.76 %<sup>(e)</sup> | 9.20% | 6.10 %<sup>(e)</sup> |
|  Ratio of gross expenses to average net assets | 0.68% | 0.79 %<sup>(e)</sup> | 1.01% | 1.02 %<sup>(e)</sup> |
|  Portfolio turnover rate | 78.17% | 43.39 %<sup>(d)</sup> | 35.00% | 9.00 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

88.0 ------

#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley International Value Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $11.57 | $9.93 | $8.78 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.20 | 0.29 | 0.39 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.50 | 1.71 | 0.90 | (1.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.70 | 2.00 | 1.29 | (1.22) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.48) | (0.29) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.57) | (0.07) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.05) | (0.36) | (0.14) |  |
|  Change in net asset value | 0.65 | 1.64 | 1.15 | (1.22) |
|  Net asset value, end of year/period | $12.22 | $11.57 | $9.93 | $8.78 |
|  Total return | 16.89% | 20.37 %<sup>(d)</sup> | 14.72% | (12.20 %)<sup>(d)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $14790 | $63439 | $61489 | $5935 |
|  Ratio of net expenses to average net assets | 0.92 %<sup>(e)</sup> | 0.86 %<sup>(f)</sup> | 0.86% | 0.86 %<sup>(f)</sup> |
|  Ratio of net investment income to average net assets | 1.86 %<sup>(e)</sup> | 2.91 %<sup>(f)</sup> | 3.74% | 2.89 %<sup>(f)</sup> |
|  Ratio of gross expenses to average net assets | 1.26 %<sup>(e)</sup> | 1.15 %<sup>(f)</sup> | 1.23% | 5.16 %<sup>(f)</sup> |
|  Portfolio turnover rate | 41.08% | 57.63 %<sup>(d)</sup> | 57.00% | 105.00 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from December 29, 2021 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios include Interest Expense of $17,661 for the year ended September 30, 2025. Expense ratios would have been lower by 0.07% and Net investment income ratio would have been higher by 0.07% excluding this expense. 

<sup>(f)</sup> Annualized for periods less than one year.

------

#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Total Return Bond Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $9.61 | $8.79 | $9.03 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.46 | 0.43 | 0.39 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | (0.15) | 0.81 | (0.33) | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.31 | 1.24 | 0.06 | (0.83) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.45) | (0.42) | (0.30) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.12) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.57) | (0.42) | (0.30) | (0.14) |
|  Change in net asset value | (0.26) | 0.82 | (0.24) | (0.97) |
|  Net asset value, end of year/period | $9.35 | $9.61 | $8.79 | $9.03 |
|  Total return | 3.51% | 14.25 %<sup>(d)</sup> | 0.49% | (8.38 %)<sup>(d)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $160165 | $176756 | $158850 | $40986 |
|  Ratio of net expenses to average net assets | 0.35% | 0.35 %<sup>(e)</sup> | 0.35% | 0.35 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 4.98% | 5.01 %<sup>(e)</sup> | 4.15% | 3.13 %<sup>(e)</sup> |
|  Ratio of gross expenses to average net assets | 0.52% | 0.65 %<sup>(e)</sup> | 0.90% | 1.16 %<sup>(e)</sup> |
|  Portfolio turnover rate | 72.25% | 131.01 %<sup>(d)</sup> | 125.00% | 20.00 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

------

#### BARROW HANLEY FUNDS

#### FINANCIAL HIGHLIGHTS

#### For the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley US Value Opportunities Fund** | **Year Ended<br>September 30,<br>2025** | **Period Ended<br>September 30,<br>2024<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2023** | **Period Ended<br>October 31,<br>2022<sup>(b)</sup>** |
|  Net asset value, beginning of year/period | $12.96 | $9.59 | $9.53 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(c)</sup>  | 0.14 | 0.15 | 0.13 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.04 | 3.36 | 0.07 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.18 | 3.51 | 0.20 | (0.47) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.16) | (0.14) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.27) |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.43) | (0.14) | (0.14) |  |
|  Change in net asset value | (0.25) | 3.37 | 0.06 | (0.47) |
|  Net asset value, end of year/period | $12.71 | $12.96 | $9.59 | $9.53 |
|  Total return | 9.73% | 36.92 %<sup>(d)</sup> | 2.03% | (4.70 %)<sup>(d)</sup> |
|  Ratios/Supplemental data:  |  |  |  |  |
|  Net assets, end of year/period (000's) | $107425 | $108043 | $82833 | $104306 |
|  Ratio of net expenses to average net assets | 0.70% | 0.71 %<sup>(e)</sup> | 0.71% | 0.71 %<sup>(e)</sup> |
|  Ratio of net investment income to average net assets | 1.19% | 1.46 %<sup>(e)</sup> | 1.31% | 1.28 %<sup>(e)</sup> |
|  Ratio of gross expenses to average net assets | 0.77% | 0.87 %<sup>(e)</sup> | 0.95% | 0.99 %<sup>(e)</sup> |
|  Portfolio turnover rate | 50.95% | 31.90 %<sup>(d)</sup> | 30.00% | 47.00 %<sup>(d)</sup> |

---

<sup>(a)</sup> For the period from November 1, 2023 to September 30, 2024.

<sup>(b)</sup> For the period from April 12, 2022 to October 31, 2022.

<sup>(c)</sup> Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

------

#### Perpetual Americas Funds Trust

#### Notice of Privacy Policy & Practices
I. Safeguarding Privacy

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Trust.

II. Information We Collect And Sources Of Information

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

• Information we receive from you on applications or other forms (e.g., your name, address, date of birth, social security number and investment information);

• Information about your transactions and experiences with us and our affiliates (e.g., your account balance, transaction history and investment selections); and

• Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g., your account number, account balance and transaction history.

III. Information We Share With Service Providers

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into confidentiality agreements regarding the information.

IV. Information We May Share With Affiliates

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

V. Safeguarding Customer Information

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and, except as described below, every year that you are a customer of the Trust, or anytime we make a material change to our privacy policy.

We may combine a privacy notice with another document (for example, an account statement, annual report, prospectus, trade confirmation) or may deliver the notice electronically where appropriate consent has been obtained. We generally will not deliver an annual notice as long as (i) we disclose non-public personal information only as described above policy, and (ii) we have not changed

------

our policies and practices with regard to disclosing non-public personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers pursuant to this policy.

---

| | |
|:---|:---|
| **Investment Subadviser** | **For Additional Information, call** |
| Barrow, Hanley, Mewhinney & Strauss, LLC | **866-260-9549 (toll free) or 312-557-5913** |
| 2200 Ross Avenue, 31st Floor |  |
| Dallas, Texas 75201 |  |
|  | **To Learn More** |
| **Investment Adviser** |  |
| Perpetual Americas Funds Services<br> 1 Congress Street, Suite 3101<br> Boston, Massachusetts 02114 | Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this prospectus by reference, contains detailed information on Fund policies and operations. |
| **Custodian** |  |
|  The Northern Trust Company<br> 50 South LaSalle Street<br> Chicago, Illinois 60603<br>**Independent Registered**<br> **Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> One North Wacker Drive<br> Chicago, Illinois 60606 | Additional information about a Fund's investments is available in the Trust's annual and semi-annual report to shareholders and in Form N-CSR. In a Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's investment return during its last fiscal year. In Form N-CSR, you will find a Fund's annual and semi-annual financial statements. |
| **Legal Counsel**<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, Massachusetts 02199 | Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements, and to make shareholder inquiries. You may also visit the Funds on the web at www.perpetual.com to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at: |
|  <br> **Distributor** | Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements, and to make shareholder inquiries. You may also visit the Funds on the web at www.perpetual.com to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at: |
| Perpetual Americas Funds Distributors, LLC | Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements, and to make shareholder inquiries. You may also visit the Funds on the web at www.perpetual.com to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at: |
| 190 Middle Street, Suite 301 | Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements, and to make shareholder inquiries. You may also visit the Funds on the web at www.perpetual.com to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at: |
| Portland, Maine 04101 | Perpetual Americas Funds Trust |
|  | c/o The Northern Trust Company |
|  | P.O. Box 4766 |
|  | Chicago, Illinois 60680-4766 |
|  | You may obtain reports and other information about the Funds on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov.</u> |
|  | Investment Company Act File Number: 811-23615 |

---

------

![LOGO](g13362g0112235507640.jpg)

---

| | |
|:---|:---|
| **JOHCM EMERGING MARKETS DISCOVERY FUND**<br> Institutional Shares (JOMMX)<br> Advisor Shares (JOMEX)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **JOHCM INTERNATIONAL OPPORTUNITIES FUND**<br> Institutional Shares (JOPSX)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) |
| **JOHCM EMERGING MARKETS OPPORTUNITIES FUND**<br> Institutional Shares (JOEMX)<br> Advisor Shares (JOEIX)<br> Investor Shares (JOEAX)<br> Class Z Shares (Not currently offered)<br>**REGNAN SUSTAINABLE WATER AND WASTE FUND**<br> Institutional Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **JOHCM INTERNATIONAL SELECT FUND**<br> Institutional Shares (JOHIX)<br> Investor Shares (JOHAX)<br> Class Z Shares (Not currently offered) |

---

PROSPECTUS DATED FEBRUARY 1, 2026

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [**FUND SUMMARIES**](#projohcm13362_1) | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JOHCM Emerging Markets Discovery Fund](#projohcm13362_2) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JOHCM Emerging Markets Opportunities Fund](#projohcm13362_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JOHCM International Opportunities Fund](#projohcm13362_4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JOHCM International Select Fund](#projohcm13362_5) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Regnan Sustainable Water and Waste Fund](#projohcm13362_6) | 24 |
|  [**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF <br>THE FUNDS**](#projohcm13362_7) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Principal Investments and Strategies of Each Fund](#projohcm13362_8) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [More Information about Investment Strategies Related to the Funds](#projohcm13362_9) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Summary of Principal and Non-Principal Risks](#projohcm13362_10) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Holdings Disclosure](#projohcm13362_11) | 48 |
|  [**PRIOR RELATED PERFORMANCE OF SIMILAR ACCOUNTS**](#projohcm13362_12) | 48 |
|  [**MANAGEMENT OF THE FUNDS**](#projohcm13362_13) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Adviser](#projohcm13362_14) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Participating Affiliate Arrangements](#projohcm13362_15) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fund Expense Limitation and Recoupment Arrangements](#projohcm13362_16) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Management](#projohcm13362_17) | 51 |
|  [**YOUR ACCOUNT**](#projohcm13362_18) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Pricing Your Shares](#projohcm13362_19) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How to Purchase Shares](#projohcm13362_20) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Purchase Information](#projohcm13362_21) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Lost Shareholders, Inactive Accounts, and Unclaimed Property](#projohcm13362_22) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How to Redeem Shares](#projohcm13362_23) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [How to Exchange Shares](#projohcm13362_24) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Market Timing Policy](#projohcm13362_25) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Distribution Plans](#projohcm13362_26) | 64 |
|  [**DIVIDENDS AND DISTRIBUTIONS**](#projohcm13362_27) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fund Policy](#projohcm13362_28) | 64 |
|  [**TAXES**](#projohcm13362_29) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Distributions](#projohcm13362_30) | 65 |
|  [**SHAREHOLDER REPORTS AND OTHER INFORMATION**](#projohcm13362_31) | 66 |
|  [**FINANCIAL HIGHLIGHTS**](#projohcm13362_32) | 66 |

---

i

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#### FUND SUMMARY

#### JOHCM Emerging Markets Discovery Fund

#### Investment Objective
The investment objective of the JOHCM Emerging Markets Discovery Fund (the "Fund") is to seek long-term capital appreciation.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional**<br> **Shares** | **Advisor**<br> **Shares** | **Investor**<br> **Shares** | **Class Z**<br> **Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 1.05% | 1.05% | 1.05% | 1.05% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.56% | 0.56% | 0.56% | 0.56% |
|  Total Annual Fund Operating Expenses | 1.61% | 1.71% | 1.86% | 1.61% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -0.37% | -0.37% | -0.37% | -0.37% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 1.24% | 1.34% | 1.49% | 1.24% |

---

<sup>1</sup> JOHCM (USA) Inc (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 1.24%, 1.34%, 1.49%, and 1.24% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement. 

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $126 | $472 | $841 | $1880 |
|  Advisor Shares | $136 | $503 | $894 | $1989 |
|  Investor Shares | $152 | $549 | $971 | $2150 |
|  Class Z Shares | $126 | $472 | $841 | $1880 |

---

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 138.32% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies that meet the portfolio managers' "discovery criteria" and that are located in emerging markets, including frontier markets. Equity securities include common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may achieve its equity exposure either directly or indirectly, such as through depositary receipts, exchange-traded funds ("ETFs") and participatory notes (commonly known as "P-notes"). Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank), and other countries with similar emerging market characteristics.

The portfolio managers seek to identify growth potential in companies that they believe are recovering (or will soon begin to recover) from market or business setbacks and therefore have the potential to outpace broader financial markets on a relative basis. Setbacks are company-, country- or sector-specific developments, which result in a negative market environment for a company's business or the trading of its stock. Setbacks can include, among other things, failed product launches, supply chain issues, and economic or geopolitical instability in an emerging market country. In identifying those companies that they believe have the potential for recovery, the portfolio managers often seek companies with improving fundamentals and/or are taking actions to address recent or ongoing setbacks.

The portfolio managers primarily use a disciplined fundamental bottom-up research approach, namely by focusing on analyzing individual companies. As part of this approach, the portfolio managers aim to identify emerging market companies that they believe are inefficiently priced and that typically demonstrate positive growth characteristics. In applying the Fund's "discovery criteria" for selection of investments, the portfolio managers seek to identify companies that (1) exhibit one or more of the following characteristics: (a) are in emerging industries with pioneering business models, or (b) have innovative technologies that have the potential to disrupt the status quo, or (c) are offering products or services that are not yet widely available or adopted in the local market, with the potential for long-term growth, and (2) have market capitalizations below U.S. $8 billion at the time the issuer is first added to the Fund's portfolio. If the Fund continues to hold securities of companies whose market capitalization subsequently exceed U.S. $8 billion after being added to the portfolio, they may continue to satisfy this criteria.

While the portfolio managers build the Fund's portfolio primarily from a bottom-up growth philosophy and individual stock selection process they also consider top-down macroeconomic information, particularly in determining sector and country weightings in the portfolio. The portfolio managers consider the country and sector allocation of the Fund's performance benchmark (the MSCI Emerging Markets Small Cap Index) but may depart from the benchmark's allocations at any time. In selecting companies for investment, the portfolio managers also consider the investment risks associated with the liquidity of the company's stock, taking into account the depth of the trading market for the company's shares, and how reliable the company's reporting (particularly its financial reporting) appears to be while also seeking to take advantage of market inefficiencies as to individual companies and industries.

Under normal circumstances, the Fund will typically hold securities of 70 to 120 companies. While the Fund does not pursue active or frequent trading as a principal strategy, the nature of the portfolio frequently results in higher levels of portfolio turnover (in excess of 100% of the average value of its portfolio on an annualized basis) when the portfolio managers implement their strategy in certain economic and market conditions.

The Fund expects to invest a portion of its assets in securities of developed markets companies that derive, or are expected to derive, a significant portion of their revenues from their operations in emerging or frontier markets. The Fund may also participate in initial public offerings ("IPOs").

The Fund also may purchase futures contracts and other derivative contracts, including index derivatives for equities and currencies. Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may do so at any time. The Fund also may invest in physical currencies and spot and forward currency contracts. The Fund typically does not seek to hedge its exposure to non-U.S. dollar currencies.

------

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear. The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on emerging market stocks.

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Small-Cap and Mid-Cap Company Risk**. The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**ETF Risk.** Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

**Emerging Markets Risk**. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Geographic Focus Risk**. The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**Currency Risk**. Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious

------

exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Active Management Risk**. The Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Convertible Securities Risk**. Convertible securities are hybrid securities that have characteristics of both fixed income and equity securities and are subject to risks associated with both fixed income and equity securities.

**Investment Company Risk**. Shareholders in the Fund will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses. Investments in other funds also may increase the amount of taxes payable by investors in the Fund.

**Participatory Notes Risk**. P-notes, which are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions, represent interest in securities listed on certain non-U.S. exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is risk that the entity issuing the note may not be able to honor its financial commitments. The liquidity of a P-note reflects the liquidity in the underlying security. At times, it may be more illiquid than trading the underlying security as broker selection is restricted to the underwriter of the P-note.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Portfolio Turnover Risk**. The Fund may sell its portfolio securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and higher amounts of taxable distributions to shareholders.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Derivatives Risk.** The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.

**Growth Investing Risk.** The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**Market Risk.** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those

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of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. For periods prior to the reorganization of the Fund, in which a predecessor fund was merged into the Fund, the performance information is based on the performance of the predecessor fund. Historical performance for Advisor Shares prior to its inception is based on the performance of the Institutional Shares. The performance of Advisor Shares has been adjusted to reflect differences in expenses. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g01m09.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 04/01/2020 – 06/30/2020 – 30.15% |
|  Worst quarter: | 01/01/2020 – 03/31/2020 – (25.59%) |

---

Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception<sup>1</sup>**  |
|  **Institutional Shares – Before Taxes** | 23.84% | 9.15% | 10.90% | 10.31% |
|  **Institutional Shares – After Taxes on Distributions** | 19.82% | 6.17% | 8.90% | 8.33% |
|  **Institutional Shares – After Taxes on Distributions and Sale of Fund Shares** | 15.84% | 6.44% | 8.39% | 7.86% |
|  **MSCI Emerging Markets Small Cap Index (reflects no deductions for fees or expenses)<sup>2</sup>** | 18.58% | 8.43% | 8.31% | 7.13% |
|  **MSCI Emerging Markets Index (reflects no deductions for fees or expenses)<sup>2</sup>** | 33.57% | 4.20% | 8.42% | 6.44% |
|  **Advisor Shares – Before Taxes** | 23.73% | 9.07% | 10.81% | 10.21% |

---

<sup>1</sup> The Institutional Shares of the Fund's predecessor fund commenced operations on December 17, 2014. Advisor Shares commenced operations on January 28, 2016.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
The Fund's investment adviser is JOHCM (USA) Inc.

------

**Portfolio Managers**

---

| | | |
|:---|:---|:---|
| **Emery Brewer** | **Dr. Ivo Kovachev** | **Stephen Lew** |
| Senior Fund Manager | Senior Fund Manager | Senior Fund Manager |
| Length of Service: Since 2014 | Length of Service: Since 2014 | Length of Service: Since 2014 |

---

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
JOHCM Emerging Markets Discovery Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

------

#### FUND SUMMARY

#### JOHCM Emerging Markets Opportunities Fund

#### Investment Objective
The investment objective of the JOHCM Emerging Markets Opportunities Fund (the "Fund") is to seek long-term capital appreciation.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | **Investor<br> Shares** | **Class Z<br> Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.90% | 0.90% | 0.90% | 0.90% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.14% | 0.13% | 0.13% | 0.13% |
|  Total Annual Fund Operating Expenses | 1.04% | 1.13% | 1.28% | 1.03% |

---

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $106 | $331 | $574 | $1271 |
|  Advisor Shares | $115 | $359 | $622 | $1375 |
|  Investor Shares | $130 | $406 | $702 | $1545 |
|  Class Z Shares | $105 | $328 | $569 | $1259 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 14.12% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies located in emerging market countries. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets

------

Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics. The Fund may invest in companies of any size, including small- and mid-capitalization companies. The Fund may also invest up to 5% of its assets in equity securities of companies located in frontier markets, which are generally smaller, less liquid, and less developed than emerging markets.

The equity securities in the Fund's portfolio can include direct and indirect investments in common and preferred stocks, as well as rights and warrants to subscribe to equity securities. The portfolio managers consider the relative pricing and risks, among other factors, in determining whether to seek direct or indirect exposure to an equity security. The Fund obtains indirect exposure to equity securities through instruments such as depositary receipts and, where more attractive alternatives are unavailable, participatory notes. Depositary receipts, such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") are receipts issued by a bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies.

The Fund utilizes a core investment style with a modest growth tilt (growth at a reasonable price, or "GARP") over all capitalization ranges to invest in equity securities of companies located in emerging markets. The investment team combines top-down and bottom-up research to assess potential investments in the Fund. The investment strategy is a blend of growth and value investing, seeking to find companies that have the potential for strong earnings growth, that are priced at an attractive valuation, that meet the team's corporate governance threshold, and that fit with the portfolio managers' top-down country-level views. A top-down country view represents an assessment of the investment prospects in a country (in this case, a particular emerging market country) based on macroeconomic, geopolitical and other factors affecting the country as a whole. The portfolio is managed with reference to its performance benchmark, the MSCI Emerging Markets Index, as to country and sector allocations. The portfolio managers may depart from the benchmark's allocations at any time. The Fund will typically own between 40 and 60 companies.

The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. These countries may change from time to time. The Fund's performance benchmark index currently includes substantial exposure to China. The Fund may also participate in initial public offerings ("IPOs").

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on emerging market stocks. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Emerging Markets Risk**. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks

------

than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Currency Risk**. Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Active Management Risk**. The Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Geographic Focus Risk**. The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**China Risk**. To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, variable interest entities risks, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks.

**Growth Investing Risk**. The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**GARP Investment Strategy Risk**. GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to the relevant company's earnings growth rate. To the extent the Fund uses a GARP investing strategy, the Fund's performance may be adversely affected when stocks preferred by a GARP investing strategy underperform or are not favored by investors in prevailing market and economic conditions.

**Small-Cap and Mid-Cap Company Risk**. The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Allocation Risk.** To the extent the Fund uses an asset allocation strategy as part of its investment strategy, there is a risk that the Fund's allocation among sectors and countries will cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment strategies, or that the investments themselves will not produce the returns expected.

**Participatory Notes Risk**. P-notes, which are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions, represent interest in securities listed on certain non-U.S. exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is risk that the entity issuing the note may not be able to honor its financial commitments. The liquidity of a P-note reflects the liquidity in the underlying security. At times, it may be more illiquid than trading the underlying security as broker selection is restricted to the underwriter of the P-note.

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**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**IPO Risk**. The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Value Investing Risk**. Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Market Risk.** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. For periods prior to the reorganization of the Fund, in which a predecessor fund was merged into the Fund, the performance information is based on the performance of the predecessor fund. Historical performance for Investor Shares prior to its inception is based on the performance of Advisor Shares, the share class most similar to Investor. The performance of Investor Shares has been adjusted to reflect differences in expenses. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g01m14.jpg)

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| | |
|:---|:---|
|  Best quarter: | 04/01/2020 – 06/30/2020 – 20.95% |
|  Worst quarter: | 01/01/2020 – 03/31/2020 – (24.46%) |

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Average Annual Total Returns – for the Periods Ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception<sup>1</sup>** |
|  **Institutional Shares – Before Taxes** | 36.37% | 5.84% | 8.19% | 6.13% |
|  **Institutional Shares – After Taxes on Distributions** | 34.85% | 5.31% | 7.57% | 5.37% |
|  **Institutional Shares – After Taxes on Distributions and Sale of Fund Shares** | 22.18% | 4.57% | 6.59% | 4.75% |
|  **MSCI Emerging Markets Index (reflects no deductions for fees or expenses)<sup>2</sup>** | 33.57% | 4.20% | 8.42% | 5.27% |
|  **Advisor Shares – Before Taxes** | 36.23% | 5.75% | 8.09% | 6.05% |
|  **Investor Shares – Before Taxes** | 36.01% | 5.56% | 7.93% | 5.76% |

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<sup>1</sup> The Institutional Shares and Advisor Shares of the Fund's predecessor fund commenced operations on November 20, 2012. Investor Shares commenced operations on December 17, 2013.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
The Fund's investment adviser is JOHCM (USA) Inc.

#### Portfolio Managers

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| | | |
|:---|:---|:---|
| **James Syme, CFA** | **Paul Wimborne** | **Ada Chan** |
| Senior Fund Manager | Senior Fund Manager | Senior Fund Manager |
| Length of Service: Since 2012 | Length of Service: Since 2012 | Length of Service: Since 2022 |

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#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
JOHCM Emerging Markets Opportunities Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

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#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### FUND SUMMARY

#### JOHCM International Opportunities Fund

#### Investment Objective
The investment objective of the JOHCM International Opportunities Fund (the "Fund") is to achieve long-term, risk-adjusted total return by investing in a portfolio of international equity securities.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional<br> Shares** | **Advisor<br> Shares** | **Investor<br> Shares** | **Class Z<br> Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.75% | 0.75% | 0.75% | 0.75% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.18% | 0.18% | 0.18% | 0.18% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses | 0.94% | 1.04% | 1.19% | 0.94% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -0.43% | -0.43% | -0.43% | -0.43% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.51% | 0.61% | 0.76% | 0.51% |

---

<sup>1</sup> Expenses associated with investments in underlying investment companies are excluded from contractual expense limitation.

<sup>2</sup> JOHCM (USA) Inc (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.50%, 0.60%, 0.75%, and 0.50% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2028, pursuant to a supplemental expense limitation agreement, between the Fund and the Adviser dated February 1, 2025 (the "Supplemental Expense Limitation Agreement"). Pursuant to the Supplemental Expense Limitation Agreement, the Adviser (i) cannot recoup any waiver or reimbursement made pursuant to the Supplemental Expense Limitation Agreement and (ii) will suspend the payment of any recouped waivers or reimbursements provided for under the expense limitation agreement between the Adviser and Trust dated June 13, 2024 (the "Primary Expense Limitation Agreement"), until February 1, 2028, the termination date of the Supplemental Expense Limitation Agreement. The Supplemental Expense Limitation Agreement and Primary Expense Limitation Agreement may be terminated by the Board of Trustees, and certain amounts waived or reimbursed may be recouped by the Adviser after February 1, 2028. The Supplemental Expense Limitation Agreement and Primary Expense Limitation Agreement are described in more detail under "MANAGEMENT OF THE FUNDS—Fund Expense Limitation and Recoupment Arrangements" in the Fund's prospectus. Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements may exceed 0.50%, 0.60%, 0.75%, and 0.50% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, due to certain excluded expenses. 

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected in the 1-year example and for the first two years of the 3-, 5- and

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10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $52 | $211 | $434 | $1074 |
|  Advisor Shares | $62 | $243 | $488 | $1191 |
|  Investor Shares | $78 | $290 | $569 | $1364 |
|  Class Z Shares | $52 | $211 | $434 | $1074 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 45.00% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund invests, under normal market conditions, primarily in equity securities of companies located outside the United States, which may include some companies located in emerging market countries. The Fund may invest in non-U.S. companies of any size, including small- and mid-capitalization companies. Equity securities include common and preferred stocks and include rights and warrants to subscribe to common stock or other equity securities. The Fund may achieve its equity exposure either directly or indirectly, such as through depositary receipts or participatory notes. The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. These countries may change from time to time.

The Fund operates as a "diversified" investment company and will typically own between 25-50 holdings. The portfolio managers aim to achieve above-average risk-adjusted total returns with lower-than-average volatility (as measured against peers or relevant indices). The portfolio managers seek to achieve this through investing in a benchmark-agnostic portfolio what they believe to be of attractively-valued, high-quality companies with a typical investment horizon of three to five years. The portfolio managers seek to assess intrinsic value of such companies based on cash flow expectations and long-term competitive advantages. They prioritize companies that they believe can generate cash profits reliably over many years and have opportunities to pay dividends and/or reinvest some of those profits at high rates of return. The portfolio managers look for opportunities where the capital markets underappreciate and misprice quality characteristics and growth potential. The portfolio managers believe that many market participants underestimate the potential for change and improvement of individual companies because they focus on and extrapolate a narrow range of backward-looking metrics such as recent earnings growth and historic returns on capital.

The portfolio managers believe that a key risk to any investor is permanent impairment of capital from owning overvalued assets. Overvaluation may result either from strong share price performance or from a deterioration in the expected intrinsic value of the underlying business. Therefore, the Fund maintains a valuation discipline intended to ensure that assets are only bought when they are attractively valued, in absolute terms (rather than relative to peers or benchmarks), with reference to their estimated intrinsic value, and are sold when they become overvalued on the same basis.

Consistent with the Fund's absolute valuation discipline, the portfolio managers may determine to delay reinvestment of sale proceeds or other available cash immediately, instead holding positions in cash and cash equivalents, including money market funds, potentially in an amount up to 20% of the net assets of the Fund, while examining and awaiting available investment opportunities.

Additionally, as part of the research and security selection processes, the portfolio managers ordinarily consider financially material environmental, social and governance ("ESG") factors that they believe have the potential to adversely affect the long-term performance of a company. In doing so, the portfolio managers conduct their own proprietary ESG analysis, in addition to having access to third-party analytics sources such as Sustainalytics and MSCI, which they may use to augment or contextualize their own analysis. The portfolio managers' ESG analysis is conducted on a company-by-company basis and does not place greater emphasis on any particular environmental, social or governance factor. The objective of the analysis is to identify both risks, which may result in a decision not to invest, and opportunities for engagement, where the portfolio managers judge that this has the potential to yield positive outcomes by bolstering the company's path to improvement.

------

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear. The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on global stocks.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Emerging Markets Risk**. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**ESG Factor Risk**. Considering ESG factors when evaluating an investment may result in the selection or exclusion of certain investments based on the Adviser's view of these factors and carries the risk that the Fund may underperform funds that do not take ESG factors into account. In evaluating an issuer, the Adviser may be dependent upon information and data obtained through voluntary reporting by issuers or third-party research that may be incomplete, inaccurate or unavailable, which could impact the portfolio managers' assessment of related risks and opportunities.

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Currency Risk**. Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Geographic Focus Risk**. The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

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**Active Management Risk**. The Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Small-Cap and Mid-Cap Company Risk**. The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Participatory Notes Risk**. P-notes, which are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions, represent interest in securities listed on certain non-U.S. exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is risk that the entity issuing the note may not be able to honor its financial commitments. The liquidity of a P-note reflects the liquidity in the underlying security. At times, it may be more illiquid than trading the underlying security as broker selection is restricted to the underwriter of the P-note.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Market Risk.** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. For periods prior to the reorganization of the Fund, in which a predecessor fund was merged into the Fund, the performance information is based on the performance of the predecessor fund. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

------

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g01m21.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 10/01/2022 – 12/31/2022 – 22.26% |
|  Worst quarter: | 01/01/2020 – 03/31/2020 – (17.90%) |

---

Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since** <br> **Inception<sup>1</sup>**  |
|  **Institutional Shares – Before Taxes** | 27.06% | 10.03% | 8.67% |
|  **Institutional Shares – After Taxes on Distributions** | 26.07% | 8.57% | 7.47% |
|  **Institutional Shares – After Taxes on Distributions and Sale of Fund Shares** | 16.45% | 7.51% | 6.63% |
|  **MSCI EAFE Index (reflects no deductions for fees or expenses)<sup>2</sup>** | 31.22% | 8.92% | 8.64% |

---

<sup>1</sup> The Institutional Shares of the Fund's predecessor fund commenced operations on September 29, 2016.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Adviser
The Fund's investment adviser is JOHCM (USA) Inc.

#### Portfolio Managers

---

| | |
|:---|:---|
| **Robert Lancastle, CFA** | **Ben Leyland, CFA** |
| Senior Fund Manager | Senior Fund Manager |
| Length of Service: Since 2016 | Length of Service: Since 2016 |

---

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |

---

------

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
JOHCM International Opportunities Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

------

#### FUND SUMMARY

#### JOHCM International Select Fund

#### Investment Objective
The investment objective of the JOHCM International Select Fund (the "Fund") is to seek long-term capital appreciation.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional**<br> **Shares** | **Investor<br>Shares** | **Class Z<br>Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |
|  Redemption Fee |  |  |  |
|  **Annual Fund Operating Expenses** (Expenses that you pay<br>each year as a percentage of the value of your investment) |  |  |  |
|  Management Fee | 0.84% | 0.84% | 0.84% |
|  Distribution (Rule 12b-1) Fees |  | 0.25% |  |
|  Other Expenses | 0.11% | 0.09% | 0.09% |
|  Acquired Fund Fees and Expenses | 0.01% | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses | 0.96% | 1.19% | 0.94% |

---

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $98 | $306 | $531 | $1178 |
|  Investor Shares | $121 | $378 | $654 | $1443 |
|  Class Z Shares | $96 | $300 | $520 | $1155 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 92.83% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing primarily in common stocks and other equity securities of companies located outside the United States. The Fund's equity securities include common and preferred stock, rights and warrants.

------

Typically, the Fund invests in a number of different countries, including emerging markets. The Fund may invest in companies of any size, including small- and mid capitalization companies, in order to achieve its objective.

The portfolio managers seek to identify and make investments based on a multi-dimensional investment process, considering a number of factors, including growth, valuation, size, momentum, and beta. Beta measures the volatility of a stock relative to the overall market. The Fund utilizes a core investment style with a growth tilt (growth at a reasonable price, or "GARP") over all capitalization ranges, which means that the Fund generally invests in larger, more established companies, but would expect to invest a somewhat greater portion of its assets in smaller, growth companies than would a typical large cap mutual fund. The GARP investment strategy is a blend of growth and value investing and seeks to find companies that have strong earnings growth at a good price. The Fund seeks those stocks, sectors, and countries with the potential to cause positive earnings surprises, with sustainably high or increasing return on equity, and with attractive valuations. The investment process utilizes a combination of bottom-up investing and top-down asset allocation that typically results in a portfolio of 30 to 60 holdings. Bottom-up investing utilizes techniques such as fundamental analysis to assess growth and value potential of individual issuers. In conducting fundamental analysis of companies that are being considered for purchase by the Fund, the portfolio managers evaluate, among other things, the financial condition and management of a company, its industry, stability of the country in which the company is located, and the interrelationship of these variables over time.

Top-down asset allocation utilizes evaluations of, among other things, economic factors including country risk, sector trends within individual countries and regions, and currency impact.

Investments are predominantly in common stock, however the Fund also expects to gain some of its equity exposure indirectly, such as through purchasing depositary receipts, exchange-traded funds ("ETFs") and/ or participatory notes. Participatory notes (commonly known as "P-notes") are instruments that provide exposure to, primarily, equity securities of issuers listed on a non-U.S. exchange and are typically used when a direct investment in the underlying security is either unpermitted, restricted or uneconomical due to country-specific regulations or other restrictions.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear. The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on international stocks.

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Emerging Markets Risk**. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks

------

than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**ETF Risk**. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

**Active Management Risk**. The Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Growth Investing Risk**. The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**GARP Investment Strategy Risk**. GARP investing involves buying stocks that the portfolio managers believe have reasonable price/earnings ratios in relation to the relevant company's current or expected future earnings growth rate. To the extent the Fund uses a GARP investing strategy, the Fund's performance may be adversely affected when stocks preferred by a GARP investing strategy underperform or are not favored by investors in prevailing market and economic conditions.

**Preferred Stock Risk**. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Small-Cap and Mid-Cap Company Risk**. The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Participatory Notes Risk**. P-notes, which are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions, represent interest in securities listed on certain non-U.S. exchanges, and thus present similar risks to investing directly in such securities.

P-notes also expose investors to counterparty risk, which is risk that the entity issuing the note may not be able to honor its financial commitments. The liquidity of a P-note reflects the liquidity in the underlying security. At times, it may be more illiquid than trading the underlying security as broker selection is restricted to the underwriter of the P-note.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

------

**Value Investing Risk**. Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Market Risk**. The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. For periods prior to the reorganization of the Fund, in which a predecessor fund was merged into the Fund, the performance information is based on the performance of the predecessor fund. Historical performance for Investor Shares prior to its inception is based on the performance of Institutional Shares. The performance of Investor Shares has been adjusted to reflect differences in expenses. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g00n26.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 04/01/2020 – 06/30/2020 – 23.44% |
|  Worst quarter: | 04/01/2022 – 06/30/2022 – (20.53%) |

---

Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since**<br> **Inception<sup>1</sup>** |
|  **Institutional Shares – Before Taxes** | 25.72% | 1.88% | 7.23% | 8.52% |
|  **Institutional Shares – After Taxes on Distributions** | 24.90% | 1.18% | 6.74% | 8.14% |
|  **Institutional Shares – After Taxes on Distributions and Sale of Fund Shares** | 16.00% | 1.52% | 5.94% | 7.27% |
|  **MSCI EAFE Index (reflects no deductions for fees or expenses)<sup>2</sup>** | 31.22% | 8.92% | 8.18% | 7.43% |
|  **Investor Shares – Before Taxes** | 25.43% | 1.65% | 6.97% | 8.27% |

---

<sup>1</sup> While Institutional Shares of the Fund's predecessor fund commenced operations on July 29, 2009, Institutional Shares began investing consistent with its investment objective on July 30, 2009. Investor Shares commenced operations on March 31, 2010.

<sup>2</sup> Index returns shown are net of withholding taxes.

------

#### Portfolio Management

#### Investment Adviser
The Fund's investment adviser is JOHCM (USA) Inc.

#### Portfolio Managers

---

| | |
|:---|:---|
| **Christopher J.D. Lees, CFA**<br> Senior Fund Manager<br> Length of Service: Since 2009 | **Nudgem Richyal, CFA**<br> Senior Fund Manager<br> Length of Service: Since 2009 |

---

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
JOHCM International Select Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

------

#### FUND SUMMARY

#### Regnan Sustainable Water and Waste Fund

#### Investment Objective
The investment objective of Regnan Sustainable Water and Waste Fund (the "Fund") is to seek to achieve long-term capital appreciation by investing in a global equity portfolio of companies along the water and waste value chains.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional**<br> **Shares** | **Advisor**<br> **Shares** | **Investor**<br> **Shares** | **Class Z**<br> **Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a<br>percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** (Expenses that you pay<br>each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.75% | 0.75% | 0.75% | 0.75% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses<sup>1</sup> | 6.66% | 6.66% | 6.66% | 6.66% |
|  Total Annual Fund Operating Expenses | 7.41% | 7.51% | 7.66% | 7.41% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -6.52% | -6.52% | -6.52% | -6.52% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.89% | 0.99% | 1.14% | 0.89% |

---

<sup>1</sup> Other Expenses are estimated for the current fiscal year.

<sup>2</sup> JOHCM (USA) Inc (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.89%, 0.99%, 1.14%, and 0.89% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-year example. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | |
|:---|:---|:---|
|  | **1 year** | **3 years** |
|  Institutional Shares | $91 | $1597 |
|  Advisor Shares | $101 | $1624 |
|  Investor Shares | $116 | $1665 |
|  Class Z Shares | $91 | $1597 |

---

------

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund has not yet commenced operations as of the date of this prospectus, the Fund's portfolio turnover rate for the most recent fiscal year is not available.

#### Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing primarily in a global equity portfolio of companies the portfolio managers believe, based on such companies' activities and public disclosures, have the potential to contribute solutions to global water- or waste-related challenges and which satisfy their criteria for possessing sustainable attributes (as described further below).

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have a material business involvement in water or waste solutions and that meet the portfolio managers' sustainability criteria. The portfolio managers consider business involvement in water or waste solutions to be material if at least 50% of a company's activities (as measured by sales, earnings, or similar metrics) are derived from a product or service in the water or waste value chain that addresses water or waste solutions. The water value chain is the range of activities implicated in the transport, management and use of water. The waste value chain is the range of activities implicated in the transport, storage and management of waste in any of its forms (whether liquid, solid or gas).

• Water solutions include, but are not limited to water production; water conditioning and desalination; water supply; water treatment, transport, and dispatching; treatment of wastewater; water infrastructure equipment and services; water-related construction; and related consulting and engineering services as well as other related services or industries.

• Waste solutions include, but are not limited to waste collection, transporting, sorting, and recycling; sewage treatment plants; hazardous waste management; air filtering and cleaning; sanitization; site remediation; pollution prevention and control; sustainable packaging; environment planning; as well as consulting, engineering and other services related to the foregoing.

The portfolio managers monitor around 350 companies that make up the Fund's current investment universe and seek to identify companies along the water and waste value chains that, in their opinion, provide solutions to global water-or waste-related challenges. The portfolio managers consider water-related challenges to include but not be limited to: improving access to drinking water, repairing and maintaining water transportation infrastructure and advancing water treatment processes. The portfolio managers consider waste-related challenges to include but not be limited to: improving waste management safety and efficiency and finding sustainable solutions to capacity constraints relating to the management of waste in any of its forms.

The portfolio managers analyze specific companies through a rigorous stock-selection process that simultaneously combines bottom-up analysis of business quality, a valuation assessment of absolute upside potential and ESG research to construct a portfolio that normally holds between 35 and 50 stocks. The bottom-up analysis includes considerations such as revenue model analysis, profit analysis, history of cash generation, and balance sheet assessment to assess the valuation and appropriateness of candidates for inclusion in the portfolio. In identifying potential investments, the portfolio managers ordinarily look for companies that exhibit some or all of the following characteristics: a focus on the waste and water investment theme, a strong market position of such company within its sector, a sustainable business model, high quality management, a strong balance sheet, including the company's ability to satisfy its short-term liabilities, and a demonstrated history of cash generation. The investment process does not target any particular allocation as between water solutions and waste solutions, and the mix of investments as between those two themes can vary significantly over time. The portfolio managers typically intend to hold investments for 3-5 years or more. Although the Fund is a global, unconstrained Fund which can invest in emerging markets and frontier markets as well as developed markets— and while the Fund does not apply a minimum or maximum limit on exposure to any single country—it is expected that the majority of the Fund's holdings will be located in developed markets. The Fund has the flexibility to invest in companies at any market capitalization.

*ESG Screening* 

The portfolio managers apply an enhanced principles-based ESG exclusion policy to screen out certain companies or practices based on specific ESG criteria they identify. A norms-based screening component excludes any company which the portfolio managers consider to have failed to conduct its business in accordance with accepted international norms, as set out in the United Nations Global Compact (including human rights, labor rights, environment, and anti-corruption). Additionally, a negative screening component excludes companies which have exposure to certain sectors, issuers or securities.

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*Sustainability* 

The portfolio managers then use both quantitative and qualitative factors to form an assessment of a company's "sustainable" attributes, including for example audit data, workplace health and safety and remuneration. A company is considered to **maintain** sustainable attributes where the company meets minimum standards of environmental, social and governance ("ESG") risk and sustainability management, as assessed by the portfolio managers. The portfolio managers will invest a minimum of 70% of the Fund's net assets in companies which are **maintaining** sustainable attributes and a maximum of 30% of the Fund's net assets in companies which demonstrate **improving** sustainable attributes.

This sustainability assessment uses a combination of measurements, including, but not limited to, ESG ratings provided by Morgan Stanley Capital International ("MSCI") and the Adviser's proprietary internal sustainability ratings. The Adviser assigns a score from 1-5 for each ESG factor ("E," "S" and "G") based on its assessment of the extent to which sustainability management contributes to sustained value creation and aggregates the "E", "S", and "G" factor scores to calculate a company's overall score.

Companies rated BBB and above on MSCI's ESG ratings are defined by the Adviser as **maintaining** sustainable attributes. Where an MSCI ESG rating is not available, companies rated above 2.5 by the Adviser's proprietary rating system are defined as **maintaining** sustainable attributes. For the remaining companies, the Adviser assigns each such company a momentum assessment classification ("stable", "improving" or "weakening") to indicate the expected direction of change in the company's overall ESG score. Companies classified as improving and companies which, in the view of the Adviser, demonstrate the potential for improvement and are collectively defined by the portfolio managers as demonstrating **improving** sustainable attributes.

The portfolio managers will seek to sell an investment if one of the following conditions has been met: (1) a change or development invalidates the investment case or implies the company would no longer pass the sustainability assessment, (2) they have identified a company that they believe offers a better solution to global water- or waste-related challenges or that they believe has a valuation that offers better risk-reward, (3) their trust in the company is damaged and/or the company is no longer willing to engage, or (4) the portfolio managers perceive that their long-term investment thesis for the holding is no longer valid.

Although the Fund does not expect to invest significantly in derivative instruments and generally does not hedge currency, it may do so at any time depending on market performance.

The Fund may invest in affiliated or unaffiliated investment companies, including exchange-traded funds ("ETFs"). The Fund may also participate in initial public offerings ("IPOs").

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The principal risks of investing in the Fund (in alphabetical order after the first six risks) are:

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Because the Adviser evaluates ESG metrics when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG metrics. ESG metrics may prioritize long term rather than short term returns. ESG information and data, including that provided by third parties, may be incomplete, inaccurate, or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, there is a risk that the securities identified by the Adviser to fit within its sustainability criteria do not operate as anticipated. Although the Adviser seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. The Adviser's exclusion of certain investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such investments are performing well.

**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value

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chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain. Because the Fund focuses on water-and waste-related investments, the Fund will be subject to a greater extent to risks associated with these value chains. Please see "Water-Related Risks" and "Waste-Related Risks" for more information on these specific risks.

**Waste-related Risks.** Companies operating in the waste water value chain can be affected by, among other things, availability and cost of labor to collect and transport waste, transportation costs, consumer and industry trends and subsequent waste volumes, regulatory changes on collection, and treatment of waste. These companies can also be affected by overall economic trends, government spending on related projects, and the cost of commodities.

**Water-related Risks.** Companies operating in the water value chain can be affected by, among other things, irrigation and industrial usage trends, viability of infrastructure projects, regulatory changes on water usage, pricing, contamination and reusability, and environmental factors such as floods and droughts. These companies can also be affected by overall economic trends, interest rates, government spending on related projects, and the cost of commodities.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Derivatives Risk**. The Fund may use derivatives (including futures and forward contracts) to hedge against market declines. The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.

**ETF Risk.** In addition to the risks associated with the underlying assets held by an ETF, investments in ETFs may be subject to the following additional risks: (1) an ETF's shares may trade above or below its net asset value; (2) an active trading market for an ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted by the listing exchange; (4) a passively-managed ETF may not track the performance of the reference asset; and (5) a passively-managed ETF may hold troubled securities. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

**Emerging Markets Risk**. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Hedging Risk.** Hedging is a strategy in which the Fund uses a derivative or other security to offset certain risks associated with other Fund holdings or to render the portfolio more resilient to market fluctuations. There can be no assurance that the Fund's hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. The Fund is not required to use hedging and may choose not to do so.

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**IPO Risk.** The Fund may purchase securities in Initial Public Offerings ("IPOs"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Limited History of Operations.** The Fund is a newly organized, diversified, open-end management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.

**Liquidity Risk.** The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

**Long-Term Investment Strategy Risk.** The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

**Active Management Risk.** The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Regulatory Risk***.* Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Market Risk**. The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
Performance information for the Fund will be available after the Fund completes a full calendar year of operation. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

#### Portfolio Management

#### Investment Adviser
The Fund's adviser is JOHCM (USA) Inc.

#### Portfolio Managers

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| | |
|:---|:---|
| **Bertrand Lecourt** | **Saurabh Sharma** |
| Senior Fund Manager | Fund Manager |
| Length of Service: Since 2022 (inception) | Length of Service: Since 2022 (inception) |

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#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

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***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Regnan Sustainable Water and Waste Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF THE FUNDS

#### Principal Investments and Strategies of Each Fund

#### JOHCM Emerging Markets Discovery Fund
**Investment Objective:** The investment objective of the JOHCM Emerging Markets Discovery Fund (the "Fund") is to seek long-term capital appreciation.

**Principal Investment Strategies:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies that meet the portfolio managers' "discovery criteria" and that are located in emerging markets, including frontier markets. Equity securities include common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may achieve its equity exposure either directly or indirectly, such as through depositary receipts, exchange-traded funds ("ETFs") and participatory notes (commonly known as "P-notes"). Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank), and other countries with similar emerging market characteristics.

The portfolio managers seek to identify growth potential in companies that they believe are recovering (or will soon begin to recover) from market or business setbacks and therefore have the potential to outpace broader financial markets on a relative basis. Setbacks are company-, country- or sector-specific developments, which result in a negative market environment for a company's business or the trading of its stock. Setbacks can include, among other things, failed product launches, supply chain issues, and economic or geopolitical instability in an emerging market country. In identifying those companies that they believe have the potential for recovery, the portfolio managers often seek companies with improving fundamentals and/or are taking actions to address recent or ongoing setbacks.

The portfolio managers primarily use a disciplined fundamental bottom-up research approach, namely by focusing on analyzing individual companies. As part of this approach, the portfolio managers aim to identify emerging market companies that they believe are inefficiently priced and that typically demonstrate one or more of the following positive growth characteristics: (1) industry players without overly significant competition and which are operating at high margins; (2) fast growing, flexible and responsive to changes; (3) able to achieve incremental gains in market share; and (4) have qualified management teams. In applying the Fund's "discovery criteria" for selection of investments, the portfolio managers seek to identify companies that (1) exhibit one or more of the following characteristics: (a) are in emerging industries with pioneering business models, or (b) have innovative technologies that have the potential to disrupt the status quo, or (c) are offering products or services that are not yet widely available or adopted in the local market, with the potential for long-term growth, and (2) have market capitalizations below U.S. $8 billion at the time the issuer is first added to the Fund's portfolio. If the Fund continues to hold securities of companies whose market capitalization subsequently exceed U.S. $8 billion after being added to the portfolio, they may continue to satisfy this criteria.

While the portfolio managers build the Fund's portfolio primarily from a bottom-up growth philosophy and individual stock selection process they also consider top-down macroeconomic information, particularly in determining sector and country weightings in the portfolio. The portfolio managers consider the country and sector allocation of the Fund's performance benchmark (the MSCI Emerging Markets Small Cap Index) but may depart from the benchmark's allocations at any time. Emerging markets are typically more volatile than developed markets; frontier markets are generally smaller, less liquid, and less developed than emerging markets. The portfolio managers believe that consideration of top-down, macroeconomic factors will reduce the overall volatility of the Fund in certain market environments (thereby protecting capital) and reduce overall risk exposure. In selecting companies for investment, the portfolio managers also consider the investment risks associated with the liquidity of the company's stock, taking into account the depth of the trading market for the company's shares, and how reliable the company's reporting (particularly its financial reporting) appears to be while also seeking to take advantage of market inefficiencies as to individual companies and industries.

Under normal circumstances, the Fund will typically hold securities of 70 to 120 companies. The Fund may invest a significant portion of its assets in issuers located in one country or a small number of countries. These countries may change from time to time. The portfolio managers may consider selling a security if the portfolio managers believe that company fundamentals are deteriorating, there is increased geopolitical or economic risk in that company's local market, or if the portfolio managers identify a security that they believe offers a better investment opportunity regardless of market capitalization.

Given the portfolio managers' investment process, the large number of holdings and the target markets in which the Fund invests, this sell discipline will typically result in annual portfolio turnover rates in excess of 100%.

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While the Fund does not pursue active or frequent trading as a principal strategy, the nature of the portfolio frequently results in higher levels of portfolio turnover (in excess of 100% of the average value of its portfolio on an annualized basis) when the portfolio managers implement their strategy in certain economic and market conditions.

Investments are predominantly in common stock, however, the Fund may also purchase depositary receipts (including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs")), convertible and non-convertible preferred stock, and participatory notes. P-notes are instruments that provide exposure to, primarily, equity securities of issuers listed on a non-U.S. exchange and are typically used when a direct investment in the underlying security is either unpermitted, restricted or uneconomical due to country-specific regulations or other restrictions.

The Fund expects to invest a portion of its assets in securities of developed markets companies that derive, or are expected to derive, a significant portion of their revenues from their operations in emerging or frontier markets. The Fund may also participate in IPOs.

The Fund also may purchase futures contracts and other derivative contracts, including index derivatives for equities and currencies. Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may do so at any time. The Fund also may invest in physical currencies and spot and forward currency contracts. The Fund typically does not seek to hedge its exposure to non-U.S. dollar currencies.

#### JOHCM Emerging Markets Opportunities Fund
**Investment Objective:** The investment objective of the JOHCM Emerging Markets Opportunities Fund (the "Fund") is to seek long-term capital appreciation.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies located in emerging market countries. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics. The Fund may invest in companies of any size, including small- and mid-capitalization companies. The Fund may also invest up to 5% of its assets in equity securities of companies located in frontier markets, which are generally smaller, less liquid, and less developed than emerging markets.

The equity securities in the Fund's portfolio can include direct and indirect investments in common and preferred stocks, as well as rights and warrants to subscribe to equity securities. The portfolio managers consider the relative pricing and risks, among other factors, in determining whether to seek direct or indirect exposure to an equity security. The Fund obtains indirect exposure to equity securities through instruments such as depositary receipts and, where more attractive alternatives are unavailable, participatory notes. Depositary receipts, such as ADRs and GDRs are receipts issued by a bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. Depositary receipts are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. While the Fund invests in publicly traded depositary receipts, in some cases the securities underlying the receipts are unquoted on stock exchanges.

The Fund utilizes a core investment style with a modest growth tilt (growth at a reasonable price, or "GARP") over all capitalization ranges to invest in equity securities of companies located in emerging markets. The investment team combines top-down and bottom-up research to assess potential investments in the Fund. The investment strategy is a blend of growth and value investing, seeking to find companies that have the potential for strong earnings growth, that are priced at an attractive valuation, that meet the team's corporate governance threshold, and that fit with the portfolio managers' top-down country-level views. A top-down country view represents an assessment of the investment prospects in a country (in this case, a particular emerging market country) based on macroeconomic, geopolitical and other factors affecting the country as a whole. The portfolio is managed with reference to its performance benchmark, the MSCI Emerging Markets Index, as to country and sector allocations. The portfolio managers may depart from the benchmark's allocations at any time. The Fund will typically own between 40 and 60 companies. The portfolio managers may consider selling a security (i) to manage overall portfolio risk, (ii) if they perceive an actual or potential deterioration in the company's underlying business, (iii) if they identify a more attractive investment opportunity (iv) to adjust the Fund's country and sector allocations to more closely resemble the benchmark's weightings or (v) in response to increasing political, regulatory, or similar risks.

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The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. These countries may change from time to time. The Fund's performance benchmark index currently includes substantial exposure to China. The Fund may also participate in IPOs.

#### JOHCM International Opportunities Fund
**Investment Objective:** The investment objective of the JOHCM International Opportunities Fund (the "Fund") is to achieve long-term, risk-adjusted total return by investing in a portfolio of international equity securities.

**Principal Investment Strategies:** The Fund invests, under normal market conditions, primarily in equity securities of companies located outside the United States, which may include some companies located in emerging market countries. The Fund may invest in non-U.S. companies of any size, including small- and mid-capitalization companies. Equity securities include common and preferred stocks and include rights and warrants to subscribe to common stock or other equity securities. The Fund may achieve its equity exposure either directly or indirectly, such as through depositary receipts or participatory notes. The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. These countries may change from time to time.

The Fund operates as a "diversified" investment company and will typically own between 25-50 holdings. The portfolio managers aim to achieve above-average risk-adjusted total returns with lower-than-average volatility (as measured against peers or relevant indices). The portfolio managers seek to achieve this through investing in a benchmark-agnostic portfolio of what they believe to be attractively-valued, high-quality companies with a typical investment horizon of three to five years. The portfolio managers seek to assess intrinsic value of such companies based on cash flow expectations and long-term competitive advantages. They prioritize companies that they believe can generate cash profits reliably over many years and have opportunities to pay dividends and/or reinvest some of those profits at high rates of return. The portfolio managers look for opportunities where the capital markets underappreciate and misprice quality characteristics and growth potential. The portfolio managers believe that many market participants underestimate the potential for change and improvement of individual companies because they focus on and extrapolate a narrow range of backward- looking metrics such as recent earnings growth and historic returns on capital.

The portfolio managers believe that a key risk to any investor is permanent impairment of capital from owning overvalued assets. Overvaluation may result either from strong share price performance or from a deterioration in the expected intrinsic value of the underlying business. Therefore, the Fund maintains a valuation discipline intended to ensure that assets are only bought when they are attractively valued, in absolute terms (rather than relative to peers or benchmarks), with reference to their estimated intrinsic value, and are sold when they become overvalued on the same basis. The portfolio managers may also consider selling a security if there is a change in the company's risk/return profile or if they identify a more attractive investment opportunity. Consistent with the Fund's absolute valuation discipline, the portfolio managers may determine to delay reinvestment of sale proceeds or other available cash immediately, instead holding positions in cash and cash equivalents, including money market funds, potentially in an amount up to 20% of the net assets of the Fund, while examining and awaiting available investment opportunities.

Additionally, as part of the research and security selection processes, the portfolio managers ordinarily consider financially material environmental, social and governance ("ESG") factors, that they believe have the potential to adversely affect the long-term performance of a company. In doing so, the portfolio managers conduct their own proprietary ESG analysis, in addition to having access to third-party analytics sources such as Sustainalytics and MSCI, which they may use to augment or contextualize their own analysis. The portfolio managers' ESG analysis is conducted on a company-by-company basis and does not place greater emphasis on any particular environmental, social or governance factor. The objective of the analysis is to identify both risks, which may result in a decision not to invest, and opportunities for engagement, where the portfolio managers judge that this has the potential to yield positive outcomes by bolstering the company's path to improvement.

#### JOHCM International Select Fund
**Investment Objective:** The investment objective of the JOHCM International Select Fund (the "Fund") is to seek long-term capital appreciation.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objective by investing primarily in common stocks and other equity securities of companies located outside the United States. The Fund's equity securities include common and preferred stock, rights, and warrants. Typically, the Fund invests in a number of different countries, including emerging markets. The Fund may invest in companies of any size, including small- and mid capitalization companies, in order to achieve its objective.

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The portfolio managers seek to identify and make investments based on a multi-dimensional investment process, considering a number of factors, including growth, valuation, size, momentum, and beta. Beta measures the volatility of a stock relative to the overall market. The Fund utilizes a core investment style with a growth tilt (growth at a reasonable price, or "GARP") over all capitalization ranges, which means that the Fund generally invests in larger, more established companies, but would expect to invest a somewhat greater portion of its assets in smaller, growth companies than would a typical large cap mutual fund. The GARP investment strategy is a blend of growth and value investing and seeks to find companies that have strong earnings growth at a good price. The Fund seeks those stocks, sectors, and countries with the potential to cause positive earnings surprises, with sustainably high or increasing return on equity, and with attractive valuations. The investment process utilizes a combination of bottom-up investing and top-down asset allocation that typically results in a portfolio of 30 to 60 holdings. Bottom-up investing utilizes techniques such as fundamental analysis to assess growth and value potential of individual issuers. In conducting fundamental analysis of companies that are being considered for purchase by the Fund, the portfolio managers evaluate, among other things, the financial condition and management of a company, its industry, stability of the country in which the company is located, and the interrelationship of these variables over time. Top-down asset allocation utilizes evaluations of, among other things, economic factors including country risk, sector trends within individual countries and regions, and currency impact.

Investments are predominantly in common stock, however the Fund also expects to gain some of its equity exposure indirectly, such as through purchasing depositary receipts (including ADRs) and GDR), ETFs and/or participatory notes. Participatory notes (commonly known as "P-notes") are instruments that provide exposure to, primarily, equity securities of issuers listed on a non-U.S. exchange and are typically used when a direct investment in the underlying security is either unpermitted, restricted or uneconomical due to country-specific regulations or other restrictions.

The Fund may consider selling a security if the portfolio managers believe that there is an actual or potential deterioration in the company's underlying business, its sector, or its country or if the portfolio managers identify a security that they believe offers a better investment opportunity.

#### Regnan Sustainable Water and Waste Fund
**Investment Objective:** The investment objective of Regnan Sustainable Water and Waste Fund (the "Fund") is to seek to achieve long-term capital appreciation by investing in a global equity portfolio of companies along the water and waste value chains.

**Principal Investment Strategies:** The Fund seeks to achieve its investment objective by investing primarily in a global equity portfolio of companies the portfolio managers believe, based on such companies' activities and public disclosures, have the potential to contribute solutions to global water- or waste-related challenges and which satisfy their criteria for possessing sustainable attributes (as described further below).

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have a material business involvement in water or waste solutions and that meet the portfolio managers' sustainability criteria. The portfolio managers consider business involvement in water or waste solutions to be material if at least 50% of a company's activities (as measured by sales, earnings, or similar metrics) are derived from a product or service in the water or waste value chain that addresses water or waste solutions. The water value chain is the range of activities implicated in the transport, management and use of water. The waste value chain is the range of activities implicated in the transport, storage and management of waste in any of its forms (whether liquid, solid or gas).

• Water solutions include, but are not limited to water production; water conditioning and desalination; water supply; water treatment, transport, and dispatching; treatment of wastewater; water infrastructure equipment and services; water-related construction; and related consulting and engineering services as well as other related services or industries.

• Waste solutions include, but are not limited to waste collection, transporting, sorting, and recycling; sewage treatment plants; hazardous waste management; air filtering and cleaning; sanitization; site remediation; pollution prevention and control; sustainable packaging; environment planning; as well as consulting, engineering and other services related to the foregoing.

The portfolio managers monitor around 350 companies that make up the Fund's current investment universe and seek to identify companies along the water and waste value chains that, in their opinion, provide solutions to global water- or waste-related challenges. The portfolio managers consider water-related challenges to include but not be limited to: improving access to drinking water, repairing and maintaining water transportation infrastructure and advancing water treatment processes. The portfolio managers consider waste-related challenges to include but not be limited to: improving waste management safety and efficiency and finding sustainable solutions to capacity constraints relating to the management of waste in any of its forms.

The portfolio managers analyze specific companies through a rigorous stock-selection process that simultaneously combines bottom-up analysis of business quality, a valuation assessment of absolute upside potential and ESG research to construct a portfolio that

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normally holds between 35 and 50 stocks. The bottom-up analysis includes considerations such as revenue model analysis, profit analysis, history of cash generation, and balance sheet assessment to assess the valuation and appropriateness of candidates for inclusion in the portfolio. In identifying potential investments, the portfolio managers ordinarily look for companies that exhibit some or all of the following characteristics: a focus on the waste and water investment theme, a strong market position of such company within its sector, a sustainable business model, high quality management, a strong balance sheet, including the company's ability to satisfy its short-term liabilities, and a demonstrated history of cash generation. The investment process does not target any particular allocation as between water solutions and waste solutions, and the mix of investments as between those two themes can vary significantly over time. The portfolio managers typically intend to hold investments for 3-5 years or more. Although the Fund is a global, unconstrained Fund which can invest in emerging markets and frontier markets as well as developed markets— and while the Fund does not apply a minimum or maximum limit on exposure to any single country—it is expected that the majority of the Fund's holdings will be located in developed markets. The Fund has the flexibility to invest in companies at any market capitalization.

*ESG Screening* 

The portfolio managers apply an enhanced principles-based ESG exclusion policy to screen out certain companies or practices based on specific ESG criteria they identify. A norms-based screening component excludes any company which the portfolio managers consider to have failed to conduct its business in accordance with accepted international norms, as set out in the United Nations Global Compact (including human rights, labor rights, environment, and anti-corruption). Additionally, a negative screening component excludes companies which have exposure to certain sectors, issuers or securities. The below list includes the negative screening criteria applied to all investments of the Fund:

• Derive 5% or more of their revenue from the extraction, exploration, or distribution of coal, or from thermal coal power generation.

• Derive 5% or more of their total revenue from the extraction, exploration, distribution, or refinement of oil and/or natural gas, unless a science-based target is in place.

• Derive 5% or more of their total revenue from unconventional oil and gas products and services, including hydraulic fracturing, oil/tar sands, shale oil and/or gas, coal seam methane and Arctic drilling.

• Derive 5% or more of their total revenue from mining of uranium for the purpose of nuclear power generation, the generation of nuclear power, or the provision of products and services to the nuclear power industry.

• Derive 5% or more of their total revenue from the production or distribution of tobacco, or related services (including tobacco-related products).

• Derive any revenue from manufacture of controversial weapons (such as anti-personnel mines, biological or chemical weapons, cluster munitions, depleted uranium weapons, nuclear weapons, white phosphorous weapons).

• Derive any revenue from distribution of, or related services to producers of, controversial weapons.

• Derive 5% or more of their total revenue from manufacture, or provision of related services to, conventional weapons or armaments.

• Breach the United Nations Global Compact principles, where the breach is categorized by Institutional Shareholder Services as structural and severe.

*Sustainability* 

The portfolio managers then use both quantitative and qualitative factors to form an assessment of a company's "sustainable" attributes, including for example audit data, workplace health and safety and remuneration. A company is considered to **maintain** sustainable attributes where the company meets minimum standards of environmental, social and governance ("ESG") risk and sustainability management, as assessed by the portfolio managers. The portfolio managers will invest a minimum of 70% of the Fund's net assets in companies which are **maintaining** sustainable attributes and a maximum of 30% of the Fund's net assets in companies which demonstrate **improving** sustainable attributes.

This sustainability assessment uses a combination of measurements, including, but not limited to, ESG ratings provided by Morgan Stanley Capital International ("MSCI") and the Adviser's<sup>1</sup> proprietary internal sustainability ratings, which is a bottom-up analysis of ESG factors undertaken by experienced specialists. The methodology has been designed to promote comprehensive evaluation of ESG factors while also providing flexibility to incorporate company-specific considerations. The Adviser assigns a score from 1-5 for each

<sup>1</sup> JOHCM (USA) Inc (the "Adviser").

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ESG factor ("E," "S" and "G") based on its assessment of the extent to which sustainability management contributes to sustained value creation. A company's overall ESG score aggregates the "E", "S", and "G" factor scores.

Companies rated BBB and above on MSCI's ESG ratings are defined by the Adviser as **maintaining** sustainable attributes. Where an MSCI ESG rating is not available, companies rated above 2.5 by the Adviser's proprietary rating system are defined as **maintaining** sustainable attributes.

For the remaining companies, the Adviser assigns each such company a momentum assessment classification ("stable", "improving" or "weakening") to indicate the expected direction of change in the company's overall ESG score. Companies classified as **improving** (which includes companies that the portfolio managers perceive to demonstrate positive momentum in ESG/sustainability management, and takes into account trends in internal and/or external ratings) and companies which demonstrate the potential for improvement (based on the portfolio managers' assessment of factors that they believe may positively impact a company's management of ESG) are collectively defined by the portfolio managers as demonstrating **improving** sustainable attributes.

The portfolio managers will seek to sell an investment if one of the following conditions has been met: (1) a change or development invalidates the investment case or implies the company would no longer pass the sustainability assessment, (2) they have identified a company that they believe offers a better solution to global water- or waste-related challenges or that they believe has a valuation that offers better risk-reward, (3) their trust in the company is damaged and/or the company is no longer willing to engage, or (4) the portfolio managers perceive that their long-term investment thesis for the holding is no longer valid.

Although the Fund does not expect to invest significantly in derivative instruments and generally does not hedge currency, it may do so at any time depending on market performance.

The Fund may invest in affiliated or unaffiliated investment companies, including ETFs. The Fund may also participate in initial public offerings ("IPOs").

#### More Information about Investment Strategies Related to the Funds
In addition to the investments and strategies described in this prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies, and engage in other investment practices that are not part of its principal investment strategy. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information ("SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that the Funds will achieve their investment goals.

The investments and strategies described in this prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or in the event of sizeable cash flows into or out of a Fund, each Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective or its other investment policies. If a Fund invests in this manner, it may not achieve its investment objective.

In addition to its principal investment strategies, a Fund may use the investment strategies described below. A Fund may also employ investment practices that this prospectus does not describe, such as participating in repurchase agreements, when-issued and forward commitment transactions, lending of securities, borrowing and other techniques. For more information concerning these and the Funds' other investment practices and their risks, you should read the SAI.

**Temporary Defensive Strategies**. The Funds seek to remain fully invested in accordance with their respective investment objectives. However, in an attempt to respond to adverse market, economic, political, or other conditions, a Fund may take a temporary defensive position that is inconsistent with its principal investment strategies. These defensive positions may include investments in cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. Taking a temporary defensive position could prevent a Fund from achieving its investment objective.

**Name Policy.** Each of JOHCM Emerging Markets Discovery Fund, JOHCM Emerging Markets Opportunities Fund and Regnan Sustainable Water and Waste Fund, has a policy to invest, under normal circumstances, at least 80% of the value of its "assets" in certain types of investments suggested by its name (the "80% Policy"). Additional detail regarding the implementation of the policy is included in the "Principal Investment Strategies" section of this prospectus. Each Fund's 80% Policy is also set forth in the SAI. A Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when a Fund no longer meets its 80% Policy requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, it would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy. Each Fund's 80% Policy is non-fundamental and can be changed by the Fund's Board of Trustees without shareholder approval. A Fund will provide shareholders with at least 60 days' prior notice of any changes to the Fund's 80% Policy.

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**Location of Issuers**. A number of the Funds' policies are determined by reference to whether an issuer is "located in" a particular country or group of countries or whether the issuer is located outside the U.S. more generally. Being "located in" a particular country reflects a judgment that an issuer is economically tied to that country, and in determining where an issuer is located for these purposes the Adviser will consider a number of factors, including but not limited to:

• the markets in which the issuer's securities are principally traded;

• where the issuer's headquarters, principal offices or operations are located;

• where the issuer is organized; and

• the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country.

No single factor will necessarily be determinative nor must all factors be present for the Adviser to determine where an issuer is located. The Adviser may weigh these factors differently with respect to different geographic policies, different countries or different series of Perpetual Americas Funds Trust (the "Trust"). The categorization of location of issuer for compliance testing purposes with respect to the Funds may differ from how other or different portfolio managers, investment professionals, or third parties assign the location of individual issuers.

**Line of Credit and Borrowings**. The Trust, on behalf of certain of the Funds, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes.

The Credit Agreement permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed (requires the lender to advance money to the borrower when requested) and $100 million of which is uncommitted (includes no obligation by the lender to loan funds when requested by the borrower) at any time outstanding, subject to asset coverage and other limitations as specified in the Credit Agreement. Borrowing results in interest expense and other fees and expenses that may impact the Funds' expenses, including any net expense ratios. The costs of borrowing may reduce the total returns for a Fund. The Credit Agreement also imposes an ongoing commitment fee on undrawn committed amounts under the credit facility, which is allocated to between the Funds, and, within each Fund, to each share class, on a pro rata basis, based on such Fund's (or such share classes, as appropriate) average daily net asset value.

**Cash-Sweep Program.** The Funds may invest in a cash-sweep program administered by the Northern Trust Company, the Funds' Administrator, through which a Fund's cash holdings are placed in the Northern Institutional Funds Treasury Portfolio (the "Cash Sweep Portfolio") a money market fund pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended (the "1940 Act"). All sweep vehicles, whether or not registered under the 1940 Act, carry certain risks. For example, money market fund sweep vehicles, such as the Cash Sweep Portfolio, are subject to market risks and are not subject to FDIC protection. As a shareholder of the Cash Sweep Portfolio, a Fund would bear, along with other shareholders, its pro rata portion of the Cash Sweep Portfolio's expenses, including any advisory and administrative fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

**ESG Diligence Process.** To determine whether an issuer meets the Regnan Sustainable Water and Waste Fund's criteria for possessing a given environmental, social and governance attribute, a suite of core factors promotes comprehensive evaluation while also providing flexibility to incorporate company specific and novel considerations for each environmental, social or governance theme. Environmental factors include, for example, climate transition, physical impacts of climate change, water security and other environmental management. Social factors include, for example, human capital management and workplace health and safety. Governance factors include, for example, ethical conduct, board skills, structures and management, audit data, remuneration and other corporate governance.

Each new investment is assigned an MSCI ESG rating and/or a Sustainable Value Assessment ("SVA"), an internal ESG assessment. In producing ratings, the Regnan Sustainable Water and Waste Fund draws on a broad range of public data sources, such as company filings, MSCI ESG ratings and third-party data providers such as Sustainalytics, a leading independent ESG analytics firm. This enables the Regnan Sustainable Water and Waste Fund to form of views on ESG performance both from the company's own reporting and from external stakeholders. SVA ratings for all stocks within the portfolio are updated on at least an annual basis, and can be initiated more frequently in response to new information deemed material to the current rating. Factors that might lead to such a rating include, for example, updates to corporate strategy, regulatory changes, legal developments, acquisitions or divestments, and board changes.

**Cluster Munitions Exclusion.** Each Fund excludes from its investable universe any company exposed to the manufacture of cluster munitions.

**Emerging Markets**. A number of Funds invest in companies located in emerging markets as part of their principal investment strategies. Unless otherwise stated in a Fund's principal investment strategy, the Funds define emerging markets countries as those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-

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income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.

**Performance Comparisons to International Indexes.** A Fund may compare its performance to one or more non-U.S. indexes prepared by MSCI. According to public disclosure made available by MSCI, the performance returns of such MSCI indexes are calculated net of foreign withholding taxes. Accordingly, performance information of such indexes presented in this prospectus reflects the net effect of foreign withholding tax.

**Seed Capital Investments into the Funds.** From time to time, the Adviser and/or its affiliates may invest "seed capital" in a Fund. These investments are generally intended to enable a Fund or a share class of the Fund to commence investment operations and/or achieve sufficient scale to implement the Fund's principal investment strategy. The Adviser and/or its affiliates are under no obligation to maintain any particular level of seed capital investments in a Fund, and they can redeem their investments at any time and without prior notice. As with redemptions by other large shareholders, redemptions of seed capital could have a significant negative impact on a Fund, including on the liquidity of the Fund's investment portfolio and the net asset value ("NAV") of the Fund shares. The form of a seed investor's contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of a Fund.

When the Adviser or an affiliate provides "seed capital" or other capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time or when it deems that sufficient additional capital has been invested in that Fund. The timing of a redemption of seed capital could benefit the seed investor and create a conflict for the Adviser if the seed investor's interests diverge from those of a Fund. For example, the seed investor may choose to redeem its shares at a time when a Fund's portfolio is more liquid than at times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including redemption activity by a seed investor, is that investors remaining in a Fund will bear a proportionately higher share of Fund expenses following the redemption.

The Adviser and/or its affiliates may vote proxies (and have voted proxies in the past) for the shares they have received in exchange for seed capital. If seed capital investments account for a significant portion of a Fund's outstanding shares, the Adviser and/or its affiliates may have the ability to determine the outcome of any matter affecting and voted on by shareholders of the Fund.

#### Summary of Principal and Non-Principal Risks
This section describes the principal risks and some related risks of investing in the Funds, listed in alphabetical order, but it does not describe every possible risk of investing in a Fund. Any investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. The significance of any specific risk to an investment in a Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. Your investment in a Fund may be subject (in varying degrees) to the following risks discussed below. Each Fund may be more susceptible to some of the risks than others and not all risks will be applicable to all Funds. You should read all of the risk information for your Fund presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Active Management Risk.** The Adviser's dependence, for certain of the Funds, on a quantitative strategy, and the Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Allocation Risk.** To the extent a Fund uses an asset allocation strategy as part of its investment strategy, there is a risk that the Fund's allocation among sectors and countries will cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment strategies, or that the investments themselves will not produce the returns expected.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, variable interest entities ("VIEs") risks, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks. U.S. or non-U.S. government sanctions or other government's interventions could preclude a Fund from making certain investments in China or result in a Fund selling investments in China at disadvantageous times or prices. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

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Additionally, in China, U.S. ownership of Chinese companies in certain sectors (including by U.S. persons and entities, inclusive of U.S. mutual funds) is prohibited. In order to facilitate non-U.S. investment, many Chinese companies have created VIEs that allow non-U.S. investors, through the use of contractual arrangements, to both exert a degree of control and to obtain substantially all of the economic benefits arising from a company without formal legal ownership. In 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. However, the Chinese government has not approved VIE structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related Chinese operating companies. If the Chinese companies (or their officers, directors, or Chinese equity holders) breached their contracts or if Chinese officials and/or regulators withdraw any acceptance of the VIE structure or if new laws, rules or regulations relating to VIE structures are adopted U.S. investors could suffer substantial, detrimental, and possibly permanent effects with little or no recourse available. VIE structures do not offer the same level of investor protections as direct ownership. Investors may experience significant losses if VIE structures are altered or disputes emerge over control of the VIE.

**CLO Risk**. Collateralized loan obligations ("CLOs") issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche and the type of the underlying debts and loans in the tranche. Investments in subordinate tranches may carry greater risk. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. Because the underlying assets in CLOs are loans, in the event an underlying loan is subject to liquidity risks such as the risk of extended settlement, investments in the corresponding CLOs may be indirectly subject to the same risks.

**Convertible Securities Risk.** Convertible securities subject a Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause a Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Credit Risk.** Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, a Fund may nonetheless continue to hold the security in the discretion of the Adviser. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

**Currency Risk.** A significant portion of a Fund's assets may be denominated in non-U.S. currencies. There is the risk that the value of such assets and/or the value of any distributions from such assets may decrease if the currency in which such assets are priced or in which they make distributions falls in relation to the value of the U.S. dollar. Some emerging markets countries may have fixed or managed currencies that are not free- floating against the U.S. dollar. A Fund is not required to hedge its non-U.S. currency risk, although it may do so through non-U.S. currency exchange contracts and other methods. Therefore, to the extent a Fund does not hedge its non-U.S. currency risk, or the hedges are ineffective, the value of a Fund's assets and income could be adversely affected by currency exchange rate movements. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Cybersecurity Risk.** The computer systems, networks, and devices used by a Fund and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network

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failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by a Fund and its service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds' business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its NAV; impediments to trading; the inability of the Funds, the Adviser and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. Any problems relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on a Fund or its investors. Furthermore, as a Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Funds' shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Funds and the Funds' service providers to plan for, or respond to, a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

**Depositary Receipts Risk***.* Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees.

Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Some Funds may also invest in certain depositary receipts without voting rights, for example, Thai non-voting depositary receipts ("NVDRs"). NVDRs are similar to other depositary receipts except that they do not allow the holder to participate in company decision making through voting. See Investment Strategies and Risks – Depositary Receipts in the Funds' SAI for additional information.

**Derivatives Risk.** A derivative is an instrument with a value based on the performance of an underlying financial asset, index, or other measure. The types of derivatives that might be used by a Fund may include futures and forward contracts, options, swaps, and other similar instruments. The use of derivative contracts may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. Derivatives can be complex and may perform in ways unanticipated by the Adviser. Derivatives may be volatile, difficult to value, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

**Emerging Markets Risk***.* Investing in emerging market securities magnifies the risks inherent in non-U.S. investments. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, tariffs and other sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Geopolitical events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established healthcare systems.

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Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls, impacts of bilateral trade disputes and investment restrictions that are subject to political change and balance of payments position. Issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the United States.

Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the transportation and custody of such securities. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. A sub-set of emerging markets, frontier markets, are less developed than other emerging markets and are the most speculative. They have the least number of investors and may not have a stock market on which to trade. Most frontier markets consist chiefly of stocks of financial, telecommunications, and consumer companies that count on monthly payments from customers. Investments in this sector are typically illiquid, nontransparent, and subject to very low levels of regulation and high transaction fees. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Frontier market investments may be subject to substantial political and currency risk. The risk of investing in frontier markets can be increased due to government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by frontier market countries or their trading partners; and the relatively new and unsettled securities laws in many frontier market countries. These risks can result in the potential for extreme price volatility.

**Equity-Linked Instruments Risk**. There is a risk that, in addition to market risk and other risks of the referenced equity security, a Fund may experience a return that is different from that of the referenced equity security.

Equity-linked instruments also subject a Fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of a Fund's investment.

**Equity Securities Risk.** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include both direct and indirect investments in such ownership interests, such as public and privately issued equity securities and common and preferred stocks, warrants and rights to subscribe to common stock or other equity securities, convertible securities, and derivative instruments that are expected or intended to track the price movement of equity indices. Different types of equity securities (including different types of instruments that provide direct or indirect exposure to ownership interests in issuers) provide different voting and dividend rights and priority in the event of a bankruptcy and/or insolvency of the issuer. In general, investments in equity securities and equity derivatives are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause a Fund's net asset value to fluctuate. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically 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. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ESG Factor Risk**. To the extent portfolio managers of a Fund incorporate environmental, social and/or governance considerations ("ESG factors") into their investment process, the Fund will be subject to risks associated with the relevant ESG factors. Environmental performance criteria rate a company's management of its environmental challenges, including its effort to reduce or offset the impacts of its products and operations. Social criteria measure how well a company manages its impact on the communities

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where it operates, including its treatment of local populations, its handling of human rights issues, its record regarding labor-management relations, anti-discrimination policies and practices, employee safety and the quality and safety record of a company's products, its marketing practices and any involvement in regulatory or anti-competitive controversies. Governance criteria address a company's investor relations and management practices, including company sustainability reporting, board accountability and business ethics policies and practices.

In general, use of ESG factors in the securities selection process will affect a Fund's exposure to certain issuers, industries, sectors, regions, and countries; may lead to a smaller universe of investments than other funds that do not incorporate ESG factor analysis; and may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG factors are incorporated and whether such investments are in or out of favor.

Successful incorporation of ESG factors into a Fund's overall investment strategy will depend on its portfolio managers' ability to identify and analyze financially material ESG issues, and there can be no assurance that the strategy or techniques employed will be successful.

**ETF Risk.** In addition to the risks associated with the underlying assets held by an ETF, investments in ETFs may be subject to the following additional risks: (1) the market price of an ETF's shares may trade above or below its net asset value; (2) an active trading market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; (4) a passively-managed ETF may not accurately track the performance of the reference asset; and (5) a passively- managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

**Euro-and Eurozone-Related Risk.** To the extent a Fund invests in investments located in Europe, it may be subject to risks not typically associated with investments in the United States. A majority of western European countries and a number of eastern European countries are members of the European Union, an intergovernmental union aimed at developing economic and political coordination and cooperation among its member states.

European countries that are members of the Economic and Monetary Union of the European Union ("EMU") are subject to restrictions on inflation rates, interest rates, deficits, and debt levels. The EMU sets out different stages and commitments for member states to follow in an effort to achieve greater coordination of economic, fiscal, and monetary policies. As a condition to adopting the euro, EMU member states must also relinquish control of their monetary policies to the European Central Bank and become subject to certain monetary and fiscal controls imposed by the EMU. These controls remove EMU member states' flexibility in implementing monetary policy measures to address regional economic conditions, which may impair their ability to respond to crises. A number of countries in the European Union have experienced, and may continue to experience, severe economic and financial difficulties. Additional European Union member countries may also fall subject to such difficulties.

These events could negatively affect the value and liquidity of a Fund's investments in euro-denominated securities and derivatives contracts, as well as securities of issuers located in the European Union or with significant exposure to European Union issuers or countries, to the extent a Fund invests in such securities.

In 2020, the UK left the EU (commonly known as "Brexit"). The full extent of the political, economic and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies and the broader economy could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

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**Fixed Income Risk.** Some Funds may invest in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of a Fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases.

Your investment will decline in value if the value of a Fund's investments decreases. Fixed income securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, changes in the value of fixed income securities will not affect cash income generated, but may affect the value of your investment.

**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain. Because the Regnan Sustainable Water and Waste Fund focuses on water-and waste-related investments, the Regnan Sustainable Water and Waste Fund will be subject to a greater extent to risks associated with these value chains. Please see "Water-Related Risks" and "Waste-Related Risks" below for more information on these specific risks.

**GARP Investment Strategy Risk.** GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to the relevant company's earnings growth rate. To the extent a Fund uses a GARP investing strategy, the Fund's performance may be adversely affected when stocks preferred by a GARP investing strategy underperform or are not favored by investors in prevailing market and economic conditions. To the extent a Fund's GARP investment strategy incorporates value investing, the Fund will be subject to the risks associated with value securities. See "Value Investing Risk" below.

**Geographic Focus Risk.** From time to time a Fund's investment may be focused in a particular geographic region. The value of the investments of a Fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political, and other developments affecting the fiscal stability of that location, and conditions that negatively impact that location will have a greater impact on the Fund as compared with a fund that does not have its holdings similarly focused. Events negatively affecting such location are therefore likely to cause the value of a Fund's shares to decrease, perhaps significantly.

**Growth Investing Risk.** The prices of growth stocks may be based largely on expectations of future earnings, and can decline rapidly and significantly in reaction to negative news about various factors, such as earnings, revenues, the economy, political developments, or other news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time. Growth stocks may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds investments in growth stocks, a Fund may underperform other investment funds that favor different investment styles. Because growth companies typically reinvest their earnings, growth stocks typically do not pay dividends at levels associated with other types of stocks, if at all.

**Hedging Risk.** Some Funds may invest in hedging assets. Hedging is a strategy in which a Fund uses a derivative or other security to offset certain risks associated with other Fund holdings or to render the portfolio more resilient to market fluctuations. There can be no assurance that a Fund's hedging strategy will reduce risk or that hedging transactions will be either available or cost effective. A Fund is not required to use hedging and may choose not to do so.

**High Yield ("Junk Bond") Investments Risk.** Some Funds may invest in high yield securities, also known as "junk bonds," which have a higher risk of issuer default or may be in default. The securities are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. In particular, lower-rated high yield securities (CCC or below) are subject to a greater degree of credit risk than higher-rated high yield bonds. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high yield bond holders, leaving few or no assets available to repay high yield bond holders. A characteristic of the high yield bond is the issuance of securities under Rule 144A, many with registration rights. Some Funds may invest in high yield securities issued under Rule 144A, with or without registration rights.

**India Risk***.* Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the economy and could adversely affect market conditions, economic growth and the profitability of private enterprises. Global economic developments may inhibit the flow of non-U.S. capital on which India is dependent to sustain its growth.

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Large portions of many Indian companies remain in the hands of individuals and corporate governance standards of Indian companies may be weaker and less transparent, which may increase the risk of loss and unequal treatment of investors. To the extent a Fund invests in investments in India, it may be subject to risks presented by investments in an emerging market country, including liquidity risk, which may result in extreme volatility in the prices of Indian securities.

Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as between sectarian groups within each country). In addition, the Indian economy could be adversely impacted by natural disasters and acts of terrorism. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region.

**Interest Rate Risk**. When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long- term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund. Your investment will decline in value if the value of the Fund's investments decreases. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Investment Company Risk.** If a Fund invests in shares of another investment company, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which a Fund invests in addition to the Fund's direct fees and expenses. A Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount, and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in a Fund.

**IPO Risk.** A Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs.

Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Japan Risk***.* The Japanese economy may be subject to economic, political and social instability, which could have a negative impact on Japanese securities, and may impact a Fund's performance to the extent it invests in such securities. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. At times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market, and an unstable financial services sector. International trade, government support of the financial services sector and other troubled sectors, government policy, natural disasters and/or geopolitical developments could significantly affect the Japanese economy. A significant portion of Japan's trade is conducted with developing nations and can be affected by conditions in these nations or by currency fluctuations. Japan is an island state with few natural resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy.

**Key Person Risk.** Key person risk is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at the Adviser, which can result in decreased investment results if these "key" persons become unable to apply their full attention to the management of a Fund's investments for health or other reasons.

**Large Transactions Risk.** A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively purchase or redeem large amounts of shares of the Fund ("large shareholder transactions"). Such larger than normal redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large shareholder transactions may also result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, and may also increase transaction costs. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged investment plans. To the extent that such transactions result in short-term capital gains, such gains when distributed by the Fund will

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generally be taxed at the ordinary income tax rate for individual shareholders who hold Fund shares in a taxable account. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. A number of circumstances may cause the Fund to experience large redemptions, including, but not limited to, the occurrence of significant events affecting investor demand for securities or asset classes in which the Fund invests; changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel. Although large shareholder transactions may be more frequent under certain circumstances, a Fund is generally subject to the risk that shareholders can purchase or redeem a significant percentage of Fund shares at any time.

**Limited History of Operations.** The Regnan Sustainable Water and Waste Fund is a diversified, open-end management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision. The Adviser or its affiliates may contribute "seed capital" in connection with the launch of a Fund to commence operations prior to investment by third parties. Seed capital may represent ownership of up to 100% of a Fund during its initial phase of operation and, in limited circumstances, during subsequent periods. It is anticipated that over time this percentage will decrease. Funds with higher percentages of seed capital may exhibit different portfolio dynamics or performance profiles than those with a lower percentage of seed capital.

**Liquidity Risk.** A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Trading opportunities are also more limited for securities and other instruments that are not widely held or are traded in less developed markets. These factors may make it more difficult to sell or buy a security at a favorable price or time. Consequently, a Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund's performance. Illiquid investments may also be more difficult to value.

Liquidity risk may be amplified during times of financial or political stress, or, for example, in situations where foreign countries close their securities markets for extended periods of time due to scheduled holidays, such as the week-long closure of Chinese securities markets that occurs annually in October. Increased Fund redemption activity also may increase liquidity risk due to the need of the Fund to sell portfolio investments and may negatively impact Fund performance.

**Loan-Related Investments Risk**. In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans.

**Long-Term Investment Strategy Risk.** The Regnan Sustainable Water and Waste Fund pursues long-term investment approaches, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to their benchmark indices or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolios. The market price of a Fund's investments may fluctuate daily due to economic and other events that affect particular companies and other issuers or the market as a whole. Short- and medium-term price fluctuations may be especially pronounced in less developed markets or in companies with lower market capitalizations in which the Fund may invest.

Investments in certain industries or markets may be subject to wider variations in performance as a result of special risks common to such markets or industries. For example, water-related companies may be impacted by extreme weather events such as floods or droughts, or by worldwide technological developments or statutory or regulatory changes, quickly rendering their business models and services outdated.

**Market Risk.** The market value of a Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic, and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of a Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. The Funds are subject to the risk that geopolitical events will adversely affect global economies and markets. War and other military operations, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and

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markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets.

**Municipal Securities Risk**. Municipal securities are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from U.S. federal income tax.

Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds.

Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

Since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for the Fund to sell the security at the time and the price that normally prevails in the market. Interest on municipal obligations, while generally exempt from U.S. federal income tax, may not be exempt from U.S. federal alternative minimum tax.

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

**Non-U.S. Securities Risk.** Non-U.S. securities risk is the risk associated with investments in issuers located in non-U.S. countries. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these non-U.S. markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

Other risks associated with investing in non-U.S. securities include, among other things, imposition of exchange control regulation by the U.S. or non-U.S. governments, U.S. and non-U.S. withholding or other taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in non-U.S. nations. There may be less publicly available information about certain non-U.S. companies than would be the case for comparable

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companies in the U.S. and certain non-U.S. companies may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain non-U.S. countries. Investors in non-U.S. countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against non-U.S. issuers or non-U.S. persons is limited. Many countries, including developed nations and emerging markets, are faced with concerns about high government debt levels, credit rating downgrades, increased disruption of international trade, possible government debt restructuring and related issues, all of which may cause the value of a Fund's non-U.S. investments to decline. Nationalization, expropriation, confiscatory taxation, currency blockage, the imposition of sanctions by other countries (such as the United States), capital controls, political changes or diplomatic developments may also cause the value of a Fund's non-U.S. investments to decline. When imposed, non-U.S. withholding or other taxes reduce a Fund's return on non-U.S. securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire non-U.S. investment. These risks also apply to securities of non-U.S. issuers traded in the United States or through depositary receipt programs such as American Depositary Receipts. In certain cases, depositary receipts may also be issued through programs in local markets, such as Thai NVDRs. See Summary of Principal and Non-Principal Risks – Depositary Receipts in this Prospectus for additional information. To the extent a Fund invests a significant portion of its assets in a specific geographic region, the Fund may have more exposure to regional political, economic, environmental, credit/counterparty and information risks. In addition, non-U.S. securities may be subject to increased credit/counterparty risk because of the potential difficulties of requiring non-U.S. entities to honor their contractual commitments.

**Participatory Notes Risk.** Participatory notes are equity access products structured as debt obligations issued by banks or broker-dealers that are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions. The performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve the same risks associated with a direct investment in the shares of the companies the notes seek to replicate. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with a Fund. Some participatory notes may be considered illiquid and, therefore, will be subject to a Fund's percentage limitation for investments in illiquid securities. The Funds may take long or short positions in participatory notes.

**Portfolio Turnover Risk.** A Fund may sell its portfolio securities, regardless of the length of time that they have been held, if the Adviser determines that it would be in the Fund's best interest to do so. It may be appropriate to buy or sell portfolio securities due to economic, market, or other factors that are not within the Adviser's control. These transactions will increase a Fund's "portfolio turnover." A 100% portfolio turnover rate would occur if all of the securities in a Fund were replaced during the annual measurement period. High turnover rates generally result in higher brokerage costs to a Fund, may result in higher amounts of taxable distributions to shareholders each year and higher effective tax rates on those distribution amounts, and may reduce the Fund's returns.

**Preferred Stock Risk.** A Fund may invest in preferred stock. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Regulatory Risk***.* Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of a Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**REIT Risk.** Real estate investment trusts ("REITs") are subject to certain other risks related to their structure and focus. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Small-Cap and Mid-Cap Company Risk.** Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon a relatively small management group. These companies may experience higher growth rates and higher interest rates than larger capitalization companies. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. Small cap securities may be traded over the counter or listed on an exchange and it may be harder to sell the smallest capitalization company stocks, which can reduce their selling prices. Smaller

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capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have a floating interest rate.

**South Korea Risk.** To the extent a Fund invests in investments located in South Korea, the Fund will be susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. Furthermore, South Korea's economy may be significantly affected by currency fluctuations and increasing competition from Asia's other low-cost emerging economies. Also, tensions with North Korea could escalate and lead to further uncertainty in the political and economic climate of South Korea.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, Regnan Sustainable Water and Waste Fund (for purposes of this risk, the "Fund") may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Although the Adviser seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. The Adviser's exclusion of certain investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such investments are performing well. Because the Adviser evaluates ESG metrics when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG metrics. ESG metrics may prioritize long term rather than short term returns. There is a risk that the information that the Adviser uses in evaluating an issuer may be incomplete, inaccurate or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, the Adviser's assessment of whether an issuer fits within its sustainability criteria is made at the time of purchase and as a result, there is a risk that the issuers identified by the Adviser will not operate as anticipated and will no longer fit within the Adviser's sustainability criteria. Further, the regulatory landscape with respect to sustainable investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process with respect to sustainable investing.

**Taiwan Risk.** The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia's other emerge economies, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole, and may impact a Fund's performance to the extent the Fund invests in such securities. Additionally, a disruption in Taiwan's exports could also result in broader negative economic impacts with respect to those industries and countries that rely upon them. Concerns over Taiwan's history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan.

**United Kingdom Investments Risk**. The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the European Union, and to a lesser extent the United States and China. As a result, the British economy may be impacted by changes to the economic condition of the United States, China and other European countries. The British economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial services sector may have a negative impact on the British economy, as well as on a Fund, to the extent a Fund invests in investments located in the United Kingdom. Furthermore, the United Kingdom voted via referendum to leave the European Union ("Brexit"). The impact of Brexit on the economies of the United Kingdom and its trading partners is not yet fully known.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

**Waste-related Risks.** Companies operating in the waste water value chain can be affected by, among other things, availability and cost of labor to collect and transport waste, transportation costs, consumer and industry trends and subsequent waste volumes, regulatory changes on collection, and treatment of waste. These companies can also be affected by overall economic trends, government spending on related projects, and the cost of commodities.

**Water-related Risks.** Companies operating in the water value chain can be affected by, among other things, irrigation and industrial usage trends, viability of infrastructure projects, regulatory changes on water usage, pricing, contamination and reusability, and environmental factors such as floods and droughts. These companies can also be affected by overall economic trends, interest rates, government spending on related projects, and the cost of commodities.

**Withholding Tax Reclaims Risk.** A Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax

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reclaim is possible. Whether or when a Fund will receive a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in such Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value. Shareholders in a Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously accrued, shareholders in such Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's net asset value.

#### Portfolio Holdings Disclosure
A description of the Funds' policies and procedures with respect to the disclosure of the portfolio holdings is available in the SAI.

#### PRIOR RELATED PERFORMANCE OF SIMILAR ACCOUNTS
The Regnan Sustainable Water and Waste Fund (the "Fund" for purposes of this section) has performance history that is shorter than the performance history of other accounts and/or funds managed similarly by the Fund's portfolio management team. The following tables set forth historical performance information for an open-ended investment company (OEIC) and UCITS that have a substantially similar investment objective, policy and strategy as the Fund and are managed by the same portfolio managers. The portfolio managers have managed similar strategies as employees of other investment managers prior to September 13, 2021, however, the underlying funds in the Regnan Sustainable Water and Waste Fund Composite (the "Composite") are limited to include only accounts managed during the portfolio managers' time at the Adviser, which they joined in 2021. The referenced accounts comprise all substantially similar strategies managed by the Adviser and its affiliates.

The data for the Composite is provided to illustrate the past performance of the Fund's portfolio managers in managing substantially similar accounts as measured against a specified market index and does not represent the performance of the Fund. The accounts in the Composite are separate and distinct from the Fund; the performance of the Composite is not intended as a substitute for the Fund's performance and should not be considered a prediction of the future performance of the Fund or of the portfolio management team.

The Composite's performance data shown below was calculated in accordance with recognized industry standards, consistently applied to all time periods. All returns presented were calculated on a total return basis, and assume the reinvestment of dividends, capital gains and other earnings. All returns are net of trading costs, without provision for U.S. federal, state or local income taxes. The Composite's performance information is calculated on the basis of the returns of underlying accounts denominated in currencies other than U.S. dollars (specifically, British Pounds (GBP)) and the returns of those accounts have been converted to U.S. dollars as of each reference date, prior to factoring those accounts into the Composite's performance. Converting an underlying account denominated in a foreign currency to U.S. dollars will impact total annual returns for the Composite. "Net of Fees" figures also reflect the deduction of all fees applicable to the accounts in the Composite including a bundled fee (which includes all effective charges for management fees, custody and other administrative fees) and performance fees. "Gross of Fees" figures show performance without taking into account the deductions of any fees.

Securities transactions are accounted for on trade date and accrual accounting is utilized. Cash and equivalents are included in performance returns. Monthly returns of the Composite combine the individual accounts' returns (calculated on a time-weighted rate of return basis that is revalued daily) by asset-weighting each account's asset value as of the beginning of the month. Annual returns are calculated by linking the monthly returns. Investors should be aware that the performance information shown below was calculated differently than the methodology mandated by the U.S. Securities and Exchange Commission (the "SEC") for registered investment companies.

The underlying accounts included in the Composite may be subject to lower expenses than the Fund and are not subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the Investment Company Act of 1940 or Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Consequently, the performance results for the underlying accounts would have been less favorable had the underlying accounts been subject to the same expenses as the Fund and may have been less favorable had they been regulated as investment companies under the federal securities laws.

The returns set forth below may not be representative of the results that may be achieved by the Fund in the future, in part because the past results are not necessarily indicative of future results. In addition, the results presented below may not necessarily equate with the return experienced by any particular investor as a result of the timing of investments and redemptions,

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market conditions and other factors. The effect of taxes on any investor will depend on such person's tax status, and the results have not been reduced to reflect any income tax that may have been payable.

The table below shows the annual total returns for the corresponding Composite, and a broad-based securities market index for the period ended September 30, 2025.

#### Prior Performance of a Similar Account Relating to the Fund

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| | |
|:---|:---|
|  | **Since<br>Inception<sup>1</sup>** |
|  Comparable Account (Net of Fees) | 6.99% |
|  Comparable Account (Gross of Fees) | 8.22% |
|  MSCI All Country World NR Index (Benchmark) | 10.31% |

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<sup>1</sup> The Composite's inception date is October 1, 2021.

#### MANAGEMENT OF THE FUNDS

#### Investment Adviser
JOHCM (USA) Inc ("JOHCM USA" or the "Adviser") serves as the investment adviser to the Funds. Its principal place of business is 1 Congress Street, Suite 3101, Boston, MA, 02114. JOHCM USA is an indirect wholly owned subsidiary of Perpetual Limited. Perpetual Limited is a diversified financial services company that has been serving Australians since 1886. The Adviser is an investment adviser registered with the SEC in the U.S. under the Investment Advisers Act of 1940, as amended. As investment adviser to the Funds, subject to the Board' of Trustees' supervision, JOHCM USA continuously reviews, supervises, and administers each Fund's investment program. JOHCM USA also ensures compliance with each Fund's investment policies and guidelines. For its services, the Adviser is entitled to a management fee, as set forth below, which is calculated daily and paid monthly based on the average daily net assets of each Fund. As of September 30, 2025, JOHCM USA had approximately $8.9 billion in assets under management.

Under the Funds' Investment Advisory Agreement, the Adviser is paid an annual management fee from each Fund as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee (as<br>percentage of average<br>daily net assets)** |
|  JOHCM Emerging Markets Discovery Fund | 1.05% |
|  JOHCM Emerging Markets Opportunities Fund | 0.90% |
|  JOHCM International Opportunities Fund | 0.75% |
|  JOHCM International Select Fund | 0.84% |
|  Regnan Sustainable Water and Waste Fund | 0.75% |

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A discussion regarding the basis for the Board of Trustees' approval of the Investment Advisory Agreement between the Adviser and the Trust on behalf of the Funds, is included in the Fund Form N-CSR for the period during which the Board of Trustees approved the contract, except that, in the case of a new Fund, a discussion of the basis of the Board of Trustees' approval of the Fund's initial Investment Advisory Agreement is included in the Fund's initial filing on Form N-CSR. The Board of Trustees' cycle for the Funds' contract renewals typically occurs in December each year.

#### Participating Affiliate Arrangements
JOHCM USA has entered into a personnel-sharing arrangement with its United Kingdom-based affiliate, J O Hambro Capital Management Limited, and with its Singapore-based affiliate, JOHCM (Singapore) Pte. Limited ("JOH Singapore"). Pursuant to this arrangement, certain employees of J O Hambro Capital Management Limited and JOH Singapore, as "participating affiliates," serve as "associated persons" of JOHCM USA and, in this capacity, are subject to the oversight of JOHCM USA and its Chief Compliance Officer. These associated persons will, on behalf of JOHCM USA, provide discretionary investment management services (including acting as portfolio managers), research and related services to the Funds in accordance with the investment objectives, policies and limitations set forth in the Prospectus and SAI. The personnel-sharing arrangement is based on no-action letters of the staff of the SEC that permit SEC-registered investment advisers to rely on and use the resources of advisory affiliates, subject to certain conditions. While J O Hambro Capital Management Limited is currently registered as an investment adviser with the SEC, while acting as a participating affiliate of JOHCM USA, its associated persons will be subject to the policies and procedures of JOHCM USA. J O

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Hambro Capital Management Limited may in the future deregister as an investment adviser in the US, but such deregistration would not affect the participating affiliate arrangement through which it provides services to the Funds. JOH Singapore is not registered as an investment adviser with the SEC.

In addition, trading personnel will be shared across the affiliates referenced above, and execution of trades may be done by personnel employed by these affiliated entities, in each case subject to the participating affiliate arrangements described above. JOHCM USA expects to execute a substantial portion of each Fund's trading orders through personnel and systems housed at J O Hambro Capital Management Limited and at JOH Singapore.

#### Fund Expense Limitation and Recoupment Arrangements
Under the Third Amended and Restated Expense Limitation Agreement dated June 13, 2024 between the Adviser and the Trust, as amended (the "Primary Expense Limitation Agreement"), the Adviser has contractually agreed to waive fees and reimburse expenses of each Fund to the extent that total annual operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed the limits listed in the table below. Generally, if it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Funds' Investment Advisory Agreement.

Solely with respect to JOHCM International Opportunities Fund (for the purposes of this paragraph, the "Fund"), the Trust and the Adviser have entered into a Second Amended and Restated Supplemental Expense Limitation Agreement dated as of February 1, 2025 (the "Supplemental Expense Limitation Agreement"). Under the Supplemental Expense Limitation Agreement, the Adviser has contractually agreed to waive additional fees and reimburse additional expenses to the extent that Total Annual Fund Operating Expenses of the Fund (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed the rates in the table below. The waiver/reimbursement under the Supplemental Expense Limitation Agreement is imposed only after the fee waiver and expense reimbursement outlined in the Primary Expense Limitation Agreement has been fully applied. Under the Supplemental Expense Limitation Agreement, the Adviser (i) cannot recoup any supplemental waiver/reimbursement and (ii) will suspend the payment of any recoupment provided for under the Primary Expense Limitation Agreement until February 1, 2028, the termination date of the Supplemental Expense Limitation Agreement. Unlike the Primary Expense Limitation Agreement, which contemplates automatic renewal and continuation from year to year, the Supplemental Expense Limitation Agreement may not be renewed or extended past February 1, 2028. It is expected that the Fund's Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements will revert to a higher level following February 1, 2028.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Fund Name** | **Class of Shares** | **<u>Maximum</u> <br><u>Operating</u> <br><u>Expense Limit<sup>1</sup></u>** | **Expiration Date**<br>**of Expense Limit** |
| &nbsp;&nbsp;&nbsp; JOHCM Emerging Markets Discovery Fund | Institutional Shares | 1.24% | February 1, 2027 |
|  | Advisor Shares | 1.34% | February 1, 2027 |
|  | Investor Shares | 1.49% | February 1, 2027 |
|  | Class Z Shares | 1.24% | February 1, 2027 |
| &nbsp;&nbsp;&nbsp; JOHCM Emerging Markets Opportunities Fund | Institutional Shares | 1.04% | February 1, 2027 |
|  | Advisor Shares | 1.14% | February 1, 2027 |
|  | Investor Shares | 1.29% | February 1, 2027 |
|  | Class Z Shares | 1.04% | February 1, 2027 |
| &nbsp;&nbsp;&nbsp; JOHCM International Opportunities Fund | Institutional Shares | 0.50%<sup>2</sup> | February 1, 2028 |
|  | Advisor Shares | 0.60%<sup>2</sup> | February 1, 2028 |
|  | Investor Shares | 0.75%<sup>2</sup> | February 1, 2028 |
|  | Class Z Shares | 0.50%<sup>2</sup> | February 1, 2028 |
| &nbsp;&nbsp;&nbsp; JOHCM International Select Fund | Institutional Shares | 0.95% | February 1, 2027 |
|  | Investor Shares | 1.18% | February 1, 2027 |
|  | Class Z Shares | 0.95% | February 1, 2027 |
| &nbsp;&nbsp;&nbsp; Regnan Sustainable Water and Waste Fund | Institutional Shares | 0.89% | February 1, 2027 |
|  | Advisor Shares | 0.99% | February 1, 2027 |
|  | Investor Shares | 1.14% | February 1, 2027 |
|  | Class Z Shares | 0.89% | February 1, 2027 |

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<sup>1</sup> Expressed as a percentage of each Fund's respective average daily net assets. 

<sup>2</sup> Represents the overall expense limit pursuant to the Supplemental Expense Limitation Agreement. The expense limit pursuant to the Primary Expense Limitation Agreement is 0.88%, 0.98%, 1.13 %, and 0.88% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2028. 

Under the Primary Expense Limitation Agreement, which references previous investment advisory agreements between certain series of Advisers Investment Trust, to which the Funds, with the exception of Regnan Sustainable Water and Waste Fund, now serve as accounting successors (each, a "Predecessor Fund," and collectively, the "Predecessor Funds"), and J O Hambro Capital Management Limited, an affiliate of the Adviser that served as the investment adviser to each Predecessor Fund, J O Hambro Capital Management Limited agreed to waive investment management fees and reimburse certain Predecessor Funds for other expenses of the Predecessor Fund (including, but not limited to, organizational and offering costs), to the extent necessary to limit the total operating expenses of the Predecessor Funds (exclusive of brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted principles)). To the extent that J O Hambro Capital Management Limited waived the investment advisory fees and/or reimbursed the Predecessor Funds for such other ordinary expenses, the Adviser may seek reimbursement of a portion or all such amounts from the respective Funds into which those Predecessor Funds have merged at any time within three fiscal years after the fiscal year in which such amounts were waived or reimbursed. Any such recoupment may not cause any Fund's ordinary operating expenses to exceed the expense limitation that was in place with respect to the relevant Predecessor Fund when the fees were waived or expenses reimbursed. The Adviser will generally seek recoupment only in accordance with the terms of any expense limitation that is in place with respect to the relevant Fund at the time of recoupment.

As of September 30, 2025, the following Funds are subject to recoupment by the Adviser of fees previously waived or reimbursed by J O Hambro Capital Management Limited and/or JOHCM (USA) Inc:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Amount<br>Available for<br>Recoupment** | **Amount of<br>Recoupment expiring<br>on September 30,<br>2028** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2027** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2026** |
|  JOHCM Emerging Markets Discovery Fund | $558464 | $211803 | $181624 | $165037 |
|  JOHCM Emerging Markets Opportunities Fund | $53765 | $27714 | $26051 | $0 |
|  JOHCM International Opportunities Fund | $243060 | $66159 | $113830 | $63071 |
|  JOHCM International Select Fund | $192627 | $67106 | $105468 | $20053 |

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#### Portfolio Management
The Funds are managed using a team-based approach. Each of the Funds is managed jointly and primarily by one or more investment professionals and may be supported by analysts. The members of the Funds' management teams, and the name of the Fund for which each team member is responsible, are listed below. Each individual listed below is primarily responsible for the day-to-day management of the respective Fund's portfolio.

#### Emery Brewer

#### Senior Fund Manager
*JOHCM Emerging Markets Discovery Fund* 

Emery Brewer is Senior Fund Manager of the J O Hambro Emerging Markets Small Cap strategy and joined JOHCM in March 2010, following a brief retirement from 2008 to 2010. He has over 28 years of experience in Emerging Markets equity fund management, gained while working at Driehaus Capital Management as well as at JOHCM. In December 1997, Emery founded the Driehaus Capital Management Emerging Markets Growth Fund which he managed for ten years until he left Driehaus in December 2007. In 1998, he founded the Driehaus International Discovery Fund. Prior to this, he was an analyst and manager for the Driehaus East Europe Fund.

Emery has a BSc in Economics from the University of Utah and a MBA from the University of Rochester.

#### Ada Chan

#### Senior Fund Manager
*JOHCM Emerging Markets Opportunities Fund* 

Ada Chan joined the Adviser in April 2011. Ada is a Senior Fund Manager for the J O Hambro Global Emerging Markets Opportunities strategy. Prior to joining the Adviser, Ada spent three years at GMO LLC as an Investment Analyst. She previously worked at Baring Asset Management as an Equity Research Analyst. Prior to 2000, she worked as an International Management Trainee and Equity Research Intern at State Street Corporation and Salomon Smith Barney, respectively. Ada holds an MSc in Computer Information Systems and a BA in Business Administration, both from Boston University.

#### Dr. Ivo Kovachev

#### Senior Fund Manager
*JOHCM Emerging Markets Discovery Fund* 

Dr. Ivo Kovachev is Senior Fund Manager of JOHCM Emerging Small Cap Markets strategy and joined JOHCM in March 2010. Prior to joining JOHCM, Ivo worked at Kinsale Capital Management from 2005 to 2008, where he was Chief Investment Officer. Prior to this role, he spent ten years at Driehaus Capital Management, from 1995 to 2005, most recently as Fund Manager for Driehaus European Opportunity Fund. Together with Emery Brewer, Ivo co-managed the Driehaus International Discovery Fund from 2002 to 2005. During his tenure with Driehaus Capital Management, he also contributed to the Emerging Markets Growth investment process for many years. From 1995 to 1998, Ivo worked on and then managed the Driehaus East Europe Fund. Ivo holds a MEng in Management Information Systems from the Prague School of Economics, MSc in Technology and Innovation

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Management from the University of Sussex. In addition, he holds a PhD in Industrial and Development Policy. Ivo is also a Fulbright Scholar, having attended the Thunderbird School of Global Management in Arizona (USA).

#### Robert Lancastle, CFA

#### Senior Fund Manager
*JOHCM International Opportunities Fund* 

Robert Lancastle joined JOHCM in February 2012 and is the Senior Fund Manager of the J O Hambro Global Opportunities strategy (which launched in Q2 2012) and the J O Hambro International Opportunities strategy (which launched in Q3 2016). Prior to joining JOHCM, Robert worked for Orbis Investment Advisory from 2008 to 2012 as an Equity Analyst for the Orbis Global Equity strategy, focused on the retail, media, technology, oil & gas, and insurance sectors. Previously, Robert worked as a math and physics teacher at Wellington College.

Robert holds a BEng and MEng from Cambridge University and is a CFA charterholder.

#### Bertrand Lecourt

#### Senior Fund Manager
*Regnan Sustainable Water and Waste Fund* 

Bertrand Lecourt joined JOHCM in April 2021. Bertrand leads the Thematic Investing strategy. He is Senior Fund Manager on the Regnan Sustainable Water and Waste strategy. Previously he was a Portfolio Manager at Fidelity International, where he launched and managed the Fidelity Funds—Sustainable Water & Waste Fund. Prior to joining Fidelity International in 2018 Bertrand was a Portfolio Manager at Polar Capital and the founder and CIO of Aquilys Investment Management. Before moving to the buyside, Bertrand was Head of Equity Research, France at Deutsche Bank and a utilities analyst at Dresdner Kleinwort Benson and Goldman Sachs. He holds an MSc in International Finance from HEC School of Management, France, an MSc in Money, Banking and Finance from Birmingham University, UK, and a DEA in Monetary Economics from Orleans University, France.

#### Christopher J.D. Lees, CFA

#### Senior Fund Manager
*JOHCM International Select Fund* 

Christopher Lees joined JOHCM in September 2008. Christopher is the Senior Fund Manager for the Funds' Global and EAFE strategies. Before deciding to join JOHCM, Christopher spent more than 19 years at Baring Asset Management, most recently as Head of the firm's Global Sector Teams. In addition to this role, Chris was Baring's Lead Global High Alpha Manager and Lead Manager for the EAFE portfolios. Previously, he held positions as Senior Portfolio Manager, US Equity Team in Boston and as an Analyst in the UK Stock Selection as well as the firm's Global Asset Allocation team. Chris is a CFA charterholder and holds a BSc with Honours in Geography from London University, England and has lived and worked in the US, Europe, and Asia.

#### Stephen Lew, CFA

#### Senior Fund Manager
*JOHCM Emerging Markets Discovery Fund* 

Stephen Lew joined JOHCM in September 2013 and is Senior Fund Manager of the J O Hambro Emerging Markets Small Cap strategy. He has over 15 years' experience in Emerging Markets equity fund management. Prior to joining JOHCM, from 2010 to 2012, Stephen was a Senior Portfolio Manager for Artio Global Investors. At Artio, he was responsible for managing the Asia ex-Japan sleeve of Artio International Equity Fund, Artio International Equity Fund II, and separately managed accounts. From 2005 to 2010, Stephen was the Senior Asia ex-Japan Analyst at Janus Capital Group. Between 1999 and 2005 he worked at Driehaus Capital Management along-side Emery Brewer and Ivo Kovachev as the Asia ex-Japan Analyst. Stephen has a BA in Business Economics and Japanese from the University of California, an MBA with concentration in Finance from the University of Chicago, Graduate School of Business and a CFA charterholder. He is a native Mandarin and conversational Japanese speaker.

#### Ben Leyland, CFA

#### Senior Fund Manager
*JOHCM International Opportunities Fund* 

Ben Leyland joined JOHCM in April 2006 as an analyst and was subsequently promoted to Fund Manager for the JOHCM UK Opportunities Fund. Since 2012, Ben has been the Senior Fund Manager of the J O Hambro Global Opportunities and since 2016. The

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Senior Fund Manager of the J O Hambro International Opportunities strategy. He was previously at Schroder Investment Management as a financial analyst in their Pan-European equity research department. Ben is a CFA charterholder and holds a MA (Hons) in History from the University of Cambridge. He was vote one of Financial News's 40 under 40 Rising Stars in Asset Management, 2015.

#### Nudgem Richyal, CFA

#### Senior Fund Manager
*JOHCM International Select Fund* 

Nudgem Richyal joined JOHCM in June 2008. Nudgem is a Senior Fund Manager for the Funds' Global and EAFE strategies. Additionally, Nudgem is the Senior Fund Manager for JOHCM's Global Sharia Compliant Equity Strategy. Prior to joining JOHCM, Nudgem spent more than seven years at Baring Asset Management (working closely with Christopher Lees), as an Investment Director within the Global Equity Group and investment manager of one of the largest Latin American funds in London (US $1.25 billion as of February 2008). Further responsibilities included the construction of a soft commodities portfolio and the development of global sector strategies. Before Baring, he worked at Hill Samuel Asset Management London for one year.

Nudgem is a CFA charterholder and holds a First Class BSc Honours Degree in Chemistry from the University of Manchester, England.

#### Saurabh Sharma

#### Senior Fund Manager
*Regnan Sustainable Water and Waste Fund* 

Saurabh Sharma joined JOHCM in April 2021. Saurabh is part of the Thematic Investing strategy. He is a Fund Manager on the Regnan Sustainable Water and Waste strategy. Previously, he was an Assistant Portfolio Manager on the Fidelity Sustainable Water & Waste strategy and an Investment Director in Fidelity's equity team. Prior to joining Fidelity in 2014, he worked as an equity research analyst for Moody's Analytics (erst Copal Amba) from 2011 to 2014 and for Global Data from 2010 to 2011. He has an MBA in Finance from IBS, Hyderabad, India, and holds a CFA (ICFAI) degree. In addition, he is a CFA and CAIA charter holder.

#### James Syme, CFA

#### Senior Fund Manager
*JOHCM Emerging Markets Opportunities Fund* 

James Syme joined the Adviser in May 2011. James is Senior Fund Manager for the J O Hambro Global Emerging Markets Opportunities strategy. Prior to joining the Adviser, James spent five years at Baring Asset Management ("Baring") as the Head of Global Emerging Market Equities. At Baring, he and his colleague Paul Wimborne managed the Baring Global Emerging Markets Fund and thirteen other funds and segregated mandates with peak assets under management of over $4 billion. James previously worked at SG Asset Management for nine years as a portfolio manager and as Head of Global Emerging Markets. Previously, James was a portfolio manager at Henderson Investors and an analyst at H Clarkson. James is a CFA charterholder and holds a BA Honours Degree in Geography from the University of Cambridge, England.

#### Paul Wimborne

#### Senior Fund Manager
*JOHCM Emerging Markets Opportunities Fund* 

Paul Wimborne joined the Adviser in April 2011. Paul is Senior Fund Manager for the J O Hambro Global Emerging Markets Opportunities strategy. Prior to joining the Adviser, Paul spent over four years at Baring Asset Management ("Baring") as an investment manager in the Global Emerging Markets team led by James Syme. At Baring, Paul was lead or deputy manager for fourteen emerging markets mandates with peak assets under management of over $4 billion. He previously worked at Insight Investment for three years as a fund manager in the Emerging Markets & Asia team and for five years in the Emerging Markets team at Rothschild Asset Management. Paul holds a BSc Honours Degree in Management and Chemical Sciences from the University of Manchester Institute of Science and Technology, England and is an affiliate member of the CFA.

The SAI provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of Fund shares.

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#### Administrator, Transfer Agent, Custodian, and Distributor
The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Funds' Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. The Funds have entered into a distribution agreement with Perpetual Americas Funds Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, to distribute shares of the Funds. The Distributor is a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), which is unaffiliated with the Adviser.

#### YOUR ACCOUNT

#### Pricing Your Shares
When you buy and sell shares of a Fund, the price of the shares is based on the Fund's net asset value per share ("NAV") next determined after the order is received.

#### Calculating the Fund's NAV
The NAV is calculated at the close of trading of the NYSE, normally 4:00 p.m. Eastern time ("ET")/ 3:00 p.m. Central time ("CT"), on each day that the NYSE is open for business. The NYSE is closed on the following days: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Your order to purchase or sell shares is priced at the next NAV calculated after your order is received and deemed to be in good order by the Funds' Transfer Agent or a financial intermediary. Only purchase orders received and deemed to be in good order by the Funds' Transfer Agent before 4:00 p.m. ET/3:00 p.m. CT will be effective at that day's NAV. On occasion, the NYSE will close before 4:00 p.m. ET/3:00 p.m. CT. When that happens, purchase requests received by the Funds or a financial intermediary after the NYSE closes will be effective the following Business Day. The NAV of a Fund may change every day.

A purchase, redemption, or exchange request is considered to be "in good order" when all necessary information is provided and all required documents are properly completed, signed, and delivered. Requests must include the following:

• The account number (if issued) and Fund name;

• The amount of the transaction, in dollar amount or number of shares;

• For redemptions and exchanges (other than telephone or wire redemptions), the signature of all account owners exactly as they are registered on the account;

• Required signature guarantees, if applicable; and

• Other supporting legal documents and certified resolutions that might be required in the case of estates, corporations, trusts and other entities or forms of ownership. Call 866-260-9549 (toll free) or 312-557-5913 for more information about documentation that may be required of these entities.

Additionally, a purchase order initiating the opening of an account is not considered to be in "good order" unless you have provided all information required by the Funds' "Customer Identification Program" as described below.

#### Valuing the Funds' Assets
The market value of a Fund's investments is determined primarily on the basis of readily available market quotations. Each Fund generally uses pricing services to determine the market value of securities. Non-U.S. securities, currencies, and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars at the prevailing exchange rate of such currencies against the U.S. dollar as provided by an approved independent pricing service.

In compliance with Rule 2a-5 of the 1940 Act, the Board of Trustees has designated the Adviser as the Funds' "valuation designee" with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. The Adviser, in its role as the valuation designee, has established an internal committee (the "Committee") comprised of select officers and staff of the Adviser to discharge its responsibilities under the Trust's valuation procedures (the "Valuation Procedures").

If market quotations for a security are not available or market quotations or a price provided by a pricing service do not reflect fair value, or if an event occurs after the close of trading on the domestic or non-U.S. exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Adviser, as valuation designee, will value a Fund's assets at their fair value according to the Valuation Procedures approved by the Board of Trustees. For example, if

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trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, such security's fair value will be determined by the Adviser using the Valuation Procedures, subject to oversight by the Board of Trustees.

In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when the NAV is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, a Fund may use a systematic valuation model provided by a third-party pricing service to fair value its international equity securities.

Without a fair value price, short-term investors could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Non-U.S. markets in which a Fund buys securities may be open on days the U.S. markets are closed, causing a Fund's NAV to change even though the Fund is closed. On days when the U.S. markets are closed, a Fund's shareholders will not be able to purchase or sell Fund shares. While fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities, there is no assurance that fair value pricing policies will prevent dilution of the NAV by short-term investors. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

#### How to Purchase Shares
Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholder generally would be subject to U.S. tax withholding on Fund distributions. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation, or partnership. Investment in the Funds by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Funds.

You may purchase shares directly from the Funds or through your broker or financial intermediary on any day the NYSE is open, subject to certain restrictions described below. Purchase requests received in good order by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the close of the NYSE) will be effective at that day's share price. Purchase requests received in good order by the Funds or a financial intermediary after the close of trading on the NYSE are processed at the share price determined on the following Business Day. You may invest any amount you choose, as often as you wish, subject to the minimum initial and minimum additional investment as stated in this prospectus. The Funds may accept initial investments smaller than the minimum initial investment amounts from eligible retirement account investors and in connection with the Funds' participation in third-party distribution platforms and in certain other instances at their discretion.

#### Share Classes
The Funds offer multiple share classes. Each Fund offers four classes of shares through this Prospectus: Institutional, Advisor, Investor and Z Shares. Each class of shares of each Fund has the same investment objective and investments, but the different share classes have different expense structures and eligibility requirements. Your financial intermediary can help you determine which share class to purchase. You should choose a share class for which you are eligible, with the expense structure that best meets your needs.

The principal differences among the classes are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** | **Advisor** | **Investor** | **Class Z** |
|  Minimum Initial Investment | $100000 |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |
|  Minimum Subsequent Investment |  |  |  |  |
|  Sub- Accounting/Sub- Transfer Agency Expenses | Yes. Expenses may vary depending on the<br>arrangements with financial<br>intermediaries that offer Fund shares.<br>Expenses are incurred pursuant to "fee for<br>service" arrangements with financial<br>intermediaries. |  |  |  |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |

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Sales Charge (Load) None None None None <br> Redemption Fees None None None None

**Institutional Shares** of the Funds are primarily for institutional investors investing for their own or their customers' accounts, and for investments made though financial institutions or intermediaries that typically require sub-accounting, sub-transfer agency, shareholder services payments and/or recordkeeping payments from the Fund for some or all of their underlying investors ("sub-transfer agency fees"). Institutional Shares are expected to bear certain expenses associated with sub-transfer agency fees, which amounts may vary between the Funds. The minimum initial investment for Institutional Shares is $100,000. If you purchase Institutional Shares, you will not pay a sales charge at the time of purchase and you will not pay a 12b-1 fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

Your financial intermediary can help you determine whether you are eligible to purchase Institutional Shares. Eligible Institutional Share investors primarily include:

• individuals and institutional investors with a minimum initial investment of $100,000;

• employer sponsored retirement plans, pooled investment vehicles, clients of financial institutions or intermediaries which charge such clients a fee for advisory, investment consulting, or similar services or have entered into an agreement with the Funds or the Distributor to offer such shares though an investment platform;

• clients of trust companies where the trust company is acting in fiduciary capacity, as agent, or as custodian;

• investors through certain brokerage platforms in which an investor transacting through a broker may be required to pay commission and/or other forms of compensation to the broker;

• officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Code, of the Funds and the Adviser, and its subsidiaries and affiliates;

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Other investors for which the Fund or the Distributor has pre-approved the purchase.

**Advisor Shares** of the Funds are primarily for certain individual investors, investments made through financial institutions or intermediaries and institutional investors investing for their own or their customers' accounts. There is no minimum investment amount required for Advisor Shares. If you purchase Advisor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding ten basis points (0.10%) of each Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Advisor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Investor Shares** of the Funds are primarily for certain individual investors and investments made through financial institutions or intermediaries. There is no minimum investment amount required for Investor Shares. If you purchase Investor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding twenty-five basis points (0.25%) of a Fund's average daily net assets. Your financial intermediary can help you determine if

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you are eligible to purchase Investor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Class Z Shares** of the Funds require a minimum initial investment of $10,000,000. If you purchase Class Z Shares, you will not pay a sales charge at the time of purchase, a 12b-1 fee or sub-transfer agency fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

The following categories of investors and accounts may buy Class Z Shares of each Fund, provided that they do not require or receive sub-accounting or recordkeeping payments from the Fund:

• Institutional investors, including, but not limited to, employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), endowments, foundations, insurance company general accounts, insurance company separate accounts, local, city, and state governmental institutions, and other tax-exempt entities that meet the requirements for qualification under Section 501 of the Code.

• Unaffiliated U.S. registered mutual funds including those that operate as "fund of funds," collective trust funds, investment companies or other pooled investment vehicles.

• Other investors for which the Fund or the Adviser has pre-approved the purchase.

The following categories of investors and accounts qualify to buy Class Z Shares of each Fund but the $10 million investment minimum is waived:

• Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs) that invest through a record-keeper or third party retirement platform.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Clients (other than defined contribution employer sponsored retirement plans) of an institutional consultant where (a) the consultant has undertaken to provide certain services directly to the client with respect to the client's investment in the Fund and (b) the Fund or the Distributor has notified that consultant in writing that the proposed investment is permissible.

• Investment companies or other pooled vehicles that are managed by the Adviser or its affiliates.

• Officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Code, of the Funds and the Adviser, and its subsidiaries and affiliates.

• Existing institutional separate account clients of the Adviser or its affiliates.

• Investors for whom the Fund or the Adviser determines that a strategic reason exists for such a waiver.

• Investors with an account which the Fund or the Adviser believes will grow to meet the investment minimum in the future.

The Funds reserve the right to modify or waive the eligibility requirements and investment minimums at any time.

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#### Customer Identification Program: Important Information About Procedures for Opening an Account
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, the Funds will ask for your name, residential address, date of birth, government identification number, and other information that will allow us to identify you. For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified. The Funds also may ask to see your driver's license or other identifying documents.

If we do not receive the required information, there may be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the Funds may restrict further investment until your identity is verified. Once the Funds are able to verify your identity, your investment will be accepted and processed at the next determined NAV. However, if we are unable to verify your identity, each Fund reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is liquidated. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. If your account is closed at the request of governmental or law enforcement authorities, the Funds may be required by the authorities to withhold the proceeds.

#### Purchases Through Financial Intermediaries
You may make initial and subsequent purchases of shares of the Funds through a financial intermediary, such as an investment adviser or broker-dealer, bank, or other financial institution that purchases shares for its customers. The Funds may authorize certain financial intermediaries to receive purchase and sale orders on its behalf. Before investing in the Funds through a financial intermediary, you should read carefully any materials provided by the intermediary together with this prospectus.

When shares are purchased this way, the financial intermediary may:

• charge a fee for its services;

• act as the shareholder of record of the shares;

• set different minimum initial and additional investment requirements;

• impose other charges, commissions, or restrictions;

• designate intermediaries to accept purchase and sale orders on the Funds' behalf; or

• impose an earlier cut-off time for purchase and redemption requests.

Each Fund considers a purchase or sale order as received when a financial intermediary receives the order in proper form before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes, if it closes before 4:00 p.m. ET/3:00 p.m. CT). These orders will be priced based on the Fund's NAV next computed after such order is received by the financial intermediary.

Shares held through an intermediary may be transferred into your name following procedures established by your intermediary and the Funds. Certain intermediaries may receive compensation from the Funds, the Adviser, or their affiliates.

#### Compensation to Financial Intermediaries
It is expected that Institutional Class, Advisor Class, Investor Class and Class Z shares of the Funds will make payments, or reimburse the Adviser or its affiliates for payments they make, to financial intermediaries that provide certain administrative, recordkeeping, and account maintenance services (sometimes referred to as "sub-transfer agency" or "sub-TA" services). The amount of such payments and/or reimbursement is subject to the caps established by the Board of Trustees and is reviewed by the Trustees periodically.

Although the nature and extent of sub-transfer agency services provided to shareholders and the amount of sub-transfer agency fees charged to each class will vary among financial intermediaries, Institutional Class, Advisor Class, Investor Class and Class Z shares each bear sub-accounting expenses on a class-wide basis. This means that the sub-transfer agency fees you bear as a Fund shareholder may be greater than the sub-transfer agency fees charged by your financial intermediary to the Fund with respect to your investment. Advisor Class and Investor Class shares may make sub-transfer agency payments out of amounts authorized under distribution plans to be adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The Adviser also may, at its own expense and out of its own profits, provide additional cash payments to financial intermediaries for sub-transfer agency services they provide to their clients or customers that hold shares of the Funds. Payments

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generally are based on either: (1) a percentage of the average daily net assets of clients serviced by such financial intermediary, or (2) the number of accounts serviced by such financial intermediary. These additional cash payments also may be made as an expense reimbursement.

Additional information concerning payments the Funds, the Adviser or their affiliates may make to financial intermediaries, and the services provided by financial intermediaries, can be found in the SAI under "Payments to Financial Intermediaries."

#### Fund Direct Purchases
You also may open a shareholder account directly with the Funds. You can obtain a copy of the New Account Application by calling the Funds at 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business. You may invest in the following ways:

#### By Wire

#### To Open a New Account:
• Complete a New Account Application and send it to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• You must also call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business to place an initial purchase via phone or provide an initial purchase Letter of Instruction.

• Wire funds for your purchase. A wire will be considered made when the money is received and the purchase is accepted by the Funds. Any delays that may occur in receiving money, including delays that may occur in processing by the bank, are not the responsibility of the Funds or the Transfer Agent. Wires must be received prior to 4:00 pm ET to receive the current day's NAV.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

#### To Add to an Existing Account:
• Call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business or provide a subsequent purchase Letter of Instruction.

• Have your bank wire federal funds or effect an ACH transfer to:

The Northern Trust Company

Chicago, Illinois

ABA Routing No. 0710-00152

Northern Trust Account #5201682900

Shareholder Account #PAFT1056 (ex. PAFT10561234567)

Shareholder Name:

**By Directed Reinvestment** 

Your dividend and capital gain distributions will be automatically reinvested unless you indicate otherwise on your application.

• Complete the "Choose Your Dividend and Capital Gain Distributions" section on the New Account Application.

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• Reinvestments can only be directed to an existing Fund account.

#### Other Purchase Information
The Funds reserve the right to limit the amount of purchases and to refuse to sell to any person or intermediary. If your wire does not clear, you will be responsible for any loss incurred by a Fund. If you are already a Fund shareholder, the Fund reserves the right to redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred or money owed to the Fund. You also may be prohibited or restricted from making future purchases in the Funds.

#### Lost Shareholders, Inactive Accounts, and Unclaimed Property
It is important that the Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the shareholder or rightful owner of the account. If the Funds are unable to locate the shareholder, then they will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent at 1-866-260-9549 (toll free) or 312-557-5913 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

#### How to Redeem Shares
You may redeem all or part of your investment in a Fund on any day the NYSE is open, subject to certain restrictions described below. Redemption requests received by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes if it closes before 4:00 p.m. ET/ 3:00 p.m. CT) will be effective that day. Redemption requests received by the Funds' Transfer Agent or a financial intermediary after the close of trading on the NYSE are processed at the NAV determined on the following Business Day.

The price you will receive when you redeem your shares will be the NAV next determined after the Funds receive your properly completed order to sell. You may receive proceeds from the sale by check, bank wire transfer, or direct deposit into your bank account and in certain cases, payment may be made in securities of a Fund as described in "Additional Information About Redemptions". Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a fund's net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and ask prices are available. They are distributed based on a weighted-average pro-rata basis of a Fund's holdings to the redeeming shareholder. Each Fund typically expects that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time your redemption request is received. A financial intermediary may charge a transaction fee to redeem shares. In the event that a wire transfer is impossible or impractical, the redemption check will be sent by mail to the designated account. The Funds typically expect to hold cash or cash equivalents to meet redemption requests. A Fund also may use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit that may be used to meet redemption requests during stressed market conditions.

#### Redemptions Through a Financial Intermediary
If you purchased shares from a financial intermediary, you may sell (redeem) shares by contacting your financial intermediary.

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#### Redeeming Directly from the Fund
If you purchased shares directly from the Funds and you appear on Fund records as the registered holder, you may redeem all or part of your shares using one of the methods described below.

#### By Mail
• Send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The redemption request must include:

1. The number of shares or the dollar amount to be redeemed;

2. The Fund account number; and

3. The signatures of **all** account owners signed in the exact name(s) and any special capacity in which they are registered.

• A Medallion Signature Guarantee (see below) is required but may be waived in certain (limited) circumstances if:

1. The proceeds are to be sent elsewhere than the address of record, or

2. The redemption is requested in writing and the amount is greater than $100,000.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

#### By Wire
If you authorized wire redemptions on your New Account Application, you can redeem shares and have the proceeds sent by federal wire transfer to a previously designated account.

• Call the Transfer Agent at 866-260-9549 (toll free) or 312-557-5913 for instructions.

• The minimum amount that may be redeemed by this method is $250.

#### By Telephone
Telephone privileges are automatically established on your account unless you indicate otherwise on your New Account Application.

• Call 866-260-9549 (toll free) or 312-557-5913 to use the telephone privilege.

• If your account is already opened and you wish to add the telephone privilege, send a written request to:

Perpetual Americas Funds

Trust c/o The Northern Trust

Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds

Trust c/o The Northern Trust

------

Company 333 South Wabash

Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The written request to add the telephone privilege must be signed by each owner of the account and must be accompanied by signature guarantees.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

Neither the Funds, the Transfer Agent, nor their respective affiliates will be liable for complying with telephone instructions that they reasonably believe to be genuine or for any loss, damage, cost, or expenses in acting on such telephone instructions. You will bear the risk of any such loss. The Funds, the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent do not employ such procedures, they may be liable for losses due to unauthorized or fraudulent instructions. Such procedures may include, among others, requiring forms of personal identification before acting upon telephone instructions, providing written confirmation of the transactions, and/or digitally recording telephone instructions. The Funds may terminate the telephone procedures at any time. During periods of extreme market activity, it is possible that you may encounter some difficulty in telephoning us. If you are unable to reach us by telephone, you may request a sale by mail.

#### Medallion Signature Guarantee
Some circumstances may require that your request to redeem shares be made in writing accompanied by an original Medallion Signature Guarantee. A Medallion Signature Guarantee helps protect you against fraud. You can obtain a Medallion Signature Guarantee from most banks or securities dealers, but not from a notary public. You should verify with the institution that it is an eligible guarantor prior to signing. The recognized medallion program is Securities Transfer Agent Medallion Program. SIGNATURE GUARANTEES RECEIVED FROM INSTITUTIONS NOT PARTICIPATING IN THIS PROGRAM WILL NOT BE ACCEPTED. The Medallion Signature Guarantee must cover the amount of the requested transaction. There are several different guarantee amounts, so it is important to acquire a guarantee amount equal to or greater than the amount of the transaction. If the surety bond of the Medallion Guarantee is less than the transaction amount, your request may be rejected.

An original Medallion Signature Guarantee is generally required, but may be waived in certain (limited) circumstances if any of the following applies:

• the redemption is requested in writing and the amount redeemed is greater than $100,000;

• information on your investment application has been changed, including the name(s) or the address on your account or the name or address of a payee has been changed within 30 days of your redemption request;

• proceeds or shares are being sent/transferred from a joint account to an individual's account; or

• proceeds are being sent via wire or ACH and bank instructions have been added or changed within 30 days of your redemption request.

If your written request is for redemption greater than $5 million, call 866-260-9549 (toll free) or 312- 557-5913 for Medallion Signature Guarantee requirements.

#### Additional Information About Redemptions
The Funds typically expect that they will pay redemption proceeds by check or electronic transfer within seven (7) calendar days after receipt of a proper redemption request although proceeds normally are paid within three (3) Business Days. If you are redeeming shares that have been purchased via ACH, the Funds may hold redemption proceeds until the purchase amount has been collected, which may be as long as five (5) Business Days after purchase date. For shares recently purchased by check, redemption proceeds may not be available until the check has cleared which may take up to five (5) days for the date of purchase. To eliminate this delay, you may purchase shares of a Fund by wire. Also, when the NYSE is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the SEC, the Funds may suspend redemptions or postpone payment of redemption proceeds. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in both regular and stressed market conditions.

------

At the discretion of the Funds or the Transfer Agent, corporate investors and other associations may be required to furnish an appropriate certification authorizing redemptions to ensure proper authorization.

Generally, all redemptions will be for cash. However, if you redeem shares worth over the lesser of $250,000 or 1% of the NAV of a Fund, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash at the discretion of the Fund. Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash and will bear market risk until the security is sold. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a Fund and its remaining shareholders. A redemption of shares is generally a taxable event for shareholders, regardless of whether the redemption request is satisfied in cash or in kind. As with any security, a shareholder will also bear taxes on any capital gain from the sale of a security received in a redemption in kind.

#### Involuntary Redemptions of Your Shares
If your account balance drops below $100,000 in the case of Institutional Shares, $250 in the case of Advisor Shares, $250 in the case of Investor Shares, or $10,000,000 in the case of Class Z Shares because of redemptions you may be required to sell your shares. The Funds will provide you at least thirty (30) days' written notice to give you sufficient time to add to your account and avoid the sale of your shares.

#### How to Exchange Shares
You may exchange your shares for the same share class of another Fund on any Business Day by contacting the Funds directly by mail or telephone by calling 1-866-260-9549 (toll free) or 312-557-5913. The exchange privilege may be changed or canceled at any time upon sixty (60) days' written notice.

You may also exchange your shares of one class of a Fund for shares of another class of the same Fund, provided that you qualify as an eligible investor for the requested class at the time of the exchange. Investors are responsible for initiating an exchange request and all exchanges are subject to meeting any investment minimum or eligibility requirements. If you hold shares through a financial intermediary, your financial intermediary also may initiate an exchange between share classes in certain circumstances. You should consult your financial intermediary for details and read carefully any materials provided by the intermediary along with this prospectus. The Funds do not charge a fee for this privilege.

The Funds reserve the right to eliminate this exchange privilege at any time at its discretion and may refuse exchanges by any person or group if, in the Funds' judgment, the Funds would potentially be adversely affected. Before making an exchange request, you should read the prospectus carefully, particularly since fees and expenses differ from one class to another. An exchange between classes of shares of the same Fund is generally not taxable for U.S. federal income tax purposes. However, investors generally will realize a taxable gain or loss when exchanging shares of a Fund for shares of another Fund. The Funds do not provide tax advice; you should consult your own tax advisor. If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Market Timing Policy" below.

#### Market Timing Policy
Each Fund is intended to be a long-term investment. Excessive purchases and redemptions of shares of a Fund in an effort to take advantage of short-term market fluctuations, known as "market timing," can interfere with long-term or efficient portfolio management strategies and increase the expenses of the Fund, to the detriment of long-term investors. Because each Fund invests its assets in non-U.S. securities, investors may seek to take advantage of time zone differences between the non-U.S. markets on which a Fund's portfolio securities trade and the time at which the NAV is calculated. For example, a market-timer may purchase shares of a Fund based on events occurring after non-U.S. market closing prices are established but before the NAV calculation, that are likely to result in higher prices in non-U.S. markets the next day. The market-timer would then redeem the Fund's shares the next day when a Fund's share price would reflect the increased prices in non-U.S. markets, realizing a quick profit at the expense of long-term Fund shareholders.

Excessive short-term trading may: (1) require a Fund to sell securities in the Fund's portfolio at inopportune times to fund redemption payments, (2) dilute the value of shares held by long-term shareholders, (3) cause a Fund to maintain a larger cash position than would otherwise be necessary, (4) increase brokerage commissions and related costs and expenses, and (5) generate

------

additional tax liability. Accordingly, the Board of Trustees has adopted policies and procedures that seek to restrict market timing activity. Under these policies, the Funds periodically examine transactions that exceed monetary thresholds or numerical limits within certain time periods. If a Fund believes, in its sole discretion, that an investor is engaged in excessive short-term trading or is otherwise engaged in market timing activity, a Fund may, with or without prior notice to the investor, reject further purchase or exchange orders from that investor, and disclaim responsibility for any consequential losses that the investor may incur related to the rejected purchases. Alternatively, the Funds may limit the amount, number, or frequency of any future purchases or exchanges and/or the method by which an investor may request future purchases and redemptions. A Fund's response to any particular market timing activity will depend on the facts and circumstances of each case, such as the extent and duration of the market timing activity and the investor's trading history in the Fund. While the Funds cannot assure the prevention of all excessive trading and market timing, by making these judgments, the Funds believes it is acting in a manner that is in the best interests of shareholders.

Financial intermediaries may establish omnibus accounts with the Funds through which they place transactions for their customers. Omnibus accounts include multiple investors and typically provide the Funds with a net purchase or redemption. The identity of individual investors ordinarily is not known to or tracked by the Funds. The Funds will enter into information sharing agreements with certain financial intermediaries under which the financial intermediaries are obligated to: (1) enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Funds; (2) furnish the Funds, upon request, with information regarding customer trading activities in shares of the Funds; and (3) enforce the Funds' market-timing policy with respect to customers identified by the Funds as having engaged in market timing.

The Funds apply these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. While the Funds may monitor transactions at the omnibus account level, the netting effect makes it more difficult to identify and eliminate market-timing activities in omnibus accounts. The Funds have no arrangements to permit any investor to trade frequently in shares of the Funds, nor will it enter into any such arrangements in the future.

Financial intermediaries maintaining omnibus accounts with a Fund may impose market timing policies that are more restrictive than the market timing policy adopted by the Board of Trustees. For instance, these financial intermediaries may impose limits on the number of purchase and sale transactions that an investor may make over a set period of time and impose penalties for transactions in excess of those limits. Financial intermediaries also may exempt certain types of transactions from these limitations. If you purchased your shares through a financial intermediary, you should read carefully any materials provided by the financial intermediary together with this prospectus to fully understand the market timing policies applicable to you.

#### Distribution Plans
The Funds have adopted a plan under Rule 12b-1 that authorizes Advisor Class and Investor Class shares to pay distribution fees. Fees under the plan will not exceed 0.10% for Advisor shares and 0.25% for Investor shares. Because these fees are paid out of a Fund's assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

#### DIVIDENDS AND DISTRIBUTIONS

#### Fund Policy
On an annual basis, each Fund distributes substantially all of its net investment income to shareholders in the form of dividends.

Each Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains, if any, at least once a year. Each Fund may distribute income dividends and capital gains more frequently, if necessary, to reduce or eliminate U.S. federal excise or income taxes on the Fund. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions.

Income dividends and capital gain distributions are automatically reinvested in additional shares of a Fund at the applicable NAV on the distribution date unless you request cash distributions on your application or through a written request. If cash payment is requested, a check normally will be mailed within five business days after the payable date.

Any undelivered checks or checks that are not cashed for six months may be deemed legally abandoned if an attempt to reach you to request a reissue of the check is not successful. The proceeds will then be escheated (transferred) to the appropriate state's unclaimed property administration in accordance with statutory requirements.

------

#### TAXES

#### Distributions
The following information is provided to help you understand the U.S. federal income taxes you may have to pay on income dividends and capital gains distributions from a Fund, as well as on gains realized from your redemption of Fund shares. Further information regarding taxes, including certain U.S. federal income tax considerations relevant to non-U.S. persons, is included in the SAI under "Tax Considerations." **This discussion is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about U.S. federal, state or local, or non-U.S. tax consequences before making an investment in a Fund.** 

Each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Code. Assuming a Fund so qualifies, the Fund will not be subject to U.S. federal income taxes to the extent it timely distributes all of its net investment income and any net realized capital gains to its shareholders. However, a Fund's failure to qualify as a regulated investment company or to meet certain minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in the value of shareholders' investments.

For U.S. federal income tax purposes, distributions of net investment income are generally taxable as ordinary income. Certain distributions of qualified dividend income paid to a noncorporate U.S. shareholder may be subject to income tax at the applicable rate for long-term capital gain assuming holding period and certain other requirements are met.

Distributions of net capital gains (that is, the excess of net realized gains from the sale of investments that a Fund owned for more than one year over the net realized losses from investments that the Fund owned for one year or less) that are properly reported by a Fund as capital gain dividends will generally be taxable as long-term capital gain regardless of how long you have held your shares in the Fund.

Distributions of net realized short-term capital gain (that is, the excess of net short-term capital gain over net long-term capital loss), if any, will be taxable to shareholders as ordinary income.

If you are a taxable investor and invest in a Fund shortly before it makes a distribution, some of your investment may be returned to you in the form of a taxable distribution. Fund distributions will reduce the NAV per share. Therefore, if you buy shares after a Fund has experienced appreciation but before the record date of a distribution of those gains, you may pay the full price for the shares and then effectively receive a portion of the purchase price back as a taxable distribution. This is commonly known as "buying a dividend."

Distributions from a Fund (both taxable income dividends and capital gains) are normally taxable to you as ordinary income or long-term capital gains, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax-advantaged plan or account or are otherwise not subject to U.S. federal income tax). Due to the nature of the investment strategies used, distributions by a Fund generally are expected to consist primarily of income dividends and net realized capital gains; however, the nature of a Fund's distributions could vary in any given year.

Each Fund will mail to each shareholder after the close of the calendar year a U.S. Internal Revenue Service ("IRS") Form 1099 setting forth the U.S. federal income tax status of distributions made during the year. Income dividends and capital gains distributions also may be subject to state and local taxes.

#### Selling Shares
Selling, redeeming or exchanging your shares may result in a realized capital gain or loss, which is generally subject to U.S. federal income tax. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. For individuals, any long-term capital gains you realize from selling, redeeming, or exchanging Fund shares currently are taxed at preferential income tax rates. Short-term capital gains are taxed at ordinary income tax rates.

For shares acquired on or after January 1, 2012, each Fund (or relevant broker or financial adviser) is required to compute and report to the IRS and furnish to its shareholders cost basis information when such shares are sold, redeemed, or exchanged. Each Fund has elected to use the average cost method, unless you instruct the Fund to use a different IRS-accepted cost basis method, or choose to specifically identify your shares at the time of each sale or exchange. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your U.S. federal and state income tax returns. A Fund's shareholders should consult with their tax advisers to

------

determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

#### Backup Withholding
By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that: (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs a Fund to withhold a portion of your distributions or proceeds. You should be aware that a Fund may be fined by the IRS for each account for which a certified taxpayer identification number is not provided. In the event that such a fine is imposed with respect to a specific account in any year, a Fund may make a corresponding charge against the account.

#### Non-U.S. Taxes
Income, proceeds and gains received by a Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. In certain instances, a Fund may elect to permit shareholders to claim a credit or deduction (but not both) for non-U.S. taxes (if any) borne with respect to non-U.S. securities income earned by the Fund. In such a case, shareholders will include in gross income from non-U.S. sources their pro rata shares of such taxes paid by a Fund. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of non-U.S. taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who hold shares of a Fund through tax-advantaged arrangements, generally will receive no benefit from any tax credit or deduction passed through by the Fund.

#### Tax Status for Retirement Plans and Other Tax-Advantaged Accounts
When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, dividend and capital gain distributions generally are not subject to current U.S. federal income taxes, but may be subject to U.S. federal income taxes upon a later withdrawal of monies from the plan or account. In general, these plans or accounts are governed by complex tax rules. You should consult with your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

#### Net Investment Income Tax
An additional 3.8% tax may be imposed on distributions you receive from a Fund and gains from selling, redeeming, or exchanging your Fund shares.

#### SHAREHOLDER REPORTS AND OTHER INFORMATION
The Funds will send one copy of prospectuses and shareholder reports to households containing multiple shareholders with the same last name. This process, known as "householding," reduces costs and provides a convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate prospectuses and shareholder reports, call the Funds at 866-260-9549 (toll free) or 312-557-5913 and we will begin separate mailings to you within 30 days of your request. If you or others in your household invest in the Funds through a broker or other financial intermediary, you may receive

separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment application.

#### FINANCIAL HIGHLIGHTS
Financial information about Regnan Sustainable Water and Waste Fund is not provided because the Fund has not yet commenced operations. The following Financial Highlights tables are intended to help you understand the financial performance of each class of shares of each Fund, as applicable, for the past five fiscal years or since a Fund's inception. Fund information for certain periods presented represent the past financial information for the applicable Fund's Predecessor Fund. Some of this information reflects financial information for a single fund share. The Funds did not offer Class Z shares during the periods shown.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a particular class of shares of a Fund, assuming reinvestment of all dividends and distributions. The financial information for the fiscal year ended September 30, 2025 have been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm whose report, along with each Fund's financial statements, is included in the Funds' Form N-CSR filing. You can obtain the Form N-CSR filing, which contains more performance information, at no charge by calling 1-866-260-9549.

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#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Emerging Markets Discovery Fund** | **Year Ended<br>September 30,<br>2025** | **Year Ended<br>September 30,<br>2024** | **Year Ended<br>September 30,<br>2023** | **Year Ended<br>September 30,<br>2022** | **Year Ended<br>September 30,<br>2021** |
|  Net asset value, beginning of year | $15.29 | $12.59 | $10.38 | $18.35 | $13.40 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.11 | 0.12 | 0.03 | 0.07 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.73 | 2.68 | 2.29 | (3.22) | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.84 | 2.80 | 2.32 | (3.15) | 5.01 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.19) | (0.10) | (0.11) | (0.05) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.02) |  |  | (4.77) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.21) | (0.10) | (0.11) | (4.82) | (0.06) |
|  Change in net asset value | 0.63 | 2.70 | 2.21 | (7.97) | 4.95 |
|  Net asset value, end of year | $15.92 | $15.29 | $12.59 | $10.38 | $18.35 |
|  Total return | 13.35% | 22.35% | 22.49 %<sup>(b)</sup> | (23.44%) | 37.50% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $4943 | $7826 | $4453 | $8946 | $15209 |
|  Ratio of net expenses to average net assets | 1.34% | 1.45% | 1.59% | 1.59% | 1.63% |
|  Ratio of net investment income to average net assets | 0.76% | 0.81% | 0.27% | 0.53% | 0.06% |
|  Ratio of gross expenses to average net assets | 1.70% | 1.75% | 1.95% | 1.86% | 1.94% |
|  Portfolio turnover rate<sup>(c)</sup>  | 138.32% | 119.54% | 155.29% | 123.95% | 163.54% |

---

<sup>(a)</sup> Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

<sup>(b)</sup> The Adviser reimbursed the Fund $12,829 during the period in connection with an error. Such reimbursement was 0.04% to the Fund's total return on the payment date. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM Emerging Markets Discovery Fund** | **Year Ended<br>September 30,<br>2025** | **Year Ended<br>September 30,<br>2024** | **Year Ended<br>September 30,<br>2023** | **Year Ended<br>September 30,<br>2022** | **Year Ended<br>September 30,<br>2021** |
|  Net asset value, beginning of year | $15.28 | $12.60 | $10.39 | $18.38 | $13.42 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.14 | 0.12 | 0.05 | 0.09 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.73 | 2.69 | 2.28 | (3.24) | 5.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.87 | 2.81 | 2.33 | (3.15) | 5.03 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.21) | (0.13) | (0.12) | (0.07) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (1.02) |  |  | (4.77) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.23) | (0.13) | (0.12) | (4.84) | (0.07) |
|  Change in net asset value | 0.64 | 2.68 | 2.21 | (7.99) | 4.96 |
|  Net asset value, end of year | $15.92 | $15.28 | $12.60 | $10.39 | $18.38 |
|  Total return | 13.55% | 22.44% | 22.58 %<sup>(b)</sup> | (23.44%) | 37.60% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $61409 | $60624 | $45886 | $24382 | $32279 |
|  Ratio of net expenses to average net assets | 1.24% | 1.36% | 1.49% | 1.49% | 1.53% |
|  Ratio of net investment income to average net assets | 0.98% | 0.86% | 0.38% | 0.71% | 0.18% |
|  Ratio of gross expenses to average net assets | 1.61% | 1.65% | 1.87% | 1.76% | 1.84% |
|  Portfolio turnover rate<sup>(c)</sup>  | 138.32% | 119.54% | 155.29% | 123.95% | 163.54% |

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<sup>(a)</sup> Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

<sup>(b)</sup> The Adviser reimbursed the Fund $12,829 during the period in connection with an error. Such reimbursement was 0.04% to the Fund's total return on the payment date. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Year Ended<br>September 30,<br>2025** | **Year Ended<br>September 30,<br>2024** | **Year Ended<br>September 30,<br>2023** | **Year Ended<br>September 30,<br>2022** | **Year Ended<br>September 30,<br>2021** |
|  Net asset value, beginning of year | $12.41 | $10.35 | $9.61 | $12.69 | $10.81 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.19 | 0.19 | 0.18 | 0.29 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 2.22 | 2.05 | 0.77 | (2.87) | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.41 | 2.24 | 0.95 | (2.58) | 2.01 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.13) | (0.18) | (0.21) | (0.50) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.13) | (0.18) | (0.21) | (0.50) | (0.13) |
|  Change in net asset value | 2.28 | 2.06 | 0.74 | (3.08) | 1.88 |
|  Net asset value, end of year | $14.69 | $12.41 | $10.35 | $9.61 | $12.69 |
|  Total return | 19.65% | 21.95% | 9.83% | (21.18%) | 18.64% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $58296 | $45146 | $37590 | $65363 | $81462 |
|  Ratio of net expenses to average net assets | 1.13% | 1.14% | 1.11% | 1.10% | 1.12% |
|  Ratio of net investment income to average net assets | 1.54% | 1.75% | 1.68% | 2.55% | 1.51% |
|  Ratio of gross expenses to average net assets | 1.13% | 1.14% | 1.11% | 1.11% | 1.13% |
|  Ratio of expense recoupment to average net assets | — <sup>(b)</sup> |  |  |  |  |
|  Portfolio turnover rate<sup>(c)</sup>  | 14.12% | 37.00% | 29.34% | 41.23% | 38.60% |

---

<sup>(a)</sup> Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

<sup>(b)</sup> Amount rounds to less than 0.005%. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Year Ended<br>September 30,<br>2025** | **Year Ended<br>September 30,<br>2024** | **Year Ended<br>September 30,<br>2023** | **Year Ended<br>September 30,<br>2022** | **Year Ended<br>September 30,<br>2021** |
|  Net asset value, beginning of year | $12.39 | $10.33 | $9.61 | $12.67 | $10.80 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.17 | 0.18 | 0.17 | 0.28 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 2.21 | 2.05 | 0.76 | (2.88) | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.38 | 2.23 | 0.93 | (2.60) | 1.99 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.10) | (0.17) | (0.21) | (0.46) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.10) | (0.17) | (0.21) | (0.46) | (0.12) |
|  Change in net asset value | 2.28 | 2.06 | 0.72 | (3.06) | 1.87 |
|  Net asset value, end of year | $14.67 | $12.39 | $10.33 | $9.61 | $12.67 |
|  Total return | 19.46% | 21.88% | 9.63% | (21.33%) | 18.42% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $31456 | $28069 | $24014 | $10044 | $9854 |
|  Ratio of net expenses to average net assets | 1.28% | 1.29% | 1.27% | 1.25% | 1.27% |
|  Ratio of net investment income to average net assets | 1.35% | 1.60% | 1.59% | 2.43% | 1.47% |
|  Ratio of gross expenses to average net assets | 1.28% | 1.29% | 1.27% | 1.26% | 1.28% |
|  Ratio of expense recoupment to average net assets | — <sup>(b)</sup> |  |  |  |  |
|  Portfolio turnover rate<sup>(c)</sup>  | 14.12% | 37.00% | 29.34% | 41.23% | 38.60% |

---

<sup>(a)</sup> Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

<sup>(b)</sup> Amount rounds to less than 0.005%. 

<sup>(c)</sup> Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **JOHCM Emerging Markets Opportunities Fund** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,**<br> **2023** | **September 30,<br>2022** | **September 30,<br>2021** |
|  Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.45 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.20 | 0.19 | 0.18 | 0.31 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 2.22 | 2.07 | 0.77 | (2.88) | 1.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 2.42 | 2.26 | 0.95 | (2.57) | 2.02 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.14) | (0.19) | (0.21) | (0.52) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.14) | (0.19) | (0.21) | (0.52) | (0.14) |
|  Change in net asset value | 2.28 | 2.07 | 0.74 | (3.09) | 1.88 |
|  Net asset value, end of year | $14.73 | $12.45 | $10.38 | $9.64 | $12.73 |
|  Total return | 19.71% | 22.14% | 9.89% | (21.11%) | 18.70% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $1246568 | $1102835 | $858629 | $575508 | $738534 |
|  Ratio of net expenses to average net assets | 1.04% | 1.04% | 1.04% | 1.02% | 1.02% |
|  Ratio of net investment income to average net assets | 1.60% | 1.75% | 1.69% | 2.70% | 1.61% |
|  Ratio of gross expenses to average net assets | 1.04% | 1.05% | 1.04% | 1.03% | 1.03% |
|  Ratio of expense recoupment to average net assets | 0.01% |  |  |  |  |
|  Portfolio turnover rate<sup>(b)</sup>  | 14.12% | 37.00% | 29.34% | 41.23% | 38.60% |

---

(a) Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **JOHCM International Opportunities Fund** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2023** | **September 30,<br>2022** | **September 30,<br>2021** |
|  Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.32 | 0.39 | 0.21 | 0.17 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.50 | 2.34 | 2.54 | (2.03) | 1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.82 | 2.73 | 2.75 | (1.86) | 1.61 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.27) | (0.07) | (0.21) | (0.27) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.41) |  |  | (1.38) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.68) | (0.07) | (0.21) | (1.65) | (0.27) |
|  Change in net asset value | 1.14 | 2.66 | 2.54 | (3.51) | 1.34 |
|  Net asset value, end of year | $14.65 | $13.51 | $10.85 | $8.31 | $11.82 |
|  Total return | 14.49% | 25.30% | 33.32% | (17.89%) | 15.39% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $389380 | $34753 | $1973 | $1508 | $3465 |
|  Ratio of net expenses to average net assets | 0.50% | 0.50% | 0.78% | 0.88% | 0.89% |
|  Ratio of net investment income to average net assets | 2.36% | 3.12% | 2.00% | 1.66% | 1.83% |
|  Ratio of gross expenses to average net assets | 0.93% | 1.42% | 4.20% | 3.34% | 5.73% |
|  Portfolio turnover rate<sup>(b)</sup>  | 45.00% | 44.16% | 34.88% | 68.19% | 47.85% |

---

(a) Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **JOHCM International Select Fund** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2023** | **September 30,<br>2022** | **September 30,<br>2021** |
|  Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.07 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.53 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.08 | 0.14 | 0.22 | 0.21 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 3.18 | 4.06 | 3.69 | (10.70) | 4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.26 | 4.20 | 3.91 | (10.49) | 4.35 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.33) | (0.38) | (0.25) | (0.23) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (2.62) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.33) | (0.38) | (0.25) | (2.85) | (0.81) |
|  Change in net asset value | 2.93 | 3.82 | 3.66 | (13.34) | 3.54 |
|  Net asset value, end of year | $28.14 | $25.21 | $21.39 | $17.73 | $31.07 |
|  Total return | 13.16% | 19.88% | 22.13% | (37.43%) | 15.94% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $252507 | $412375 | $356041 | $376893 | $800457 |
|  Ratio of net expenses to average net assets | 1.19% | 1.21% | 1.21% | 1.21% | 1.21% |
|  Ratio of net investment income to average net assets | 0.32% | 0.61% | 1.03% | 0.82% | 0.33% |
|  Ratio of gross expenses to average net assets | 1.21% | 1.24% | 1.23% | 1.21% | 1.21% |
|  Ratio of expense recoupment to average net assets | 0.02% |  |  |  |  |
|  Portfolio turnover rate<sup>(b)</sup>  | 92.83% | 77.73% | 32.29% | 58.91% | 53.34% |

---

(a) Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### PERPETUAL AMERICAS FUNDS TRUST

#### FINANCIAL HIGHLIGHTS

#### For the years indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| **JOHCM International Select Fund** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2023** | **September 30,<br>2022** | **September 30,<br>2021** |
|  Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.53 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.11 | 0.19 | 0.26 | 0.27 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 3.21 | 4.05 | 3.70 | (10.69) | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 3.32 | 4.24 | 3.96 | (10.42) | 4.42 |
|  Less distributions paid: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.39) | (0.44) | (0.33) | (0.30) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains |  |  |  | (2.62) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.39) | (0.44) | (0.33) | (2.92) | (0.87) |
|  Change in net asset value | 2.93 | 3.80 | 3.63 | (13.34) | 3.55 |
|  Net asset value, end of year | $28.10 | $25.17 | $21.37 | $17.74 | $31.08 |
|  Total return | 13.46% | 20.10% | 22.41% | (37.27%) | 16.24% |
|  Ratios/Supplemental data: |  |  |  |  |  |
|  Net assets, end of year (000's) | $2760367 | $4617759 | $4911162 | $5965713 | $12273819 |
|  Ratio of net expenses to average net assets | 0.96% | 0.98% | 0.98% | 0.98% | 0.96% |
|  Ratio of net investment income to average net assets | 0.46% | 0.82% | 1.22% | 1.05% | 0.57% |
|  Ratio of gross expenses to average net assets | 0.96% | 0.99% | 0.98% | 0.98% | 0.97% |
|  Ratio of expense recoupment to average net assets | 0.02% |  |  |  |  |
|  Portfolio turnover rate<sup>(b)</sup>  | 92.83% | 77.73% | 32.29% | 58.91% | 53.34% |

---

(a) Net investment income (loss) for the year ended was calculated using the average shares outstanding method.

(b) Portfolio turnover is calculated at the fund level without regard to each class of shares.

------

#### Perpetual Americas Funds Trust

#### Notice of Privacy Policy & Practices
I. SAFEGUARDING PRIVACY

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Trust.

II. INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

• Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social security number and investment information);

• Information about your transactions and experiences with us and our affiliates (e.g. your account balance, transaction history and investment selections); and

• Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g. your account number, account balance and transaction history.

III. INFORMATION WE SHARE WITH SERVICE PROVIDERS

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into confidentiality agreements regarding the information.

IV. INFORMATION WE MAY SHARE WITH AFFILIATES

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

V. SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and, except as described below, every year that you are a customer of the Trust, or anytime we make a material change to our privacy policy.

We may combine a privacy notice with another document (for example, an account statement, annual report, prospectus, trade confirmation) or may deliver the notice electronically where appropriate consent has been obtained. We generally will not deliver an annual notice as long as (i) we disclose non-public personal information only as described above policy, and (ii) we have not changed our policies and practices with regard to disclosing non-public personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers pursuant to this policy.

------

**Investment Adviser**

JOHCM (USA) Inc

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, Massachusetts 02199

**Distributor**

Perpetual Americas Funds Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**For Additional Information, call 866-260-9549**

**(toll free) or 312-557-5913**

**To Learn More**

Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this prospectus by reference, contains detailed information on Fund policies and operations.

Additional information about a Fund's investments is available in the Trust's annual and semi-annual report to shareholders and in Form N-CSR. In a Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find a Fund's annual and semi-annual financial statements.

Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements and to make shareholder inquiries. You may also visit the JOHCM Emerging Markets Discovery Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM International Opportunities Fund, and JOHCM International Select Fund on the web at www.johcm.com/en-us/funds/ to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

You may obtain reports and other information about the Funds on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

Investment Company Act File Number: 811-23615

------

![LOGO](g13362g0113001333950.jpg)

#### Trillium ESG Global Equity Fund
Institutional Shares (PORIX)

Investor Shares (PORTX)

Advisor Shares (Not currently offered)

Class Z Shares (Not currently offered)

#### Trillium ESG Small/Mid Cap Fund
Institutional Shares (TSMDX)

Investor Shares (Not currently offered)

Advisor Shares (Not currently offered)

Class Z Shares (Not currently offered)

PROSPECTUS DATED FEBRUARY 1, 2026

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[FUND SUMMARIES](#protrill13362_1)** | **1** |
|  [Trillium ESG Global Equity Fund](#protrill13362_2) | 1 |
|  [Trillium ESG Small/Mid Cap Fund](#protrill13362_3) | 8 |
|  **[ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF THE FUNDS](#protrill13362_4)** | **15** |
|  [Principal Investments and Strategies of Each Fund](#protrill13362_5) | 15 |
|  [More Information about Investment Strategies Related to the Funds](#protrill13362_6) | 19 |
|  [Summary of Principal and Non-Principal Risks](#protrill13362_7) | 21 |
|  [Portfolio Holdings Disclosure](#protrill13362_8) | 28 |
|  **[MANAGEMENT OF THE FUNDS](#protrill13362_9)** | **28** |
|  [Trillium Asset Management, LLC](#protrill13362_10) | 28 |
|  [Fund Expense Limitation and Recoupment Arrangements](#protrill13362_11) | 28 |
|  [Portfolio Management](#protrill13362_13) | 29 |
|  [Investment Adviser, Administrator, Transfer Agent, Custodian, and Distributor](#protrill13362_14) | 31 |
|  **[YOUR ACCOUNT](#protrill13362_15)** | **31** |
|  [Pricing Your Shares](#protrill13362_16) | 31 |
|  [How to Purchase Shares](#protrill13362_17) | 32 |
|  [How to Redeem Shares](#protrill13362_18) | 39 |
|  [How to Exchange Shares](#protrill13362_19) | 42 |
|  [Market Timing Policy](#protrill13362_20) | 42 |
|  [Distribution Plans](#protrill13362_21) | 43 |
|  **[DIVIDENDS AND DISTRIBUTIONS](#protrill13362_22)** | **43** |
|  [Fund Policy](#protrill13362_23) | 43 |
|  **[TAXES](#protrill13362_24)** | **43** |
|  [Distributions](#protrill13362_25) | 43 |
|  **[SHAREHOLDER REPORTS AND OTHER INFORMATION](#protrill13362_26)** | **45** |
|  **[FINANCIAL HIGHLIGHTS](#protrill13362_27)** | **45** |

---

------

#### FUND SUMMARY

#### Trillium ESG Global Equity Fund

#### Investment Objective
The Trillium ESG Global Equity Fund (the "Fund") seeks long-term capital appreciation by investing in companies that meet Trillium's Environmental, Social, and Governance ("ESG") criteria.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional**<br> **Shares** | **Advisor**<br> **Shares** | **Investor**<br> **Shares** | **Class Z**<br> **Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.85% | 0.85% | 0.85% | 0.85% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.16% | 0.16% | 0.16% | 0.16% |
|  Total Annual Fund Operating Expenses | 1.01% | 1.11% | 1.26% | 1.01% |
|  Fee Waivers and Reimbursement<sup>1</sup> | -0.02% | -0.02% | -0.02% | -0.02% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.99% | 1.09% | 1.24% | 0.99% |

---

<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.99%, 1.09%, 1.24% and 0.99% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first

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year of the 3-, 5- and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $101 | $320 | $556 | $1234 |
|  Advisor Shares | $111 | $351 | $610 | $1350 |
|  Investor Shares | $126 | $398 | $690 | $1521 |
|  Class Z Shares | $101 | $320 | $556 | $1234 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 21.73% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund seeks to achieve its investment objective by investing primarily in companies the portfolio managers believe are leaders in managing risks and opportunities related to environmental, social and governance criteria, have above average growth potential, and are reasonably valued. The Fund invests in both U.S. and non-U.S. companies of any size or market capitalization. The Fund invests primarily in common stocks, either directly or indirectly. The Fund utilizes a core investment style that incorporates elements of both growth and value investing. The Fund obtains indirect exposure to stocks and other equity securities through instruments such as depositary receipts, as described below. Under normal market conditions, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in equity securities that meet the Fund's subadviser, Trillium Asset Management, LLC ("Trillium"), ESG criteria. For purposes of its 80% investment policy, the equity securities that meet Trillium's ESG criteria are those that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening described below under "Portfolio Analysis and Construction" and "ESG Considerations and Active Ownership."

**Non-U.S. Investments.** The Fund normally invests at least 40% of its net assets in companies located in countries other than the U.S., provided that the Fund reserves the flexibility to invest the lesser of 40% or the percentage of non-U.S. securities in the Fund's performance benchmark (currently, the MSCI ACWI Index) less 10%. The Fund intends to invest in a broad array of countries, which may include companies located in frontier or emerging markets. In addition to acquiring direct ownership of equity securities of non-U.S. companies, the Fund may obtain investment exposure indirectly, including through depositary receipts. Depositary receipts and other investments intended to achieve investment exposure to equity securities indirectly will be counted towards the Fund's 80% investment policy.

**Portfolio Analysis and Construction.** Trillium believes that the best long-term investments for the Fund are found in companies that have above-average financial characteristics and growth potential, while also contributing towards the goals of a sustainable global economy. Trillium believes that a company's sound understanding of sustainability principles can demonstrate the qualities of innovation and leadership that tend to support the creation of a distinct competitive advantage and the building of long-term value. The portfolio managers identify individual companies that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening process, including companies outside of the Fund's benchmark.

In conducting fundamental research, the portfolio managers combine fundamental investment considerations with proprietary ESG criteria analysis and screening. Trillium believes that this integrated approach provides insight into how a company behaves commercially and how it deals with existing and emerging ESG risks and opportunities. The Fund may invest in companies of any size. Under normal circumstances, the portfolio managers attempt to mitigate risk through consideration of country and economic sector allocations. The intended outcome of the portfolio managers' investment process is a portfolio that typically consists of between 75-120 companies.

In Trillium's opinion, each company is unique in terms of its business and risk profile. In conducting fundamental and ESG analysis, the portfolio managers seek to identify certain traditional business qualities in each of the companies it considers for the Fund. Identifying companies that meet Trillium's financial and ESG criteria is an important part of the process, while recognizing that it is also critical to make investments at reasonable valuations.

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When selecting securities for the Fund, the portfolio managers' financial analysis also includes a holistic review of ESG criteria and how they may impact a stock's valuation or performance. These ESG criteria include key sustainability risks and opportunities spanning a range of topics including board diversity, climate change policies, supply chains and human rights policies. Trillium also excludes or restricts from investment individual companies on the basis of certain qualitative and quantitative screens. See "ESG Considerations and Active Ownership" below for more detail.

The portfolio managers do not prioritize one set of factors over the others, although "E", "S" or "G" factors may be given more or less consideration depending on a company's particular industry, sector, geographic region, or size. For example, Trillium may weigh Social factors more heavily for a firm in the professional services industry and Environmental factors more heavily for a manufacturing company. Trillium applies its proprietary ESG analysis and screening for each company it considers for investment. Some of the ESG criteria Trillium assesses, which can vary based on industry as noted above, include, but are not limited to:

Environmental – Use of harmful pollutants and chemicals; Raw material management; Greenhouse gas emissions and use of renewable energy sources.

Social – Payment of fair wages; Human capital management strategy; Encouragement of diversity and inclusion; Support of LGBTQ rights.

Governance – Board diversity; Independent roles of CEO and Board chair; Reasonableness of executives' wages; Dedication to corporate transparency.

Portfolio managers also analyze a company's ESG related policies and practices, including reviews of third-party evidence when available. For example, the portfolio managers may consider whether a company maintains an environmental management system certified to certain international standards, and also consider data from a variety of public sources including eligible company filings, other publicly available materials, shareholder/investor events, and in certain cases, information resulting from direct communication with company management teams. The portfolio managers also have access to and consider information obtained from multiple third-party providers for both financial and ESG data, in addition to internally generated analysis, throughout its proprietary investment process. Trillium also reviews publicly available information provided from government agencies, news agencies and not-for-profit organizations. See "ESG Considerations and Active Ownership" below for more detail.

The portfolio managers look to achieve capital appreciation by investing in superior companies while also considering the Fund's allocations and exposures across:

• Economic sectors;

• Countries or regions; and

• Company size.

Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may engage in certain currency hedging transactions. The Fund may also participate in IPOs.

**ESG Considerations and Active Ownership.** Trillium believes in active ownership and that engaging companies on ESG topics using shareholder advocacy can lead to improvements in corporate ESG performance practices, policies and impact. Trillium typically seeks to align Trillium's values and financial objectives by combining impactful investment solutions with active ownership, aspiring to provide long-term value while advancing humankind towards a sustainable global economy, a just society, and a better world. For Trillium this means being active shareholders with the intention to advocate in support of protections and respect for human rights, the natural environment, economic, environmental, social, and climate justice, labor rights, and civil society institutions. In pursuing the Fund's investment objective and considering individual investments, Trillium considers both impact to these aspirational goals as well as financial performance. Trillium's proxy voting guidelines incorporate these ESG matters and perspectives and votes are executed consistent with Trillium's fiduciary duties.

As part of its ESG analysis, there are certain industries and business activities that Trillium currently identifies as too environmentally risky or as presenting social outcomes that are too unattractive to warrant investment consideration. Trillium employs qualitative and quantitative screens to exclude or restrict these types of investments. The Fund does not invest in companies that are primarily engaged in fossil fuel production based on a company's total gross revenue unless the company demonstrates a plan to transition to a low carbon business model that Trillium finds credible. The Fund will also exclude from consideration companies that derive a material proportion of their total gross revenue from business activities that are incompatible with Trillium's sustainability goals. These include business activities related to agricultural biotechnology, coal and certain types of mining, pornography, private

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prisons, tar sands (i.e., oil sands), arctic drilling, tobacco, casinos and gaming, and weapons/firearms. The Fund also restricts investment in companies that Trillium identifies as having major recent or ongoing controversies involving animal welfare, environmental, governance, human rights, and product safety.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Because Trillium evaluates ESG criteria when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG criteria. ESG criteria may prioritize long term, rather than short term, returns. ESG information and data, including that provided by third parties, may be incomplete, inaccurate, or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, there is a risk that the securities identified by Trillium to fit within its sustainability criteria do not operate as anticipated. Although Trillium seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. Trillium's exclusion of certain potential investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such potential investments are performing well. There is also a risk that Trillium's shareholder advocacy may be unsuccessful and may result in unanticipated or unintended outcomes. There can be no assurance that Trillium's shareholder advocacy will result either in superior investment returns, or in a positive outcome for the environment or society.

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Emerging Markets Risk.** In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

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**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Depositary Receipts Risk.** Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Growth Investing Risk.** The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**IPO Risk.** The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Active Management Risk.** Trillium's dependence on a quantitative strategy or judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, as well as any changes to climate related laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Market Risk.** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

#### Performance Information
The Trillium ESG Global Equity Fund, a series of Professionally Managed Portfolios (the "Global Equity Predecessor Fund") was reorganized into the Fund on October 30, 2023 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Global Equity Predecessor Fund. The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Global Equity Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. For periods prior to the reorganization of the Fund, the performance

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information is based on the performance of the Global Equity Predecessor Fund. The Retail Class shares of the Global Equity Predecessor Fund were reorganized into the Investor Shares of the Fund on October 30, 2023. Historical performance for Institutional Shares prior to its inception is based on the performance of Investor Shares. The performance of Institutional Shares has been adjusted to reflect differences in expenses. After-tax returns are shown for the Fund's Investor Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Investor Shares for year ended December 31
![LOGO](g13362g00n99.jpg)

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| | |
|:---|:---|
|  Best quarter: | 04/01/2020 - 06/30/2020 – 18.50% |
|  Worst quarter: | 01/01/2020 - 03/31/2020 – (18.76%) |

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Average Annual Total Returns – for the Periods Ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since Inception<sup>1</sup>** |
|  Investor Shares – Before Taxes (No Load) | 17.25% | 7.16% | 10.76% | 7.10% |
|  Investor Shares – After Taxes on Distributions (No Load) | 13.42% | 5.24% | 9.41% | 6.45% |
|  Investor Shares – After Taxes on Distributions and Sale of Fund Shares (No Load) | 12.93% | 5.44% | 8.70% | 6.06% |
|  MSCI ACWI Net Total Return Index (USD) (reflects no deductions for fees or expenses) | 22.34% | 11.19% | 11.72% | 6.79% |
|  Institutional Shares – Before Taxes (No Load) | 17.53% | 7.45% | 11.05% | 7.41% |

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<sup>1</sup> The Institutional Shares of the Fund's predecessor fund commenced operations on March 30, 2007. The Investor Shares of the Fund's predecessor fund commenced operations on September 30, 1999. See above for a discussion of the Global Equity Predecessor Fund and its share classes.

#### Portfolio Management

#### Investment Advisers
Trillium is the Fund's subadviser, subject to supervision by the Board of Trustees and the Adviser. The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### Portfolio Managers

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| | | |
|:---|:---|:---|
| **Matthew Patsky, CFA** | **Jeremy Cote, CFA** | **Laura McGonagle, CFA** |
| CEO of Trillium, Lead Portfolio Manager | Portfolio Manager | Portfolio Manager |
| Length of Service: Since 2018\* | Length of Service: Since 2025 | Length of Service: Since 2021\* |

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#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

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***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Trillium ESG Global Equity Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day that the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

<sup>\*</sup> Length of Service includes portfolio management services provided to the Global Equity Predecessor Fund, which reorganized into the Fund on October 30, 2023.

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#### FUND SUMMARY

#### Trillium ESG Small/Mid Cap Fund

#### Investment Objective
The Trillium ESG Small/Mid Cap Fund (the "Fund") seeks long-term capital appreciation by investing in companies that meet Trillium's Environmental, Social, and Governance ("ESG") criteria.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional** <br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advisor** <br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor** <br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z** <br> **Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.75% | 0.75% | 0.75% | 0.75% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.36% | 0.36% | 0.36% | 0.36% |
|  Total Annual Fund Operating Expenses | 1.11% | 1.21% | 1.36% | 1.11% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -0.14% | -0.14% | -0.14% | -0.14% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.97% | 1.07% | 1.22% | 0.97% |

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<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.97%, 1.07%, 1.22%, and 0.97% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first

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year of the 3-, 5- and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $99 | $339 | $598 | $1339 |
|  Advisor Shares | $109 | $370 | $652 | $1454 |
|  Investor Shares | $124 | $417 | $731 | $1623 |
|  Class Z Shares | $99 | $339 | $598 | $1339 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 19.98% of the average value of its portfolio.

#### Principal Investment Strategies
Under normal conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of small and mid-sized companies that meet Trillium's Environmental, Social, and Governance ("ESG") criteria. The Fund's subadviser, Trillium Asset Management, LLC ("Trillium") defines small- and mid-cap companies as those having market capitalizations that, at the time of purchase, are consistent with the market capitalizations of companies in the Russell 2500<sup>TM</sup> Index. As of September 30, 2025, the largest company in the Russell 2500<sup>TM</sup> Index had a market capitalization of $32.29 billion. The Fund utilizes a core investment style that incorporates elements of both growth and value investing. The Fund may invest up to 20% of its total assets in the securities of non-U.S. issuers, including indirectly through instruments such as depositary receipts. Depositary receipts and other investments intended to achieve investment exposure to equity securities indirectly will be counted towards the Fund's 80% investment policy. The Fund's non-U.S. holdings may include companies located in frontier or emerging markets. For purposes of its 80% investment policy, the equity securities that meet Trillium's ESG criteria are those that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening described below under "Portfolio Analysis and Construction" and "ESG Considerations and Active Ownership." The Fund may also participate in initial public offerings ("IPOs").

**Portfolio Analysis and Construction.** Trillium's investment philosophy for the Fund is that integrating ESG criteria into the financial analysis process can help identify the best companies positioned to deliver long-term risk adjusted performance.

Trillium constructs the Fund's portfolio by looking at the companies included in the Fund's benchmark, supplemented by an analysis of companies outside of the Fund's benchmark. Within this investment universe the portfolio managers then identify individual companies that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening process described under "Portfolio Analysis and Construction" and "ESG Considerations and Active Ownership." In conducting fundamental research, the portfolio managers combine fundamental investment considerations with proprietary ESG criteria analysis and screening. Trillium believes that this integrated approach provides insight into how a company behaves commercially and how it deals with existing and emerging ESG risks and opportunities.

Trillium's investment process for the Fund is a bottom-up research process focused on identifying companies with high quality characteristics. These include, but are not limited to:

• Financial statement integrity as determined by a review of financial ratios and company disclosures;

• History of profitability, and/or positive and growing cash flow from operations;

• Conservative debt management as measured by a review of leverage ratios and balance sheet analyses including debt to earnings before interest, taxes, depreciation and amortization, and debt to capitalization metrics;

• Return on investment capital trends; and

• Sector-relevant leadership on ESG policies and performance.

Portfolio managers also qualitatively consider macroenvironment and geopolitical conditions, including interest rates, inflation trends, employment levels, and regional disputes in relation to overall portfolio construction. In constructing the portfolio,

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Trillium adheres to risk control parameters such as the maximum size of an individual holding, relative sector weights, and a target average market capitalization for the portfolio.

When selecting securities for the Fund, the portfolio managers' financial analysis also includes a holistic review of ESG criteria and how they may impact a stock's valuation or performance. These ESG criteria include key sustainability risks and opportunities spanning a range of topics including board diversity, climate change policies, supply chains and human rights policies. Trillium also excludes or restricts from investment individual companies on the basis of certain qualitative and quantitative screens. See "ESG Considerations and Active Ownership" below for more detail. The portfolio managers evaluate Environmental, Social, and Governance factors for each company. The portfolio managers do not prioritize one set of factors over the others, although "E", "S" or "G" factors may be given more or less consideration depending on a company's particular industry. For example, Trillium may weigh Social factors more heavily for a firm in the professional services industry and Environmental factors more heavily for a manufacturing company. Similarly, Trillium's ESG criteria may be somewhat different across sectors, geographic regions or market capitalizations, and Trillium evaluates ESG criteria and risks for each company it considers for investment. Some of the ESG criteria Trillium assesses, which can vary based on industry as noted above, include, but are not limited to:

Environmental – Use of harmful pollutants and chemicals; Raw material management; Greenhouse gas emissions and use of renewable energy sources.

Social – Payment of fair wages; Human capital management strategy; Encouragement of diversity and inclusion; Support of LGBTQ rights.

Governance – Board diversity; Independent roles of CEO and Board chair; Reasonableness of executives' wages; Dedication to corporate transparency.

Portfolio managers also analyze a company's ESG related policies and practices, including reviews of third-party evidence when available. For example, the portfolio managers may consider whether a company maintains an environmental management system certified to certain international standards, and also consider data from a variety of public sources including eligible company filings, other publicly available materials, shareholder/investor events, and in certain cases, information resulting from direct communication with company management teams. The portfolio managers also have access to and consider information obtained from multiple third-party providers for both financial and ESG data, in addition to internally generated analysis, throughout its proprietary investment process. Trillium also reviews publicly available information provided from government agencies, news agencies and not-for-profit organizations. See "ESG Considerations and Active Ownership" below for more detail.

**ESG Considerations and Active Ownership.** Trillium seeks to identify companies that it believes are strategic leaders, based on business models that it believes are superior and with the ability to create consistent earnings growth. In addition, Trillium looks to identify companies with strong board and management qualities, as evidenced by transparent and conservative financial reporting, and effective management of ESG risks such as risks from new environmental regulations, product safety risk, and reputational risks from major controversies or accidents.

Trillium believes in active ownership and that engaging companies on ESG topics using shareholder advocacy can lead to improvements in corporate ESG performance practices, policies and impact. Trillium typically seeks to align Trillium's values and financial objectives by combining impactful investment solutions with active ownership, aspiring to provide long-term value while advancing humankind towards a sustainable global economy, a just society, and a better world. For Trillium this means being active shareholders with the intention to advocate in support of protections and respect for human rights, the natural environment, economic, environmental, social, and climate justice, labor rights, and civil society institutions. In pursuing the Fund's investment objective and considering individual investments, Trillium considers both impact to these aspirational goals as well as financial performance. Trillium's proxy voting guidelines incorporate these ESG matters and perspectives and votes are executed consistent with Trillium's fiduciary duties.

As part of its ESG analysis, there are certain industries and business activities that Trillium currently identifies as too environmentally risky or as presenting social outcomes that are too unattractive to warrant investment consideration. Trillium employs qualitative and quantitative screens to exclude or restrict these types of investments. The Fund does not invest in companies that are primarily engaged in fossil fuel production based on a company's total gross revenue unless the company demonstrates a plan to transition to a low carbon business model that Trillium finds credible. The Fund will also exclude from consideration companies that derive a material proportion of their total gross revenue from business activities that are incompatible with Trillium's sustainability goals. These include business activities related to agricultural biotechnology, coal and certain types of mining, pornography, private prisons, tar sands (i.e., oil sands), arctic drilling, tobacco, casinos and gaming, and weapons/firearms. The Fund also restricts investment in companies that Trillium identifies as having major recent or ongoing controversies involving animal welfare, environmental, governance, human rights, and product safety.

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#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Because Trillium evaluates ESG criteria when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG criteria. ESG criteria may prioritize long term, rather than short term, returns. ESG information and data, including that provided by third parties, may be incomplete, inaccurate, or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, there is a risk that the securities identified by Trillium to fit within its sustainability criteria do not operate as anticipated. Although Trillium seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. Trillium's exclusion of certain potential investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such potential investments are performing well. There is also a risk that Trillium's shareholder advocacy may be unsuccessful and may result in unanticipated or unintended outcomes. There can be no assurance that Trillium's shareholder advocacy will result either in superior investment returns, or in a positive outcome for the environment or society.

**Equity Securities Risk.** The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Small-Cap and Mid-Cap Company Risk.** The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Non-U.S. Securities Risk.** Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Emerging Markets Risk.** In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on the Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. The Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

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**Currency Risk.** Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Depositary Receipts Risk.** Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Growth Investing Risk.** The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.

**IPO Risk.** The Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile.

**Active Management Risk.** Trillium's dependence on a quantitative strategy or judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, as well as any changes to climate related laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Market Risk.** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The Trillium ESG Small/Mid Cap Fund, a series of Professionally Managed Portfolios (the "Small/Mid Cap Predecessor Fund") was reorganized into the Fund on October 30, 2023 following shareholder approval. The Fund commenced operations as of this date and assumed the financial and performance history of the Small/Mid Cap Predecessor Fund. The bar chart and performance table below provide an indication of the risks of an investment in the Fund (and the Small/Mid Cap Predecessor Fund for periods prior to the reorganization) by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund.. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. For periods prior to the reorganization of the Fund, the performance information is based on the performance of the Small/Mid Cap Predecessor Fund. After-tax returns are shown for the Fund's Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund

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shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g00u06.jpg)

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| | |
|:---|:---|
|  Best quarter: | 10/01/2020 – 12/31/2020 – 24.47% |
|  Worst quarter: | 01/01/2020 – 03/31/2020 – (28.79%) |

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#### Average Annual Total Returns – for the Periods Ended December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes (No Load) | 7.86% | 5.19% | 8.26% | 7.53% |
|  Institutional Shares – After Taxes on Distributions (No Load) | 7.86% | 4.53% | 7.58% | 6.88% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares (No Load) | 4.65% | 4.00% | 6.59% | 5.98% |
|  Russell 2500<sup>TM</sup> Index (reflects no deductions for fees or expenses) | 11.91% | 7.26% | 10.40% | 9.91% |
|  Russell 3000<sup>®</sup> Index (reflects no deductions for fees or expenses) | 17.15% | 13.15% | 14.29% | 14.14% |

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<sup>1</sup> The Institutional Shares of the Fund's predecessor fund commenced operations on August 31, 2015.

#### Portfolio Management

#### Investment Advisers
Trillium is the Fund's subadviser, subject to supervision by the Board of Trustees and the Adviser. The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

#### Portfolio Managers

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| | | |
|:---|:---|:---|
| **Laura McGonagle, CFA** | **Mitali Prasad, CFA** | **Sahas Apte, CFA** |
|  Lead Portfolio Manager | Portfolio Manager | Portfolio Manager |
| Length of Service: Since 2015\* | Length of Service: Since 2019\* | Length of Service: Since 2026 |

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<sup>\*</sup> Length of Service includes portfolio management services provided to the Small/Mid Cap Equity Predecessor Fund, which reorganized into the Fund on October 30, 2023.

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#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

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***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
Trillium ESG Small/Mid Cap Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day that the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Dividends, Capital Gains and Taxes
The Fund intends to make distributions that are generally taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF THE FUNDS

#### Principal Investments and Strategies of Each Fund

#### Trillium ESG Global Equity Fund

#### Investment Objective:
The Trillium ESG Global Equity Fund (the "Fund") seeks long-term capital appreciation by investing in companies that meet Trillium's Environmental, Social, and Governance ("ESG") criteria.

#### Principal Investment Strategies:
The Fund seeks to achieve its investment objective by investing primarily in companies the portfolio managers believe are leaders in managing risks and opportunities related to environmental, social and governance criteria, have above average growth potential, and are reasonably valued. The Fund invests in both U.S. and non-U.S. companies of any size or market capitalization. The Fund invests primarily in common stocks, either directly or indirectly. The Fund utilizes a core investment style that incorporates elements of both growth and value investing. The Fund obtains indirect exposure to stocks and other equity securities through instruments such as depositary receipts, as described below. Under normal market conditions, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in equity securities that meet the Fund's subadviser, Trillium Asset Management, LLC ("Trillium"), ESG criteria. For purposes of its 80% investment policy, the equity securities that meet Trillium's ESG criteria are those that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening described below under "Portfolio Analysis and Construction" and "ESG Considerations and Active Ownership."

**Non-U.S. Investments.** The Fund normally invests at least 40% of its net assets in companies located in countries other than the U.S., provided that the Fund reserves the flexibility to invest the lesser of 40% or the percentage of non-U.S. securities in the Fund's performance benchmark (currently, the MSCI ACWI Index) less 10%. The Fund intends to invest in a broad array of countries, which may include companies located in frontier or emerging markets. In addition to acquiring direct ownership of equity securities of non-U.S. companies, the Fund may obtain investment exposure indirectly, including through depositary receipts. Depositary receipts, such as American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs"), are receipts issued by a bank or trust company evidencing ownership of underlying securities issued by a non-U.S. issuer. Depositary receipts are alternatives to directly purchasing the underlying non-U.S. securities in their national markets and currencies. Depositary receipts and other investments intended to achieve investment exposure to equity securities indirectly will be counted towards the Fund's 80% investment policy.

**Portfolio Analysis and Construction.** Trillium believes that the best long-term investments for the Fund are found in companies that have above-average financial characteristics and growth potential, while also contributing towards the goals of a sustainable global economy. Trillium believes that a company's sound understanding of sustainability principles can demonstrate the qualities of innovation and leadership that tend to support the creation of a distinct competitive advantage and the building of long-term value. The portfolio managers identify individual companies that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening process, including companies outside of the Fund's benchmark.

In conducting fundamental research, the portfolio managers combine fundamental investment considerations with proprietary ESG criteria analysis and screening. Trillium believes that this integrated approach provides insight into how a company behaves commercially and how it deals with existing and emerging ESG risks and opportunities. The Fund may invest in companies of any size. Under normal circumstances, the portfolio managers attempt to mitigate risk through consideration of country and economic sector allocations. The intended outcome of the portfolio managers' investment process is a portfolio that typically consists of between 75-120 companies.

In Trillium's opinion, each company is unique in terms of its business and risk profile. In conducting fundamental and ESG analysis, the portfolio managers seek to identify certain traditional business qualities in each of the companies it considers for the Fund. Identifying companies that meet Trillium's financial and ESG criteria is an important part of the process, while recognizing that it is also critical to make investments at reasonable valuations. As a result, in conducting fundamental analysis when evaluating a company, Trillium considers factors, such as:

• The stock price relative to earnings, cash flow, dividend yield, and book value;

• Valuation of the stock relative to the company's history, peer group, and to the broad market;

• Balance sheet and debt service analysis, including various measures of financial leverage and interest coverage ratios;

• Business practices that are adaptable and reflect industry best practices;

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• A company's history of innovation and competitiveness;

• A company's offering of products and services that meet important needs; and

• A company's market position and the potential for sustained long-term growth.

When selecting securities for the Fund, the portfolio managers' financial analysis also includes a holistic review of ESG criteria and how they may impact a stock's valuation or performance. These ESG criteria include key sustainability risks and opportunities spanning a range of topics including board diversity, climate change policies, supply chains and human rights policies. Trillium also excludes or restricts from investment individual companies on the basis of certain qualitative and quantitative screens. See "ESG Considerations and Active Ownership" below for more detail. The portfolio managers do not prioritize one set of factors over the others, although "E", "S" or "G" factors may be given more or less consideration depending on a company's particular industry, sector, geographic region, or size. For example, Trillium may weigh Social factors more heavily for a firm in the professional services industry and Environmental factors more heavily for a manufacturing company. Trillium applies its proprietary ESG analysis and screening for each company it considers for investment. Some of the ESG criteria Trillium assesses, which can vary based on industry as noted above, include, but are not limited to:

Environmental – Use of harmful pollutants and chemicals; Raw material management; Greenhouse gas emissions and use of renewable energy sources.

Social – Payment of fair wages; Human capital management strategy; Encouragement of diversity and inclusion; Support of LGBTQ rights.

Governance – Board diversity; Independent roles of CEO and Board chair; Reasonableness of executives' wages; Dedication to corporate transparency.

Portfolio managers also analyze a company's ESG related policies and practices, including reviews of third-party evidence when available. For example, the portfolio managers may consider whether a company maintains an environmental management system certified to international standards, such as ISO 14001, or compare a company's Total Recordable Incident Rate, a metric used to measure frequency of health and safety incidents, compared to its industry or peer group. The portfolio managers consider data from a variety of public sources including eligible company filings, other publicly available materials, shareholder/investor events, and in certain cases, information resulting from direct communication with company management teams. The portfolio managers also have access to and consider information obtained from multiple third-party providers for both financial and ESG data, in addition to internally generated analysis, throughout its proprietary investment process. Third-party paid providers currently include Bloomberg L.P., MSCI Inc., FactSet Research Systems Inc., Institutional Shareholder Services, Inc., RepRisk and E&E News. Trillium also reviews publicly available information provided from government agencies, news agencies and not-for-profit organizations. See "ESG Considerations and Active Ownership" below for more detail.

The portfolio managers look to achieve capital appreciation by investing in superior companies while also considering the Fund's allocations and exposures across:

• Economic sectors, although the portfolio managers may elect on occasion to have substantial over and under weights relative to the market based on where the portfolio managers find the most attractive opportunities (i.e., those companies with attractive valuation and impending catalysts for growth that meet Trillium's ESG criteria);

• Countries or regions, based on where the portfolio managers find attractive opportunities (emphasizing emerging markets that have company ESG reporting requirements comparable to more developed markets); and

• Company size, with a consistent overall profile of large, global companies but also including smaller companies that present attractive opportunities for investment (emphasizing companies with improving fundamentals, attractive valuation and impending catalysts for growth that meet Trillium's ESG criteria).

The Fund's portfolio managers may choose to sell a security out of the Fund due to a breakdown in the investment thesis, a negative change in sector or company fundamentals, changes that result in ineligibility according to Trillium's ESG screening process, a material deterioration in ESG characteristics, or excessive relative valuation; shifts in any of these attributes due to a corporate reorganization or to manage active position weight or to upgrade quality characteristics. Portfolio managers will also consider any relevant macroeconomic or geopolitical conditions (e.g., interest rates, inflation trends, employment levels, and regional disputes) which they believe have the potential to affect the value of a security.

Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may engage in certain currency hedging transactions. The Fund may also participate in IPOs.

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**ESG Considerations and Active Ownership.** Trillium believes in active ownership and that engaging companies on ESG topics using shareholder advocacy can lead to improvements in corporate ESG performance practices, policies and impact. Trillium typically seeks to align Trillium's values and financial objectives by combining impactful investment solutions with active ownership, aspiring to provide long-term value while advancing humankind towards a sustainable global economy, a just society, and a better world. For Trillium this means being active shareholders with the intention to advocate in support of protections and respect for human rights, the natural environment, economic, environmental, social, and climate justice, labor rights, and civil society institutions. In pursuing the Fund's investment objective and considering individual investments, Trillium considers both impact to these aspirational goals as well as financial performance.

Trillium's shareholder advocacy is primarily conducted by a dedicated advocacy team using various approaches including direct dialogue, filing or co-filing shareholder proposals, working with multi-stakeholder groups (i.e. organizations that contain multiple stakeholders with an interest in a company's success, such as public and private company boards, individual and institutional investors, and governmental and academic institutions), convening company/stakeholder meetings, investor and proxy advisor education, and speaking publicly about ESG topics. Trillium, on a firm-wide basis, regularly voices its perspective on public policy matters that relate to ESG topics. The portfolio managers also engage directly with portfolio companies on ESG topics. Over time, ESG topics covered by Trillium's shareholder engagement have included climate change, workplace diversity, supply chain responsibility, and human rights, among many others. Trillium's proxy voting guidelines incorporate these ESG matters and perspectives and votes are executed consistent with Trillium's fiduciary duties.

As part of its ESG analysis, there are certain industries and business activities that Trillium currently identifies as too environmentally risky or as presenting social outcomes that are too unattractive to warrant investment consideration. Trillium employs qualitative and quantitative screens to exclude or restrict these types of investments. The Fund does not invest in companies that are primarily engaged in fossil fuel production based on a company's total gross revenue unless the company demonstrates a plan to transition to a low carbon business model that Trillium finds credible. At a minimum, to be considered for investment, these companies must derive a material portion of current revenue from renewable energy or enabling technology and have no commitments to invest in new fossil fuel exploration, production, storage, transport (excluding distribution), trading, or refining capacity, or new fossil fuel-based power generation without emissions capture. Trillium will assess a commitment to a low carbon business model transition based on commitments that the company makes in the company's public filings. The Fund will also exclude from consideration companies that derive a material proportion of their total gross revenue from business activities that are incompatible with Trillium's sustainability goals. These include business activities related to agricultural biotechnology, coal and certain types of mining, pornography, private prisons, tar sands (i.e., oil sands), arctic drilling, tobacco, casinos and gaming, and weapons/firearms. The Fund also restricts investment in companies that Trillium identifies as having major recent or ongoing controversies involving animal welfare, environmental, governance, human rights, and product safety. When assessing a controversy, Trillium will consider the potential for a controversy to adversely impact a company's financial performance or cause harm to the company's stakeholders.

#### Trillium ESG Small/Mid Cap Fund

#### Investment Objective:
The Trillium ESG Small/Mid Cap Fund (the "Fund") seeks long-term capital appreciation by investing in companies that meet Trillium's ESG criteria.

#### Principal Investment Strategies:
Under normal conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of small and mid-sized companies that meet Trillium's ESG criteria. Trillium defines small- and mid-cap companies as those having market capitalizations that, at the time of purchase, are consistent with the market capitalizations of companies in the Russell 2500<sup>TM</sup> Index. As of September 30, 2025, the largest company in the Russell 2500<sup>TM</sup> Index had a market capitalization of $32.29 billion. The Fund utilizes a core investment style that incorporates elements of both growth and value investing. The Fund may invest up to 20% of its total assets in the securities of non-U.S. issuers, including indirectly through instruments such as depositary receipts. Depositary receipts, such as ADRs and GDRs are receipts issued by a bank or trust company evidencing ownership of underlying securities issued by a non-U.S. issuer. Depositary receipts are alternatives to directly purchasing the underlying non-U.S. securities in their national markets and currencies. Depositary receipts and other investments intended to achieve investment exposure to equity securities indirectly will be counted towards the Fund's 80% investment policy. The Fund's non-U.S. holdings may include companies located in frontier or emerging markets. For purposes of its 80% investment policy, the equity securities that meet Trillium's ESG criteria are those that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening described below under "Portfolio Analysis and Construction" and "ESG Considerations and Active Ownership." The Fund may also participate in IPOs.

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**Portfolio Analysis and Construction.** Trillium's investment philosophy for the Fund is that integrating ESG criteria into the financial analysis process can help identify the best companies positioned to deliver long-term risk adjusted performance.

Trillium constructs the Fund's portfolio by looking at the companies included in the Fund's benchmark, supplemented by an analysis of companies outside of the Fund's benchmark. Within this investment universe the portfolio managers then identify individual companies that satisfy Trillium's proprietary fundamental and ESG criteria analysis and screening process described under "Portfolio Analysis and Construction" and "ESG Considerations and Active Ownership." In conducting fundamental research, the portfolio managers combine fundamental investment considerations with proprietary ESG criteria analysis and screening. Trillium believes that this integrated approach provides insight into how a company behaves commercially and how it deals with existing and emerging ESG risks and opportunities.

Trillium's investment process for the Fund is a bottom-up research process focused on identifying companies with high quality characteristics. These include, but are not limited to:

• Financial statement integrity as determined by a review of financial ratios and company disclosures;

• History of profitability, and/or positive and growing cash flow from operations;

• Conservative debt management as measured by a review of leverage ratios and balance sheet analyses including debt to earnings before interest, taxes, depreciation and amortization, and debt to capitalization metrics;

• Return on investment capital trends; and

• Sector-relevant leadership on ESG policies and performance.

Portfolio managers also qualitatively consider macroenvironment and geopolitical conditions, including interest rates, inflation trends, employment levels, and regional disputes in relation to overall portfolio construction. In constructing the portfolio, Trillium adheres to risk control parameters such as the maximum size of an individual holding, relative sector weights, and a target average market capitalization for the portfolio.

When selecting securities for the Fund, the portfolio managers' financial analysis also includes a holistic review of ESG criteria and how they may impact a stock's valuation or performance. These ESG criteria include key sustainability risks and opportunities spanning a range of topics including board diversity, climate change policies, supply chains and human rights policies. Trillium also excludes or restricts from investment individual companies on the basis of certain qualitative and quantitative screens. See "ESG Considerations and Active Ownership" below for more detail. The portfolio managers evaluate Environmental, Social, and Governance factors for each company. The portfolio managers do not prioritize one set of factors over the others, although "E", "S" or "G" factors may be given more or less consideration depending on a company's particular industry. For example, Trillium may weigh Social factors more heavily for a firm in the professional services industry and Environmental factors more heavily for a manufacturing company. Similarly, Trillium's ESG criteria may be somewhat different across sectors, geographic regions or market capitalizations, and Trillium evaluates ESG criteria and risks for each company it considers for investment. Some of the ESG criteria Trillium assesses, which can vary based on industry as noted above, include, but are not limited to:

Environmental – Use of harmful pollutants and chemicals; Raw material management; Greenhouse gas emissions and use of renewable energy sources.

Social – Payment of fair wages; Human capital management strategy; Encouragement of diversity and inclusion; Support of LGBTQ rights.

Governance – Board diversity; Independent roles of CEO and Board chair; Reasonableness of executives' wages; Dedication to corporate transparency.

Portfolio managers also analyze a company's ESG related policies and practices, including reviews of third-party evidence, when available. For example, the portfolio managers may consider whether a company maintains an environmental management system certified to international standards, such as ISO 14001, or compare a company's Total Recordable Incident Rate, a metric used to measure frequency of health and safety incidents, compared to its industry or peer group. The portfolio managers consider data from a variety of public sources including eligible company filings, other publicly available materials, shareholder/investor events, and in certain cases, information resulting from direct communication with company management teams. The portfolio managers also have access to and consider information obtained from multiple third-party providers for both financial and ESG data, in addition to internally generated analysis, throughout its proprietary investment process. Third-party paid providers currently include Bloomberg L.P., MSCI Inc., FactSet Research Systems Inc., Institutional Shareholder Services, Inc., RepRisk and

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E&E news. Trillium also reviews publicly available information provided from government agencies, news agencies and not-for-profit organizations. See "ESG Considerations and Active Ownership" below for more detail.

The Fund's portfolio managers may choose to sell a security out of the Fund due to a breakdown in the investment thesis, negative change in sector or company fundamentals, changes that result in ineligibility according to Trillium's ESG screening process, a material deterioration in ESG characteristics, or excessive relative valuation; or to manage active position weight or to upgrade quality characteristics. Portfolio managers will also consider any relevant macroeconomic or geopolitical conditions (e.g., interest rates, inflation trends, employment levels, and regional disputes) which they believe have the potential to affect the value of a security.

**ESG Considerations and Active Ownership.** Trillium seeks to identify companies that it believes are strategic leaders, based on business models that it believes are superior and with the ability to create consistent earnings growth. In addition, Trillium looks to identify companies with strong board and management qualities, as evidenced by transparent and conservative financial reporting, and effective management of ESG risks such as risks from new environmental regulations, product safety risk, and reputational risks from major controversies or accidents.

Trillium believes in active ownership and that engaging companies on ESG topics using shareholder advocacy can lead to improvements in corporate ESG performance practices, policies and impact. Trillium typically seeks to align Trillium's values and financial objectives by combining impactful investment solutions with active ownership, aspiring to provide long-term value while advancing humankind towards a sustainable global economy, a just society, and a better world. For Trillium this means being active shareholders with the intention to advocate in support of protections and respect for human rights, the natural environment, economic, environmental, social, and climate justice, labor rights, and civil society institutions. In pursuing the Fund's investment objective and considering individual investments, Trillium considers both impact to these aspirational goals as well as financial performance.

Trillium's shareholder advocacy is primarily conducted by a dedicated advocacy team using various approaches including direct dialogue, filing or co-filing shareholder proposals, working with multi-stakeholder groups (i.e. organizations that contain multiple stakeholders with an interest in a company's success, such as public and private company boards, individual and institutional investors, and governmental and academic institutions), convening company/stakeholder meetings, investor and proxy advisor education, and speaking publicly about ESG topics. Trillium, on a firm-wide basis, regularly voices its perspective on public policy matters that relate to ESG topics. The portfolio managers also engage directly with portfolio companies on ESG topics. Over time, ESG topics covered by Trillium's shareholder engagement have included climate change, workplace diversity, supply chain responsibility, and human rights, among many others. Trillium's proxy voting guidelines incorporate these ESG matters and perspectives and votes are executed consistent with Trillium's fiduciary duties.

As part of its ESG analysis, there are certain industries and business activities that Trillium currently identifies as too environmentally risky or as presenting social outcomes that are too unattractive to warrant investment consideration. Trillium employs qualitative and quantitative screens to exclude or restrict these types of investments. The Fund does not invest in companies that are primarily engaged in fossil fuel production based on a company's total gross revenue unless the company demonstrates a plan to transition to a low carbon business model that Trillium finds credible. At a minimum, to be considered for investment, these companies must derive a material portion of current revenue from renewable energy or enabling technology and have no commitments to invest in new fossil fuel exploration, production, storage, transport (excluding distribution), trading, or refining capacity, or new fossil fuel-based power generation without emissions capture. Trillium will assess a commitment to a low carbon business model transition based on commitments that the company makes in the company's public filings. The Fund will also exclude from consideration companies that derive a material proportion of their total gross revenue from business activities that are incompatible with Trillium's sustainability goals. These include business activities related to agricultural biotechnology, coal and certain types of mining, pornography, private prisons, tar sands (i.e., oil sands), arctic drilling, tobacco, casinos and gaming, and weapons/firearms. The Fund also restricts investment in companies that Trillium identifies as having major recent or ongoing controversies involving animal welfare, environmental, governance, human rights, and product safety. When assessing a controversy, Trillium will consider the potential for a controversy to adversely impact a company's financial performance or cause harm to the company's stakeholders.

#### More Information about Investment Strategies Related to the Funds
In addition to the investments and strategies described in this prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies, and engage in other investment practices that are not part of its principal investment strategy. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information ("SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that the Funds will achieve their investment goals.

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The investments and strategies described in this prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or in the event of sizeable cash flows into or out of a Fund, each Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective or its other investment policies. If a Fund invests in this manner, it may not achieve its investment objective.

In addition to its principal investment strategies, a Fund may use the investment strategies described below. A Fund may also employ investment practices that this prospectus does not describe, such as participating in repurchase agreements, when-issued and forward commitment transactions, lending of securities, borrowing and other techniques. For more information concerning these and the Funds' other investment practices and their risks, you should read the SAI.

**Temporary Defensive Strategies**. The Funds seek to remain fully invested in accordance with their respective investment objectives. However, in an attempt to respond to adverse market, economic, political, or other conditions, a Fund may take a temporary defensive position that is inconsistent with its principal investment strategies. These defensive positions may include investments in cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. Taking a temporary defensive position could prevent a Fund from achieving its investment objective.

**Name Policy.** Each Fund has a policy to invest, under normal circumstances, at least 80% of the value of its "assets" in certain types of investments suggested by its name (the "80% Policy"). Each Fund's 80% Policy is set forth in the SAI. Additional detail regarding the implementation of the policy is included in the "Fund Summary" section of this prospectus. A Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when a Fund no longer meets its 80% Policy requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, it would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy. Each Fund's 80% Policy is non-fundamental and can be changed by the Fund's Board without shareholder approval. A Fund will provide shareholders with at least 60 days' prior notice of any changes to the Fund's 80% Policy.

**Location of Issuers**. A number of the Funds' policies are determined by reference to whether an issuer is "located in" a particular country or group of countries or whether the issuer is located outside the U.S. more generally. Being "located in" a particular country reflects a judgment that an issuer is economically tied to that country, and in determining where an issuer is located for these purposes the Adviser and Trillium will consider a number of factors, including but not limited to:

• the markets in which the issuer's securities are principally traded;

• where the issuer's headquarters, principal offices or operations are located;

• where the issuer is organized; and

• the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country.

No single factor will necessarily be determinative nor must all factors be present for the Adviser and Trillium to determine where an issuer is located. The Adviser and Trillium may weigh these factors differently with respect to different geographic policies, different countries or different series of the Perpetual Americas Funds Trust (the "Trust"). The categorization of location of issuer for compliance testing purposes with respect to the Funds may differ from how other or different portfolio managers, investment professionals, or third parties assign the location of individual issuers.

**Line of Credit and Borrowings**. The Trust, on behalf of certain of the Funds, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes.

The Credit Agreement permits the Funds, and each fund in the Trust, to borrow up to an aggregate amount of $150 million, $50 million of which is committed (requires the lender to advance money to the borrower when requested) and $100 million of which is uncommitted (includes no obligation by the lender to loan funds when requested by the borrower) at any time outstanding, subject to asset coverage and other limitations as specified in the Credit Agreement as well as the asset coverage limitations under the Investment Company Act of 1940. Borrowing results in interest expense and other fees and expenses that may impact the Funds' expenses, including any net expense ratios. The costs of borrowing may reduce the total returns for a Fund. The Credit Agreement also imposes an ongoing commitment fee on undrawn committed amounts under the credit facility, which is allocated to between the Funds, and, within each Fund, to each share class, on a pro rata basis, based on such Fund's (or such share classes, as appropriate) average daily net asset value.

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**Cash-Sweep Program**. The Funds may invest in a cash-sweep program administered by the Northern Trust Company, the Funds' Administrator, through which a Fund's cash holdings are placed in the Northern Institutional Funds Treasury Portfolio (the "Cash Sweep Portfolio") a money market fund pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended (the "1940 Act"). All sweep vehicles, whether or not registered under the 1940 Act, carry certain risks. For example, money market fund sweep vehicles, such as the Cash Sweep Portfolio, are subject to market risks and are not subject to FDIC protection. As a shareholder of the Cash Sweep Portfolio, a Fund would bear, along with other shareholders, its pro rata portion of the Cash Sweep Portfolio's expenses, including any advisory and administrative fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

**Emerging Markets**. A number of Funds invest in companies located in emerging markets as part of their principal investment strategies. Unless otherwise stated in a Fund's principal investment strategy, the Funds define emerging markets countries as those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.

**Performance Comparisons to International Indexes.** A Fund may compare its performance to one or more non-U.S. indexes prepared by MSCI. According to public disclosure made available by MSCI, the performance returns of such MSCI indexes are calculated net of foreign withholding taxes. Accordingly, performance information of such indexes presented in this prospectus reflects the net effect of foreign withholding tax.

#### Summary of Principal and Non-Principal Risks
This section describes the principal risks and some related risks of investing in the Funds, listed in alphabetical order, but it does not describe every possible risk of investing in a Fund. Any investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. The significance of any specific risk to an investment in a Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. Your investment in a Fund may be subject (in varying degrees) to the following risks discussed below. Each Fund may be more susceptible to some of the risks than others and not all risks will be applicable to all Funds. You should read all of the risk information for your Fund presented below carefully, because any one or more of these risks may result in losses to the Fund. Each risk described below applies to each of the Funds unless otherwise indicated.

**Active Management Risk.** Trillium's dependence on a quantitative strategy or judgments about the attractiveness, value, and potential appreciation of, or social and environmental factors related to, a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, risk assessments, and/or the outlook on market trends and opportunities.

**Asset Allocation Risk.** The risk that if a Fund's strategy for allocating assets among different asset classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies.

**Credit Risk.** Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, a Fund may nonetheless continue to hold the security in the discretion of Trillium. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

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**Currency Risk.** A significant portion of a Fund's assets may be denominated in non-U.S. currencies. There is the risk that the value of such assets and/or the value of any distributions from such assets may decrease if the currency in which such assets are priced or in which they make distributions falls in relation to the value of the U.S. dollar. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. A Fund is not required to hedge its non-U.S. currency risk, although it may do so through non-U.S. currency exchange contracts and other methods. Therefore, to the extent a Fund does not hedge its non-U.S. currency risk, or the hedges are ineffective, the value of a Fund's assets and income could be adversely affected by currency exchange rate movements. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Cybersecurity Risk.** The computer systems, networks, and devices used by a Fund and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by a Fund and its service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds' business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value per share ("NAV"); impediments to trading; the inability of the Funds, Trillium or the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. Any problems relating to the performance and effectiveness of security procedures used by the Fund or its service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on the Fund or its investors. Furthermore, as the Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Funds' shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Funds and the Funds' service providers to plan for, or respond to, a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

**Depositary Receipts Risk***.* Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Some Funds may also invest in certain depositary receipts without voting rights, for example, Thai non-voting depositary receipts ("NVDRs"). NVDRs are similar to other depositary receipts except that they do not allow the holder to participate in company decision making through voting. See Investment Strategies and Risks – Depositary Receipts in the Funds' SAI for additional information.

**Emerging Markets Risk***.* Investing in emerging market securities magnifies the risks inherent in non-U.S. investments. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, tariffs and other

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sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Geopolitical events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, pandemics and outbreaks of contagious diseases may exacerbate preexisting problems in emerging market countries with less established healthcare systems. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls, impacts of bilateral trade disputes and investment restrictions that are subject to political change and balance of payments position. Issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the United States. Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the transportation and custody of such securities. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. A sub-set of emerging markets, frontier markets, are less developed than other emerging markets and are the most speculative. They have the least number of investors and may not have a stock market on which to trade. Most frontier markets consist chiefly of stocks of financial, telecommunications, and consumer companies that count on monthly payments from customers. Investments in this sector are typically illiquid, nontransparent, and subject to very low levels of regulation and high transaction fees. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Frontier market investments may be subject to substantial political and currency risk. The risk of investing in frontier markets can be increased due to government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by frontier market countries or their trading partners; and the relatively new and unsettled securities laws in many frontier market countries. These risks can result in the potential for extreme price volatility.

**Equity Securities Risk.** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include both direct and indirect investments in such ownership interests, such as public and privately issued equity securities and common and preferred stocks, warrants and rights to subscribe to common stock or other equity securities, convertible securities, and derivative instruments that are expected or intended to track the price movement of equity indices. Different types of equity securities (including different types of instruments that provide direct or indirect exposure to ownership interests in issuers) provide different voting and dividend rights and priority in the event of a bankruptcy and/or insolvency of the issuer. In general, investments in equity securities and equity derivatives are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause a Fund's net asset value to fluctuate. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically 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. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**Euro- and Eurozone-Related Risk** *(Trillium ESG Global Equity Fund)*.** To the extent the Fund invests in investments located in Europe, it may be subject to risks not typically associated with investments in the United States. A majority of western European countries and a number of eastern European countries are members of the European Union, an intergovernmental union aimed at developing economic and political coordination and cooperation among its member states. European countries that are members of the Economic and Monetary Union of the European Union ("EMU") are subject to restrictions on inflation rates, interest rates, deficits, and debt levels. The EMU sets out different stages and commitments for member states to follow in an effort to achieve

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greater coordination of economic, fiscal, and monetary policies. As a condition to adopting the euro, EMU member states must also relinquish control of their monetary policies to the European Central Bank and become subject to certain monetary and fiscal controls imposed by the EMU. These controls remove EMU member states' flexibility in implementing monetary policy measures to address regional economic conditions, which may impair their ability to respond to crises. A number of countries in the European Union have experienced, and may continue to experience, severe economic and financial difficulties. Additional European Union member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of the Fund's investments in euro-denominated securities and derivatives contracts, as well as securities of issuers located in the European Union or with significant exposure to European Union issuers or countries, to the extent the Fund invests in such securities.

In 2020, the UK left the EU (commonly known as "Brexit"). The full extent of the political, economic and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies, and the broader economy, could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which includes the range of activities required to bring a product or services to market and which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**Geographic Focus Risk.** From time to time a Fund's investment may be focused in a particular geographic region. The value of the investments of a Fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political, and other developments affecting the fiscal stability of that location, and conditions that negatively impact that location will have a greater impact on the Fund as compared with a fund that does not have its holdings similarly focused. Events negatively affecting such location are therefore likely to cause the value of a Fund's shares to decrease, perhaps significantly.

**Growth Investing Risk.** The prices of growth stocks may be based largely on expectations of future earnings, and can decline rapidly and significantly in reaction to negative news about various factors, such as earnings, revenues, the economy, political developments, or other news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time. Growth stocks may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds investments in growth stocks, a Fund may underperform other investment funds that favor different investment styles. Because growth companies typically reinvest their earnings, growth stocks typically do not pay dividends at levels associated with other types of stocks, if at all.

**Hedging Risk.** Some Funds may invest in hedging assets. Hedging is a strategy in which a Fund uses a derivative or other security to offset certain risks associated with other Fund holdings or to render the portfolio more resilient to market fluctuations. There can be no assurance that a Fund's hedging strategy will reduce risk or that hedging transactions will be either

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available or cost effective. A Fund is not required to use hedging and may choose not to do so. Derivative instruments involve risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.

**Investment Company Risk.** If a Fund invests in shares of another investment company, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which a Fund invests in addition to the Fund's direct fees and expenses. A Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount, and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in a Fund.

**IPO Risk.** A Fund may purchase securities in IPOs. These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Japan Risk** *(Trillium ESG Global Equity Fund***)***.* The Japanese economy may be subject to economic, political and social instability, which could have a negative impact on Japanese securities, and may impact a Fund's performance to the extent it invests in such securities. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. At times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market, and an unstable financial services sector. International trade, government support of the financial services sector and other troubled sectors, government policy, natural disasters and/or geopolitical developments could significantly affect the Japanese economy. A significant portion of Japan's trade is conducted with developing nations and can be affected by conditions in these nations or by currency fluctuations. Japan is an island state with few natural resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy.

**Key Person Risk.** Key person risk is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at Trillium, which can result in decreased investment results if these "key" persons become unable to apply their full attention to the management of a Fund's investments for health or other reasons.

**Large Transactions Risk.** A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively purchase or redeem large amounts of shares of the Fund ("large shareholder transactions"). Such larger than normal redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large shareholder transactions may also result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, and may also increase transaction costs. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged investment plans. To the extent that such transactions result in short-term capital gains, such gains when distributed by the Fund will generally be taxed at the ordinary income tax rate for individual shareholders who hold Fund shares in a taxable account. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. A number of circumstances may cause the Fund to experience large redemptions, including, but not limited to, the occurrence of significant events affecting investor demand for securities or asset classes in which the Fund invests; changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel. Although large shareholder transactions may be more frequent under certain circumstances, a Fund is generally subject to the risk that shareholders can purchase or redeem a significant percentage of Fund shares at any time.

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**Liquidity Risk**. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Trading opportunities are also more limited for securities and other instruments that are not widely held or are traded in less developed markets. These factors may make it more difficult to sell or buy a security at a favorable price or time. Consequently, a Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund's performance. Illiquid investments may also be more difficult to value.

Liquidity risk may be amplified during times of financial or political stress, or, for example, in situations where foreign countries close their securities markets for extended periods of time due to scheduled holidays. Increased Fund redemption activity also may increase liquidity risk due to the need of the Fund to sell portfolio investments and may negatively impact Fund performance.

**Market Risk.** The market value of a Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic, and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of a Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. The Funds are subject to the risk that geopolitical events will adversely affect global economies and markets. War and other military operations, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets.

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

**Non-U.S. Securities Risk.** Non-U.S. securities risk is the risk associated with investments in issuers located in non-U.S. countries. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these non-U.S. markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

Other risks associated with investing in non-U.S. securities include, among other things, imposition of exchange control regulation by the U.S. or non-U.S. governments, U.S. and non-U.S. withholding or other taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in non-U.S. nations. There may be less publicly available information about certain non-U.S. companies than would be the case for comparable companies in the U.S. and certain non-U.S. companies may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain non-U.S. countries. Investors in non-U.S. countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission (the "SEC"), the U.S. Department of Justice and other authorities to bring and enforce actions against non-U.S. issuers or non-U.S. persons is limited. Many countries, including developed nations and emerging markets, are faced with concerns about high government debt levels, credit rating downgrades, increased disruption of international trade, possible government debt restructuring and related issues, all of which may cause the value of a Fund's non-U.S. investments to decline. Nationalization, expropriation or confiscatory taxation, currency blockage, the imposition of sanctions by other countries (such as the United States), capital controls political changes or diplomatic developments may also cause the value of a Fund's non-U.S. investments to decline. When imposed, non-U.S. withholding or other taxes reduce a Fund's return on

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non-U.S. securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire non-U.S. investment. Investments in emerging markets may be subject to these risks to a greater extent than those in more developed markets and securities of developed market companies that conduct substantial business in emerging markets may also be subject to greater risk. These risks also apply to securities of non-U.S. issuers traded in the United States or through depositary receipt programs such as American Depositary Receipts. In certain cases, depositary receipts may also be issued through programs in local markets, such as Thai NVDRs. See Summary of Principal and Non-Principal Risks – Depositary Receipts in this Prospectus for additional information. To the extent a Fund invests a significant portion of its assets in a specific geographic region, the Fund may have more exposure to regional political, economic, environmental, credit/counterparty and information risks. In addition, non-U.S. securities may be subject to increased credit/counterparty risk because of the potential difficulties of requiring non-U.S. entities to honor their contractual commitments.

**Portfolio Turnover Risk.** A Fund may sell its portfolio securities, regardless of the length of time that they have been held, if Trillium determines that it would be in the Fund's best interest to do so. It may be appropriate to buy or sell portfolio securities due to economic, market, or other factors that are not within Trillium's control. These transactions will increase a Fund's "portfolio turnover." A 100% portfolio turnover rate would occur if all of the securities in a Fund were replaced during the annual measurement period. High turnover rates generally result in higher brokerage costs to a Fund, may result in higher amounts of taxable distributions to shareholders each year and higher effective tax rates on those distribution amounts, and may reduce the Fund's returns.

**Regulatory Risk***.* Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, as well as any changes to climate related laws and regulations, could impair the ability of a Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Small-Cap and Mid-Cap Company Risk.** Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon a relatively small management group. These companies may experience higher growth rates and higher interest rates than larger capitalization companies. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. Small cap securities may be traded over the counter or listed on an exchange and it may be harder to sell the smallest capitalization company stocks, which can reduce their selling prices. Smaller capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have a floating interest rate.

**Sustainable Investing Risk.** Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, the Fund may forgo some market opportunities available to funds that do not use sustainability criteria. The Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Because Trillium evaluates ESG criteria when selecting certain securities, the Fund's portfolio may perform differently than funds that do not use ESG criteria. ESG criteria may prioritize long term, rather than short term, returns. ESG information and data, including that provided by third parties, may be incomplete, inaccurate, or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, there is a risk that the securities identified by Trillium to fit within its sustainability criteria do not operate as anticipated. Although Trillium seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, the Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. Trillium's exclusion of certain potential investments from the Fund's investment universe may adversely affect the Fund's relative performance at times when such potential investments are performing well. There is also a risk that Trillium's shareholder advocacy may be unsuccessful and may result in unanticipated or unintended outcomes. There can be no assurance that Trillium's shareholder advocacy will result either in superior investment returns, or in a positive outcome for the environment or society.

**United Kingdom Investments Risk.** The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the European Union, and to a lesser extent the United States and China. As a result, the British economy may be impacted by changes to the economic condition of the United States, China and other European countries. The British economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial services sector may have a negative impact on the British economy, as well as on a Fund, to the extent a Fund invests in investments located in the United Kingdom. Furthermore, the United Kingdom voted via referendum to leave the European Union ("Brexit"). The impact of Brexit on the economies of the United Kingdom and its trading partners is not yet fully known.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value

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may never do so. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

**Withholding Tax Reclaims Risk.** A Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in such Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value. Shareholders in a Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously accrued, shareholders in such Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's net asset value.

#### Portfolio Holdings Disclosure
A description of the Funds' policies and procedures with respect to the disclosure of the portfolio holdings is available in the SAI.

#### MANAGEMENT OF THE FUNDS

#### Trillium Asset Management, LLC
Trillium Asset Management, LLC is located at 1 Congress Street, Suite 3101, Boston, Massachusetts 02114, and serves, subject to supervision by the Board of Trustees and the Adviser, as the subadviser for the Funds. Trillium manages and supervises the investment of the Funds' assets on a discretionary basis, subject to oversight by the Board of Trustees. Trillium is an indirect wholly owned subsidiary of Perpetual Limited. As of September 30, 2025, Trillium had approximately $4.8 billion in assets under management. As compensation for its services, the Adviser pays to Trillium a monthly base fee for its services, subject to any applicable reduction as described further in the Subadvisory Agreement and the SAI.

#### Fund Expense Limitation and Recoupment Arrangements
Under the Third Amended and Restated Expense Limitation Agreement dated June 13, 2024 between the Adviser and the Trust, as amended, the Adviser has contractually agreed to waive fees and reimburse expenses of each Fund to the extent that total annual operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed the limits listed in the table below until February 1, 2027. Generally, if it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Funds' Investment Advisory Agreement.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund Name | Class of Shares | Maximum<br>Operating<br>Expense Limit<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;Trillium ESG Global Equity Fund | Institutional Shares | 99bps |
|  | Advisor Shares | 109bps |
|  | Investor Shares | 124bps |
|  | Class Z Shares | 99bps |
| &nbsp;&nbsp;&nbsp;Trillium ESG Small/Mid Cap Fund | Institutional Shares | 97bps |
|  | Advisor Shares | 107bps |
|  | Investor Shares | 122bps |
|  | Class Z Shares | 97bps |

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<sup>1</sup> Expressed as a percentage of each Fund's respective average daily net assets.

Under the Third Amended and Restated Expense Limitation Agreement dated June 13, 2024 between the Adviser and the Trust, which references a previous investment advisory agreement between the Small/Mid Cap Fund Predecessor Fund, to which the Trillium ESG Small/Mid Cap Fund now serves as accounting successor (for purposes of this paragraph, the "Predecessor Fund"), and Trillium, who served as the investment adviser to the Predecessor Fund, Trillium agreed to waive investment management fees and reimburse the Predecessor Fund for other expenses of the Predecessor Fund to the extent necessary to limit the total operating expenses of the Predecessor Fund (excluding acquired fund fees and expenses, interest expense in connection with investment activities, taxes, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees and any other class-specific expenses). To the extent that Trillium waived the investment advisory fees and/or reimbursed the Predecessor Fund for such other ordinary expenses, the Adviser may seek reimbursement of a portion or all such amounts from the Trillium ESG Small/Mid Cap Fund, into which the Predecessor Fund has merged, at any time within three fiscal years after the fiscal year in which such amounts were waived or reimbursed. Any such recoupment may not cause the Trillium ESG Small/Mid Cap Fund's ordinary operating expenses to exceed the expense limitation that was in place with respect to the Predecessor Fund when the fees were waived or expenses reimbursed. The Adviser will generally seek

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recoupment only in accordance with the terms of any expense limitation that is in place with respect to the Trillium ESG Small/Mid Cap Fund at the time of recoupment.

As of September 30, 2025, the following Funds are subject to recoupment by the Adviser of fees previously waived or reimbursed by the Adviser:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Amount<br>Available for<br>Recoupment** | **Amount of<br>Recoupment<br>expiring on<br>September 30,**<br>**2028** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2027** | **Amount of<br>Recoupment<br>expiring on<br>June 30,<br>2027** | **Amount of<br>Recoupment<br>expiring on<br>June 30,<br>2026** |
|  Trillium ESG Global Equity Fund | $158530 | $158530 | $0 | $0 | $0 |
|  Trillium ESG Small/Mid Cap Fund | $308905 | $48199 | $21224 | $80748 | $158734 |

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#### Portfolio Management
The Funds are managed using a team-based approach. Each of the Funds is managed jointly and primarily by one or more investment professionals and may be supported by analysts. The members of the Funds' management teams, and the name of the Fund for which each team member is responsible, are listed below. Each individual listed below is primarily responsible for the day-to-day management of the respective Fund's portfolio.

#### Saha Apte, CFA

#### Portfolio Manager
*Trillium ESG Small/Mid Cap Fund* 

Sahas is a Portfolio Manager on the Trillium ESG Small/Mid Cap Core Strategy. He is also an Equity Research Analyst at Trillium covering SMID stocks across various sectors. Sahas joined Trillium in 2022. He previously covered the Industrials and Materials sectors across all market caps and geographies at Trillium. Prior to joining Trillium, Sahas was a Vice President at Barclays covering Consumer Staples and Discretionary Retail. Previously, he was a Research Associate at UBS covering various Materials industries. He began his career at Prudential Financial.

Sahas is a CFA<sup>®</sup> Charterholder. He earned his B.S. in Accounting from Pennsylvania State University. He is an active member of CFA Society<sup>®</sup> New York.

#### Jeremy Cote, CFA

#### Portfolio Manager
*Trillium ESG Global Equity Fund* 

Jeremy is a Portfolio Manager on Trillium's ESG Global Equity, ESG Growth & Income and Sustainable Opportunities strategies. He is also an Equity Research Analyst covering the Information Technology and Communications Services sectors. Jeremy joined Trillium in 2014. Previously, he served as a Senior Investment Analyst at FM Global, where he covered the Consumer Discretionary, Internet and Media sectors. Before joining FM Global, he was Assistant Vice President, Research Analyst on the US Strategic Investment Team at Baring Asset Management, where he analyzed equity securities for both domestic and global sector portfolios. Prior to this role, he worked in investment operations at Pell Rudman Trust Company and State Street Corporation.

Jeremy is a CFA<sup>®</sup> Charterholder. He earned a B.S. in Applied Economics from Plymouth State University and both his MBA and MSF from Boston College. He is an active member of CFA Society<sup>®</sup> Boston. He is a past member of the UN Principles for Responsible Investment (PRI) Listed Equity Steering Committee, the PRI Listed Equity Integration Subcommittee, and the Steering

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Committee for the BizNGO Chemical Footprint Project. Jeremy has participated in several Sustainability Accounting Standards Board (SASB) Industry Working Groups.

#### Laura McGonagle, CFA

#### Portfolio Manager
*Trillium ESG Global Equity Fund* 

#### Lead Portfolio Manager
*Trillium ESG Small/Mid Cap Fund* 

Laura is the lead Portfolio Manager on the ESG Small/Mid Cap Core strategy and a Portfolio Manager for the ESG Global Equity and Sustainable Opportunities strategies. Laura has been with Trillium for close to 25 years, joining in 2001. During her time here she has had various responsibilities including Portfolio Management roles on multiple equity strategies and was an equity research analyst of the Consumer (Staples and Discretionary) and Industrial Sectors. Prior to joining Trillium, she worked at Adams, Harkness & Hill serving as a research associate for its "Healthy Living" consumer franchise and, prior to that role, as a SMID generalist in its money management division. Her career started in 1993.

Laura is a CFA® Charterholder. She earned a B.A. in Quantitative Economics from Tufts University. She is an active member of CFA Society® Boston.

#### Matthew Patsky, CFA

#### Lead Portfolio Manager
*Trillium ESG Global Equity Fund* 

Matt is CEO and Lead Portfolio Manager of the Trillium ESG Global Equity strategy and a Trillium Board member. Matt joined Trillium in 2009. Matt began his career at Lehman Brothers in 1984 as a technology analyst. In 1989, while covering emerging growth companies for Lehman, he began to incorporate environmental, social, and governance factors into his research. In 1994, Matt became the first sell side analyst in the United States to publish on the topic of socially responsible investing. As Director of Equity Research for Adams, Harkness & Hill, he built the firm's research capabilities in socially and environmentally responsible areas such as renewable energy, resource optimization, and organic and natural products. Before Trillium, Matt worked at Winslow Management Company in Boston, where he served as director of research, chair of the investment committee, and portfolio manager for the Green Growth and Green Solutions Strategies.

Matt is a CFA<sup>®</sup> Charterholder. He earned a B.S. in Economics from Rensselaer Polytechnic Institute. Matt currently serves on the board of TONIIC and Global Sustain. He previously served on the Boards of Environmental League of Massachusetts, Shared Interest, Pro Mujer, US SIF, and Root Capital. He is also a member of the Social Venture Circle (SVC), an active member of CFA Society<sup>®</sup> Boston. Matt is on the advisory panels for Art Students League of New York, America's Promise, Criterion, Generation Climate Change, SJF Hall Ventures, and Tara Health Foundation.

#### Mitali Prasad, CFA

#### Portfolio Manager
*Trillium ESG Small/Mid Cap Fund* 

Mitali oversees all Portfolio Managers and guides portfolio standards and risk management. She is the Lead Portfolio Manager on the ESG Core Equity and the ESG Growth & Income strategies and a Portfolio Manager for the ESG Large Cap Core and ESG Small/Mid Cap Core strategies. Mitali is also a member of the Leadership Committee and the Executive Committee.

Mitali began her investment management career in 1993 as an intern at Trillium Asset Management (then known as Franklin Research and Development). She returned to Trillium in 2016, after having served as a portfolio manager and equity analyst at Washington

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Capital Management from 2009-2016, where she managed Small and Mid-Cap portfolios. Prior to that, Mitali held Portfolio Manager and equity analyst roles at OFI Institutional (Oppenheimer Funds) and at Babson Capital Management from 1994-2008.

Mitali is a CFA® Charterholder. She earned a B.E. in Electronics Telecommunications Engineering from the Delhi Institute of Technology in New Delhi, India and a Master of International Affairs from Columbia University in New York. She also earned an MBA from the Indian Institute of Management in Bangalore, India. She is an active member of CFA Society® Boston, serving on its SRI committee from 2008 – 2010 and as Chair of its Value Investing committee from 2009-2013.

#### Investment Adviser, Administrator, Transfer Agent, Custodian, and Distributor
Perpetual Americas Funds Services serves as the investment adviser to the Funds. Its principal place of business is 1 Congress Street, Suite 3101, Boston, Massachusetts 02114. The Adviser is an indirect wholly owned subsidiary of Perpetual Limited. Perpetual Limited is a diversified financial services company that has been serving Australians since 1886. The Adviser is an investment adviser registered with the SEC in the U.S. under the Investment Advisers Act of 1940, as amended. As investment adviser to the Funds, subject to the Board of Trustees's supervision, the Adviser continuously reviews, supervises, and administers each Fund's investment program. The Adviser also ensures compliance with each Fund's investment policies and guidelines. For its services, the Adviser is entitled to a management fee, as set forth below, which is calculated daily and paid monthly based on the average daily net assets of each Fund. As of September 30, 2025, the Adviser had approximately $8.9 billion in assets under management.

Under the Funds' Investment Advisory Agreement, the Adviser is paid an annual management fee from each Fund as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee**<br> **(as percentage of average**<br> **daily net assets)** |
|  Trillium ESG Global Equity Fund | 0.85%/0.72%\* |
|  Trillium ESG Small/Mid Cap Fund | 0.75% |

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<sup>\*</sup> 0.85% of average daily net assets up to $1 billion; 0.72% of average daily net assets in excess of $1 billion. 

Disclosure regarding the basis for the Board of Trustees's approval of the Investment Advisory Agreement between the Adviser and each of the Funds are available in the Funds' Form N-CSR filing for the period ending September 30, 2025.

The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Funds' Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. The Funds have entered into a distribution agreement with Perpetual Americas Funds Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, Maine 04101, to distribute shares of the Funds. The Distributor is a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), which is unaffiliated with the Adviser.

#### YOUR ACCOUNT

#### Pricing Your Shares
When you buy and sell shares of a Fund, the price of the shares is based on the Fund's NAV next determined after the order is received.

#### Calculating the Fund's NAV
The NAV is calculated at the close of trading of the NYSE, normally 4:00 p.m. Eastern time ("ET")/3:00 p.m. Central time ("CT"), on each day that the NYSE is open for business. The NYSE is closed on the following days: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Your order to purchase or sell shares is priced at the next NAV calculated after your order is received and deemed to be in good order by the Funds' Transfer Agent or a financial intermediary. Only purchase orders received and deemed to be in good order by the Funds' Transfer Agent before 4:00 p.m. ET/3:00 p.m. CT will be effective at that day's NAV. On occasion, the NYSE will close before 4:00 p.m. ET/3:00 p.m. CT. When that happens, purchase requests received by the Funds or a financial intermediary after the NYSE closes will be effective the following Business Day. The NAV of a Fund may change every day.

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A purchase, redemption, or exchange request is considered to be "in good order" when all necessary information is provided and all required documents are properly completed, signed, and delivered. Requests must include the following:

• The account number (if issued) and Fund name;

• The amount of the transaction, in dollar amount or number of shares;

• For redemptions and exchanges (other than telephone or wire redemptions), the signature of all account owners exactly as they are registered on the account;

• Required signature guarantees, if applicable; and

• Other supporting legal documents and certified resolutions that might be required in the case of estates, corporations, trusts and other entities or forms of ownership. Call 866-260-9549 (toll free) or 312-557-5913 for more information about documentation that may be required of these entities.

Additionally, a purchase order initiating the opening of an account is not considered to be in "good order" unless you have provided all information required by the Funds' "Customer Identification Program" as described below.

#### Valuing the Funds' Assets
The market value of a Fund's investments is determined primarily on the basis of readily available market quotations. Each Fund generally uses pricing services to determine the market value of securities. Non-U.S. securities, currencies, and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars at the prevailing exchange rate of such currencies against the U.S. dollar as provided by an approved independent pricing service.

In compliance with Rule 2a-5 of the 1940 Act, the Board of Trustees has designated the Adviser as the Funds' "valuation designee" with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. The Adviser, in its role as the valuation designee, has established an internal committee (the "Committee") comprised of select officers and staff of the Adviser to discharge its responsibilities under the Trust's valuation procedures (the "Valuation Procedures").

If market quotations for a security are not available or market quotations or a price provided by a pricing service do not reflect fair value, or if an event occurs after the close of trading on the domestic or non-U.S. exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Adviser, as valuation designee, will value a Fund's assets at their fair value according to the Valuation Procedures approved by the Board of Trustees. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, such security's fair value will be determined by the Adviser using the Valuation Procedures, subject to oversight by the Board of Trustees.

In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when the NAV is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, a Fund may use a systematic valuation model provided by a third-party pricing service to fair value its international equity securities.

Without a fair value price, short-term investors could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Non-U.S. markets in which a Fund buys securities may be open on days the U.S. markets are closed, causing a Fund's NAV to change even though the Fund is closed. On days when the U.S. markets are closed, a Fund's shareholders will not be able to purchase or sell Fund shares. While fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities, there is no assurance that fair value pricing policies will prevent dilution of the NAV by short-term investors. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

#### How to Purchase Shares
Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholder generally would be subject to U.S. tax withholding on Fund distributions. This prospectus does not address in detail

------

the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation, or partnership. Investment in the Funds by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Funds.

You may purchase shares directly from the Funds or through your broker or financial intermediary on any day the NYSE is open, subject to certain restrictions described below. Purchase requests received in good order by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the close of the NYSE) will be effective at that day's share price. Purchase requests received in good order by the Funds or a financial intermediary after the close of trading on the NYSE are processed at the share price determined on the following Business Day. You may invest any amount you choose, as often as you wish, subject to the minimum initial and minimum additional investment as stated in this prospectus. The Funds may accept initial investments smaller than the minimum initial investment amounts from eligible retirement account investors and in connection with the Funds' participation in third-party distribution platforms and in certain other instances at their discretion.

#### Share Classes
The Funds offer multiple share classes. Each Fund offers four classes of shares through this Prospectus: Institutional, Advisor, Investor and Z Shares. Each class of shares of each Fund has the same investment objective and investments, but the different share classes have different expense structures and eligibility requirements. Your financial intermediary can help you determine which share class to purchase. You should choose a share class for which you are eligible, with the expense structure that best meets your needs.

The principal differences among the classes are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** | **Advisor** | **Investor** | **Class Z** |
|  Minimum Initial Investment | $100000 |  |  | $10000000 |
|  Minimum Subsequent Investment |  |  |  |  |
|  Sub- Accounting/Sub- Transfer Agency Expenses | Yes. Expenses may vary depending on the arrangements with financial intermediaries that offer Fund shares. Expenses are incurred pursuant to "fee for service" arrangements with financial intermediaries. |  |  |  |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Sales Charge (Load) |  |  |  |  |
|  Redemption Fees |  |  |  |  |

---

**Institutional Shares** of the Funds are primarily for institutional investors investing for their own or their customers' accounts, and for investments made though financial institutions or intermediaries that typically require sub-accounting, sub-transfer agency, shareholder services payments and/or recordkeeping payments from the Fund for some or all of their underlying investors ("sub-transfer agency fees"). Institutional Shares are expected to bear certain expenses associated with sub-transfer agency fees, which amounts may vary between the Funds. The minimum initial investment for Institutional Shares is $100,000. If you purchase Institutional Shares, you will not pay a sales charge at the time of purchase and you will not pay a 12b-1 fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

Your financial intermediary can help you determine whether you are eligible to purchase Institutional Shares. Eligible Institutional Share investors primarily include:

• individuals and institutional investors with a minimum initial investment of $100,000;

• employer sponsored retirement plans, pooled investment vehicles, clients of financial institutions or intermediaries which charge such clients a fee for advisory, investment consulting, or similar services or have entered into an agreement with the Funds or the Distributor to offer such shares though an investment platform;

• clients of trust companies where the trust company is acting in fiduciary capacity, as agent, or as custodian;

• investors through certain brokerage platforms in which an investor transacting through a broker may be required to pay commission and/or other forms of compensation to the broker;

------

• officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Internal Revenue Code of 1986, as amended (the "Code")), of the Funds and the Adviser, and its subsidiaries and affiliates;

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Other investors for which the Fund or the Distributor has pre-approved the purchase.

**Advisor Shares** of the Funds are primarily for certain individual investors, investments made through financial institutions or intermediaries and institutional investors investing for their own or their customers' accounts. There is no minimum investment amount required for Advisor Shares. If you purchase Advisor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding ten basis points (0.10%) of each Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Advisor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Investor Shares** of the Funds are primarily for certain individual investors and investments made through financial institutions or intermediaries. There is no minimum investment amount required for Investor Shares. If you purchase Investor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding twenty-five basis points (0.25%) of a Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Investor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Class Z Shares** of the Funds require a minimum initial investment of $10,000,000. If you purchase Class Z Shares, you will not pay a sales charge at the time of purchase, a 12b-1 fee or sub-transfer agency fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

The following categories of investors and accounts may buy Class Z Shares of each Fund, provided that they do not require or receive sub-accounting or recordkeeping payments from the Fund:

• Institutional investors, including, but not limited to, employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), endowments, foundations, insurance company general accounts, insurance company separate accounts, local, city, and state governmental institutions, and other tax-exempt entities that meet the requirements for qualification under Section 501 of the Code.

• Unaffiliated U.S. registered mutual funds including those that operate as "fund of funds," collective trust funds, investment companies or other pooled investment vehicles.

• Other investors for which the Fund or the Adviser has pre-approved the purchase.

------

The following categories of investors and accounts qualify to buy Class Z Shares of each Fund but the $10 million investment minimum is waived:

• Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs) that invest through a record-keeper or third party retirement platform.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Clients (other than defined contribution employer sponsored retirement plans) of an institutional consultant where (a) the consultant has undertaken to provide certain services directly to the client with respect to the client's investment in the Fund and (b) the Fund or the Distributor has notified that consultant in writing that the proposed investment is permissible.

• Investment companies or other pooled vehicles that are managed by the Adviser or its affiliates.

• Officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Code, of the Funds and the Adviser, and its subsidiaries and affiliates.

• Existing institutional separate account clients of the Adviser or its affiliates.

• Investors for whom the Fund or the Adviser determines that a strategic reason exists for such a waiver.

• Investors with an account which the Fund or the Adviser believes will grow to meet the investment minimum in the future.

The Funds reserve the right to modify or waive the eligibility requirements and investment minimums at any time.

#### Customer Identification Program: Important Information About Procedures for Opening an Account
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, the Funds will ask for your name, residential address, date of birth, government identification number, and other information that will allow us to identify you. For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified. The Funds also may ask to see your driver's license or other identifying documents.

If we do not receive the required information, there may be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the Funds may restrict further investment until your identity is verified. Once the Funds are able to verify your identity, your investment will be accepted and processed at the next determined NAV. However, if we are unable to verify your identity, each Fund reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is liquidated. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. If your account is closed at the request of governmental or law enforcement authorities, the Funds may be required by the authorities to withhold the proceeds.

------

#### Purchases Through Financial Intermediaries
You may make initial and subsequent purchases of shares of the Funds through a financial intermediary, such as an investment adviser or broker-dealer, bank, or other financial institution that purchases shares for its customers. The Funds may authorize certain financial intermediaries to receive purchase and sale orders on its behalf. Before investing in the Funds through a financial intermediary, you should read carefully any materials provided by the intermediary together with this prospectus.

When shares are purchased this way, the financial intermediary may:

• charge a fee for its services;

• act as the shareholder of record of the shares;

• set different minimum initial and additional investment requirements;

• impose other charges, commissions, or restrictions;

• designate intermediaries to accept purchase and sale orders on the Funds' behalf; or

• impose an earlier cut-off time for purchase and redemption requests.

Each Fund considers a purchase or sale order as received when a financial intermediary receives the order in proper form before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes, if it closes before 4:00 p.m. ET/3:00 p.m. CT). These orders will be priced based on the Fund's NAV next computed after such order is received by the financial intermediary.

Shares held through an intermediary may be transferred into your name following procedures established by your intermediary and the Funds. Certain intermediaries may receive compensation from the Funds, the Adviser, or their affiliates.

#### Compensation to Financial Intermediaries
It is expected that Institutional Class, Advisor Class, Investor Class and Class Z shares of the Funds will make payments, or reimburse the Adviser or its affiliates for payments they make, to financial intermediaries that provide certain administrative, recordkeeping, and account maintenance services (sometimes referred to as "sub-transfer agency" or "sub-TA" services). The amount of such payments and/or reimbursement is subject to the caps established by the Board of Trustees and is reviewed by the Trustees periodically.

Although the nature and extent of sub-transfer agency services provided to shareholders and the amount of sub-transfer agency fees charged to each class will vary among financial intermediaries, Institutional Class, Advisor Class, Investor Class and Class Z shares each bear sub-accounting expenses on a class-wide basis. This means that the sub-transfer agency fees you bear as a Fund shareholder may be greater than the sub-transfer agency fees charged by your financial intermediary to the Fund with respect to your investment. Advisor Class and Investor Class shares may make sub-transfer agency payments out of amounts authorized under distribution plans to be adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The Adviser also may, at its own expense and out of its own profits, provide additional cash payments to financial intermediaries for sub-transfer agency services they provide to their clients or customers that hold shares of the Funds. Payments generally are based on either: (1) a percentage of the average daily net assets of clients serviced by such financial intermediary, or (2) the number of accounts serviced by such financial intermediary. These additional cash payments also may be made as an expense reimbursement.

Additional information concerning payments the Funds, the Adviser or their affiliates may make to financial intermediaries, and the services provided by financial intermediaries, can be found in the SAI under "Payments to Financial Intermediaries."

------

#### Fund Direct Purchases
You also may open a shareholder account directly with the Funds. You can obtain a copy of the New Account Application by calling the Funds at 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business. You may invest in the following ways:

*By Wire* 

**To Open a New Account:**

• Complete a New Account Application and send it to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

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<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• You must also call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business to place an initial purchase via phone or provide an initial purchase Letter of Instruction.

• Wire funds for your purchase. A wire will be considered made when the money is received and the purchase is accepted by the Funds. Any delays that may occur in receiving money, including delays that may occur in processing by the bank, are not the responsibility of the Funds or the Transfer Agent. Wires must be received prior to 4:00 pm ET to receive the current day's NAV.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

**To Add to an Existing Account:**

• Call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business or provide a subsequent purchase Letter of Instruction.

• Have your bank wire federal funds or effect an ACH transfer to:

The Northern Trust Company

Chicago, Illinois

ABA Routing No. 0710-00152

Northern Trust Account #5201682900

Shareholder Account #PAFT1056 (ex. PAFT10561234567)

Shareholder Name:

*By Directed Reinvestment* 

Your dividend and capital gain distributions will be automatically reinvested unless you indicate otherwise on your application.

• Complete the "Choose Your Dividend and Capital Gain Distributions" section on the New Account Application.

• Reinvestments can only be directed to an existing Fund account.

#### Other Purchase Information
The Funds reserve the right to limit the amount of purchases and to refuse to sell to any person or intermediary. If your wire does not clear, you will be responsible for any loss incurred by a Fund. If you are already a Fund shareholder, the Fund reserves the right to redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred or money owed to the Fund. You also may be prohibited or restricted from making future purchases in the Funds.

#### Lost Shareholders, Inactive Accounts, and Unclaimed Property
It is important that the Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the shareholder or rightful owner of the account. If the Funds are unable to locate the shareholder, then they will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent at 1-866-260-9549 (toll free) or 312-557-5913 at least annually to ensure your account remains in active status.

------

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

#### How to Redeem Shares
You may redeem all or part of your investment in a Fund on any day the NYSE is open, subject to certain restrictions described below. Redemption requests received by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes if it closes before 4:00 p.m. ET/3:00 p.m. CT) will be effective that day. Redemption requests received by the Funds' Transfer Agent or a financial intermediary after the close of trading on the NYSE are processed at the NAV determined on the following Business Day.

The price you will receive when you redeem your shares will be the NAV next determined after the Funds receive your properly completed order to sell. You may receive proceeds from the sale by check, bank wire transfer, or direct deposit into your bank account and in certain cases, payment may be made in securities of a Fund as described in "Additional Information About Redemptions". Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a fund's net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and ask prices are available. They are distributed based on a weighted-average pro-rata basis of a Fund's holdings to the redeeming shareholder. Each Fund typically expects that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time your redemption request is received. A financial intermediary may charge a transaction fee to redeem shares. In the event that a wire transfer is impossible or impractical, the redemption check will be sent by mail to the designated account. The Funds typically expect to hold cash or cash equivalents to meet redemption requests. A Fund also may use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit that may be used to meet redemption requests during stressed market conditions.

#### Redemptions Through a Financial Intermediary
If you purchased shares from a financial intermediary, you may sell (redeem) shares by contacting your financial intermediary.

#### Redeeming Directly from the Fund
If you purchased shares directly from the Funds and you appear on Fund records as the registered holder, you may redeem all or part of your shares using one of the methods described below.

#### By Mail
• Send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The redemption request must include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The number of shares or the dollar amount to be redeemed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund account number; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The signatures of all account owners signed in the exact name(s) and any special capacity in which they are registered.

• A Medallion Signature Guarantee (see below) is required but may be waived in certain (limited) circumstances if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The proceeds are to be sent elsewhere than the address of record, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The redemption is requested in writing and the amount is greater than $100,000.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

#### By Wire
If you authorized wire redemptions on your New Account Application, you can redeem shares and have the proceeds sent by federal wire transfer to a previously designated account.

• Call the Transfer Agent at 866-260-9549 (toll free) or 312-557-5913 for instructions.

• The minimum amount that may be redeemed by this method is $250.

#### By Telephone
Telephone privileges are automatically established on your account unless you indicate otherwise on your New Account Application.

• Call 866-260-9549 (toll free) or 312-557-5913 to use the telephone privilege.

• If your account is already opened and you wish to add the telephone privilege, send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The written request to add the telephone privilege must be signed by each owner of the account and must be accompanied by signature guarantees.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

Neither the Funds, the Transfer Agent, nor their respective affiliates will be liable for complying with telephone instructions that they reasonably believe to be genuine or for any loss, damage, cost, or expenses in acting on such telephone instructions. You will bear the risk of any such loss. The Funds, the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent do not employ such procedures, they may be liable for losses due to unauthorized or fraudulent instructions. Such procedures may include, among others, requiring forms of personal identification before acting upon telephone instructions, providing written confirmation of the transactions, and/or digitally recording telephone instructions. The Funds may terminate the telephone procedures at any time. During periods of extreme market activity, it is possible that you may encounter some difficulty in telephoning us. If you are unable to reach us by telephone, you may request a sale by mail.

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#### Medallion Signature Guarantee
Some circumstances may require that your request to redeem shares be made in writing accompanied by an original Medallion Signature Guarantee. A Medallion Signature Guarantee helps protect you against fraud. You can obtain a Medallion Signature Guarantee from most banks or securities dealers, but not from a notary public. You should verify with the institution that it is an eligible guarantor prior to signing. The recognized medallion program is Securities Transfer Agent Medallion Program. SIGNATURE GUARANTEES RECEIVED FROM INSTITUTIONS NOT PARTICIPATING IN THIS PROGRAM WILL NOT BE ACCEPTED. The Medallion Signature Guarantee must cover the amount of the requested transaction. There are several different guarantee amounts, so it is important to acquire a guarantee amount equal to or greater than the amount of the transaction. If the surety bond of the Medallion Guarantee is less than the transaction amount, your request may be rejected.

An original Medallion Signature Guarantee is generally required, but may be waived in certain (limited) circumstances if any of the following applies:

• the redemption is requested in writing and the amount redeemed is greater than $100,000;

• information on your investment application has been changed, including the name(s) or the address on your account or the name or address of a payee has been changed within 30 days of your redemption request;

• proceeds or shares are being sent/transferred from a joint account to an individual's account; or

• proceeds are being sent via wire or ACH and bank instructions have been added or changed within 30 days of your redemption request.

If your written request is for redemption greater than $5 million, call 866-260-9549 (toll free) or 312-557-5913 for Medallion Signature Guarantee requirements.

#### Additional Information About Redemptions
The Funds typically expect that they will pay redemption proceeds by check or electronic transfer within seven (7) calendar days after receipt of a proper redemption request although proceeds normally are paid within three (3) Business Days. If you are redeeming shares that have been purchased via ACH, the Funds may hold redemption proceeds until the purchase amount has been collected, which may be as long as five (5) Business Days after purchase date. For shares recently purchased by check, redemption proceeds may not be available until the check has cleared which may take up to five (5) days for the date of purchase. To eliminate this delay, you may purchase shares of a Fund by wire. Also, when the NYSE is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the SEC, the Funds may suspend redemptions or postpone payment of redemption proceeds. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in both regular and stressed market conditions.

At the discretion of the Funds or the Transfer Agent, corporate investors and other associations may be required to furnish an appropriate certification authorizing redemptions to ensure proper authorization.

Generally, all redemptions will be for cash. However, if you redeem shares worth over the lesser of $250,000 or 1% of the NAV of a Fund, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash at the discretion of the Fund. Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash and will bear market risk until the security is sold. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a Fund and its remaining shareholders. A redemption of shares is generally a taxable event for shareholders, regardless of whether the redemption request is satisfied in cash or in kind. As with any security, a shareholder will also bear taxes on any capital gain from the sale of a security received in a redemption in kind.

#### Involuntary Redemptions of Your Shares
If your account balance drops below $100,000 in the case of Institutional Shares, $250 in the case of Advisor Shares, $250 in the case of Investor Shares, or $10,000,000 in the case of Class Z Shares because of redemptions you may be required to sell your shares. The Funds will provide you at least thirty (30) days' written notice to give you sufficient time to add to your account and avoid the sale of your shares.

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#### How to Exchange Shares
You may exchange your shares for the same share class of another Fund on any Business Day by contacting the Funds directly by mail or telephone by calling 1-866-260-9549 (toll free) or 312-557-5913. The exchange privilege may be changed or canceled at any time upon sixty (60) days' written notice.

You may also exchange your shares of one class of a Fund for shares of another class of the same Fund, provided that you qualify as an eligible investor for the requested class at the time of the exchange. Investors are responsible for initiating an exchange request and all exchanges are subject to meeting any investment minimum or eligibility requirements. If you hold shares through a financial intermediary, your financial intermediary also may initiate an exchange between share classes in certain circumstances. You should consult your financial intermediary for details and read carefully any materials provided by the intermediary along with this prospectus. The Funds do not charge a fee for this privilege.

The Funds reserve the right to eliminate this exchange privilege at any time at its discretion and may refuse exchanges by any person or group if, in the Funds' judgment, the Funds would potentially be adversely affected. Before making an exchange request, you should read the prospectus carefully, particularly since fees and expenses differ from one class to another. An exchange between classes of shares of the same Fund is generally not taxable for U.S. federal income tax purposes. However, investors generally will realize a taxable gain or loss when exchanging shares of a Fund for shares of another Fund. The Funds do not provide tax advice; you should consult your own tax advisor. If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Market Timing Policy" below.

#### Market Timing Policy
Each Fund is intended to be a long-term investment. Excessive purchases and redemptions of shares of a Fund in an effort to take advantage of short-term market fluctuations, known as "market timing," can interfere with long-term or efficient portfolio management strategies and increase the expenses of the Fund, to the detriment of long-term investors. Because each Fund invests its assets in non-U.S. securities, investors may seek to take advantage of time zone differences between the non-U.S. markets on which a Fund's portfolio securities trade and the time at which the NAV is calculated. For example, a market-timer may purchase shares of a Fund based on events occurring after non-U.S. market closing prices are established but before the NAV calculation, that are likely to result in higher prices in non-U.S. markets the next day. The market-timer would then redeem the Fund's shares the next day when a Fund's share price would reflect the increased prices in non-U.S. markets, realizing a quick profit at the expense of long-term Fund shareholders.

Excessive short-term trading may: (1) require a Fund to sell securities in the Fund's portfolio at inopportune times to fund redemption payments, (2) dilute the value of shares held by long-term shareholders, (3) cause a Fund to maintain a larger cash position than would otherwise be necessary, (4) increase brokerage commissions and related costs and expenses, and (5) generate additional tax liability. Accordingly, the Board of Trustees has adopted policies and procedures that seek to restrict market timing activity. Under these policies, the Funds periodically examine transactions that exceed monetary thresholds or numerical limits within certain time periods. If a Fund believes, in its sole discretion, that an investor is engaged in excessive short-term trading or is otherwise engaged in market timing activity, a Fund may, with or without prior notice to the investor, reject further purchase or exchange orders from that investor, and disclaim responsibility for any consequential losses that the investor may incur related to the rejected purchases. Alternatively, the Funds may limit the amount, number, or frequency of any future purchases or exchanges and/or the method by which an investor may request future purchases and redemptions. A Fund's response to any particular market timing activity will depend on the facts and circumstances of each case, such as the extent and duration of the market timing activity and the investor's trading history in the Fund. While the Funds cannot assure the prevention of all excessive trading and market timing, by making these judgments, the Funds believes it is acting in a manner that is in the best interests of shareholders.

Financial intermediaries may establish omnibus accounts with the Funds through which they place transactions for their customers. Omnibus accounts include multiple investors and typically provide the Funds with a net purchase or redemption. The identity of individual investors ordinarily is not known to or tracked by the Funds. The Funds will enter into information sharing agreements with certain financial intermediaries under which the financial intermediaries are obligated to: (1) enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Funds; (2) furnish the Funds, upon request, with information regarding customer trading activities in shares of the Funds; and (3) enforce the Funds' market-timing policy with respect to customers identified by the Funds as having engaged in market timing.

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The Funds apply these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. While the Funds may monitor transactions at the omnibus account level, the netting effect makes it more difficult to identify and eliminate market-timing activities in omnibus accounts. The Funds have no arrangements to permit any investor to trade frequently in shares of the Funds, nor will it enter into any such arrangements in the future.

Financial intermediaries maintaining omnibus accounts with a Fund may impose market timing policies that are more restrictive than the market timing policy adopted by the Board of Trustees. For instance, these financial intermediaries may impose limits on the number of purchase and sale transactions that an investor may make over a set period of time and impose penalties for transactions in excess of those limits. Financial intermediaries also may exempt certain types of transactions from these limitations. If you purchased your shares through a financial intermediary, you should read carefully any materials provided by the financial intermediary together with this prospectus to fully understand the market timing policies applicable to you.

#### Distribution Plans
The Funds have adopted a plan under Rule 12b-1 that authorizes Advisor Class and Investor Class shares to pay distribution fees. Fees under the plan will not exceed 0.10% for Advisor shares and 0.25% for Investor shares. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

#### DIVIDENDS AND DISTRIBUTIONS

#### Fund Policy
Each Fund distributes substantially all of its net investment income to shareholders in the form of dividends. Each Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains, if any, at least once a year. Each Fund may distribute income dividends and capital gains more frequently, if necessary, to reduce or eliminate U.S. federal excise or income taxes on the Fund. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions.

Income dividends and capital gain distributions are automatically reinvested in additional shares of a Fund at the applicable NAV on the distribution date unless you request cash distributions on your application or through a written request. If cash payment is requested, a check normally will be mailed within five business days after the payable date.

Any undelivered checks or checks that are not cashed for six months may be deemed legally abandoned if an attempt to reach you to request a reissue of the check is not successful. The proceeds will then be escheated (transferred) to the appropriate state's unclaimed property administration in accordance with statutory requirements.

#### TAXES

#### Distributions
The following information is provided to help you understand the U.S. federal income taxes you may have to pay on income dividends and capital gains distributions from a Fund, as well as on gains realized from your redemption of Fund shares. Further information regarding taxes, including certain U.S. federal income tax considerations relevant to non-U.S. persons, is included in the SAI under "Tax Considerations." **This discussion is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about U.S. federal, state or local, or non-U.S. tax consequences before making an investment in a Fund.** 

Each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Code. Assuming a Fund so qualifies, the Fund will not be subject to U.S. federal income taxes to the extent it timely distributes all of its net investment income and any net realized capital gains to its shareholders. However, a Fund's failure to qualify as a regulated investment company or to meet certain minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in the value of shareholders' investments.

For U.S. federal income tax purposes, distributions of net investment income are generally taxable as ordinary income. Certain distributions of qualified dividend income paid to a noncorporate U.S. shareholder may be subject to income tax at the applicable rate for long-term capital gain assuming holding period and certain other requirements are met.

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Distributions of net capital gains (that is, the excess of net realized gains from the sale of investments that a Fund owned for more than one year over the net realized losses from investments that the Fund owned for one year or less) that are properly reported by a Fund as capital gain dividends will generally be taxable as long-term capital gain regardless of how long you have held your shares in the Fund.

Distributions of net realized short-term capital gain (that is, the excess of net short-term capital gain over net long-term capital loss), if any, will be taxable to shareholders as ordinary income.

If you are a taxable investor and invest in a Fund shortly before it makes a distribution, some of your investment may be returned to you in the form of a taxable distribution. Fund distributions will reduce the NAV per share. Therefore, if you buy shares after a Fund has experienced appreciation but before the record date of a distribution of those gains, you may pay the full price for the shares and then effectively receive a portion of the purchase price back as a taxable distribution. This is commonly known as "buying a dividend."

Distributions from a Fund (both taxable income dividends and capital gains) are normally taxable to you as ordinary income or long-term capital gains, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax-advantaged plan or account or are otherwise not subject to U.S. federal income tax). Due to the nature of the investment strategies used, distributions by a Fund generally are expected to consist primarily of income dividends and net realized capital gains; however, the nature of a Fund's distributions could vary in any given year.

Each Fund will mail to each shareholder after the close of the calendar year a U.S. Internal Revenue Service ("IRS") Form 1099 setting forth the U.S. federal income tax status of distributions made during the year. Income dividends and capital gains distributions also may be subject to state and local taxes.

#### Selling Shares
Selling, redeeming or exchanging your shares may result in a realized capital gain or loss, which is generally subject to U.S. federal income tax. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. For individuals, any long-term capital gains you realize from selling, redeeming, or exchanging Fund shares currently are taxed at preferential income tax rates. Short-term capital gains are taxed at ordinary income tax rates.

For shares acquired on or after January 1, 2012, each Fund (or relevant broker or financial adviser) is required to compute and report to the IRS and furnish to its shareholders cost basis information when such shares are sold, redeemed, or exchanged. Each Fund has elected to use the average cost method, unless you instruct the Fund to use a different IRS-accepted cost basis method, or choose to specifically identify your shares at the time of each sale or exchange. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your U.S. federal and state income tax returns. A Fund's shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

#### Backup Withholding
By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that: (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs a Fund to withhold a portion of your distributions or proceeds. You should be aware that a Fund may be fined by the IRS for each account for which a certified taxpayer identification number is not provided. In the event that such a fine is imposed with respect to a specific account in any year, a Fund may make a corresponding charge against the account.

#### Non-U.S. Taxes
Income, proceeds and gains received by a Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. In certain instances, a Fund may elect to permit shareholders to claim a credit or deduction (but not both) for non-U.S. taxes (if any) borne with respect to non-U.S. securities income earned by the Fund. In such a case, shareholders will include in gross income from non-U.S. sources their pro rata

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shares of such taxes paid by a Fund. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of non-U.S. taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who hold shares of a Fund through tax-advantaged arrangements, generally will receive no benefit from any tax credit or deduction passed through by the Fund.

#### Tax Status for Retirement Plans and Other Tax-Advantaged Accounts
When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, dividend and capital gain distributions generally are not subject to current U.S. federal income taxes, but may be subject to U.S. federal income taxes upon a later withdrawal of monies from the plan or account. In general, these plans or accounts are governed by complex tax rules. You should consult with your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

#### Net Investment Income Tax
An additional 3.8% tax may be imposed on distributions you receive from a Fund and gains from selling, redeeming, or exchanging your Fund shares.

#### SHAREHOLDER REPORTS AND OTHER INFORMATION
The Funds will send one copy of prospectuses and shareholder reports to households containing multiple shareholders with the same last name. This process, known as "householding," reduces costs and provides a convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate prospectuses and shareholder reports, call the Funds at 866-260-9549 (toll free) or 312-557-5913 and we will begin separate mailings to you within 30 days of your request. If you or others in your household invest in the Funds through a broker or other financial intermediary, you may receive separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment application.

#### FINANCIAL HIGHLIGHTS
The following Financial Highlights tables are intended to help you understand the financial performance of each class of shares of each Fund and its predecessor fund, as applicable, for the past five fiscal years. Some of this information reflects financial information for a single Fund share. Financial information for the periods prior to October 30, 2023 represents the past financial information of the applicable Fund's predecessor fund.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a particular class of shares of a Fund, assuming reinvestment of all dividends and distributions. The financial information for the fiscal year ended June 30, 2024, period ended September 30, 2024, and fiscal year ended September 30, 2025, have been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm, whose report, along with the Funds' financial statements, is included in the Funds' Form N-CSR filing. You can obtain the Form N-CSR filing, which contains more performance information, at no charge by calling 866-260-9549.

The financial information for the Funds' fiscal years ended June 30, 2023 and prior were audited by the predecessor funds' independent registered public accounting firm.

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#### TRILLIUM MUTUAL FUNDS

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

#### For the periods indicated

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **Trillium ESG Global Equity Fund** | **Year Ended**<br>**September 30,**<br>**2025** | **Three Months**<br>**Ended**<br>**September 30,**<br>**2024<sup>(a)</sup>** | **Year Ended**<br>**June 30,**<br>**2024**  | **Year Ended**<br>**June 30,**<br>**2023**  | **Year Ended**<br>**June 30,**<br>**2022**  | **Year Ended<br>June 30,**<br>**2021**  |
|  Net asset value, beginning of year/period | $64.31 | $61.44 | $58.42 | $52.71 | $65.97 | $45.99 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.23 | 0.04 | 0.39 | 0.33 | 0.20 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 5.00 | 2.83 | 5.97 | 7.93 | (11.64) | 21.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.23 | 2.87 | 6.36 | 8.26 | (11.44) | 21.06 |
|  Less distributions paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.40) |  | (0.37) | (0.22) | (0.03) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (6.53) |  | (2.97) | (2.33) | (1.79) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (6.93) |  | (3.34) | (2.55) | (1.82) | (1.08) |
|  Change in net asset value | (1.70) | 2.87 | 3.02 | 5.71 | (13.26) | 19.98 |
|  Net asset value, end of year/period | $62.61 | $64.31 | $61.44 | $58.42 | $52.71 | $65.97 |
|  Total return | 9.09% | 4.69 %<sup>(c)</sup> | 11.45% | 16.36% | (17.94%) | 46.14% |
|  <u>Ratios/Supplemental data:</u> |  |  |  |  |  |  |
|  Net assets, end of year/period (000's) | $230.5 | $258.0 | $250.8 | $248.3 | $232.5 | $297.8 |
|  Ratio of net expenses to average net assets | 1.24% | 1.20 %<sup>(d)</sup> | 1.24% | 1.31% | 1.30% | 1.30% |
|  Ratio of net investment income to average net assets | 0.40% | 0.28 %<sup>(d)</sup> | 0.67% | 0.60% | 0.30% | 0.11% |
|  Ratio of gross expenses to average net assets | 1.25% | 1.20% | 1.24% | 1.31% | 1.30% | 1.30% |
|  Portfolio turnover rate<sup>(e)</sup>  | 21.73% | 5.55 %<sup>(c)</sup> | 27.31% | 10.00% | 7.00% | 10.00% |

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(a) During the period, the fiscal year end changed to September 30 from June 30.

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

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

(d) Annualized for periods less than one year.

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

------

#### TRILLIUM MUTUAL FUNDS

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

#### For the periods indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Trillium ESG Global Equity Fund**<br>| **Year Ended<br>September 30,<br>2025** | **Three Months<br>Ended<br>September 30,<br>2024<sup>(a)</sup>**  | **Year Ended<br>June 30,<br>2024** | **Year Ended<br>June 30,<br>2023** | **Year Ended<br>June 30,<br>2022** | **Year Ended<br>June 30,<br>2021** |
|  Net asset value, beginning of year/period | $64.01 | $61.12 | $58.15 | $52.50 | $65.70 | $45.80 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.38 | 0.08 | 0.53 | 0.48 | 0.41 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 4.97 | 2.81 | 5.94 | 7.89 | (11.61) | 20.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 5.35 | 2.89 | 6.47 | 8.37 | (11.20) | 21.12 |
|  Less distributions paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.51) |  | (0.53) | (0.39) | (0.21) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (6.53) |  | (2.97) | (2.33) | (1.79) | (1.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (7.04) |  | (3.50) | (2.72) | (2.00) | (1.22) |
|  Change in net asset value | (1.69) | 2.89 | 2.97 | 5.65 | (13.20) | 19.90 |
|  Net asset value, end of year/period | $62.32 | $64.01 | $61.12 | $58.15 | $52.50 | $65.70 |
|  Total return | 9.35% | 4.75 %<sup>(c)</sup> | 11.72% | 16.69% | (17.70%) | 46.52% |
|  <u>Ratios/Supplemental data:</u> |  |  |  |  |  |  |
|  Net assets, end of year/period (000's) | $576.7 | $700.3 | $708.3 | $645.1 | $608.1 | $622.1 |
|  Ratio of net expenses to average net assets | 0.99% | 0.99 %<sup>(d)</sup> | 1.00% | 1.03% | 1.01% | 1.02% |
|  Ratio of net investment income to average net assets | 0.65% | 0.48 %<sup>(d)</sup> | 0.93% | 0.89% | 0.65% | 0.40% |
|  Ratio of gross expenses to average net assets | 1.01% | 0.99% | 1.00% | 1.03% | 1.01% | 1.02% |
|  Portfolio turnover rate<sup>(e)</sup>  | 21.73% | 5.55 %<sup>(c)</sup> | 27.31% | 10.00% | 7.00% | 10.00% |

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(a) During the period, the fiscal year end changed to September 30 from June 30.

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

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

(d) Annualized for periods less than one year.

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

------

#### TRILLIUM MUTUAL FUNDS

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

#### For the periods indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Trillium ESG Small/Mid Cap Fund**<br>| **Year Ended<br>September 30,<br>2025** | **Three Months<br>Ended<br>September 30,<br>2024<sup>(a)</sup>**  | **Year Ended<br>June 30,<br>2024** | **Year Ended<br>June 30,<br>2023** | **Year Ended<br>June 30,<br>2022** | **Year Ended<br>June 30,<br>2021** |
|  Net asset value, beginning of year/period | $16.04 | $15.20 | $15.11 | $13.73 | $16.96 | $11.01 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | — <sup>(c)</sup> | — <sup>(c)</sup> | 0.02 | 0.02 | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 0.67 | 0.84 | 0.44 | 1.78 | (2.82) | 5.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.67 | 0.84 | 0.46 | 1.80 | (2.84) | 5.97 |
|  Less distributions paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.02) |  | (0.01) | (0.01) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.93) |  | (0.36) | (0.41) | (0.39) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.95) |  | (0.37) | (0.42) | (0.39) | (0.02) |
|  Change in net asset value | (0.28) | 0.84 | 0.09 | 1.38 | (3.23) | 5.95 |
|  Net asset value, end of year/period | $15.76 | $16.04 | $15.20 | $15.11 | $13.73 | $16.96 |
|  Total return | 4.05% | 5.53 %<sup>(d)</sup> | 3.14% | 13.37% | (17.16%) | 54.23% |
|  <u>Ratios/Supplemental data:</u> |  |  |  |  |  |  |
|  Net assets, end of year/period (000's) | $34.4 | $39.0 | $40.2 | $43.8 | $33.2 | $31.7 |
|  Ratio of net expenses to average net assets | 0.97% | 0.97 %<sup>(e)</sup> | 0.98% | 0.98% | 0.98% | 0.98% |
|  Ratio of net investment income (loss) to average net assets | 0.01% | (0.02 %)<sup>(e)</sup> | 0.16% | 0.12% | (0.12%) | (0.15%) |
|  Ratio of gross expenses to average net assets | 1.11% | 1.20 %<sup>(e)</sup> | 1.18% | 1.39% | 1.36% | 1.77% |
|  Portfolio turnover rate<sup>(f)</sup>  | 19.98% | 6.29 %<sup>(d)</sup> | 31.34% | 26.00% | 21.00% | 20.00% |

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(a) During the period, the fiscal year end changed to September 30 from June 30.

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

(c) Amount is less than $0.005 per share.

(d) Not annualized for periods less than one year.

(e) Annualized for periods less than one year.

(f) Portfolio turnover is calculated at the fund level without regard to each class of shares.

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#### Perpetual Americas Funds Trust

#### Notice of Privacy Policy & Practices
I. SAFEGUARDING PRIVACY

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Trust.

II. INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

• Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social security number and investment information);

• Information about your transactions and experiences with us and our affiliates (e.g. your account balance, transaction history and investment selections); and

• Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g. your account number, account balance and transaction history.

III. INFORMATION WE SHARE WITH SERVICE PROVIDERS

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into confidentiality agreements regarding the information.

IV. INFORMATION WE MAY SHARE WITH AFFILIATES

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

V. SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and, except as described below, every year that you are a customer of the Trust, or anytime we make a material change to our privacy policy.

We may combine a privacy notice with another document (for example, an account statement, annual report, prospectus, trade confirmation) or may deliver the notice electronically where appropriate consent has been obtained. We generally will not deliver an annual notice as long as (i) we disclose non-public personal information only as described above policy, and (ii) we have

------

not changed our policies and practices with regard to disclosing non-public personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers pursuant to this policy.

---

| | |
|:---|:---|
| **Investment Subadviser** | **For Additional Information, call** |
| Trillium Asset Management, LLC | **866-260-9549 (toll free) or 312-557-5913** |
| 1 Congress Street, Suite 3101 |  |
| Boston, Massachusetts 02114 |  |
|  | **To Learn More** |
| **Investment Adviser**<br> Perpetual Americas Funds Services<br> 1 Congress Street, Suite 3101<br> Boston, Massachusetts 02114<br>**Custodian**<br> The Northern Trust Company<br> 30 South LaSalle Street<br> Chicago, Illinois 60603<br>**Independent Registered Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> One North Wacker Drive<br> Chicago, Illinois 60606 | Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this prospectus by reference, contains detailed information on Fund policies and operations. Additional information about a Fund's investments is available in the Trust's annual and semi-annual report to shareholders and in Form N-CSR. In a Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find a Fund's annual and semi-annual financial statements. |
| <br> **Legal Counsel**<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, Massachusetts 02199<br>**Distributor**<br> Perpetual Americas Funds Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 | <br> Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements, and to make shareholder inquiries. You may also visit the Funds on the web at <u>www.trilliuminvest.com/documents-disclosures</u> to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at:<br>Perpetual Americas Funds Trust |
|  | c/o The Northern Trust Company |
|  | P.O. Box 4766 |
|  | Chicago, Illinois 60680-4766 |
|  | You may obtain reports and other information about the Funds on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>. |
|  | Investment Company Act File Number: 811-23615 |

---

------

![LOGO](g13362g0112235911568.jpg)

#### TSW CORE PLUS BOND FUND
Institutional Shares (TSWFX)

Advisor Shares (Not currently offered)

Investor Shares (Not currently offered)

Class Z Shares (Not currently offered)

#### TSW EMERGING MARKETS FUND
Institutional Shares (TSWMX)

Advisor Shares (Not currently offered)

Investor Shares (Not currently offered)

Class Z Shares (Not currently offered)

#### TSW HIGH YIELD BOND FUND
Institutional Shares (TSWHX)

Advisor Shares (Not currently offered)

Investor Shares (Not currently offered)

Class Z Shares (Not currently offered)

#### TSW LARGE CAP VALUE FUND
Institutional Shares (TSWEX)

Advisor Shares (Not currently offered)

Investor Shares (Not currently offered)

Class Z Shares (Not currently offered)

PROSPECTUS DATED FEBRUARY 1, 2026

THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  **[FUND SUMMARIES](#protsw13362_1)** | 1 |
|  [TSW Core Plus Bond Fund](#protsw13362_2) | 1 |
|  [TSW Emerging Markets Fund](#protsw13362_3) | 7 |
|  [TSW High Yield Bond Fund](#protsw13362_4) | 13 |
|  [TSW Large Cap Value Fund](#protsw13362_5) | 19 |
|  **[ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF <br>THE FUNDS](#protsw13362_6)** | 24 |
|  [Principal Investments and Strategies of Each Fund](#protsw13362_7) | 24 |
|  [More Information about Investment Strategies Related to the Funds](#protsw13362_8) | 27 |
|  [Summary of Principal and Non-Principal Risks](#protsw13362_9) | 29 |
|  [Portfolio Holdings Disclosure](#protsw13362_10) | 40 |
|  [PRIOR RELATED PERFORMANCE OF SIMILAR ACCOUNTS](#protsw13362_11) | 40 |
|  [MANAGEMENT OF THE FUNDS](#protsw13362_12) | 41 |
|  [Thompson, Siegel & Walmsley LLC](#protsw13362_13) | 41 |
|  [Fund Expense Limitation and Recoupment Arrangements](#protsw13362_14) | 41 |
|  [Portfolio Management](#protsw13362_15) | 42 |
|  [YOUR ACCOUNT](#protsw13362_16) | 44 |
|  [Pricing Your Shares](#protsw13362_17) | 44 |
|  [How to Purchase Shares](#protsw13362_18) | 45 |
|  [Other Purchase Information](#protsw13362_19) | 50 |
|  [Lost Shareholders, Inactive Accounts, and Unclaimed Property](#protsw13362_20) | 50 |
|  [How to Redeem Shares](#protsw13362_21) | 50 |
|  [How to Exchange Shares](#protsw13362_22) | 53 |
|  [Market Timing Policy](#protsw13362_23) | 54 |
|  [Distribution Plans](#protsw13362_24) | 54 |
|  **[DIVIDENDS AND DISTRIBUTIONS](#protsw13362_25)** | 55 |
|  [Fund Policy](#protsw13362_26) | 55 |
|  **[TAXES](#protsw13362_27)** | 55 |
|  [Distributions](#protsw13362_28) | 55 |
|  **[SHAREHOLDER REPORTS AND OTHER INFORMATION](#protsw13362_29)** | 57 |
|  **[FINANCIAL HIGHLIGHTS](#protsw13362_30)** | 57 |

---

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#### FUND SUMMARY

#### TSW Core Plus Bond Fund

#### Investment Objective
The investment objective of the TSW Core Plus Bond Fund (the "Fund") is to seek strong, risk-adjusted total return over a market cycle.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional <br> Shares** | **Advisor <br> Shares** | **Investor <br> Shares** | **Class Z <br> Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.40% | 0.40% | 0.40% | 0.40% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.39% | 0.39% | 0.39% | 0.39% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses | 0.80% | 0.90% | 1.05% | 0.80% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -0.29% | -0.29% | -0.29% | -0.29% |
|  Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements | 0.51% | 0.61% | 0.76% | 0.51% |

---

<sup>1</sup> Expenses associated with investments in underlying investment companies are excluded from the contractual expense limitation.

<sup>2</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.50%, 0.60%, 0.75%, and 0.50% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") at any time and will terminate automatically upon termination of the Fund's Investment Advisory Agreement. Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements may exceed 0.50%, 0.60%, 0.75%, and 0.50% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, due to certain excluded expenses.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first

------

year of the 3-, 5- and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $52 | $226 | $416 | $963 |
|  Advisor Shares | $62 | $258 | $470 | $1081 |
|  Investor Shares | $78 | $305 | $551 | $1256 |
|  Class Z Shares | $52 | $226 | $416 | $963 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. Portfolio turnover rates excludes securities received or delivered from in-kind fund share transactions. High levels of portfolio turnover may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses above, can adversely affect the Fund's investment performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 25.15% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a combination of investment grade fixed income securities and high yield fixed income securities (also known as "junk bonds"). In maintaining the "core" portion of its portfolio, the Fund will ordinarily invest at least 65% of its net assets in bonds, notes, and other debt instruments, primarily corporate bonds, U.S. treasury obligations, including Treasury Inflation Protected Securities ("TIPS"), and other U.S. Government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities that are rated "investment grade" by at least one nationally recognized statistical rating organization or determined to be of a similar quality by Thompson, Siegel & Walmsley LLC ("TSW" or the "Subadviser"). The Fund may invest in fixed and floating rate loans of any kind (including, among others, bank loans, assignments, participations, delayed funding loans and revolving credit facilities). Under normal circumstances, the Fund will support the "plus" component of its portfolio by investing up to 20% of its net assets in fixed-income securities that are below "investment grade" (otherwise known as junk bonds). The Fund expects to invest primarily in securities denominated in U.S. dollars and may invest in companies of any size, including small- and mid-capitalization companies.

In structuring the Fund, the portfolio managers seek to achieve strong risk-adjusted return (i.e., seeking to earn an appropriate level of yield in relation to the level of risk taken) over a full market cycle (approximately three years). To achieve this, they begin by establishing broad parameters for positioning the overall portfolio based on an assessment of macro-economic variables, which might typically include: (i) current economic conditions and trends; (ii) the Federal Reserve Board's management of monetary policy; (iii) inflation expectations; (iv) government and private credit demands; and (v) global market conditions. In constructing the portfolio, the portfolio managers will also consider factors such as duration (a measure used to determine the sensitivity of a bond's price to changes in interest rates), yield curve (a visual representation of interest rates on bonds at different maturities) and sector weightings. In addition to this, the portfolio managers will formulate an outlook for the direction of interest rates and adjust the average maturity and/or duration of the Fund accordingly. In selecting individual securities within the framework of this top-down portfolio positioning, the portfolio managers will normally seek to maintain an average portfolio duration within 20% above or below that of its benchmark, the Bloomberg U.S. Aggregate Bond Index (i.e., between approximately 4.8 years and 7.2 years, based on the index's effective duration of 6.00 years as of December 31, 2025).

In addition to an interest rate outlook, the portfolio managers will typically shift emphasis among sectors, credit qualities and coupons based on an analysis of relative value and interest rate spreads. Within this analysis, the portfolio managers will seek to ensure that an investment's liquidity is commensurate with its anticipated yield, with a particular focus on investments that have an anticipated yield higher than that of similar securities of comparable liquidity. The Fund invests in a variety of types of fixed income securities, though the majority of holdings ordinarily consist of corporate debt. In addition to the securities listed above, the Fund's range of debt instruments includes municipal debt and other instruments that have debt-like characteristics as well as convertible bonds (including contingent convertible bonds also known as "CoCos"). A contingent convertible bond is a hybrid debt security either convertible into equity at a predetermined share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs (the "Trigger Event"), such as a decline in the issuer's capital below a specified threshold or increase in the issuer's risk-weighted assets. Unlike traditional convertible securities, the conversion of a contingent convertible

------

security from debt to equity is "contingent" and will occur only in the case of a Trigger Event. The Fund expects to invest in preferred stock, which it considers similar to debt instruments (including for purposes of the 80% test above).

The Fund may invest in securities that are issued through private offerings without registration with the Securities and Exchange Commission under the Securities Act. Accordingly, the Fund may invest in securities that are only offered and sold to "qualified institutional buyers", pursuant to Rule 144A under the Securities Act, as such securities are prevalent in the high yield bond market. The Fund may also gain some of its exposure to debt through other debt instruments, e.g., through exchange-traded funds ("ETFs").

The Fund may purchase or sell securities on a when-issued, delayed-delivery or forward commitment basis. Such securities may include mortgage-backed securities acquired or sold in the to-be-announced ("TBA") market and those in a dollar roll transaction.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Credit Risk.** An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

**Fixed Income Risk.** Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally declines. Rising interest rates may also extend the duration of a fixed income security, typically reducing the security's value. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**Interest Rate Risk.** When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Your investment will decline in value if the value of the Fund's investments decreases. In a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Active Management Risk.** TSW's dependence on a quantitative strategy or judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**Liquidity Risk.** The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

**Loan-Related Investments Risk.** In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may

------

be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities. Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that the Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet the Fund's redemption obligations until a substantial period after the sale of the loans.

**Mortgage-Related and Asset-Backed Securities Risk.** In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that a rise in interest rates will extend the life of a mortgage-related or asset-backed security beyond the expected prepayment time, typically reducing the security's value, which is called extension risk. The Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. The Fund's investments in other asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets.

**High Yield ("Junk Bond") Investments Risk.** Below investment grade fixed income securities, also known as "junk bonds," are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy. The Fund typically treats unrated bonds as presenting comparable risks as those rated below investment grade (and TSW typically treats them as such for purposes of investment restrictions).

**Preferred Stock Risk.** The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Limited History of Operations.** The Fund is a newly organized, diversified, open-end management investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.

**ETF Risk.** Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

**Rule 144A and Other Exempted Securities Risk.** The Fund may invest in privately placed and other securities or instruments exempt from SEC registration (collectively "private placements"), subject to certain regulatory restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price). The Fund's holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund's ability to dispose of the security.

**Convertible Securities Risk.** Convertible securities subject the Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause the Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible

------

securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Portfolio Turnover Risk.** The Fund may sell its portfolio securities, regardless of the length of time that they have been held, if TSW determines that it would be in the Fund's best interest to do so. These transactions will increase the Fund's "portfolio turnover." High turnover rates generally result in higher brokerage costs to the Fund and higher amounts of taxable distributions to shareholders each year.

**When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk.** When-issued, delayed delivery, TBA and forward commitment transactions involve the risk that the security a Fund buys will lose value prior to its delivery. These transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing a Fund to be more volatile. The use of leverage may increase expenses and increase the impact of a Fund's other risks. There also is the risk that the security will not be issued or that the other party will not meet its obligation. If this occurs, a Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. The purchaser of TBA securities generally is subject to increased market risk and interest rate risk because the delivered securities may be less favorable than anticipated by the purchaser.

**Regulatory Risk.** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Market Risk.** The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g00n53.jpg)

---

| | |
|:---|:---|
|  Best quarter: | 01/01/2025 – 03/31/2025 – 2.39% |
|  Worst quarter: | 10/01/2025 – 12/31/2025 – 1.10% |

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#### Average Annual

#### Total Returns – for the Periods Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br> Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes | 7.06% | 5.67% |
|  Institutional Shares – After Taxes on Distributions | 5.19% | 3.81% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares | 4.15% | 3.53% |
|  Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees or expenses)<sup>2</sup> | 7.30% | 5.84% |

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<sup>1</sup> The Institutional Shares of the Fund commenced operations on May 15, 2024.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Advisers
TSW is the Fund's subadviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Manager

---

| | |
|:---|:---|
| **William M. Bellamy, CFA** | **David McMackin, CFA** |
| Lead Portfolio Manager | Co-Portfolio Manager |
| Length of Service: Since 2024 (inception) | Length of Service: Since 2025 |

---

Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
TSW Core Plus Bond Fund

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### FUND SUMMARY

#### TSW Emerging Markets Fund

#### Investment Objective
The investment objective of the TSW Emerging Markets Fund (the "Fund") is to maximize long-term capital appreciation.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional <br> Shares** | **Advisor <br> Shares** | **Investor <br> Shares** | **Class Z <br> Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.80% | 0.80% | 0.80% | 0.80% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 1.30% | 1.30% | 1.30% | 1.30% |
|  Total Annual Fund Operating Expenses | 2.10% | 2.20% | 2.35% | 2.10% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -1.11% | -1.11% | -1.11% | -1.11% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.99% | 1.09% | 1.24% | 0.99% |

---

<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.99%, 1.09%, 1.24%, and 0.99% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") at any time and will terminate automatically upon termination of the Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first year of the 3-, 5- and 10-

------

year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $101 | $551 | $1027 | $2343 |
|  Advisor Shares | $111 | $581 | $1078 | $2447 |
|  Investor Shares | $126 | $627 | $1155 | $2601 |
|  Class Z Shares | $101 | $551 | $1027 | $2343 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39.77% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that are located in emerging market countries, including frontier markets. The Fund's investments in equity securities can include common and preferred stocks, as well as rights and warrants to subscribe to common stock or other equity securities. The Fund obtains its exposure to equity securities either directly or indirectly, including through depositary receipts or participatory notes. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index and other countries with similar emerging or frontier market characteristics, (for example, relatively low gross national product per capita compared to the world's major economies).

The Fund utilizes a bottom-up, business-focused approach based on study of individual companies and their competitive dynamics of the industries in which they participate. The portfolio manager strives to identify companies whose shares are underpriced relative to their intrinsic value. The portfolio is managed with reference to the MSCI Emerging Markets Index as to country allocation, but the Fund is not benchmark constrained. The portfolio manager intends, under normal circumstances, to have approximately 40-80 equity securities in the Fund's portfolio.

Pursuant to a value investing philosophy, the Fund seeks to invest in securities that the portfolio manager believes provide a discount or "margin of safety" between a security's price and what the portfolio manager believes to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). In order to first narrow the Fund's investment universe, the portfolio manager uses quantitative tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the portfolio manager combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe the portfolio manager seeks to invest in companies with attractive risk-reward profiles. The portfolio manager considers these to be companies that he identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The portfolio manager also analyzes country-specific factors such as geopolitical risk and its potential impact on expected returns.

The Fund may invest in unaffiliated investment companies, including exchange-traded funds, and may also invest a portion of its assets in real estate investment trusts ("REITs"). The Fund typically does not engage in active hedging of currency but retains flexibility to do so depending on market performance.

The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. The Fund's benchmark index currently includes substantial exposure to China. These countries may change from time to time.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation

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("FDIC") or any other government agency. The Fund should only be purchased by investors seeking long-term growth of capital who can withstand the share price volatility of equity investing with a focus on emerging market stocks. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Non-U.S. Securities Risk**. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Emerging Markets Risk**. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

**Value Investing Risk**. Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Currency Risk**. Investments in non-U.S. countries are also subject to currency risk. As the Fund's investments in non-U.S. securities are generally denominated in non-U.S. currencies, changes in the value of those currencies compared to the U.S. dollar may affect the value of the Fund's investments. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**ETF Risk**. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

**China Risk**. To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, variable interest entities risks, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks.

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**REIT and Real Estate-Related Investment Risk**. Adverse changes in the real estate markets may affect the value of REIT investments.

**Active Management Risk**. Thompson, Siegel & Walmsley LLC's ("TSW's") judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Preferred Stock Risk**. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Geographic Focus Risk**. The risk that events negatively affecting the fiscal stability of a particular country or region in which the Fund focuses its investments will cause the value of the Fund's shares to decrease, perhaps significantly. To the extent the Fund focuses its assets in a particular country or region, the Fund is more vulnerable to financial, economic, or other political developments in that country or region as compared to a fund that does not focus on holdings in a particular country or region. As a result, the Fund may be more volatile than a fund which is broadly diversified geographically.

**Investment Company Risk**. If the Fund invests in shares of another investment company, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which the Fund invests in addition to the Fund's direct fees and expenses. The Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount, and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in the Fund.

**Small-Cap and Mid-Cap Company Risk**. The small- and mid-capitalization companies in which the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon relatively small management groups. Therefore, small- and mid-capitalization stocks may be more volatile than those of larger companies.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

**Participatory Notes Risk**. P-notes, which are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions, represent interest in securities listed on certain non-U.S. exchanges, and thus present similar risks to investing directly in such securities. P-notes also expose investors to counterparty risk, which is risk that the entity issuing the note may not be able to honor its financial commitments. The liquidity of a P-note reflects the liquidity in the underlying security. At times, it may be more illiquid than trading the underlying security as broker selection is restricted to the underwriter of the P-note.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Liquidity Risk**. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

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**Market Risk**. The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

Annual Total Returns – Institutional Shares for year ended December 31

![LOGO](g13362g00n59.jpg)

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| | |
|:---|:---|
|  Best quarter: | 10/01/2022 – 12/31/2022 – 17.19% |
|  Worst quarter: | 04/01/2022 – 06/30/2022 – (13.40%) |

---

#### Average Annual
Total Returns – for the Periods Ended December 31, 2025

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br> Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes | 34.60% | 6.89% |
|  Institutional Shares – After Taxes on Distributions | 32.71% | 6.00% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares | 21.18% | 5.16% |
|  MSCI Emerging Markets Index (reflects no deductions for fees or expenses)<sup>2</sup> | 33.57% | 6.55% |

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<sup>1</sup> The Institutional Shares of the Fund commenced operations on December 21, 2021.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Advisers
TSW is the Fund's subadviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### Portfolio Manager

#### Elliott W. Jones, CFA
Portfolio Manager

Length of Service: Since 2021 (inception)

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

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| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
TSW Emerging Markets Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### FUND SUMMARY

#### TSW High Yield Bond Fund

#### Investment Objective
The primary investment objective of the TSW High Yield Bond Fund (the "Fund") is to seek high current income with a secondary focus on capital appreciation.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional <br>Shares** | **Advisor <br>Shares** | **Investor <br>Shares** | **Class Z <br>Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.50% | 0.50% | 0.50% | 0.50% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.79% | 0.79% | 0.79% | 0.79% |
|  Total Annual Fund Operating Expenses | 1.29% | 1.39% | 1.54% | 1.29% |
|  Fee Waivers and Reimbursements<sup>1</sup> | -0.64% | -0.64% | -0.64% | -0.64% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.65% | 0.75% | 0.90% | 0.65% |

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<sup>1</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed 0.65%, 0.75%, 0.90%, and 0.65% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") at any time and will terminate automatically upon termination of the Investment Advisory Agreement.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first

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year of the 3-, 5- and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $66 | $346 | $646 | $1500 |
|  Advisor Shares | $77 | $377 | $699 | $1613 |
|  Investor Shares | $92 | $424 | $779 | $1780 |
|  Class Z Shares | $66 | $346 | $646 | $1500 |

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#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 43.57% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities, also known as "junk bonds" (higher risk, lower rated fixed income securities rated BB or below by at least one nationally recognized statistical rating organization ("NRSRO") or determined to be of a similar quality by TSW). Under normal circumstances, the Fund will not invest more than 20% of its net assets in debt instruments that, at the time of purchase, are rated CCC or below by at least one NRSRO or determined to be of a similar quality by TSW.

The Fund's fixed income securities include primarily corporate debt. The Fund, from time to time, will make opportunistic investments in other fixed income securities such as preferred securities, convertible bonds loans (senior floating rate loans as well as other secured and unsecured loans) and loan participations. The Fund retains flexibility to seek temporary, indirect exposure (e.g., through exchange-traded funds ("ETFs")) to fixed income securities, such as when managing inflows into the Fund. The Fund expects to invest primarily in securities denominated in U.S. dollars and may obtain exposure to issuers located outside the U.S. The Fund expects to invest a significant portion of its assets in securities that are only offered and sold to "qualified institutional buyers", pursuant to Rule 144A under the Securities Act, as such securities are prevalent in the high yield bond market. The Fund may invest in companies of any size, including small- and mid-capitalization companies. The Fund's portfolio is expected to have a weighted average duration of between three and seven years under normal conditions.

The portfolio managers follow a disciplined, bottom-up research process that focuses on analyzing individual issuers. This process aims to identify securities showing stable or improving credit metrics that offer strong relative value in the context of the high yield market. The portfolio managers evaluate quantitative as well as qualitative factors in their fundamental analysis. While the investment process does not impose top-down allocation parameters or restrictions, the portfolio managers attempt to reduce risk through diversification and credit analysis as well as by considering the sector allocations of the Fund's benchmark.

#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. Below are the principal risks of investing in the Fund. All of the risks listed below are material to the Fund, regardless of the order in which they appear.

**Credit Risk**. An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer's financial strength or in a security's credit rating may affect a security's value.

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**Fixed Income Risk**. Fixed income securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**Interest Rate Risk**. When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund. Your investment will decline in value if the value of the Fund's investments decreases. In a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Focused Investment Risk**. Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**High Yield ("Junk Bond") Investments Risk**. Below investment grade fixed income securities, also known as "junk bonds," are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy. The Fund typically treats unrated bonds as presenting comparable risks as those rated below investment grade (and TSW typically treats them as such for purposes of investment restrictions).

**Non-U.S. Securities Risk**. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Loan-Related Investments Risk**. In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment.

**Liquidity Risk**. The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value.

**Active Management Risk**. Thompson, Siegel & Walmsley LLC's ("TSW's") judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**ETF Risk**. Shareholders of the Fund will indirectly be subject to the fees and expenses of the individual ETFs in which the Fund invests. In addition, an ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of

------

reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held.

**Preferred Stock Risk**. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**Market Risk**. The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g00n64.jpg)

Best quarter: 10/01/2023 – 12/31/2023 – 5.76%

Worst quarter: 04/01/2022 – 06/30/2022 – (9.87%)

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Average Annual Total Returns – for the Periods Ended December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since<br> Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes | 7.51% | 4.31% |
|  Institutional Shares – After Taxes on Distributions | 4.93% | 1.90% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares | 4.39% | 2.20% |
|  ICE BofA U.S. High Yield Constrained Index (reflects no deductions for fees or expenses)<sup>2</sup> | 8.59% | 4.38% |
|  Bloomberg U.S. Aggregate Bond Index (reflects no deductions for fees or expenses)<sup>2</sup> | 7.30% | 0.01% |

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<sup>1</sup> The Institutional Shares of the Fund commenced operations on October 26, 2021.

<sup>2</sup> Index returns shown are net of withholding taxes.

#### Portfolio Management

#### Investment Advisers
TSW is the Fund's subadviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Manager

---

| | |
|:---|:---|
| **William M. Bellamy, CFA** | **David McMackin, CFA** |
| Lead Portfolio Manager | Co-Portfolio Manager |
| Length of Service: Since 2024 (inception) | Length of Service: Since 2025 |

---

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
TSW High Yield Bond Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

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#### FUND SUMMARY

#### TSW Large Cap Value Fund

#### Investment Objective
The TSW Large Cap Value Fund (the "Fund") seeks maximum long-term total return, consistent with reasonable risk to principal.

#### Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional <br>Shares** | **Advisor <br>Shares** | **Investor <br>Shares** | **Class Z <br>Shares** |
|  **Shareholder Fees** (Fees paid directly from your investment) |  |  |  |  |
|  Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
|  Maximum Deferred Sales Charge (Load) Imposed on Purchases (as a percentage of net asset value) |  |  |  |  |
|  Redemption Fee |  |  |  |  |
|  **Annual Fund Operating Expenses** |  |  |  |  |
|  (Expenses that you pay each year as a percentage of the value of your investment) |  |  |  |  |
|  Management Fee | 0.58% | 0.58% | 0.58% | 0.58% |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Other Expenses | 0.37% | 0.37% | 0.37% | 0.37% |
|  Acquired Fund Fees and Expenses<sup>1</sup> | 0.02% | 0.02% | 0.02% | 0.02% |
|  Total Annual Fund Operating Expenses | 0.97% | 1.07% | 1.22% | 0.97% |
|  Fee Waivers and Reimbursements<sup>2</sup> | -0.22% | -0.22% | -0.22% | -0.22% |
|  **Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements** | 0.75% | 0.85% | 1.00% | 0.75% |

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<sup>1</sup> Expenses associated with investments in underlying investment companies are excluded from the contractual expense limitation.

<sup>2</sup> The Fund's investment adviser (the "Adviser") has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) 0.73%, 0.83%, 0.98% and 0.73% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, until February 1, 2027. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees (the "Board") at any time and will terminate automatically upon termination of the Investment Advisory Agreement. Total Annual Fund Operating Expenses After Fee Waivers and Reimbursements may exceed 0.73%, 0.83%, 0.98% and 0.73% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively, due to certain excluded expenses.

#### Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that each year your investment has a 5% return and Fund operating expenses remain the same. The contractual expense limitation for the Fund is reflected only in the 1-year example and for the first

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year of the 3-, 5- and 10-year examples. Although your actual costs and returns might be different, your approximate costs of investing $10,000 in the Fund would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
|  Institutional Shares | $77 | $287 | $515 | $1170 |
|  Advisor Shares | $87 | $318 | $569 | $1286 |
|  Investor Shares | $102 | $365 | $649 | $1458 |
|  Class Z Shares | $77 | $287 | $515 | $1170 |

---

#### Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. Portfolio turnover rates excludes securities received or delivered from in-kind fund share transactions. High levels of portfolio turnover may indicate higher transaction costs and may result in higher taxes for you if your Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses above, can adversely affect the Fund's investment performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 51.07% of the average value of its portfolio.

#### Principal Investment Strategies
The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of "value companies" with large market capitalizations. The Fund considers a company's market capitalization to be large if it equals or exceeds that of the smallest company in the Russell 1000<sup>®</sup> Index as of the most recent reconstitution (approximately $7 billion as of the most recent reconstitution prior to December 31, 2025). The Fund will invest primarily in a diversified portfolio of common stocks. Although the Fund will primarily draw its holdings from larger, more seasoned or established companies, it may also invest in companies of varying size as measured by assets, sales or market capitalization. The Fund only purchases securities listed on a U.S. stock exchange and may invest up to 20% of its total assets in American Depositary Receipts ("ADRs").

The Fund utilizes a bottom-up, business-focused approach based on study of individual companies and the competitive dynamics of their respective industries. The Fund defines a "value company" as an issuer of securities that the portfolio managers believe provide a discount between their market price and what the portfolio managers believe to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). The portfolio managers intend, under normal circumstances, to have approximately 30-50 equity securities in the Fund's portfolio.

In seeking to identify value companies, the portfolio managers first narrow the investment universe using quantitative tools linked to a variety of relative value assessments (including cash flow, earnings and share price). The portfolio managers then combine fundamental research and qualitative analysis to make individual security selections. The portfolio managers seek to invest in the best risk-reward candidates within the universe, companies that they believe remain undervalued despite having attractive fundamentals. As part of the investment process, the portfolio managers typically assess factors such as a company's future cash flows, catalysts that may reduce the gap between share price and intrinsic value within the next several years, and other potential impacts on expected returns.

The Fund may invest in real estate investment trusts ("REITs"). Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may do so at any time.

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#### Principal Investment Risks
All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. The value of the Fund's investments will fluctuate with market conditions, and the value of your investment in the Fund also will vary. You could lose money on your investment in the Fund, or the Fund could perform worse than other investments. Investments in the Fund are not deposits of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The principal risks of investing in the Fund (in alphabetical order after the first five risks) are:

**Equity Securities Risk**. The risk that events negatively affecting issuers, industries or financial markets in which the Fund invests will impact the value of the stocks held by the Fund and thus, the value of the Fund's shares over short or extended periods.

**Value Investing Risk**. Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so.

**Focused Investment Risk**. Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**Non-U.S. Securities Risk**. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. In addition, issuers of non-U.S. securities often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Investments in non-U.S. securities may also be subject to greater environmental, credit and information risks. The Fund's investments in non-U.S. securities also are subject to non-U.S. currency fluctuations and other non-U.S. currency-related risks. Non-U.S. securities may be subject to higher volatility than U.S. securities, varying degrees of regulation and limited liquidity. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

**Derivatives Risk**. The Fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index.

**Long-Term Investment Strategy Risk**. The Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio.

**Active Management Risk**. Thompson, Siegel & Walmsley LLC's ("TSW's") judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and the Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Regulatory Risk**. Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**REIT and Real Estate-Related Investment Risk**. Adverse changes in the real estate markets may affect the value of REIT investments.

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**Market Risk**. The market value of the Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon overall market and economic conditions, as well as a number of reasons that directly relate to the issuers of the Fund's investments, such as management performance, financial condition and demand for the issuers' goods and services.

**Depositary Receipts Risk**. Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders.

#### Performance Information
The bar chart and performance table below provide an indication of the risks of an investment in the Fund by showing how the Fund's performance has varied from year to year, and by showing how the Fund's average annual returns compare with those of a broad measure of market performance as well as to a securities market index with investment characteristics similar to those of the Fund. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. After-tax returns are shown for Institutional Shares only and will vary from the after-tax returns for other share classes. For periods prior to the reorganization of the Fund, in which a predecessor fund was merged into the Fund, the performance information is based on the performance of the predecessor fund. After-tax returns are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts ("IRAs"). Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by calling 866-260-9549 (toll free) or 312-557-5913.

#### Annual Total Returns – Institutional Shares for year ended December 31
![LOGO](g13362g00n70.jpg)

Best quarter: 04/01/2020 – 06/30/2020 – 16.42%

Worst quarter: 01/01/2020 – 03/31/2020 – (23.26%)

Average Annual Total Returns for the Periods Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** | **Since<br> Inception<sup>1</sup>** |
|  Institutional Shares – Before Taxes | 18.80% | 12.14% | 10.97% | 8.20% |
|  Institutional Shares – After Taxes on Distributions | 14.54% | 9.12% | 8.35% | 6.21% |
|  Institutional Shares – After Taxes on Distributions and Sale of Fund Shares | 14.06% | 9.11% | 8.27% | 6.17% |
|  Russell 1000<sup>®</sup> Value Index<sup>2</sup> (reflects no deduction for fees, expenses or taxes) | 15.91% | 11.33% | 10.53% | 9.94% |
|  Russell 1000<sup>®</sup> Index<sup>2</sup> (reflects no deduction for fees, expenses or taxes) | 17.37% | 13.59% | 14.59% | 10.90% |

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<sup>1</sup> The Institutional Shares of the predecessor fund commenced operations on July 17, 1992.

<sup>2</sup> Index returns shown are net of withholding taxes.

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#### Portfolio Management

#### Investment Advisers
TSW is the Fund's subadviser, subject to supervision by the Board and the Adviser<sup>1</sup>.

#### Portfolio Managers

---

| | |
|:---|:---|
|  **Bryan F. Durand, CFA**<br> Co-Portfolio Manager, Research Analyst<br> Length of Service: Since 2019\* | **Brett P. Hawkins, CFA**<br> Lead Portfolio Manager, Chief Investment Officer<br> Length of Service: Since 2015\* |

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\* Each Portfolio Manager served as portfolio manager of the Fund's predecessor.

#### Buying and Selling Fund Shares

#### Minimum Initial Investment

---

| | | | |
|:---|:---|:---|:---|
| **Institutional** | **Advisor** | **Investor** | **Class Z** |
| $100000 | No minimum | No minimum | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000000 |

---

***There is no minimum for additional investments. If you hold shares through a financial intermediary, the financial intermediary may impose its own, different, investment minimums.***

#### To Buy or Sell Shares:
TSW Large Cap Value Fund

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

You can buy or sell shares of the Fund on any day the New York Stock Exchange ("NYSE") is open through your broker or financial intermediary, or by mail or telephone. You can pay for shares by wire. The Adviser and Perpetual Americas Funds Distributors, LLC, the Fund's distributor, reserve the right to waive any minimum in their sole discretion, and to reject any purchase order for any reason.

#### Distributions and Taxes
The Fund intends to make distributions that are generally taxable to you as ordinary income or capital gains, unless you invest through an IRA, 401(k), or other tax-advantaged arrangement. However, you may be subject to tax when you withdraw monies from a tax-advantaged arrangement.

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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#### ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RISKS OF THE FUNDS

#### Principal Investments and Strategies of Each Fund

#### TSW Core Plus Bond Fund
**Investment Objective:** The investment objective of the TSW Core Plus Bond Fund (the "Fund") is to seek strong, risk-adjusted total return over a market cycle.

**Principal Investment Strategies:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a combination of investment grade fixed income securities and high yield fixed income securities (also known as "junk bonds"). In maintaining the "core" portion of its portfolio, the Fund will ordinarily invest at least 65% of its net assets in bonds, notes, and other debt instruments, primarily corporate bonds, U.S. treasury obligations, including Treasury Inflation Protected Securities ("TIPS"), and other U.S. Government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities that are rated "investment grade" by at least one nationally recognized statistical rating organization or determined to be of a similar quality by Thompson, Siegel & Walmsley LLC ("TSW" or the "Subadviser"). The Fund may invest in fixed and floating rate loans of any kind (including, among others, bank loans, assignments, participations, delayed funding loans and revolving credit facilities). Under normal circumstances, the Fund will support the "plus" component of its portfolio by investing up to 20% of its net assets in fixed-income securities that are below "investment grade" (otherwise known as junk bonds). The Fund expects to invest primarily in securities denominated in U.S. dollars and may invest in companies of any size, including small- and mid-capitalization companies.

In structuring the Fund, the portfolio managers seek to achieve strong risk-adjusted return (i.e., seeking to earn an appropriate level of yield in relation to the level of risk taken) over a full market cycle (approximately three years). To achieve this, they begin by establishing broad parameters for positioning the overall portfolio based on an assessment of macro-economic variables, which might typically include: (i) current economic conditions and trends; (ii) the Federal Reserve Board's management of monetary policy; (iii) inflation expectations; (iv) government and private credit demands; and (v) global market conditions. In constructing the portfolio, the portfolio managers will also consider factors such as duration (a measure used to determine the sensitivity of a bond's price to changes in interest rates), yield curve (a visual representation of interest rates on bonds at different maturities) and sector weightings. In addition to this, the portfolio managers will formulate an outlook for the direction of interest rates and adjust the average maturity and/or duration of the Fund accordingly. In selecting individual securities within the framework of this top-down portfolio positioning, the portfolio managers will normally seek to maintain an average portfolio duration within 20% above or below that of its benchmark, the Bloomberg U.S. Aggregate Bond Index (i.e., between approximately 4.8 years and 7.2 years, based on the index's effective duration of 6.00 years as of December 31, 2025).

In addition to an interest rate outlook, the portfolio managers will typically shift emphasis among sectors, credit qualities and coupons based on an analysis of relative value and interest rate spreads. Within this analysis, the portfolio managers will seek to ensure that an investment's liquidity is commensurate with its anticipated yield, with a particular focus on investments that have an anticipated yield higher than that of similar securities of comparable liquidity.

The Fund invests in a variety of types of fixed income securities, though the majority of holdings ordinarily consist of corporate debt. In addition to the securities listed above, the Fund's range of debt instruments includes municipal debt and other instruments that have debt-like characteristics as well as convertible bonds (including contingent convertible bonds also known as "CoCos"). A contingent convertible bond is a hybrid debt security either convertible into equity at a predetermined share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs (the "Trigger Event"), such as a decline in the issuer's capital below a specified threshold or increase in the issuer's risk-weighted assets. Unlike traditional convertible securities, the conversion of a contingent convertible security from debt to equity is "contingent" and will occur only in the case of a Trigger Event. The Fund expects to invest in preferred stock, which it considers similar to debt instruments (including for purposes of the 80% test above).

The Fund may invest in securities that are issued through private offerings without registration with the Securities and Exchange Commission under the Securities Act. Accordingly, the Fund may invest in securities that are only offered and sold to "qualified institutional buyers", pursuant to Rule 144A under the Securities Act, as such securities are prevalent in the high yield bond market. The Fund may also gain some of its exposure to debt through other debt instruments, e.g., through exchange-traded funds ("ETFs").

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The portfolio managers may consider selling a security to (i) manage overall portfolio risk (including the balance between "core" and "plus"), (ii) achieve an attractive total return, (iii) respond to a negative change in a company's risk/return profile or (iv) take advantage of more favorable risk-adjusted opportunities.

The Fund may purchase or sell securities on a when-issued, delayed-delivery or forward commitment basis. Such securities may include mortgage-backed securities acquired or sold in the to-be-announced ("TBA") market and those in a dollar roll transaction.

#### TSW Emerging Markets Fund
**Investment Objective:** The investment objective of the Fund is to maximize long-term capital appreciation.

**Principal Investment Strategies:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that are located in emerging market countries, including frontier markets. The Fund's investments in equity securities can include common and preferred stocks, as well as rights and warrants to subscribe to common stock or other equity securities. The Fund obtains its exposure to equity securities either directly or indirectly, including through depositary receipts or participatory notes. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index and other countries with similar emerging or frontier market characteristics, (for example, relatively low gross national product per capita compared to the world's major economies).

The Fund utilizes a bottom-up, business-focused approach based on study of individual companies and their competitive dynamics of the industries in which they participate. The portfolio manager strives to identify companies whose shares are underpriced relative to their intrinsic value. The portfolio is managed with reference to the MSCI Emerging Markets Index as to country allocation, but the Fund is not benchmark constrained. The portfolio manager intends, under normal circumstances, to have approximately 40-80 equity securities in the Fund's portfolio.

Pursuant to a value investing philosophy, the Fund seeks to invest in securities that the portfolio manager believes provide a discount or "margin of safety" between a security's price and what the portfolio manager believes to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). In order to first narrow the Fund's investment universe, the portfolio manager uses quantitative tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the portfolio manager combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the portfolio manager seeks to invest in companies with attractive risk-reward profiles. The portfolio manager considers these to be companies that he identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The portfolio manager also analyzes country-specific factors such as geopolitical risk and its potential impact on expected returns.

The Fund may consider selling a security if the portfolio manager believes that (a) it has reached or exceeded its intrinsic value, (b) if there is an actual or potential deterioration in the company's underlying business or in the risk/reward profile of investing in the company, or (c) if there is a material deterioration in the financial conditions affecting the country or countries to which the company s exposed. The Fund may also consider selling if the portfolio manager identifies a security that he believes offers a better investment opportunity.

The Fund may invest in unaffiliated investment companies, including exchange-traded funds, and may also invest a portion of its assets in real estate investment trusts ("REITs"). The Fund typically does not engage in active hedging of currency but retains flexibility to do so depending on market performance.

The Fund may invest a significant portion of its assets in investments located in one country or a small number of countries. The Fund's benchmark index currently includes substantial exposure to China. These countries may change from time to time.

#### TSW High Yield Bond Fund
**Investment Objective:** The primary investment objective of the Fund is to seek high current income with a secondary focus on capital appreciation.

**Principal Investment Strategies:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities, also known as "junk bonds" (higher risk,

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lower rated fixed income securities rated BB or below by at least one nationally recognized statistical rating organization ("NRSRO") or determined to be of a similar quality by TSW). Under normal circumstances, the Fund will not invest more than 20% of its net assets in debt instruments that, at the time of purchase, are rated CCC or below by at least one NRSRO or determined to be of a similar quality by TSW.

The Fund's fixed income securities include primarily corporate debt. The Fund, from time to time, will make opportunistic investments in other fixed income securities such as preferred securities, convertible bonds, loans (senior floating rate loans as well as other secured and unsecured loans) and loan participations. The Fund retains flexibility to seek temporary, indirect exposure (e.g., through exchange-traded funds ("ETFs")) to fixed income securities, such as when managing inflows into the Fund. The Fund expects to invest primarily in securities denominated in U.S. dollars and may obtain exposure to issuers located outside the U.S. The Fund expects to invest a significant portion of its assets in securities that are only offered and sold to "qualified institutional buyers", pursuant to Rule 144A under the Securities Act, as such securities are prevalent in the high yield bond market. The Fund may invest in companies of any size, including small- and mid-capitalization companies. The Fund's portfolio is expected to have a weighted average duration of between three and seven years under normal conditions.

The portfolio managers follow a disciplined, bottom-up research process that focuses on analyzing individual issuers. This process aims to identify securities showing stable or improving credit metrics that offer strong relative value in the context of the high yield market. The portfolio managers evaluate quantitative as well as qualitative factors in their fundamental analysis. Quantitative factors may include asset/interest coverage, leverage, financial flexibility, and cash-flow. Qualitative factors typically include management's transparency and philosophy toward bondholders, as well as the issuer's competitive positioning. While the investment process does not impose top-down allocation parameters or restrictions, the portfolio managers attempt to reduce risk through diversification and credit analysis, as well as by considering the sector allocations of the Fund's benchmark.

The portfolio managers may consider selling a security to (i) respond to a negative change in a company's risk/return profile, (ii) take advantage of more favorable risk-adjusted opportunities, (iii) realize an attractive total return, or (iv) manage overall portfolio risk.

#### TSW Large Cap Value Fund
**Investment Objective:** The Fund seeks maximum long-term total return, consistent with reasonable risk to principal.

**Principal Investment Strategies:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of "value companies" with large market capitalizations. The Fund considers a company's market capitalization to be large if it equals or exceeds that of the smallest company in the Russell 1000<sup>®</sup> Index as of its most recent reconstitution (approximately $7 billion as of the most recent reconstitution prior to December 31, 2025). The Fund will invest primarily in a diversified portfolio of common stocks. Although the Fund will primarily draw its holdings from larger, more seasoned or established companies, it may also invest in companies of varying size as measured by assets, sales or market capitalization. The Fund only purchases securities listed on a U.S. stock exchange and may invest up to 20% of its total assets in American Depositary Receipts ("ADRs"), which are certificates evidencing ownership of shares of a non-U.S. issuer that are issued by depositary banks and traded on U.S. exchanges.

The Fund utilizes a bottom-up, business-focused approach based on study of individual companies and the competitive dynamics of their respective industries. The Fund defines a "value company" as an issuer of securities that the portfolio managers believe provide a discount between their market price and what the portfolio managers believe to be the true value of the underlying business (which is sometimes referred to as "intrinsic value"). The portfolio managers intend, under normal circumstances, to have approximately 30-50 equity securities in the Fund's portfolio.

In seeking to identify value companies, the portfolio managers first narrow the investment universe using quantitative tools linked to a variety of relative value assessments (including cash flow, earnings and share price). The portfolio managers then combine fundamental research and qualitative analysis to make individual security selections. The portfolio managers seek to invest in the best risk-reward candidates within the universe, companies that they believe remain undervalued despite having attractive fundamentals. As part of the investment process, the portfolio managers typically assess factors such as a company's future cash flows, catalysts that may reduce the gap between share price and intrinsic value within the next several years, and other potential impacts on expected returns.

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The portfolio managers may consider selling a security if (i) there is a change in the company's risk/return profile, (ii) the portfolio managers believe that the company's catalyst(s) to close its price to value gap are achieved or are no longer valid, (iii) the company's earnings are significantly below market expectations or there is a significant downward revision to the company's estimated earnings, (iv) to manage overall portfolio risk, or (v) the portfolio managers identify a more attractive investment opportunity. Consistent with the Fund's rigorous investment selection process, the portfolio managers may determine to delay reinvestment of sale proceeds or other available cash, instead holding positions in cash and cash equivalents, including money market funds, potentially to a material degree relative to the net assets of the Fund, while examining and awaiting available investment opportunities.

The Fund may invest in REITs. Although the Fund did not invest significantly in derivatives instruments as of the most recent fiscal year end, it may do so at any time.

#### More Information about Investment Strategies Related to the Funds
In addition to the investments and strategies described in this prospectus, each Fund also may invest to a lesser extent in other securities, use other strategies, and engage in other investment practices that are not part of its principal investment strategy. These investments and strategies, as well as those described in this prospectus, are described in detail in the Funds' Statement of Additional Information ("SAI") (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that the Funds will achieve their investment goals.

The investments and strategies described in this prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or in the event of sizeable cash flows into or out of a Fund, each Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective or its other investment policies. If a Fund invests in this manner, it may not achieve its investment objective.

In addition to its principal investment strategies, a Fund may use the investment strategies described below. A Fund may also employ investment practices that this prospectus does not describe, such as participating in repurchase agreements, when-issued and forward commitment transactions, lending of securities, borrowing and other techniques. For more information concerning these and the Funds' other investment practices and their risks, you should read the SAI.

**Temporary Defensive Strategies**. The Funds seek to remain fully invested in accordance with their respective investment objectives. However, in an attempt to respond to adverse market, economic, political, or other conditions, a Fund may take a temporary defensive position that is inconsistent with its principal investment strategies. These defensive positions may include investments in cash, commercial paper, money market instruments, repurchase agreements, and U.S. Government securities. Taking a temporary defensive position could prevent a Fund from achieving its investment objective.

**Name Policy.** Each Fund has a policy to invest, under normal circumstances, at least 80% of the value of its "assets" in certain types of investments suggested by its name (the "80% Policy"). Each Fund's 80% Policy is set forth in the SAI. Additional detail regarding the implementation of the policy is included in the "Fund Summary" section of this prospectus. A Fund must comply with its 80% Policy at the time the Fund invests its assets. Accordingly, when a Fund no longer meets its 80% Policy requirement as a result of circumstances beyond its control, such as changes in the value of portfolio holdings, it would not have to sell its holdings, but any new investments it makes would need to be consistent with its 80% Policy. Each Fund's 80% Policy is non-fundamental and can be changed by the Fund's Board of Trustees without shareholder approval. A Fund will provide shareholders with at least 60 days' prior notice of any changes to the Fund's 80% Policy.

**Location of Issuers**. A number of the Funds' policies are determined by reference to whether an issuer is "located in" a particular country or group of countries or whether the issuer is located outside the U.S. more generally. Being "located in" a particular country reflects a judgment that an issuer is economically tied to that country, and in determining where an issuer is located for these purposes the Adviser and TSW will consider a number of factors, including but not limited to:

• the markets in which the issuer's securities are principally traded;

• where the issuer's headquarters, principal offices or operations are located;

• where the issuer is organized; and

• the percentage of the issuer's revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country.

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No single factor will necessarily be determinative nor must all factors be present for the Adviser and TSW to determine where an issuer is located. The Adviser and TSW may weigh these factors differently with respect to different geographic policies, different countries or different series of the Trust. The categorization of location of issuer for compliance testing purposes with respect to the Funds may differ from how other or different portfolio managers, investment professionals, or third parties assign the location of individual issuers.

**Line of Credit and Borrowings**. The Trust, on behalf of the TSW High Yield Bond Fund, TSW Large Cap Value Fund, TSW Core Plus Bond Fund and certain other series of the Trust, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes.

The Credit Agreement permits the TSW High Yield Bond Fund, TSW Large Cap Value Fund, TSW Core Plus Bond Fund and certain other series of the Trust to borrow up to an aggregate amount of $150 million, $50 million of which is committed (requires the lender to advance money to the borrower when requested) and $100 million of which is uncommitted (includes no obligation by the lender to loan funds when requested by the borrower) at any time outstanding, subject to asset coverage and other limitations as specified in the Credit Agreement. Borrowing results in interest expense and other fees and expenses that may impact the Funds' expenses, including any net expense ratios. The costs of borrowing may reduce the total returns for a Fund. The Credit Agreement also imposes an ongoing commitment fee on undrawn committed amounts under the credit facility, which is allocated between the TSW High Yield Bond Fund, TSW Large Cap Value Fund, TSW Core Plus Bond Fund and certain other series of the Trust, and, within each Fund, to each share class, on a pro rata basis, based on such Fund's (or such share classes, as appropriate) average daily net asset value.

**Cash-Sweep Program**. The Funds may invest in a cash-sweep program administered by the Northern Trust Company, the Funds' Administrator, through which a Fund's cash holdings are placed in the Northern Institutional Funds Treasury Portfolio (the "Cash Sweep Portfolio") a money market fund pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended (the "1940 Act"). All sweep vehicles, whether or not registered under the 1940 Act, carry certain risks. For example, money market fund sweep vehicles, such as the Cash Sweep Portfolio, are subject to market risks and are not subject to FDIC protection. As a shareholder of the Cash Sweep Portfolio, a Fund would bear, along with other shareholders, its pro rata portion of the Cash Sweep Portfolio's expenses, including any advisory and administrative fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

**Emerging Markets**. The TSW Emerging Markets Fund invests in companies located in emerging markets as part of its principal investment strategies. Unless otherwise stated in the Fund's principal investment strategy, the Fund defines emerging markets countries as those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.

**Performance Comparisons to International Indexes.** A Fund may compare its performance to one or more non-U.S. indexes prepared by MSCI. According to public disclosure made available by MSCI, the performance returns of such MSCI indexes are calculated net of foreign withholding taxes. Accordingly, performance information of such indexes presented in this prospectus reflects the net effect of foreign withholding tax.

**Seed Capital Investments into the Funds.** From time to time, the Adviser and/or its affiliates may invest "seed capital" in a Fund. These investments are generally intended to enable a Fund or a share class of the Fund to commence investment operations and/or achieve sufficient scale to implement the Fund's principal investment strategy. The Adviser and/or its affiliates are under no obligation to maintain any particular level of seed capital investments in a Fund, and they can redeem their investments at any time and without prior notice. As with redemptions by other large shareholders, redemptions of seed capital could have a significant negative impact on a Fund, including on the liquidity of the Fund's investment portfolio and the net asset value ("NAV") of the Fund shares. The form of a seed investor's contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of a Fund.

When the Adviser or an affiliate provides "seed capital" or other capital for a Fund, it may do so with the intention of redeeming all or part of its interest in the Fund at a future point in time or when it deems that sufficient additional capital has been invested in that Fund. The timing of a redemption of seed capital could benefit the seed investor and create a conflict for the Adviser if the seed investor's interests diverge from those of a Fund. For example, the seed investor may choose to redeem its shares at a time when a Fund's portfolio is more liquid than at times when other investors may wish to redeem all or part of their interests. In addition, a consequence of any redemption of a significant amount, including redemption activity by a seed investor, is that investors remaining in a Fund will bear a proportionately higher share of Fund expenses following the redemption.

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The Adviser and/or its affiliates may vote proxies (and have voted proxies in the past) for the shares they have received in exchange for seed capital. If seed capital investments account for a significant portion of a Fund's outstanding shares, the Adviser and/or its affiliates may have the ability to determine the outcome of any matter affecting and voted on by shareholders of the Fund.

#### Summary of Principal and Non-Principal Risks
This section describes the principal risks and some related risks of investing in the Funds, listed in alphabetical order, but it does not describe every possible risk of investing in a Fund. Any investment in the Funds is subject to investment risks, including the possible loss of the principal amount invested. The significance of any specific risk to an investment in a Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. Your investment in a Fund may be subject (in varying degrees) to the following risks discussed below. Each Fund may be more susceptible to some of the risks than others and not all risks will be applicable to all Funds. You should read all of the risk information for your Fund presented below carefully, because any one or more of these risks may result in losses to the Fund.

**Active Management Risk.** TSW's or the Adviser's dependence, for certain of the Funds, on a quantitative strategy, and TSW's or the Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect, and there is no guarantee that individual securities will perform as anticipated. Any given investment strategy may fail to produce the intended results, and a Fund's portfolio may underperform other comparable funds because of portfolio management decisions related to, among other things, the selection of investments, portfolio construction, evaluation of an issuer's corporate governance practices, risk assessments, and/or the outlook on market trends and opportunities.

**Asset Allocation Risk.** The risk that if a Fund's strategy for allocating assets among different asset classes does not work as intended, the Fund may not achieve its objective or may underperform other funds with similar investment strategies.

**China Risk.** To the extent a Fund invests in securities of Chinese issuers, it may be subject to certain risks and considerations not typically associated with investing in securities of U.S. issuers, including, among others, more frequent trading suspensions and government interventions (including by nationalization of assets), currency exchange rate fluctuations or blockages, limits on the use of brokers and on non-U.S. ownership, variable interest entities ("VIEs") risks, different financial reporting standards, higher dependence on exports and international trade, potential for increased trade tariffs, embargoes and other trade limitations, and custody risks. U.S. or non-U.S. government sanctions or other government's interventions could preclude a Fund from making certain investments in China or result in a Fund selling investments in China at disadvantageous times or prices. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events.

Additionally, in China, U.S. ownership of Chinese companies in certain sectors (including by U.S. persons and entities, inclusive of U.S. mutual funds) is prohibited. In order to facilitate non-U.S. investment, many Chinese companies have created VIEs that allow non-U.S. investors, through the use of contractual arrangements, to both exert a degree of control and to obtain substantially all of the economic benefits arising from a company without formal legal ownership. In 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. However, the Chinese government has not approved VIE structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related Chinese operating companies. Although VIEs are a longstanding industry practice and have been well known to Chinese officials and regulators, they have not been formally recognized under Chinese law. If the Chinese companies (or their officers, directors, or Chinese equity holders) breached their contracts or if Chinese officials and/or regulators withdraw any acceptance of the VIE structure or if new laws, rules or regulations relating to VIE structures are adopted U.S. investors could suffer substantial, detrimental, and possibly permanent effects with little or no recourse available. VIE structures do not offer the same level of investor protections as direct ownership. Investors may experience significant losses if VIE structures are altered or disputes emerge over control of the VIE.

**Convertible Securities Risk.** Convertible securities subject a Fund to the risks associated with both fixed-income securities and equity securities. If a convertible security's investment value is greater than its conversion value, its price will likely increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security. Certain "triggering events" may cause a Fund to lose the principal amount invested in a contingent convertible security and coupon payments on contingent convertible securities may

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be discretionary and cancelled by the issuer. Due to these factors, the value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

**Credit Risk.** Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by a Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by a Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when a Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment grade are considered to have speculative characteristics. If a security held by a Fund loses its rating or its rating is downgraded, a Fund may nonetheless continue to hold the security in the discretion of TSW or the Adviser. In the case of asset-backed or mortgage-related securities, changes in the actual or perceived ability of the obligors on the underlying assets or mortgages to make payments of interest and/or principal may affect the values of those securities.

**Currency Risk.** A significant portion of a Fund's assets may be denominated in non-U.S. currencies. There is the risk that the value of such assets and/or the value of any distributions from such assets may decrease if the currency in which such assets are priced or in which they make distributions falls in relation to the value of the U.S. dollar. Some emerging markets countries may have fixed or managed currencies that are not free-floating against the U.S. dollar. A Fund is not required to hedge its non-U.S. currency risk, although it may do so through non-U.S. currency exchange contracts and other methods. Therefore, to the extent a Fund does not hedge its non-U.S. currency risk, or the hedges are ineffective, the value of a Fund's assets and income could be adversely affected by currency exchange rate movements. Certain developing countries face serious exchange constraints, including the potential adoption of economic policies and/or currency exchange controls that may affect their currency valuations in a manner that is disadvantageous to U.S. investors and companies.

**Cybersecurity Risk.** The computer systems, networks, and devices used by a Fund and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by a Fund and its service providers, systems, networks, or devices potentially can be breached. The Funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Funds' business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its NAV; impediments to trading; the inability of the Funds, TSW or the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. Any problems relating to the performance and effectiveness of security procedures used by a Fund or its service providers to protect the Fund's assets, such as algorithms, codes, passwords, multiple signature systems, encryption and telephone call-backs, may have an adverse impact on a Fund or its investors. Furthermore, as a Fund's assets grow, it may become a more appealing target for cybersecurity threats such as hackers and malware.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Funds invest; counterparties with which the Funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Funds' shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Funds and the Funds' service providers to plan for, or respond to, a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

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**Depositary Receipts***.* Depositary receipts may be sponsored or unsponsored. Although the two types of depositary receipt facilities are similar, there are differences regarding a holder's rights and obligations and the practices of market participants. Holders of unsponsored depositary receipts generally bear all the costs of the facility. The depositary usually charges fees upon the deposit and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash distributions, and the performance of other services. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the underlying issuer or to pass through voting rights with respect to the underlying securities to depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the costs of the depositary receipts (such as dividend payment fees of the depositary), although most sponsored depositary receipt holders may bear costs such as deposit and withdrawal fees. Depositaries of most sponsored depositary receipts agree to distribute notices of shareholder meetings, voting instructions, and other shareholder communications and financial information to the depositary receipt holders at the underlying issuer's request. Some Funds may also invest in certain depositary receipts without voting rights, for example, Thai non-voting depositary receipts ("NVDRs"). NVDRs are similar to other depositary receipts except that they do not allow the holder to participate in company decision making through voting. See Investment Strategies and Risks – Depositary Receipts in the Funds' SAI for additional information.

**Derivatives Risk.** A derivative is an instrument with a value based on the performance of an underlying financial asset, index, or other measure. The types of derivatives that might be used by a Fund may include futures and forward contracts, options, swaps, and other similar instruments. The use of derivative contracts may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. These risks include: (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) the risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate, or index. Derivatives can be complex and may perform in ways unanticipated by TSW or the Adviser. Derivatives may be volatile, difficult to value, and a Fund may not be able to close out or sell a derivative position at a particular time or at an anticipated price.

**Emerging Markets Risk***.* Investing in emerging market securities magnifies the risks inherent in non-U.S. investments. In addition to the risks of investing in non-U.S. investments generally, emerging markets investments are subject to greater risks including or arising from political or economic instability, nationalization or confiscatory taxation, capital controls, currency exchange restrictions, tariffs and other sanctions by other countries (such as the United States) and an issuer's unwillingness or inability to make principal or interest payments on its obligations. Geopolitical events such as nationalization or expropriation could even cause the loss of the Fund's entire investment in one or more countries. In addition, pandemics and outbreaks of contagious diseases may exacerbate pre-existing problems in emerging market countries with less established healthcare systems. Emerging markets companies may be smaller and have shorter operating histories than companies in developed markets. To the extent a Fund invests in frontier countries, these risks will be magnified. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries.

Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls, impacts of bilateral trade disputes and investment restrictions that are subject to political change and balance of payments position. Issuers of non-U.S. securities (particularly those tied economically to emerging countries) often are not subject to as much regulation as U.S. issuers, and the reporting, accounting, custody, and auditing standards to which those issuers are subject often are not as rigorous as U.S. standards. Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the United States.

Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the transportation and custody of such securities. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that may not be subject to independent evaluation. Communications between the U.S. and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than those in developed markets. In addition, the laws of certain countries may put limits on a Fund's ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for compensation. A sub-set of emerging markets, frontier markets, are less developed than other emerging markets and are the most speculative. They have the least number of investors and may not have a stock market on which to trade. Most frontier markets consist chiefly of stocks of financial, telecommunications, and consumer companies that count on monthly payments from customers. Investments in this sector are typically illiquid, nontransparent, and subject to very low levels of

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regulation and high transaction fees. Emerging market investments are also subject to enhanced custody risk, a risk that is inherent in the process of clearing and settling trades and to the holding of securities, cash and other assets by local banks, agents and depositories. Frontier market investments may be subject to substantial political and currency risk. The risk of investing in frontier markets can be increased due to government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by frontier market countries or their trading partners; and the relatively new and unsettled securities laws in many frontier market countries. These risks can result in the potential for extreme price volatility.

**Equity-Linked Instruments Risk**. There is a risk that, in addition to market risk and other risks of the referenced equity security, a Fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject a Fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of a Fund's investment.

**Equity Securities Risk.** Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include both direct and indirect investments in such ownership interests, such as public and privately issued equity securities and common and preferred stocks, warrants and rights to subscribe to common stock or other equity securities, convertible securities, and derivative instruments that are expected or intended to track the price movement of equity indices. Different types of equity securities (including different types of instruments that provide direct or indirect exposure to ownership interests in issuers) provide different voting and dividend rights and priority in the event of a bankruptcy and/or insolvency of the issuer. In general, investments in equity securities and equity derivatives are subject to market risks that may cause their prices to fluctuate over time. The value of securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause a Fund's net asset value to fluctuate. Historically, the equity markets have moved in cycles, and the value of a Fund's equity securities may fluctuate drastically 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. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**ESG Factor Risk**. To the extent portfolio managers of a Fund incorporate environmental, social and/or governance considerations ("ESG factors") into their investment process, the Fund will be subject to risks associated with the relevant ESG factors. Environmental performance criteria rate a company's management of its environmental challenges, including its effort to reduce or offset the impacts of its products and operations. Social criteria measure how well a company manages its impact on the communities where it operates, including its treatment of local populations, its handling of human rights issues, its record regarding labor-management relations, anti-discrimination policies and practices, employee safety and the quality and safety record of a company's products, its marketing practices and any involvement in regulatory or anti-competitive controversies. Governance criteria address a company's investor relations and management practices, including company sustainability reporting, board accountability and business ethics policies and practices.

In general, use of ESG factors in the securities selection process will affect a Fund's exposure to certain issuers, industries, sectors, regions, and countries; may lead to a smaller universe of investments than other funds that do not incorporate ESG factor analysis; and may negatively impact the relative performance of the Fund over the short, medium or even long term depending on how successfully those ESG factors are incorporated and whether such investments are in or out of favor.

Successful incorporation of ESG factors into a Fund's overall investment strategy will depend on its portfolio managers' ability to identify and analyze financially material ESG issues, and there can be no assurance that the strategy or techniques employed will be successful.

**ETF Risk.** In addition to the risks associated with the underlying assets held by an ETF, investments in ETFs may be subject to the following additional risks: (1) the market price of an ETF's shares may trade above or below its net asset value; (2) an active trading market for the ETF's shares may not develop or be maintained; (3) trading an ETF's shares may be halted if the listing exchange's officials deem such action appropriate; (4) a passively-managed ETF may not accurately track the performance of the reference asset; and (5) a passively-managed ETF would not necessarily sell a security because the issuer of the security was in financial trouble unless the security is removed from the index that the ETF seeks to track. Investment in ETFs may involve duplication of management fees and certain other expenses, as the Fund indirectly bears its proportionate share of any expenses paid by the ETFs in which it invests.

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**Euro- and Eurozone-Related Risk.** To the extent a Fund invests in investments located in Europe, it may be subject to risks not typically associated with investments in the United States. A majority of western European countries and a number of eastern European countries are members of the European Union, an intergovernmental union aimed at developing economic and political coordination and cooperation among its member states. European countries that are members of the Economic and Monetary Union of the European Union ("EMU") are subject to restrictions on inflation rates, interest rates, deficits, and debt levels. The EMU sets out different stages and commitments for member states to follow in an effort to achieve greater coordination of economic, fiscal, and monetary policies. As a condition to adopting the euro, EMU member states must also relinquish control of their monetary policies to the European Central Bank and become subject to certain monetary and fiscal controls imposed by the EMU. These controls remove EMU member states' flexibility in implementing monetary policy measures to address regional economic conditions, which may impair their ability to respond to crises. A number of countries in the European Union have experienced, and may continue to experience, severe economic and financial difficulties. Additional European Union member countries may also fall subject to such difficulties. These events could negatively affect the value and liquidity of a Fund's investments in euro-denominated securities and derivatives contracts, as well as securities of issuers located in the European Union or with significant exposure to European Union issuers or countries, to the extent a Fund invests in such securities.

In 2020, the UK left the EU (commonly known as "Brexit"). The full extent of the political, economic, and legal consequences of Brexit are not yet fully known, and the long-term impact of Brexit on the UK, the EU and the broader global economy may be significant. As a result of the political divisions within the UK and between the UK and the EU that the referendum vote has highlighted and the uncertain consequences of Brexit, the UK and European economies and the broader economy could be significantly impacted, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any further exits from the EU, or the possibility of such exits, or the abandonment of the Euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties.

**Fixed Income Risk.** Some Funds may invest in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of a Fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of a Fund's investments decreases. Fixed income securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, changes in the value of fixed income securities will not affect cash income generated, but may affect the value of your investment.

**Focused Investment Risk.** Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain.

**Geographic Focus Risk.** From time to time a Fund's investment may be focused in a particular geographic region. The value of the investments of a Fund that focuses its investments in a particular geographic location will be highly sensitive to financial, economic, political, and other developments affecting the fiscal stability of that location, and conditions that negatively impact that location will have a greater impact on the Fund as compared with a fund that does not have its holdings similarly focused. Events negatively affecting such location are therefore likely to cause the value of a Fund's shares to decrease, perhaps significantly.

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**High Yield ("Junk Bond") Investments Risk.** Some Funds may invest in high yield securities, also known as "junk bonds," which have a higher risk of issuer default or may be in default. The securities are not investment grade and are generally considered speculative because they present a greater risk of loss than higher quality debt securities. In particular, lower-rated high yield securities (CCC or below) are subject to a greater degree of credit risk than higher-rated high yield bonds. These lower-rated or defaulted debt securities may fluctuate more in price, and are less liquid than higher-rated securities because issuers of such lower-rated debt securities are not as strong financially, and are more likely to encounter financial difficulties and be more vulnerable to adverse changes in the economy. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of high yield bond holders, leaving few or no assets available to repay high yield bond holders. A characteristic of the high yield bond is the issuance of securities under Rule 144A, many with registration rights. Some Funds may invest in high yield securities issued under Rule 144A, with or without registration rights.

**India Risk***.* Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on the economy and could adversely affect market conditions, economic growth and the profitability of private enterprises. Global economic developments may inhibit the flow of non-U.S. capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of individuals and corporate governance standards of Indian companies may be weaker and less transparent, which may increase the risk of loss and unequal treatment of investors. To the extent a Fund invests in investments in India, it may be subject to risks presented by investments in an emerging market country, including liquidity risk, which may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as between sectarian groups within each country). In addition, the Indian economy could be adversely impacted by natural disasters and acts of terrorism. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region.

**Interest Rate Risk**. When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund. Your investment will decline in value if the value of the Fund's investments decreases. In a declining interest rate environment, fixed income securities with stated interest rates may have the principal paid earlier than expected, requiring the Fund to invest the proceeds at generally lower interest rates. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

**Investment Company Risk.** If a Fund invests in shares of another investment company, shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which a Fund invests in addition to the Fund's direct fees and expenses. A Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount, and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in a Fund.

**IPO Risk.** A Fund may purchase securities in initial public offerings ("IPOs"). These securities are subject to many of the same risks of investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time a Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired because, for example, only a small portion (if any) of the securities being offered in an IPO may be made available to the Fund. In addition, under certain market conditions a relatively small number of companies may issue securities in IPOs. Similarly, as the number of funds to which IPO securities are allocated increases, the number of securities issued to any one fund, if any, may decrease. The investment performance of a Fund during periods when it is unable to invest significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as a Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease.

**Japan Risk***.* The Japanese economy may be subject to economic, political and social instability, which could have a negative impact on Japanese securities, and may impact a Fund's performance to the extent it invests in such securities. In the past, Japan's economic growth rate has remained relatively low, and it may remain low in the future. At times, the Japanese economy has been adversely impacted by government intervention and protectionism, changes in its labor market, and an unstable financial services sector. International trade, government support of the financial services sector and other troubled sectors, government policy, natural disasters and/or geopolitical developments could significantly affect the Japanese economy. A significant portion of Japan's trade is conducted with developing nations and can be affected by conditions in these nations or by currency fluctuations. Japan is an island state with

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few natural resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy.

**Key Person Risk.** Key person risk is the risk that results when a Fund's investment program is highly dependent on the investment skill and dedication of a small number of "key" persons at TSW or the Adviser, which can result in decreased investment results if these "key" persons become unable to apply their full attention to the management of a Fund's investments for health or other reasons.

**Large Transactions Risk.** A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively purchase or redeem large amounts of shares of the Fund ("large shareholder transactions"). Such larger than normal redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large shareholder transactions may also result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, and may also increase transaction costs. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged investment plans. To the extent that such transactions result in short-term capital gains, such gains when distributed by the Fund will generally be taxed at the ordinary income tax rate for individual shareholders who hold Fund shares in a taxable account. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. A number of circumstances may cause the Fund to experience large redemptions, including, but not limited to, the occurrence of significant events affecting investor demand for securities or asset classes in which the Fund invests; changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel. Although large shareholder transactions may be more frequent under certain circumstances, a Fund is generally subject to the risk that shareholders can purchase or redeem a significant percentage of Fund shares at any time.

**Limited History of Operations.** The TSW Emerging Markets Fund and TSW High Yield Bond Fund are newly organized, diversified, open-end management investment companies with limited operating histories. As a result, prospective investors have a limited track record or history on which to base their investment decision. The Adviser or its affiliates may contribute "seed capital" in connection with the launch of a Fund to commence operations prior to investment by third parties. Seed capital may represent ownership of up to 100% of a Fund during its initial phase of operation and, in limited circumstances, during subsequent periods. It is anticipated that over time this percentage will decrease. Funds with higher percentages of seed capital may exhibit different portfolio dynamics or performance profiles than those with a lower percentage of seed capital.

**Liquidity Risk.** A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Trading opportunities are also more limited for securities and other instruments that are not widely held or are traded in less developed markets. These factors may make it more difficult to sell or buy a security at a favorable price or time. Consequently, a Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund's performance. Illiquid investments may also be more difficult to value.

Liquidity risk may be amplified during times of financial or political stress, or, for example, in situations where foreign countries close their securities markets for extended periods of time due to scheduled holidays, such as the week-long closure of Chinese securities markets that occurs annually in October. Increased Fund redemption activity also may increase liquidity risk due to the need of the Fund to sell portfolio investments and may negatively impact Fund performance.

**Long-Term Investment Strategy Risk.** TSW Large Cap Value Fund pursues a long-term investment approach, typically seeking returns over a period of several years. This investment style may cause the Fund to lose money or underperform compared to its benchmark index or other mutual funds over extended periods of time, and the Fund may not perform as expected in the long term. An investment in the Fund may be more suitable for long-term investors who can bear the risk of short- or medium-term fluctuations in the value of the Fund's portfolio. The market price of a Fund's investments may fluctuate daily due to economic and other events that affect particular companies and other issuers or the market as a whole. Short- and medium-term price fluctuations may be especially pronounced in less developed markets or in companies with lower market capitalizations in which the Fund may invest.

**Loan-Related Investments Risk**. In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Bank loans are generally less liquid than many other debt securities.

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Transactions in bank loans may settle on a delayed basis (and in certain cases may take longer than seven days to settle), such that a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund's redemption obligations until a substantial period after the sale of the loans.

**Market Risk.** The market value of a Fund's investments will move up and down, sometimes rapidly and unpredictably, based upon political, regulatory, market, economic, and social conditions, as well as developments that impact specific economic sectors, industries, or segments of the market, including conditions that directly relate to the issuers of a Fund's investments, such as management performance, financial condition, and demand for the issuers' goods and services. The Funds are subject to the risk that geopolitical events will adversely affect global economies and markets. War and other military operations, terrorism, and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on global economies and markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets.

**Mortgage-Related and Asset-Backed Securities Risk.** In addition to the risks associated with investments in fixed-income securities generally (for example, credit, liquidity, inflation and valuation risk), mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities as well as prepayment risk, the risk that the securities may be prepaid and result in the reinvestment of the prepaid amounts in securities with lower yields than the prepaid obligations. Conversely, there is a risk that a rise in interest rates will extend the life of a mortgage-related or asset-backed security beyond the expected prepayment time, typically reducing the security's value, which is called extension risk. A Fund also may incur a loss when there is a prepayment of securities that were purchased at a premium. Stripped securities are more sensitive to changes in the prevailing interest rates and the rate of principal payments on the underlying assets than regular mortgage-related securities. The value of some mortgage-related securities and other asset-backed securities in which a Fund invests may be particularly sensitive to changes in prevailing interest rates, and the ability of a Fund to successfully utilize these instruments may depend in part upon the ability of the Fund's Adviser to forecast interest rates and other economic factors correctly. The risk of non-payment is greater for mortgage-related securities that are backed by loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans, or which may be negatively impacted by economic and market conditions, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic downturn or recession, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable-rate mortgages. A Fund's investments in other asset-backed securities are subject to risks similar to those associated with the servicing of those assets. These types of securities may also decline for reasons associated with the underlying collateral. A dollar roll involves potential risks of loss that are different from those related to the securities underlying the transactions. A Fund may be required to purchase securities at a higher price than may otherwise be available on the open market. Since the counterparty in the transaction is required to deliver a similar, but not identical, security to a Fund, the security that a Fund is required to buy under the dollar roll may be worth less than an identical security. There is no assurance that the Fund's use of cash that it receives from a dollar roll will provide a return that exceeds borrowing costs.

**Municipal Securities Risk.** Municipal securities are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from U.S federal income tax.

Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. The value of municipal bonds that depend on a specific revenue source or general revenue source to fund their payment obligations may fluctuate as a result of changes in the cash flows generated by the revenue source(s) or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source(s). In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal bonds.

Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Since some municipal securities may be

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secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for the Fund to sell the security at the time and the price that normally prevails in the market. Interest on municipal obligations, while generally exempt from U.S. federal income tax, may not be exempt from U.S. federal alternative minimum tax.

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

**Non-U.S. Securities Risk.** Non-U.S. securities risk is the risk associated with investments in issuers located in non-U.S. countries. Investing in non-U.S. securities poses additional market risks since political and economic events unique in a country or region will affect those markets and their issuers and may not affect the U.S. economy or U.S. issuers. Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these non-U.S. markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Income, proceeds and gains received by the Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. U.S. government tariffs, sanctions or other actions directed at a particular country could adversely impact issuers in that country.

Other risks associated with investing in non-U.S. securities include, among other things, imposition of exchange control regulation by the U.S. or non-U.S. governments, U.S. and non-U.S. withholding or other taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in non-U.S. nations. There may be less publicly available information about certain non-U.S. companies than would be the case for comparable companies in the U.S. and certain non-U.S. companies may not be subject to accounting, auditing, and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies. The Public Company Accounting Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain non-U.S. countries. Investors in non-U.S. countries often have limited rights and few practical remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the SEC, the U.S. Department of Justice and other authorities to bring and enforce actions against non-U.S. issuers or non-U.S. persons is limited. Many countries, including developed nations and emerging markets, are faced with concerns about high government debt levels, credit rating downgrades, increased disruption in international trade, possible government debt restructuring and related issues, all of which may cause the value of a Fund's non-U.S. investments to decline. Nationalization, expropriation, confiscatory taxation, currency blockage, the imposition of sanctions by other countries (such as the United States) capital controls, political changes or diplomatic developments may also cause the value of a Fund's non-U.S. investments to decline. When imposed, non-U.S. withholding or other taxes reduce a Fund's return on non-U.S. securities. In the event of nationalization, expropriation or other confiscation, a Fund could lose its entire non-U.S. investment. These risks also apply to securities of non-U.S. issuers traded in the United States or through depositary receipt programs such as American Depositary Receipts. In certain cases, depositary receipts may also be issued through programs in local markets, such as Thai NVDRs. See Summary of Principal and Non-Principal Risks – Depositary Receipts in this Prospectus for additional information. To the extent a Fund invests a significant portion of its assets in a specific geographic region, the Fund may have more exposure to regional political, economic, environmental, credit/counterparty and

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information risks. In addition, non-U.S. securities may be subject to increased credit/counterparty risk because of the potential difficulties of requiring non-U.S. entities to honor their contractual commitments.

**Participatory Notes Risk.** Participatory notes are equity access products structured as debt obligations issued by banks or broker-dealers that are designed to replicate the performance of certain issuers and markets where direct investment is either impossible or difficult due to local restrictions. The performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve the same risks associated with a direct investment in the shares of the companies the notes seek to replicate. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with a Fund. Some participatory notes may be considered illiquid and, therefore, will be subject to a Fund's percentage limitation for investments in illiquid securities. The Funds may take long or short positions in participatory notes.

**Portfolio Turnover Risk.** A Fund may sell its portfolio securities, regardless of the length of time that they have been held, if TSW or the Adviser determines that it would be in the Fund's best interest to do so. It may be appropriate to buy or sell portfolio securities due to economic, market, or other factors that are not within TSW's or the Adviser's control. These transactions will increase a Fund's "portfolio turnover." A 100% portfolio turnover rate would occur if all of the securities in a Fund were replaced during the annual measurement period. High turnover rates generally result in higher brokerage costs to a Fund, may result in higher amounts of taxable distributions to shareholders each year and higher effective tax rates on those distribution amounts, and may reduce the Fund's returns.

**Preferred Stock Risk.** A Fund may invest in preferred stock. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

**Regulatory Risk***.* Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of a Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**REIT and Real Estate-Related Investment Risk.** REITs are subject to certain other risks related to their structure and focus. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

**Rule 144A and Other Exempted Securities Risk.** The Fund may invest in privately placed and other securities or instruments exempt from SEC registration (collectively "private placements"), subject to certain regulatory restrictions. In the U.S. market, private placements are typically sold only to qualified institutional buyers, or qualified purchasers, as applicable. An insufficient number of buyers interested in purchasing private placements at a particular time could adversely affect the marketability of such investments and the Fund might be unable to dispose of them promptly or at reasonable prices, subjecting the Fund to liquidity risk (the risk that it may not be possible for the Fund to liquidate the instrument at an advantageous time or price). The Fund's holdings of private placements may increase the level of Fund illiquidity if eligible buyers are unable or unwilling to purchase them at a particular time. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of private placements typically reflect a discount, which may be significant, from the market price of comparable securities for which a more liquid market exists. Issuers of Rule 144A eligible securities are required to furnish information to potential investors upon request. However, the required disclosure is much less extensive than that required of public companies and is not publicly available since the offering information is not filed with the SEC. Further, issuers of Rule 144A eligible securities can require recipients of the offering information (such as the Fund) to agree contractually to keep the information confidential, which could also adversely affect the Fund's ability to dispose of the security.

**Small-Cap and Mid-Cap Company Risk.** Small- and mid-capitalization companies may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these small- and mid-capitalization companies may have limited product lines, markets, and financial resources, and may depend upon a relatively small management group. These companies may experience higher growth rates and higher interest rates than larger capitalization companies. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. Small cap securities may be traded over the counter or listed on an exchange and it may be harder to sell the smallest capitalization company stocks, which can reduce their selling prices. Smaller

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capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have a floating interest rate.

**South Korea Risk.** To the extent a Fund invests in investments located in South Korea, the Fund will be susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. Furthermore, South Korea's economy may be significantly affected by currency fluctuations and increasing competition from Asia's other low-cost emerging economies. Also, tensions with North Korea could escalate and lead to further uncertainty in the political and economic climate of South Korea.

**Taiwan Risk.** The economy of Taiwan is heavily dependent on exports. Currency fluctuations, increasing competition from Asia's other emerge economies, and conditions that weaken demand for Taiwan's export products worldwide could have a negative impact on the Taiwanese economy as a whole, and may impact a Fund's performance to the extent the Fund invests in such securities. Additionally, a disruption in Taiwan's exports could also result in broader negative economic impacts with respect to those industries and countries that rely upon them. Concerns over Taiwan's history of political contention and its current relationship with China may also have a significant impact on the economy of Taiwan.

**TIPS and Inflation-Linked Bonds or Inflation-Indexed Securities Risk.** The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal (stated) interest rates and the rate of inflation as the principal and/or interest is adjusted for inflation and can be unpredictable. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities and the Fund may not receive any income from such investments. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. If the Fund purchases inflation-protected securities in the secondary market whose principal values have been adjusted upward due to inflation since issuance, a Fund may experience a loss if there is a subsequent period of deflation. The losses from inflation-protected securities may be greater than the losses from other fixed-income securities with similar durations. The inflation-protected securities markets are generally much smaller and less liquid than the nominal bonds from the same issuers and, as such, can suffer from losses during time of economic stress or illiquidity.

**United Kingdom Investments Risk**. The United Kingdom has one of the largest economies in Europe and is heavily dependent on trade with the European Union, and to a lesser extent the United States and China. As a result, the British economy may be impacted by changes to the economic condition of the United States, China and other European countries. The British economy relies heavily on the export of financial services to the United States and other European countries and, therefore, a prolonged slowdown in the financial services sector may have a negative impact on the British economy, as well as on a Fund, to the extent the Fund invests in investments located in the United Kingdom. Furthermore, the United Kingdom voted via referendum to leave the European Union ("Brexit"). The impact of Brexit on the economies of the United Kingdom and its trading partners is not yet fully known.

**Value Investing Risk.** Value securities are securities of companies that may have experienced adverse business, industry, or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. It may take longer than expected for the value of such securities to rise to the anticipated value, or the value may never do so. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.

**When-Issued, Delayed Delivery, TBA, and Forward Commitment Transaction Risk.** There can be no assurance that a security purchased on a when-issued basis will be issued or that a security purchased or sold on a delayed delivery basis will be delivered. When a Fund engages in when-issued or delayed delivery transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in a Fund's incurring a loss or missing an opportunity to obtain a price considered to be advantageous.

The purchase of securities in this type of transaction increases an overall investment exposure and involves a risk of loss if the value of the securities declines prior to settlement. If deemed advisable as a matter of investment strategy, the securities may be disposed of or the transaction renegotiated after it has been entered into, and the securities sold before those securities are delivered on the settlement date.

The purchaser of TBA securities generally is subject to increased market risk and interest rate risk because the delivered securities may be less favorable than anticipated by the purchaser. TBA securities have the effect of creating leverage.

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FINRA rules include mandatory margin requirements for the TBA market with limited exceptions. The collateralization of TBA trades is intended to mitigate counterparty credit risk between trade and settlement, but could increase the cost of TBA transactions and impose added operational complexity.

**Withholding Tax Reclaims Risk.** A Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax refund is within the control of the tax authorities in such countries. Where a Fund expects to recover withholding taxes, the net asset value of the Fund generally includes accruals for such tax refunds. Each Fund regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in such Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value. Shareholders in a Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if a Fund receives a tax refund that has not been previously accrued, shareholders in such Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's net asset value.

#### Portfolio Holdings Disclosure
A description of the Funds' policies and procedures with respect to the disclosure of the portfolio holdings is available in the SAI.

#### PRIOR RELATED PERFORMANCE OF SIMILAR ACCOUNTS
The below table titled "TSW's Prior Performance of a Similar Account Relating to TSW High Yield Bond Fund" sets forth historical performance information for a separate account ("Comparable Account") that has a substantially similar investment objective, policy and strategy as the TSW High Yield Bond Fund, and is managed by TSW.

The below table titled "TSW's Prior Performance of the Composite for TSW Core Plus Bond Fund" sets forth historical performance information for all actual discretionary institutional and other accounts (the "Composite") that have a substantially similar investment objective, policy and strategy as the TSW Core Plus Bond Fund, and which are managed by TSW.

The data is provided to illustrate the past performance of substantially similar accounts as measured against a specified market index and does not represent the performance of each Fund. The Comparable Account and the accounts in the Composite are separate and distinct from the Funds; the performance of the Comparable Account and the accounts in the Composite is not intended as a substitute for a Fund's performance and should not be considered a prediction of the future performance of the TSW High Yield Bond Fund, TSW Core Plus Bond Fund or of TSW.

The data shown below was calculated in accordance with recognized industry standards, consistently applied to all time periods. All returns presented were calculated on a total return basis, and assume the reinvestment of dividends, capital gains and other earnings. All returns are net of trading costs, without provision for U.S. federal, state, or local income taxes. "Net of Fees" figures also reflect the deduction of all fees applicable to the accounts in the composite including a bundled fee (which includes all effective charges for management fees, custody and other administrative fees) and performance fees. "Gross of Fees" figures show performance without taking into account the deductions of any fees.

Securities transactions are accounted for on trade date and accrual accounting is utilized. Cash and equivalents are included in performance returns. Monthly returns of the Comparable Account and the Composite reflect the account values as of the last trading day of the month. Monthly returns are linked together in order to calculate annual returns. Performance information shown below was calculated differently than the methodology mandated by the SEC for registered investment companies.

The discretionary institutional accounts that are included in the Composite are subject to lower expenses than the TSW Core Plus Bond Fund and may not be subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act or Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Consequently, the performance results for the Composite would have been less favorable had the underlying accounts been subject to the same expenses as the TSW Core Plus Fund and may have been less favorable had each underlying account been regulated as an investment company under the federal securities laws.

The Comparable Account may not be subject to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act or Subchapter M of the Code. Consequently, the performance results for the

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Comparable Account would have been less favorable had the underlying account been subject to the same expenses as the TSW High Yield Bond Fund and may have been less favorable had it been regulated as an investment company under the federal securities laws. The expenses used in the Comparable Account are lower than those used in the Fund.

The returns set forth below may not be representative of the results that may be achieved by each Fund in the future, in part because the past results are not necessarily indicative of future results. In addition, the results presented below may not necessarily equate with the return experienced by any particular investor as a result of the timing of investments and redemptions, market conditions and other factors. The effect of taxes on any investor will depend on such person's tax status, and the results have not been reduced to reflect any income tax that may have been payable.

The tables below show the annual total returns for the Comparable Account and Composite, and a broad-based securities market index for periods ended December 31.

#### TSW's Prior Performance of a Similar Account Relating to TSW High Yield Bond Fund

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since<br> Inception** |
|  Comparable Account (Net of Fees) | 8.27% | 9.5% | 5.94% |
|  Comparable Account (Gross of Fees) | 7.88% | 4.46% | 5.53% |
|  ICE Bank of America Merrill Lynch US High Yield BB-B (Constrained 2%) | 8.69% | 4.09% | 5.94% |

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#### TSW's Prior Performance of the Composite for TSW Core Plus Bond Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **Since<br> Inception<sup>\*</sup>** |
|  Composite (Net of Fees) | 7.49% | 1.26% | 4.40% |
|  Composite (Gross of Fees) | 7.12% | 0.91% | 4.04% |
|  Bloomberg Barclays U.S. Aggregate Bond Index | 7.30% | -0.36% | 3.21% |

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\* Composite Inception Date: December 31, 2004. Returns for periods over one year are annualized.

#### MANAGEMENT OF THE FUNDS

#### Thompson, Siegel & Walmsley LLC
TSW is located at 6641 W. Broad Street, Suite 600, Richmond, Virginia 23230, and serves, subject to supervision by the Board of Trustees (the "Board") and the Funds' investment adviser<sup>1</sup>, as the subadviser for TSW Emerging Markets Fund, TSW High Yield Bond Fund, TSW Large Cap Value Fund, and TSW Core Plus Bond Fund. TSW manages and supervises the investment of TSW Emerging Markets Fund, TSW High Yield Bond Fund, and TSW Large Cap Value Fund assets on a discretionary basis, subject to oversight by the Board. TSW has provided investment management services to corporations, pensions and profit-sharing plans, 401(k) and thrift plans, trusts, estates and other institutions and individuals since 1970. TSW is an indirect wholly owned subsidiary of Perpetual Limited. As of September 30, 2025, TSW had approximately $21.1 billion in assets under management. As compensation for its services, the Adviser pays to TSW a monthly base fee for its services, subject to any applicable reduction as described further in the Subadvisory Agreement and the SAI.

#### Fund Expense Limitation and Recoupment Arrangements
Under the Third Amended and Restated Expense Limitation Agreement dated June 13, 2024 between the Adviser and the Trust, as amended, the Adviser has contractually agreed to waive fees and reimburse expenses of each Fund to the extent that total annual operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the limits listed in the table below until February 1, 2027. Generally, if it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the applicable expense limitation that was in effect at the time of the waiver or

<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services ("PAFS"), which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Funds' Investment Advisory Agreement. As of September 30, 2025, the following Funds are subject to recoupment by the Adviser of fees previously waived or reimbursed by the Adviser:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Fund Name | Class of Shares | Maximum<br>Operating<br>Expense Limit<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;TSW Core Plus Bond Fund | Institutional Shares | 50bps |
|  | Advisor Shares | 60bps |
|  | Investor Shares | 75bps |
|  | Class Z Shares | 50bps |
| &nbsp;&nbsp;&nbsp;TSW Emerging Markets Fund | Institutional Shares | 99bps |
|  | Advisor Shares | 109bps |
|  | Investor Shares | 124bps |
|  | Class Z Shares | 99bps |
| &nbsp;&nbsp;&nbsp;TSW High Yield Bond Fund | Institutional Shares | 65bps |
|  | Advisor Shares | 75bps |
|  | Investor Shares | 90bps |
|  | Class Z Shares | 65bps |
| &nbsp;&nbsp;&nbsp;TSW Large Cap Value Fund | Institutional Shares | 73bps |
|  | Advisor Shares | 83bps |
|  | Investor Shares | 98bps |
|  | Class Z Shares | 73bps |

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<sup>1</sup> Expressed as a percentage of each Fund's respective average daily net assets. 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Amount<br>Available<br>for<br>Recoupment** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2028** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2027** | **Amount of<br>Recoupment<br>expiring on<br>September 30,<br>2026** |
|  TSW Core Plus Bond Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180897 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82052 \* | $N/A |
|  TSW Emerging Markets Fund | $217695 | $76381 | $55765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85549 |
|  TSW High Yield Bond Fund | $204974 | $62387 | $63024 | $79563 |
|  TSW Large Cap Value Fund | $162907 | $82885 | $80022 | $0 |

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

#### Portfolio Management
The Funds are managed using a team-based approach. Each of the Funds is managed jointly and primarily by one or more investment professionals and may be supported by analysts. The members of the Funds' management teams, and the name of the Fund for which each team member is responsible, are listed below. Each individual listed below is primarily responsible for the day-to-day management of the respective Fund's portfolio.

#### William M. Bellamy, CFA
Lead Portfolio Manager

*TSW High Yield Bond Fund* 

*TSW Core Plus Bond Fund* 

William M. Bellamy, CFA is the Director of Income Strategies and is responsible for overseeing all fixed income management at the firm. He is the Portfolio Manager for TSW's Multi-Asset Income and Core Plus strategies and has managed a Core Plus strategy for the firm since 2002.

William began his career in the investment industry in 1987. Prior to joining TSW in 2002, he was a Portfolio Manager at Trusco Capital Management managing total return oriented institutional accounts. Previously, William was a Vice President of Institutional Fixed Income for First Union Capital Markets and Clayton Brown & Associates, after beginning his career in Institutional Sales and Trading at Merrill Lynch. He earned his undergraduate degree from Cornell University and his MBA from The Fuqua School of Business at Duke University. He holds the Chartered Financial Analyst<sup>®</sup> designation, is a member the Richmond Society of Financial Analysts, and is registered as an Investment Adviser Representative.

#### Bryan F. Durand, CFA

#### Co-Portfolio Manager
*TSW Large Cap Value Fund* 

Bryan F. Durand, CFA, Co-Portfolio Manager and Research Analyst, is in conjunction with Mr. Hawkins, responsible for managing the Fund. Bryan initially joined the Adviser in 2005 as an Equity Research Analyst and served in that role until 2008. He then served as a Senior Research Analyst at MFC Global Investment Management from 2008-2010 and a Partner at Private Advisors, LLC from 2010-August 2017 before rejoining the Adviser in his current role in September 2017. Bryan graduated from the College of the Holy Cross and received his MBA from Duke University, Fuqua School of Business.

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#### Brett P. Hawkins, CFA

#### Lead Portfolio Manager
*TSW Large Cap Value Fund* 

Brett P. Hawkins, CFA, Chief Investment Officer and Co-Portfolio Manager, is primarily responsible for managing the Fund. Brett also is a Co-Portfolio Manager for TSW's Mid Cap Value strategy and a Portfolio Manager for TSW's SMID Cap Value strategy. He joined TSW in 2001 and has over 28 years of investment experience. Prior to joining TSW, Brett was an Assistant Vice President of Equity Research with First Union Securities and previously worked at Arthur Andersen LLP as an Audit and Business Advisory Senior Associate. Brett graduated from the University of Richmond and received his MBA from the University of Virginia, Darden School.

#### Elliott W. Jones, CFA

#### Portfolio Manager
*TSW Emerging Markets Fund* 

Elliott W. Jones, CFA is the Portfolio Manager for the Emerging Markets team. Elliott joined TSW as a research associate in 2012. He has been dedicated to non-U.S. strategies as a research analyst since 2015. Elliott is a graduate of University of North Carolina, BA and Wake Forest University, MA. He previously worked for Union First Market Bank as a Financial Services Advisor. He holds the Chartered Financial Analyst<sup>®</sup> designation.

#### David McMackin, CFA

#### Co-Portfolio Manager
*TSW Core Plus Bond Fund* 

*TSW High Yield Bond Fund* 

David McMackin, CFA is a Portfolio Manager for the Income Strategies team and is responsible for overseeing all fixed income management at the firm. He is the co-Portfolio Manager for TSW's Multi-Asset Income and Core Plus strategies.

David began his career in the investment industry in 2000. Prior to joining TSW in 2004, he worked for Trusco Capital Management as a Portfolio Analyst and Crestar Asset Management as a Trading Assistant. David is a graduate of Virginia Polytechnic Institute & State University and holds the Chartered Financial Analyst<sup>®</sup> designation.

The SAI provides information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of Fund shares.

#### Investment Adviser, Administrator, Transfer Agent, Custodian, and Distributor
PAFS serves as the investment adviser to the Funds<sup>1</sup>. Its principal place of business is 1 Congress Street, Suite 3101, Boston, Massachusetts 02114. The Adviser is an indirect wholly owned subsidiary of Perpetual Limited. Perpetual Limited is a diversified financial services company that has been serving Australians since 1886. The Adviser is an investment adviser registered with the SEC in the U.S. under the Investment Advisers Act of 1940, as amended. As adviser to the Funds, subject to the Board of Trustees' supervision, the Adviser continuously reviews, supervises, and administers each Fund's investment program. The Adviser also ensures compliance with each Fund's investment policies and guidelines. For its services, the Adviser is entitled to a management fee, as set forth below, which is calculated daily and paid monthly based on the average daily net assets of each Fund. As of September 30, 2025, the Adviser had approximately $8.9 billion in assets under management.

Under the Funds' Investment Advisory Agreement, the Adviser is paid an annual management fee from each Fund as follows:

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| | |
|:---|:---|
| **Fund** | **Management Fee<br>(as percentage of average<br>daily net assets)** |
|  TSW Core Plus Bond Fund | 0.40% |
|  TSW Emerging Markets Fund | 0.80% |
|  TSW High Yield Bond Fund | 0.50% |
|  TSW Large Cap Value Fund | 0.58% |

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<sup>1</sup> The Fund's investment adviser is Perpetual Americas Funds Services, which is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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Disclosure regarding the basis for the Board's approval of the Investment Advisory Agreement between the Adviser and each of the Funds is available in the Funds' Form N-CSR filing for the period ending September 30, 2025.

The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Funds' Administrator and Fund Accounting Agent, Transfer Agent, and Custodian. The Funds have entered into a distribution agreement with Perpetual Americas Funds Distributors, LLC, (the "Distributor"), 190 Middle Street, Suite 301, Portland, ME 04101, to distribute shares of the Funds. The Distributor is a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), which is unaffiliated with the Adviser.

#### YOUR ACCOUNT

#### Pricing Your Shares
When you buy and sell shares of a Fund, the price of the shares is based on the Fund's net asset value per share ("NAV") next determined after the order is received.

#### Calculating the Fund's NAV
The NAV is calculated at the close of trading of the NYSE, normally 4:00 p.m. Eastern time ("ET")/3:00 p.m. Central time ("CT"), on each day that the NYSE is open for business. The NYSE is closed on the following days: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day. Your order to purchase or sell shares is priced at the next NAV calculated after your order is received and deemed to be in good order by the Funds' Transfer Agent or a financial intermediary. Only purchase orders received and deemed to be in good order by the Funds' Transfer Agent before 4:00 p.m. ET/3:00 p.m. CT will be effective at that day's NAV. On occasion, the NYSE will close before 4:00 p.m. ET/3:00 p.m. CT. When that happens, purchase requests received by the Funds or a financial intermediary after the NYSE closes will be effective the following Business Day. The NAV of a Fund may change every day.

A purchase, redemption, or exchange request is considered to be "in good order" when all necessary information is provided and all required documents are properly completed, signed, and delivered. Requests must include the following:

• The account number (if issued) and Fund name;

• The amount of the transaction, in dollar amount or number of shares;

• For redemptions and exchanges (other than telephone or wire redemptions), the signature of all account owners exactly as they are registered on the account;

• Required signature guarantees, if applicable; and

• Other supporting legal documents and certified resolutions that might be required in the case of estates, corporations, trusts and other entities or forms of ownership. Call 866-260-9549 (toll free) or 312-557-5913 for more information about documentation that may be required of these entities.

Additionally, a purchase order initiating the opening of an account is not considered to be in "good order" unless you have provided all information required by the Funds' "Customer Identification Program" as described below.

#### Valuing the Funds' Assets
The market value of a Fund's investments is determined primarily on the basis of readily available market quotations. Each Fund generally uses pricing services to determine the market value of securities. Non-U.S. securities, currencies, and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars at the prevailing exchange rate of such currencies against the U.S. dollar as provided by an approved independent pricing service.

In compliance with Rule 2a-5 of the 1940 Act, the Board has designated the Adviser as the Funds' "valuation designee" with responsibility for establishing fair value when the price of a security is not readily available or deemed unreliable. The Adviser,

------

in its role as the valuation designee, has established an internal committee (the "Committee") comprised of select officers and staff of the Adviser to discharge its responsibilities under the Trust's valuation procedures (the "Valuation Procedures").

If market quotations for a security are not available or market quotations or a price provided by a pricing service do not reflect fair value, or if an event occurs after the close of trading on the domestic or non-U.S. exchange or market on which the security is principally traded (but prior to the time the NAV is calculated) that materially affects fair value, the Adviser, as valuation designee, will value a Fund's assets at their fair value according to the Valuation Procedures approved by the Board. For example, if trading in a portfolio security is halted and does not resume before a Fund calculates its NAV, such security's fair value will be determined by the Adviser using the Valuation Procedures, subject to oversight by the Board.

In addition, fair value pricing may be used if events materially affecting the value of non-U.S. securities occur between the time when the exchange on which they are traded closes and the time when the NAV is calculated. The Fund identifies possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, a Fund may use a systematic valuation model provided by a third-party pricing service to fair value its international equity securities.

Without a fair value price, short-term investors could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Non-U.S. markets in which a Fund buys securities may be open on days the U.S. markets are closed, causing a Fund's NAV to change even though the Fund is closed. On days when the U.S. markets are closed, a Fund's shareholders will not be able to purchase or sell Fund shares. While fair valuation of a Fund's portfolio securities can serve to reduce arbitrage opportunities, there is no assurance that fair value pricing policies will prevent dilution of the NAV by short-term investors. Fair valuation involves subjective judgments, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

#### How to Purchase Shares
Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distribution to prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholder generally would be subject to U.S. tax withholding on Fund distributions. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or a non-U.S. trust or estate, corporation, or partnership. Investment in the Funds by non-U.S. investors may be permitted on a case-by-case basis, at the sole discretion of the Funds.

You may purchase shares directly from the Funds or through your broker or financial intermediary on any day the NYSE is open, subject to certain restrictions described below. Purchase requests received in good order by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the close of the NYSE) will be effective at that day's share price. Purchase requests received in good order by the Funds or a financial intermediary after the close of trading on the NYSE are processed at the share price determined on the following Business Day. You may invest any amount you choose, as often as you wish, subject to the minimum initial and minimum additional investment as stated in this prospectus. The Funds may accept initial investments smaller than the minimum initial investment amounts from eligible retirement account investors and in connection with the Funds' participation in third-party distribution platforms and in certain other instances at their discretion.

#### Share Classes
The Funds offer multiple share classes. Each Fund offers four classes of shares through this Prospectus: Institutional, Advisor, Investor and Z Shares. Each class of shares of each Fund has the same investment objective and investments, but the different share classes have different expense structures and eligibility requirements. Your financial intermediary can help you determine which share class to purchase. You should choose a share class for which you are eligible, with the expense structure that best meets your needs.

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The principal differences among the classes are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional** | **Advisor** | **Investor** | **Class Z** |
|  Minimum Initial Investment | $100000 |  |  | $10000000 |
|  Minimum Subsequent Investment |  |  |  |  |
|  Sub- Accounting/Sub- Transfer Agency Expenses | Yes. Expenses may vary depending on the arrangements with financial intermediaries that offer Fund shares. Expenses are incurred pursuant to "fee for service" arrangements with financial intermediaries. |  |  |  |
|  Distribution (Rule 12b-1) Fees |  | 0.10% | 0.25% |  |
|  Sales Charge (Load) |  |  |  |  |
|  Redemption Fees |  |  |  |  |

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**Institutional Shares** of the Funds are primarily for institutional investors investing for their own or their customers' accounts, and for investments made though financial institutions or intermediaries that typically require sub-accounting, sub-transfer agency, shareholder services payments and/or recordkeeping payments from the Fund for some or all of their underlying investors ("sub-transfer agency fees"). Institutional Shares are expected to bear certain expenses associated with sub-transfer agency fees, which amounts may vary between the Funds. The minimum initial investment for Institutional Shares is $100,000. If you purchase Institutional Shares, you will not pay a sales charge at the time of purchase and you will not pay a 12b-1 fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

Your financial intermediary can help you determine whether you are eligible to purchase Institutional Shares. Eligible Institutional Share investors primarily include:

• individuals and institutional investors with a minimum initial investment of $100,000;

• employer sponsored retirement plans, pooled investment vehicles, clients of financial institutions or intermediaries which charge such clients a fee for advisory, investment consulting, or similar services or have entered into an agreement with the Funds or the Distributor to offer such shares though an investment platform;

• clients of trust companies where the trust company is acting in fiduciary capacity, as agent, or as custodian;

• investors through certain brokerage platforms in which an investor transacting through a broker may be required to pay commission and/or other forms of compensation to the broker;

• officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Code, of the Funds and the Adviser, and its subsidiaries and affiliates;

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Other investors for which the Fund or the Distributor has pre-approved the purchase.

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**Advisor Shares** of the Funds are primarily for certain individual investors, investments made through financial institutions or intermediaries and institutional investors investing for their own or their customers' accounts. There is no minimum investment amount required for Advisor Shares. If you purchase Advisor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding ten basis points (0.10%) of each Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Advisor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Investor Shares** of the Funds are primarily for certain individual investors and investments made through financial institutions or intermediaries. There is no minimum investment amount required for Investor Shares. If you purchase Investor Shares of the Funds, you will not pay a sales charge at the time of purchase or sub-transfer agency fees, but you will pay a 12b-1 fee not exceeding twenty-five basis points (0.25%) of a Fund's average daily net assets. Your financial intermediary can help you determine if you are eligible to purchase Investor shares. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

**Class Z Shares** of the Funds require a minimum initial investment of $10,000,000. If you purchase Class Z Shares, you will not pay a sales charge at the time of purchase, a 12b-1 fee or sub-transfer agency fee. The Adviser, and, from time to time, affiliates of the Adviser may also, at their own expense and out of their own resources, provide additional cash payments to financial intermediaries who sell shares of the Funds.

The following categories of investors and accounts may buy Class Z Shares of each Fund, provided that they do not require or receive sub-accounting or recordkeeping payments from the Fund:

• Institutional investors, including, but not limited to, employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), endowments, foundations, insurance company general accounts, insurance company separate accounts, local, city, and state governmental institutions, and other tax-exempt entities that meet the requirements for qualification under Section 501 of the Code.

• Unaffiliated U.S. registered mutual funds including those that operate as "fund of funds," collective trust funds, investment companies or other pooled investment vehicles.

• Other investors for which the Fund or the Adviser has pre-approved the purchase.

The following categories of investors and accounts qualify to buy Class Z Shares of each Fund but the $10 million investment minimum is waived:

• Employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs) that invest through a record-keeper or third party retirement platform.

• Advisory programs where the shares are acquired on behalf of program participants in connection with a comprehensive fee or other advisory fee arrangement between the program participant and a registered broker dealer or investment adviser, trust company, bank, family office, or multi-family office (referred to as the "Sponsor") on behalf of program participants if:

• the program participant pays the Sponsor a fee for investment advisory or related services, under a comprehensive fee or other advisory fee arrangement; and

• the Sponsor or the broker-dealer through which the Fund's shares are acquired has an agreement with the Distributor.

• Any trust or plan established as part of a qualified tuition program under Section 529 of the Code, if a contract exists between the Distributor and/or its affiliates and the state sponsor of the program or one of its service providers, to provide the program:

• services relating to operating the program; and/or

• Fund shares for purchase which require sub-transfer agency fees from the Fund.

• Clients (other than defined contribution employer sponsored retirement plans) of an institutional consultant where (a) the consultant has undertaken to provide certain services directly to the client with respect to the client's investment in the Fund and (b) the Fund or the Distributor has notified that consultant in writing that the proposed investment is permissible.

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• Investment companies or other pooled vehicles that are managed by the Adviser or its affiliates.

• Officers, trustees, and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents, and any dependent of the person, as defined in Section 152 of the Code, of the Funds and the Adviser, and its subsidiaries and affiliates.

• Existing institutional separate account clients of the Adviser or its affiliates.

• Investors for whom the Fund or the Adviser determines that a strategic reason exists for such a waiver.

• Investors with an account which the Fund or the Adviser believes will grow to meet the investment minimum in the future.

The Funds reserve the right to modify or waive the eligibility requirements and investment minimums at any time.

#### Customer Identification Program: Important Information About Procedures for Opening an Account
Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, the Funds will ask for your name, residential address, date of birth, government identification number, and other information that will allow us to identify you. For legal entity customers, we will also ask that any individual(s) who, directly or indirectly, owns 25% or more of the entity and one individual who has significant responsibility to control, manage, or direct the legal entity be identified. The Funds also may ask to see your driver's license or other identifying documents.

If we do not receive the required information, there may be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the Funds may restrict further investment until your identity is verified. Once the Funds are able to verify your identity, your investment will be accepted and processed at the next determined NAV. However, if we are unable to verify your identity, each Fund reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is liquidated. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment. If your account is closed at the request of governmental or law enforcement authorities, the Funds may be required by the authorities to withhold the proceeds.

#### Purchases Through Financial Intermediaries
You may make initial and subsequent purchases of shares of the Funds through a financial intermediary, such as an investment adviser or broker-dealer, bank, or other financial institution that purchases shares for its customers. The Funds may authorize certain financial intermediaries to receive purchase and sale orders on its behalf. Before investing in the Funds through a financial intermediary, you should read carefully any materials provided by the intermediary together with this prospectus.

When shares are purchased this way, the financial intermediary may:

• charge a fee for its services;

• act as the shareholder of record of the shares;

• set different minimum initial and additional investment requirements;

• impose other charges, commissions, or restrictions;

• designate intermediaries to accept purchase and sale orders on the Funds' behalf; or

• impose an earlier cut-off time for purchase and redemption requests.

Each Fund considers a purchase or sale order as received when a financial intermediary receives the order in proper form before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes, if it closes before 4:00 p.m. ET/3:00 p.m. CT). These orders will be priced based on the Fund's NAV next computed after such order is received by the financial intermediary.

Shares held through an intermediary may be transferred into your name following procedures established by your intermediary and the Funds. Certain intermediaries may receive compensation from the Funds, the Adviser, or their affiliates.

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#### Compensation to Financial Intermediaries
It is expected that Institutional Class, Advisor Class, Investor Class and Class Z shares of the Funds will make payments, or reimburse the Adviser or its affiliates for payments they make, to financial intermediaries that provide certain administrative, recordkeeping, and account maintenance services (sometimes referred to as "sub-transfer agency" or "sub-TA" services). The amount of such payments and/or reimbursement is subject to the caps established by the Board and is reviewed by the Trustees periodically.

Although the nature and extent of sub-transfer agency services provided to shareholders and the amount of sub-transfer agency fees charged to each class will vary among financial intermediaries, Institutional Class, Advisor Class, Investor Class and Class Z shares each bear sub-accounting expenses on a class-wide basis. This means that the sub-transfer agency fees you bear as a Fund shareholder may be greater than the sub-transfer agency fees charged by your financial intermediary to the Fund with respect to your investment. Advisor Class and Investor Class shares may make sub-transfer agency payments out of amounts authorized under distribution plans to be adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940.

The Adviser also may, at its own expense and out of its own profits, provide additional cash payments to financial intermediaries for sub-transfer agency services they provide to their clients or customers that hold shares of the Funds. Payments generally are based on either: (1) a percentage of the average daily net assets of clients serviced by such financial intermediary, or (2) the number of accounts serviced by such financial intermediary. These additional cash payments also may be made as an expense reimbursement.

Additional information concerning payments the Funds, the Adviser or their affiliates may make to financial intermediaries, and the services provided by financial intermediaries, can be found in the SAI under "Payments to Financial Intermediaries."

#### Fund Direct Purchases
You also may open a shareholder account directly with the Funds. You can obtain a copy of the New Account Application by calling the Funds at 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business. You may invest in the following ways:

#### By Wire

#### To Open a New Account:
• Complete a New Account Application and send it to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, IL 60680-4766

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

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• You must also call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business to place an initial purchase via phone or provide an initial purchase Letter of Instruction.

• Wire funds for your purchase. A wire will be considered made when the money is received and the purchase is accepted by the Funds. Any delays that may occur in receiving money, including delays that may occur in processing by the bank, are not the responsibility of the Funds or the Transfer Agent. Wires must be received prior to 4:00 pm ET to receive the current day's NAV.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

#### To Add to an Existing Account:

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• Call 866-260-9549 (toll free) or 312-557-5913 on days the Funds are open for business or provide a subsequent purchase Letter of Instruction.

• Have your bank wire federal funds or effect an ACH transfer to:

The Northern Trust Company

Chicago, Illinois

ABA Routing No. 0710-00152

Northern Trust Account #5201682900

Shareholder Account #PAFT1056 (ex. PAFT10561234567)

Shareholder Name:

#### By Directed Reinvestment
Your dividend and capital gain distributions will be automatically reinvested unless you indicate otherwise on your application.

• Complete the "Choose Your Dividend and Capital Gain Distributions" section on the New Account Application.

• Reinvestments can only be directed to an existing Fund account.

#### Other Purchase Information
The Funds reserve the right to limit the amount of purchases and to refuse to sell to any person or intermediary. If your wire does not clear, you will be responsible for any loss incurred by a Fund. If you are already a Fund shareholder, the Fund reserves the right to redeem shares from any identically registered account in the Fund as reimbursement for any loss incurred or money owed to the Fund. You also may be prohibited or restricted from making future purchases in the Funds.

#### Lost Shareholders, Inactive Accounts, and Unclaimed Property
It is important that the Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Funds. Based upon statutory requirements for returned mail, the Funds will attempt to locate the shareholder or rightful owner of the account. If the Funds are unable to locate the shareholder, then they will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Funds are legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent at 1-866-260-9549 (toll free) or 312-557-5913 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

#### How to Redeem Shares
You may redeem all or part of your investment in a Fund on any day the NYSE is open, subject to certain restrictions described below. Redemption requests received by the Funds' Transfer Agent or a financial intermediary before 4:00 p.m. ET/3:00 p.m. CT (or before the NYSE closes if it closes before 4:00 p.m. ET/3:00 p.m. CT) will be effective that day. Redemption requests received by the Funds' Transfer Agent or a financial intermediary after the close of trading on the NYSE are processed at the NAV determined on the following Business Day.

The price you will receive when you redeem your shares will be the NAV next determined after the Funds receive your properly completed order to sell. You may receive proceeds from the sale by check, bank wire transfer, or direct deposit into your bank account and in certain cases, payment may be made in securities of a Fund as described in "Additional Information About Redemptions". Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a fund's net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and ask prices are

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available. They are distributed based on a weighted-average pro-rata basis of a Fund's holdings to the redeeming shareholder. Each Fund typically expects that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the Fund's securities at the time your redemption request is received. A financial intermediary may charge a transaction fee to redeem shares. In the event that a wire transfer is impossible or impractical, the redemption check will be sent by mail to the designated account. The Funds typically expect to hold cash or cash equivalents to meet redemption requests. A Fund also may use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The Funds have in place a line of credit that may be used to meet redemption requests during stressed market conditions.

#### Redemptions Through a Financial Intermediary
If you purchased shares from a financial intermediary, you may sell (redeem) shares by contacting your financial intermediary.

#### Redeeming Directly from the Fund
If you purchased shares directly from the Funds and you appear on Fund records as the registered holder, you may redeem all or part of your shares using one of the methods described below.

#### By Mail
• Send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The redemption request must include:

1. The number of shares or the dollar amount to be redeemed;

2. The Fund account number; and

3. The signatures of **all** account owners signed in the exact name(s) and any special capacity in which they are registered.

• A Medallion Signature Guarantee (see below) is required but may be waived in certain (limited) circumstances if:

1. The proceeds are to be sent elsewhere than the address of record, or

2. The redemption is requested in writing and the amount is greater than $100,000.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

#### By Wire
If you authorized wire redemptions on your New Account Application, you can redeem shares and have the proceeds sent by federal wire transfer to a previously designated account.

• Call the Transfer Agent at 866-260-9549 (toll free) or 312-557-5913 for instructions.

• The minimum amount that may be redeemed by this method is $250.

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#### By Telephone
Telephone privileges are automatically established on your account unless you indicate otherwise on your New Account Application.

• Call 866-260-9549 (toll free) or 312-557-5913 to use the telephone privilege.

• If your account is already opened and you wish to add the telephone privilege, send a written request to:

Perpetual Americas Funds Trust

c/o The Northern Trust Company

P.O. Box 4766

Chicago, Illinois 60680-4766

<u>Overnight Address:</u>

Perpetual Americas Funds Trust

c/o The Northern Trust Company

333 South Wabash Avenue

Attn: Funds Center, Floor 38

Chicago, IL 60604

• The written request to add the telephone privilege must be signed by each owner of the account and must be accompanied by signature guarantees.

• Only the listed street address should be used for overnight delivery, and not the P.O. Box address. Please note that receipt by the US Post Office does not constitute delivery to or receipt by the Funds or the Transfer Agent.

Neither the Funds, the Transfer Agent, nor their respective affiliates will be liable for complying with telephone instructions that they reasonably believe to be genuine or for any loss, damage, cost, or expenses in acting on such telephone instructions. You will bear the risk of any such loss. The Funds, the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds and/or the Transfer Agent do not employ such procedures, they may be liable for losses due to unauthorized or fraudulent instructions. Such procedures may include, among others, requiring forms of personal identification before acting upon telephone instructions, providing written confirmation of the transactions, and/or digitally recording telephone instructions. The Funds may terminate the telephone procedures at any time. During periods of extreme market activity, it is possible that you may encounter some difficulty in telephoning us. If you are unable to reach us by telephone, you may request a sale by mail.

#### Medallion Signature Guarantee
Some circumstances may require that your request to redeem shares be made in writing accompanied by an original Medallion Signature Guarantee. A Medallion Signature Guarantee helps protect you against fraud. You can obtain a Medallion Signature Guarantee from most banks or securities dealers, but not from a notary public. You should verify with the institution that it is an eligible guarantor prior to signing. The recognized medallion program is Securities Transfer Agent Medallion Program. SIGNATURE GUARANTEES RECEIVED FROM INSTITUTIONS NOT PARTICIPATING IN THIS PROGRAM WILL NOT BE ACCEPTED. The Medallion Signature Guarantee must cover the amount of the requested transaction. There are several different guarantee amounts, so it is important to acquire a guarantee amount equal to or greater than the amount of the transaction. If the surety bond of the Medallion Guarantee is less than the transaction amount, your request may be rejected.

An original Medallion Signature Guarantee is generally required, but may be waived in certain (limited) circumstances if any of the following applies:

• the redemption is requested in writing and the amount redeemed is greater than $100,000;

• information on your investment application has been changed, including the name(s) or the address on your account or the name or address of a payee has been changed within 30 days of your redemption request;

• proceeds or shares are being sent/transferred from a joint account to an individual's account; or

• proceeds are being sent via wire or ACH and bank instructions have been added or changed within 30 days of your redemption request.

If your written request is for redemption greater than $5 million, call 866-260-9549 (toll free) or 312-557-5913 for Medallion Signature Guarantee requirements.

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#### Additional Information About Redemptions
The Funds typically expect that they will pay redemption proceeds by check or electronic transfer within seven (7) calendar days after receipt of a proper redemption request although proceeds normally are paid within three (3) Business Days. If you are redeeming shares that have been purchased via ACH, the Funds may hold redemption proceeds until the purchase amount has been collected, which may be as long as five (5) Business Days after purchase date. For shares recently purchased by check, redemption proceeds may not be available until the check has cleared which may take up to five (5) days for the date of purchase. To eliminate this delay, you may purchase shares of a Fund by wire. Also, when the NYSE is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the SEC, the Funds may suspend redemptions or postpone payment of redemption proceeds. The Funds typically expect to pay redemptions from cash, cash equivalents, proceeds from the sale of Fund shares, any lines of credit, and then from the sale of portfolio securities. These redemption payment methods will be used in both regular and stressed market conditions.

At the discretion of the Funds or the Transfer Agent, corporate investors and other associations may be required to furnish an appropriate certification authorizing redemptions to ensure proper authorization.

Generally, all redemptions will be for cash. However, if you redeem shares worth over the lesser of $250,000 or 1% of the NAV of a Fund, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash at the discretion of the Fund. Shareholders may incur brokerage charges on the sale of any securities distributed in lieu of cash and will bear market risk until the security is sold. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a Fund and its remaining shareholders. A redemption of shares is generally a taxable event for shareholders, regardless of whether the redemption request is satisfied in cash or in kind. As with any security, a shareholder will also bear taxes on any capital gain from the sale of a security received in a redemption in kind.

#### Involuntary Redemptions of Your Shares
If your account balance drops below $100,000 in the case of Institutional Shares, $250 in the case of Advisor Shares, $250 in the case of Investor Shares, or $10,000,000 in the case of Class Z Shares because of redemptions you may be required to sell your shares. The Funds will provide you at least thirty (30) days' written notice to give you sufficient time to add to your account and avoid the sale of your shares.

#### How to Exchange Shares
You may exchange your shares for the same share class of another Fund on any Business Day by contacting the Funds directly by mail or telephone by calling 1-866-260-9549 (toll free) or 312-557-5913. The exchange privilege may be changed or canceled at any time upon sixty (60) days' written notice.

You may also exchange your shares of one class of a Fund for shares of another class of the same Fund, provided that you qualify as an eligible investor for the requested class at the time of the exchange. Investors are responsible for initiating an exchange request and all exchanges are subject to meeting any investment minimum or eligibility requirements. If you hold shares through a financial intermediary, your financial intermediary also may initiate an exchange between share classes in certain circumstances. You should consult your financial intermediary for details and read carefully any materials provided by the intermediary along with this prospectus. The Funds do not charge a fee for this privilege.

The Funds reserve the right to eliminate this exchange privilege at any time at its discretion and may refuse exchanges by any person or group if, in the Funds' judgment, the Funds would potentially be adversely affected. Before making an exchange request, you should read the prospectus carefully, particularly since fees and expenses differ from one class to another. An exchange between classes of shares of the same Fund is generally not taxable for U.S. federal income tax purposes. However, investors generally will realize a taxable gain or loss when exchanging shares of a Fund for shares of another Fund. The Funds do not provide tax advice; you should consult your own tax advisor. If you are exchanging between accounts that are not registered in the same name, address, and taxpayer identification number (TIN), there may be additional requirements.

The exchange privilege is not intended as a vehicle for short-term or excessive trading. The Funds may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Market Timing Policy" below.

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#### Market Timing Policy
Each Fund is intended to be a long-term investment. Excessive purchases and redemptions of shares of a Fund in an effort to take advantage of short-term market fluctuations, known as "market timing," can interfere with long-term or efficient portfolio management strategies and increase the expenses of the Fund, to the detriment of long-term investors. Because each Fund, other than the TSW Core Plus Bond Fund, invests its assets in non-U.S. securities, investors may seek to take advantage of time zone differences between the non-U.S. markets on which a Fund's portfolio securities trade and the time at which the NAV is calculated. For example, a market-timer may purchase shares of a Fund based on events occurring after non-U.S. market closing prices are established but before the NAV calculation, that are likely to result in higher prices in non-U.S. markets the next day. The market-timer would then redeem the Fund's shares the next day when a Fund's share price would reflect the increased prices in non-U.S. markets, realizing a quick profit at the expense of long-term Fund shareholders.

Excessive short-term trading may: (1) require a Fund to sell securities in the Fund's portfolio at inopportune times to fund redemption payments, (2) dilute the value of shares held by long-term shareholders, (3) cause a Fund to maintain a larger cash position than would otherwise be necessary, (4) increase brokerage commissions and related costs and expenses, and (5) generate additional tax liability. Accordingly, the Board has adopted policies and procedures that seek to restrict market timing activity. Under these policies, the Funds periodically examine transactions that exceed monetary thresholds or numerical limits within certain time periods. If a Fund believes, in its sole discretion, that an investor is engaged in excessive short-term trading or is otherwise engaged in market timing activity, a Fund may, with or without prior notice to the investor, reject further purchase or exchange orders from that investor, and disclaim responsibility for any consequential losses that the investor may incur related to the rejected purchases. Alternatively, the Funds may limit the amount, number, or frequency of any future purchases or exchanges and/or the method by which an investor may request future purchases and redemptions. A Fund's response to any particular market timing activity will depend on the facts and circumstances of each case, such as the extent and duration of the market timing activity and the investor's trading history in the Fund. While the Funds cannot assure the prevention of all excessive trading and market timing, by making these judgments, the Funds believes it is acting in a manner that is in the best interests of shareholders.

Financial intermediaries may establish omnibus accounts with the Funds through which they place transactions for their customers. Omnibus accounts include multiple investors and typically provide the Funds with a net purchase or redemption. The identity of individual investors ordinarily is not known to or tracked by the Funds. The Funds will enter into information sharing agreements with certain financial intermediaries under which the financial intermediaries are obligated to: (1) enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Funds; (2) furnish the Funds, upon request, with information regarding customer trading activities in shares of the Funds; and (3) enforce the Funds' market-timing policy with respect to customers identified by the Funds as having engaged in market timing.

The Funds apply these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. While the Funds may monitor transactions at the omnibus account level, the netting effect makes it more difficult to identify and eliminate market-timing activities in omnibus accounts. The Funds have no arrangements to permit any investor to trade frequently in shares of the Funds, nor will it enter into any such arrangements in the future.

Financial intermediaries maintaining omnibus accounts with a Fund may impose market timing policies that are more restrictive than the market timing policy adopted by the Board. For instance, these financial intermediaries may impose limits on the number of purchase and sale transactions that an investor may make over a set period of time and impose penalties for transactions in excess of those limits. Financial intermediaries also may exempt certain types of transactions from these limitations. If you purchased your shares through a financial intermediary, you should read carefully any materials provided by the financial intermediary together with this prospectus to fully understand the market timing policies applicable to you.

#### Distribution Plans
The Funds have adopted a plan under Rule 12b-1 that authorizes Advisor Class and Investor Class shares to pay distribution fees. Fees under the plan will not exceed 0.10% for Advisor shares and 0.25% for Investor shares. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

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#### DIVIDENDS AND DISTRIBUTIONS

#### Fund Policy
Each Fund distributes substantially all of its net investment income to shareholders in the form of dividends. The table below shows when each Fund intends to declare and distribute income dividends to shareholders of record.

#### Distribution Frequency

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| | | |
|:---|:---|:---|
| **Annually** | **Monthly** | **Quarterly** |
| TSW Emerging Markets Fund | TSW High Yield Bond Fund\*<br> TSW Core Plus Bond Fund\* | TSW Large Cap Value Fund |

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\* *Each of TSW High Yield Bond Fund and TSW Core Plus Bond Fund intends to declare daily and pay monthly substantially all of its net investment income as dividends to its shareholders*.

Each Fund intends to distribute its net realized long-term capital gains and its net realized short-term capital gains, if any, at least once a year. Each Fund may distribute income dividends and capital gains more frequently, if necessary, to reduce or eliminate U.S. federal excise or income taxes on the Fund. The amount of any distribution varies and there is no guarantee a Fund will pay either income dividends or capital gain distributions.

Income dividends and capital gain distributions are automatically reinvested in additional shares of a Fund at the applicable NAV on the distribution date unless you request cash distributions on your application or through a written request. If cash payment is requested, a check normally will be mailed within five business days after the payable date.

Any undelivered checks or checks that are not cashed for six months may be deemed legally abandoned if an attempt to reach you to request a reissue of the check is not successful. The proceeds will then be escheated (transferred) to the appropriate state's unclaimed property administration in accordance with statutory requirements.

#### TAXES

#### Distributions
The following information is provided to help you understand the U.S. federal income taxes you may have to pay on income dividends and capital gains distributions from a Fund, as well as on gains realized from your redemption of Fund shares. Further information regarding taxes, including certain U.S. federal income tax considerations relevant to non-U.S. persons, is included in the SAI under "Tax Considerations." **This discussion is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about U.S. federal, state or local, or non-U.S. tax consequences before making an investment in a Fund**.

Each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Code. Assuming a Fund so qualifies, the Fund will not be subject to U.S. federal income taxes to the extent it timely distributes all of its net investment income and any net realized capital gains to its shareholders. However, a Fund's failure to qualify as a regulated investment company or to meet certain minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in the value of shareholders' investments.

For U.S. federal income tax purposes, distributions of net investment income are generally taxable as ordinary income. Certain distributions of qualified dividend income paid to a noncorporate U.S. shareholder may be subject to income tax at the applicable rate for long-term capital gain assuming holding period and certain other requirements are met.

Distributions of net capital gains (that is, the excess of net realized gains from the sale of investments that a Fund owned for more than one year over the net realized losses from investments that the Fund owned for one year or less) that are properly reported by a Fund as capital gain dividends will generally be taxable as long-term capital gain regardless of how long you have held your shares in the Fund.

Distributions of net realized short-term capital gain (that is, the excess of net short-term capital gain over net long-term capital loss), if any, will be taxable to shareholders as ordinary income.

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If you are a taxable investor and invest in a Fund shortly before it makes a distribution, some of your investment may be returned to you in the form of a taxable distribution. Fund distributions will reduce the NAV per share. Therefore, if you buy shares after a Fund has experienced appreciation but before the record date of a distribution of those gains, you may pay the full price for the shares and then effectively receive a portion of the purchase price back as a taxable distribution. This is commonly known as "buying a dividend."

Distributions from a Fund (both taxable income dividends and capital gains) are normally taxable to you as ordinary income or long-term capital gains, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax-advantaged plan or account or are otherwise not subject to U.S. federal income tax). Due to the nature of the investment strategies used, distributions by a Fund generally are expected to consist primarily of income dividends and net realized capital gains; however, the nature of a Fund's distributions could vary in any given year.

Each Fund will mail to each shareholder after the close of the calendar year a U.S. Internal Revenue Service ("IRS") Form 1099 setting forth the U.S. federal income tax status of distributions made during the year. Income dividends and capital gains distributions also may be subject to state and local taxes.

#### Selling Shares
Selling, redeeming or exchanging your shares may result in a realized capital gain or loss, which is generally subject to U.S. federal income tax. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. For individuals, any long-term capital gains you realize from selling, redeeming, or exchanging Fund shares currently are taxed at preferential income tax rates. Short-term capital gains are taxed at ordinary income tax rates.

For shares acquired on or after January 1, 2012, each Fund (or relevant broker or financial adviser) is required to compute and report to the IRS and furnish to its shareholders cost basis information when such shares are sold, redeemed, or exchanged. Each Fund has elected to use the average cost method, unless you instruct the Fund to use a different IRS-accepted cost basis method, or choose to specifically identify your shares at the time of each sale or exchange. If your account is held by your broker or other financial adviser, they may select a different cost basis method. In these cases, please contact your broker or other financial adviser to obtain information with respect to the available methods and elections for your account. You should carefully review the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on your U.S. federal and state income tax returns. A Fund's shareholders should consult with their tax advisers to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the cost basis reporting requirements apply to them.

#### Backup Withholding
By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that: (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You also may be subject to withholding if the IRS instructs a Fund to withhold a portion of your distributions or proceeds. You should be aware that a Fund may be fined by the IRS for each account for which a certified taxpayer identification number is not provided. In the event that such a fine is imposed with respect to a specific account in any year, a Fund may make a corresponding charge against the account.

#### Non-U.S. Taxes
Income, proceeds and gains received by a Fund from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries, which would reduce the Fund's return on such securities. In certain instances, a Fund may elect to permit shareholders to claim a credit or deduction (but not both) for non-U.S. taxes (if any) borne with respect to non-U.S. securities income earned by the Fund. In such a case, shareholders will include in gross income from non-U.S. sources their pro rata shares of such taxes paid by a Fund. A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of non-U.S. taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who hold shares of a Fund through tax-advantaged arrangements, generally will receive no benefit from any tax credit or deduction passed through by the Fund.

------

#### Tax Status for Retirement Plans and Other Tax-Advantaged Accounts
When you invest in a Fund through a qualified employee benefit plan, retirement plan or some other tax-advantaged account, dividend and capital gain distributions generally are not subject to current U.S. federal income taxes, but may be subject to U.S. federal income taxes upon a later withdrawal of monies from the plan or account. In general, these plans or accounts are governed by complex tax rules. You should consult with your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

#### Net Investment Income Tax
An additional 3.8% tax may be imposed on distributions you receive from a Fund and gains from selling, redeeming, or exchanging your Fund shares.

#### SHAREHOLDER REPORTS AND OTHER INFORMATION
The Funds will send one copy of prospectuses and shareholder reports to households containing multiple shareholders with the same last name. This process, known as "householding," reduces costs and provides a convenience to shareholders. If you share the same last name and address with another shareholder and you prefer to receive separate prospectuses and shareholder reports, call the Funds at 866-260-9549 (toll free) or 312-557-5913 and we will begin separate mailings to you within 30 days of your request. If you or others in your household invest in the Funds through a broker or other financial intermediary, you may receive separate prospectuses and shareholder reports, regardless of whether or not you have consented to householding on your investment application.

#### FINANCIAL HIGHLIGHTS
The following Financial Highlights tables are intended to help you understand the financial performance of each class of shares of each Fund, as applicable, for the past five fiscal years or since a Fund's inception. Information presented for the TSW Large Cap Value Fund prior to December 6, 2021 represents the past financial information of the TS&W Equity Portfolio, a series of The Advisors' Inner Circle Fund (the "Predecessor Fund"). Some of this information reflects financial information for a single fund share. The Funds did not offer Class Z shares during the periods shown.

The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a particular class of shares of a Fund, assuming reinvestment of all dividends and distributions. The financial information for TSW Large Cap Value Fund for fiscal years ended October 31, 2021 and prior were audited by the Predecessor Fund's auditors. The financial information for the fiscal period ended September 30, 2022 and fiscal years ended September 30, 2023, September 30, 2024, and September 30, 2025 for the TSW Large Cap Value Fund, and the financial information for all periods of the remaining series of the Trust have been audited by PricewaterhouseCoopers LLP, the independent registered public accounting firm whose report, along with each Fund's financial statements, is included in the Trust's Form N-CSR filing. You can obtain the Form N-CSR filing, which contains more performance information, at no charge by calling 866-260-9549.

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#### TSW MUTUAL FUNDS

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

#### For the periods indicated

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| | | |
|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** |
| **TSW Core Plus Bond Fund** | **Year Ended<br> September 30,** <br> **2025** | **Period Ended<br> September 30,** <br> **2024<sup>(a)</sup>** |
|  Net asset value, beginning of year/period | $10.34 | $10.00 |
|  Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.43 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | (0.15) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.28 | 0.51 |
|  Less distributions paid: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.43) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.43) | (0.17) |
|  Change in net asset value | (0.15) | 0.34 |
|  Net asset value, end of year/period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 |
|  Total return | 2.87% | 5.19 %<sup>(c)</sup> |
|  Ratios/Supplemental data: |  |  |
|  Net assets, end of year/period (000's) | $75717 | $26915 |
|  Ratio of net expenses to average net assets | 0.50% | 0.50 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 4.34% | 4.47 %<sup>(d)</sup> |
|  Ratio of gross expenses to average net assets | 0.79% | 3.64 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 25.15% | 1.44 %<sup>(c)</sup> |

---

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

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

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

(d) Annualized for periods less than one year.

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

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#### TSW MUTUAL FUNDS

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

#### For the periods indicated

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW Emerging Markets Fund** | **Year Ended<br>September 30,**<br> **2025** | **Year Ended<br>September 30,**<br> **2024** | **Year Ended<br>September 30,**<br> **2023** | **Period Ended<br>September 30,<br>2022<sup>(a)</sup>** |
|  Net asset value, beginning of year/period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.15 | 0.14 | 0.14 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.81 | 1.32 | 1.57 | (2.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.96 | 1.46 | 1.71 | (2.75) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.29) | (0.29) | (0.14) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.29) | (0.29) | (0.14) |  |
|  Change in net asset value | 1.67 | 1.17 | 1.57 | (2.75) |
|  Net asset value, end of year/period | $11.66 | $9.99 | $8.82 | $7.25 |
|  Total return | 20.44% | 16.98% | 23.63% | (27.50 %)<sup>(c)</sup> |
|  Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $4565 | $8136 | $6627 | $7253 |
|  Ratio of net expenses to average net assets | 0.99% | 0.99% | 0.99% | 0.99 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 1.50% | 1.54% | 1.56% | 1.88 %<sup>(d)</sup> |
|  Ratio of gross expenses to average net assets | 2.10% | 1.75% | 2.21% | 2.22 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 39.77% | 32.29% | 18.44% | 11.47 %<sup>(c)</sup> |

---

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

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

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

(d) Annualized for periods less than one year.

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

------

TSW MUTUAL FUNDS

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

#### For the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW High Yield Bond Fund** | **Year Ended<br>September 30,**<br> **2025** | **Year Ended<br>September 30,**<br> **2024** | **Year Ended<br>September 30,**<br> **2023** | **Period Ended<br>September 30,<br>2022<sup>(a)</sup>** |
|  Net asset value, beginning of year/period | $9.34 | $8.71 | $8.32 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.54 | 0.55 | 0.51 | 0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 0.04 | 0.63 | 0.39 | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.58 | 1.18 | 0.90 | (1.24) |
|  Less distributions paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.55) | (0.55) | (0.51) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (0.55) | (0.55) | (0.51) | (0.44) |
|  Change in net asset value | 0.03 | 0.63 | 0.39 | (1.68) |
|  Net asset value, end of year/period | $9.37 | $9.34 | $8.71 | $8.32 |
|  Total return | 6.46% | 13.90% | 10.98% | (12.75 %)<sup>(c)</sup> |
| Ratios/Supplemental data: |  |  |  |  |
|  Net assets, end of year/period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9749 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13153 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11184 |
|  Ratio of net expenses to average net assets | 0.65% | 0.65% | 0.65% | 0.65 %<sup>(d)</sup> |
|  Ratio of net investment income to average net assets | 5.79% | 6.07% | 5.87% | 5.01 %<sup>(d)</sup> |
|  Ratio of gross expenses to average net assets | 1.29% | 1.28% | 1.31% | 1.90 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup> | 43.57% | 36.54% | 74.03% | 31.64 %<sup>(c)</sup> |

---

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

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

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

(d) Annualized for periods less than one year.

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

------

TSW MUTUAL FUNDS

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

#### For the periods indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW Large Cap Value Fund** | **Year Ended<br>September 30,<br>2025** | **Year Ended<br>September 30,<br>2024** | **Year Ended<br>September 30,<br>2023** | **Period Ended<br>September 30,<br>2022<sup>(a)</sup>** | **Year Ended<br>October 31,<br>2021** | **Year Ended<br>October 31,<br>2020** |
|  Net asset value, beginning of year/period | $13.99 | $12.66 | $12.71 | $15.60 | $11.46 | $12.50 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.22 | 0.20 | 0.20 | 0.14 | 0.03 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) from investments and foreign currency | 1.62 | 2.19 | 1.37 | (1.10) | 4.74 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 1.84 | 2.39 | 1.57 | (0.96) | 4.77 | (0.50) |
|  Less distributions paid: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.27) | (0.21) | (0.19) | (0.11) | (0.05) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From net realized gains | (0.88) | (0.85) | (1.43) | (1.82) | (0.58) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid | (1.15) | (1.06) | (1.62) | (1.93) | (0.63) | (0.54) |
|  Change in net asset value | 0.69 | 1.33 | (0.05) | (2.89) | 4.14 | (1.04) |
|  Net asset value, end of year/period | $14.68 | $13.99 | $12.66 | $12.71 | $15.60 | $11.46 |
|  Total return | 14.12% | 19.99% | 12.28% | (7.11 %)<sup>(c)</sup> | 42.90% | (4.25%) |
| Ratios/Supplemental data: |  |  |  |  |  |  |
|  Net assets, end of year/period (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35078 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35215 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39445 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30593 |
|  Ratio of net expenses to average net assets | 0.73% | 0.73% | 0.73% | 0.78 %<sup>(d)</sup> | 1.20% | 1.20% |
|  Ratio of net investment income to average net assets | 1.60% | 1.55% | 1.51% | 1.03 %<sup>(d)</sup> | 0.24% | 0.70% |
|  Ratio of gross expenses to average net assets | 0.95% | 0.95% | 0.73% | 0.98 %<sup>(d)</sup> | 1.77% | 1.88% |
|  Ratio of expense recoupment to average net assets |  |  | 0.02% |  |  |  |
|  Portfolio turnover rate<sup>(e)</sup> | 51.07% | 40.50% | 21.24% | 46.37 %<sup>(c)</sup> | 29.00% | 64.00% |

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

(b) Net investment income (loss) for the year or period ended was calculated using the average shares outstanding method.

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

(d) Annualized for periods less than one year.

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

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#### Perpetual Americas Funds Trust

#### Notice of Privacy Policy & Practices
I. SAFEGUARDING PRIVACY

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Trust.

II. INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

• Information we receive from you on applications or other forms (e.g., your name, address, date of birth, social security number and investment information);

• Information about your transactions and experiences with us and our affiliates (e.g., your account balance, transaction history and investment selections); and

• Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g., your account number, account balance and transaction history.

III. INFORMATION WE SHARE WITH SERVICE PROVIDERS

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into confidentiality agreements regarding the information.

IV. INFORMATION WE MAY SHARE WITH AFFILIATES

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

V. SAFEGUARDING CUSTOMER INFORMATION

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and, except as described below, every year that you are a customer of the Trust, or anytime we make a material change to our privacy policy.

We may combine a privacy notice with another document (for example, an account statement, annual report, prospectus, trade confirmation) or may deliver the notice electronically where appropriate consent has been obtained. We generally will not deliver an annual notice as long as (i) we disclose non-public personal information only as described above policy, and (ii) we have

------

not changed our policies and practices with regard to disclosing non-public personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers pursuant to this policy.

#### Investment Subadviser

---

| | |
|:---|:---|
| Thompson, Siegel & Walmsley LLC<br> 6641 W. Broad Street, Suite 600<br> Richmond, Virginia 23230<br>**Investment Adviser**<br>Perpetual Americas Funds Services<br> 1 Congress Street, Suite 3101<br> Boston, Massachusetts 02114<br>**Custodian**<br>The Northern Trust Company<br> 50 South LaSalle Street<br> Chicago, Illinois 60603<br>**Independent Registered<br>Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> One North Wacker Drive<br> Chicago, Illinois 60606<br>**Legal Counsel**<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, Massachusetts 02199<br>**Distributor**<br> Perpetual Americas Funds Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 | **For Additional Information, call**<br> **866-260-9549 (toll free) or 312-557-5913**<br>**To Learn More**<br>Several additional sources of information are available to you. The Statement of Additional Information ("SAI"), incorporated into this prospectus by reference, contains detailed information on Fund policies and operations.<br>Additional information about a Fund's investments is available in the Trust's annual and semi-annual report to shareholders and in Form N-CSR. In a Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's investment return during its last fiscal year. In Form N-CSR, you will find a Fund's annual and semi-annual financial statements.<br>Call the Funds at 866-260-9549 (toll free) or 312-557-5913 between the hours of 8:30 a.m. and 7:00 p.m. Eastern time on days the Funds are open for business to request free copies of the SAI and the Trust's annual and semi-annual reports, to request other information about the Funds, such as Fund financial statements, and to make shareholder inquiries. You may also visit the Funds on the web at www.perpetual.com to obtain free copies of the Trust's SAI and annual and semi-annual reports, or write to the Trust at:<br>Perpetual Americas Funds Trust<br> c/o The Northern Trust Company<br> P.O. Box 4766<br> Chicago, Illinois 60680-4766<br>You may obtain reports and other information about the Funds on the EDGAR Database on the SEC's internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov.</u><br>Investment Company Act File Number: 811-23615 |

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![LOGO](g13362dsp1.jpg)

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| | | |
|:---|:---|:---|
| **BARROW HANLEY CONCENTRATED**<br> **EMERGING MARKETS ESG**<br> **OPPORTUNITIES FUND**<br> Institutional Shares (BEOIX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **BARROW HANLEY CREDIT**<br> **OPPORTUNITIES FUND**<br> Institutional Shares (BCONX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **BARROW HANLEY EMERGING**<br> **MARKETS VALUE FUND**<br> Institutional Shares (BEMVX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) |
| **BARROW HANLEY FLOATING**<br> **RATE FUND**<br> Institutional Shares (BFRNX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **BARROW HANLEY INTERNATIONAL**<br> **VALUE FUND**<br> Institutional Shares (BNIVX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **BARROW HANLEY TOTAL**<br> **RETURN BOND FUND**<br> Institutional Shares (BTRIX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) |
| **BARROW HANLEY US VALUE**<br> **OPPORTUNITIES FUND**<br> Institutional Shares (BVOIX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **JOHCM EMERGING MARKETS**<br> **DISCOVERY FUND**<br> Institutional Shares (JOMMX)<br> Advisor Shares (JOMEX)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **JOHCM EMERGING MARKETS**<br> **OPPORTUNITIES FUND**<br> Institutional Shares (JOEMX)<br> Advisor Shares (JOEIX)<br> Investor Shares (JOEAX)<br> Class Z Shares (Not currently offered) |
| **JOHCM INTERNATIONAL**<br> **OPPORTUNITIES FUND**<br> Institutional Shares (JOPSX)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **JOHCM INTERNATIONAL SELECT**<br> **FUND**<br> Institutional Shares (JOHIX)<br> Investor Shares (JOHAX)<br> Class Z Shares (Not currently offered) | **REGNAN SUSTAINABLE WATER**<br> **AND WASTE FUND**<br> Institutional Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) |
| **TRILLIUM ESG GLOBAL EQUITY FUND**<br> Institutional Shares (PORIX)<br> Investor Shares (PORTX)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **TRILLIUM ESG SMALL/MID CAP FUND**<br> Institutional Shares (TSMDX)<br> Investor Shares (Not currently offered)<br> Advisor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **TSW CORE PLUS BOND FUND**<br> Institutional Shares (TSWFX)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) |
| **TSW EMERGING MARKETS FUND**<br> Institutional Shares (TSWMX)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **TSW HIGH YIELD BOND FUND**<br> Institutional Shares (TSWHX)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) | **TSW LARGE CAP VALUE FUND**<br> Institutional Shares (TSWEX)<br> Advisor Shares (Not currently offered)<br> Investor Shares (Not currently offered)<br> Class Z Shares (Not currently offered) |

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#### STATEMENT OF ADDITIONAL INFORMATION

#### February 1, 2026
This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of each of the above listed funds (each, a "Fund" and collectively, the "Funds"). This SAI should be read in conjunction with the prospectus dated February 1, 2026. A copy of the prospectus can be obtained at no charge by writing to the transfer agent, The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, or by calling 866-260-9549 (toll free) or 312-557-5913. The Funds' prospectuses (collectively, the "Prospectus") are incorporated by reference into this SAI.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [DESCRIPTION OF THE TRUST AND THE FUNDS](#sai13362_1) | 1 |
|  [ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS AND RISKS](#sai13362_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Strategies and Risks](#sai13362_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Restrictions](#sai13362_4) | 32 |
|  [SHARES OF THE FUNDS](#sai13362_5) | 34 |
|  [MANAGEMENT OF THE TRUST](#sai13362_6) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Board of Trustees and Trust Officers](#sai13362_7) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Additional Information About the Trustees](#sai13362_8) | 38 |
|  [CODE OF ETHICS](#sai13362_9) | 39 |
|  [DISTRIBUTION](#sai13362_10) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Intermediaries](#sai13362_11) | 40 |
|  [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai13362_12) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Control Persons and Principal Holders](#sai13362_13) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Management Ownership](#sai13362_14) | 49 |
|  [INVESTMENT ADVISORY AND OTHER SERVICES](#sai13362_15) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [The Investment Adviser](#sai13362_16) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Advisory Fees](#sai13362_17) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Investment Subadvisers](#sai13362_18) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Manager Holdings](#sai13362_19) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Other Portfolio Manager Information](#sai13362_20) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Manager Compensation](#sai13362_21) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Fund Services](#sai13362_22) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Administration Fees](#sai13362_23) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Distributor](#sai13362_24) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Independent Registered Public Accounting Firm](#sai13362_25) | 70 |
|  [BROKERAGE ALLOCATION AND OTHER PRACTICES](#sai13362_26) | 70 |
|  [DISCLOSURE OF PORTFOLIO HOLDINGS](#sai13362_27) | 74 |
|  [DETERMINATION OF SHARE PRICE](#sai13362_28) | 76 |
|  [REDEMPTION IN-KIND](#sai13362_29) | 76 |
|  [TAX CONSIDERATIONS](#sai13362_30) | 77 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#sai13362_31) | 88 |
|  [FINANCIAL STATEMENTS](#sai13362_32) | 88 |
|  [APPENDIX A PERPETUAL AMERICAS FUNDS SERVICES](#sai13362_33) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PROXY VOTING PROCEDURES SUMMARY](#sai13362_34) | 90 |
|  [APPENDIX B RATINGS OF DEBT INSTRUMENTS BY NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS](#sai13362_35) | 100 |

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#### DESCRIPTION OF THE TRUST AND THE FUNDS
Perpetual Americas Funds Trust (the "Trust") is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust") dated February 1, 2024. The Trust is an open-end investment company. The Declaration of Trust permits the Board of Trustees ("Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest of separate series.

The SAI generally provides additional information about the Funds that is not required to be in the Funds' prospectuses. The SAI expands discussions of certain matters described in the Funds' prospectuses and provides certain additional information about the Funds that may be of help or interest to some investors. This Statement of Additional Information relates to all series of the Trust listed below under "Funds".

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| | |
|:---|:---|
| **Defined Term**  | **Funds** |
|  Barrow Hanley Funds | Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund |
|  | Barrow Hanley Credit Opportunities Fund |
|  | Barrow Hanley Floating Rate Fund |
|  | Barrow Hanley Total Return Bond Fund |
|  | Barrow Hanley US Value Opportunities Fund |
|  | Barrow Hanley Emerging Markets Value Fund |
|  | Barrow Hanley International Value Fund |
|  JOHCM Funds | JOHCM Emerging Markets Discovery Fund |
|  | JOHCM Emerging Markets Opportunities Fund |
|  | JOHCM International Opportunities Fund |
|  | JOHCM International Select Fund |
|  | Regnan Sustainable Water and Waste Fund |
|  Trillium Funds | Trillium ESG Global Equity Fund |
|  | Trillium ESG Small/Mid Cap Fund |
|  TSW Funds | TSW Core Plus Bond Fund |
|  | TSW Emerging Markets Fund |
|  | TSW High Yield Bond Fund |
|  | TSW Large Cap Value Fund |

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The Barrow Hanley Funds are subadvised by Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"). The Trillium Funds are subadvised by Trillium Asset Management, LLC ("Trillium") and the TSW Funds are subadvised by Thompson, Siegel & Walmsley LLC ("TSW" and, collectively with Barrow Hanley and Trillium, the "Subadviser" or "Subadvisers"). The Barrow Hanley Funds, TSW Funds and Trillium Funds are collectively referred to as the "Subadvised Funds." The investment adviser to each of the Subadvised Funds is Perpetual Americas Funds Services<sup>1</sup> ("PAFS" or the "Adviser").

For information concerning the purchase and redemption of shares of the Funds, see "How to Purchase Shares" and "How to Redeem Shares" in the Prospectus. For a description of the methods used to determine the share price and value of the Funds' assets, see "Pricing Your Shares" in the Prospectus and "Determination of Share Price" in this Statement of Additional Information.

#### Barrow Hanley Funds
The investment subadviser to each of the Barrow Hanley Funds is Barrow Hanley, subject to the supervision of the Board and PAFS. Each Barrow Hanley Fund is a diversified fund.

Each Barrow Hanley Fund listed in the table below was reorganized into the Trust on August 18, 2024 following shareholder approval. Each Barrow Hanley Fund commenced operations as of this date and assumed the financial and performance history of its corresponding predecessor fund, each a series of The Advisors' Inner Circle Fund III (each a "Barrow Hanley Predecessor Fund," and collectively, the "Barrow Hanley Predecessor Funds"). The investment adviser to the Barrow Hanley Predecessor Funds was Perpetual US Services, LLC, doing business as PGIA. Any historical information provided in this SAI for each of the Barrow Hanley Funds is that of its corresponding Barrow Hanley Predecessor Fund.

<sup>1</sup> Perpetual Americas Funds Services is the business name under which JOHCM (USA) Inc subcontracts portfolio management services to affiliated investment advisers.

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| | |
|:---|:---|
| **Barrow Hanley Predecessor Fund** | **Barrow Hanley Fund** |
|  Barrow Hanley Concentrated Emerging Markets ESG | Barrow Hanley Concentrated Emerging Markets ESG |
|  Opportunities Fund | Opportunities Fund |
|  Barrow Hanley Credit Opportunities Fund | Barrow Hanley Credit Opportunities Fund |
|  Barrow Hanley Floating Rate Fund | Barrow Hanley Floating Rate Fund |
|  Barrow Hanley Total Return Bond Fund | Barrow Hanley Total Return Bond Fund |
|  Barrow Hanley US Value Opportunities Fund | Barrow Hanley US Value Opportunities Fund |
|  Barrow Hanley Emerging Markets Value Fund | Barrow Hanley Emerging Markets Value Fund |
|  Barrow Hanley International Value Fund | Barrow Hanley International Value Fund |

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#### History of the Barrow Hanley Funds
Each of the Barrow Hanley Predecessor Funds listed in the table below is a successor to the fund listed opposite its name (each a "Barrow Hanley Private Predecessor Fund"). Each Barrow Hanley Private Predecessor Fund was a private fund managed by Barrow Hanley using investment objectives, strategies, policies and restrictions that were in all material respects equivalent to those used by Barrow Hanley to manage the Barrow Hanley Private Predecessor Fund's corresponding Barrow Hanley Predecessor Fund. Each Barrow Hanley Private Predecessor Fund contributed all of its assets to its corresponding Barrow Hanley Predecessor Fund on April 12, 2022 and subsequently dissolved.

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| | |
|:---|:---|
| **Barrow Hanley Predecessor Fund** | **Barrow Hanley Private Predecessor Fund** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Barrow, Hanley, Mewhinney & Strauss LLC Concentrated Emerging Markets Fund |
|  Barrow Hanley Credit Opportunities Fund | Barrow, Hanley, Mewhinney & Strauss LLC High Yield Fixed Income Fund |
|  Barrow Hanley Floating Rate Fund | Barrow, Hanley, Mewhinney & Strauss LLC Bank Loan Fund |
|  Barrow Hanley Total Return Bond Fund | Barrow, Hanley, Mewhinney & Strauss LLC Core Fixed Income Fund |
|  Barrow Hanley US Value Opportunities Fund | Barrow, Hanley, Mewhinney & Strauss LLC Diversified Large Cap Value Fund<sup>2</sup> |

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#### JOHCM Funds
The investment adviser to each of the JOHCM Funds is JOHCM (USA) Inc (together with PAFS, the "Adviser"). Each JOHCM Fund is a diversified fund.

Each JOHCM Fund listed in the table below has assumed all of the assets and liabilities of its respective predecessor fund (each, a "JOHCM Predecessor Fund"). Each of JOHCM Emerging Markets Opportunities Fund, JOHCM Emerging Markets Discovery Fund, JOHCM International Opportunities Fund and JOHCM International Select Fund was a series of Advisers Investment Trust prior to a reorganization which closed on July 19, 2021. The investment adviser to each of those JOHCM Predecessor Funds was J O Hambro Capital Management Limited. Any historical information provided in this SAI for a JOHCM Fund listed in the table below, prior to each JOHCM Fund's respective date of reorganization, is that of the respective JOHCM Predecessor Fund.

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| | |
|:---|:---|
| **JOHCM Predecessor Fund** | **JOHCM Fund** |
|  JOHCM Emerging Markets Opportunities Fund | JOHCM Emerging Markets Opportunities Fund |
|  JOHCM Emerging Markets Small Mid Cap Equity Fund | JOHCM Emerging Markets Discovery Fund |
|  JOHCM International Opportunities Fund | JOHCM International Opportunities Fund |
|  JOHCM International Select Fund | JOHCM International Select Fund |

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<sup>2</sup> On April 12, 2022, the Barrow, Hanley, Mewhinney & Strauss LLC Large Cap Value Fund, another private fund managed by Barrow Hanley, also contributed its assets to the Barrow Hanley US Value Opportunities Fund, a Barrow Hanley Predecessor Fund, and subsequently dissolved.

#### Trillium Funds
The investment subadviser to each of the Trillium Funds is Trillium, subject to the supervision of the Board and PAFS. Each Trillium Fund is a diversified fund.

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Each of the Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund was reorganized into the Trust on October 30, 2023 following shareholder approval. Each Trillium Fund commenced operations as of this date and assumed the financial and performance history of its corresponding predecessor fund, the Trillium ESG Global Equity Fund and Trillium ESG Small/Mid Cap Fund, respectively, each a series of Professionally Managed Portfolios (each a "Trillium Predecessor Fund," and collectively the "Trillium Predecessor Funds"). The investment adviser to the Trillium Predecessor Funds was Trillium. Any historical information provided in this SAI for each of the Trillium Funds is that of its corresponding Trillium Predecessor Fund.

#### TSW Funds
The investment subadviser to each of the TSW Funds is TSW, a Delaware limited liability company, subject to the supervision of the Board and PAFS. Each TSW Fund is a diversified fund.

The TSW Large Cap Value Fund has assumed all of the assets and liabilities of its predecessor fund, the TS&W Equity Portfolio (the "TSW Predecessor Fund"). The TS&W Equity Portfolio was a series of The Advisors' Inner Circle Fund prior to a reorganization which closed on December 6, 2021. The investment adviser to the Predecessor Fund was TSW. Any historical information provided in this SAI for the TSW Large Cap Value Fund prior to its date of reorganization, is that of the TSW Predecessor Fund.

For information concerning the purchase and redemption of shares of the Funds, see "How to Purchase Shares" and "How to Redeem Shares" in the Prospectus. For a description of the methods used to determine the share price and value of the Funds' assets, see "Pricing Your Shares" in the Prospectus and "Determination of Share Price" in this SAI.

#### ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS AND RISKS

#### Investment Strategies and Risks
All principal investment strategies and risks of each Fund are discussed in its Prospectus. This section contains a more detailed discussion of some of the investments the Funds may make, some of the techniques the Funds may use, and the risks related to those techniques and investments. Additional non-principal strategies and risks also are discussed here.

#### Arbitrage Transactions
A Fund may engage in arbitrage transactions involving near contemporaneous purchase of securities on one market and sale of those securities on another market to take advantage of pricing differences between markets. To the extent a Fund engages in arbitrage transactions, it will incur a gain to the extent that proceeds exceed costs and a loss to the extent that costs exceed proceeds. The risk of an arbitrage transaction, therefore, is that the participating Fund may not be able to sell securities subject to an arbitrage at prices exceeding the costs of purchasing those securities.

#### Borrowing
Each Fund may borrow money equal to 33 1/3% of its total assets for cash management or investment purposes. Borrowing may exaggerate changes in the net asset value ("NAV") of a Fund's shares and in the return on the Fund's portfolio. Although the principal of any borrowing will be fixed, a Fund's assets may change in value during the time the borrowing is outstanding. A Fund may be required to liquidate portfolio securities at a time when it would be disadvantageous to do so in order to make payments with respect to any borrowing. In an interest rate arbitrage transaction, a Fund borrows money at one interest rate and lends the proceeds at another, higher interest rate. These transactions involve a number of risks, including the risks that the borrower will fail or otherwise become insolvent or that there will be a significant change in prevailing interest rates.

The Trust, on behalf of certain series of the Trust, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes. The Credit Agreement permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed (requires the lender to advance money to the borrower when requested) and $100 million of which is uncommitted (includes no obligation by the lender to loan funds when requested by the borrower) at any time outstanding, subject to asset coverage and other limitations as specified in the Credit Agreement. Borrowing results in interest expense and other fees and expenses that may impact the Funds' expenses, including any net expense ratios. The costs of borrowing may reduce the total returns for a Fund. The Credit Agreement also imposes an ongoing commitment fee on undrawn committed amounts under the credit facility, which is allocated between the Funds participating in the

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credit facility, and, within each Fund, to each share class, on a pro rata basis, based on such Fund's (or such share classes, as appropriate) average daily net asset value.

#### Cluster Munitions Exclusion
Each JOHCM and Regnan Fund excludes from its investable universe any company exposed to the manufacture of cluster munitions.

#### Commercial Paper, Cash and Other High Quality Investments
A Fund may purchase commercial paper. Commercial paper consists of short-term (usually from one to 270 days) unsecured promissory notes issued by corporations in order to finance current operations. The Funds may only invest in commercial paper rated at least "Prime-2" or better by Moody's or rated "A-2" or better by S&P or, if the security is unrated, the Subadviser or the Adviser determines that it is of equivalent quality. Each Fund may temporarily invest a portion of its assets in cash or other cash items pending other investments or to maintain liquid assets required in connection with some of the Fund's investments. These cash items and other high quality debt securities may include fixed income securities issued by the governments, agencies or instrumentalities of the U.S. and other developed market countries (e.g., Japan and Canada), bankers' acceptances, and bank certificates of deposit. If the Funds' custodian (the "Custodian") holds cash on behalf of a Fund, the Fund may be an unsecured creditor in the event of the insolvency of the Custodian. In addition, the Fund will be subject to credit risk with respect to the Custodian.

#### Commodities
The value of commodities and commodity-related derivatives can be extremely volatile and may be affected by many factors, including changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, war, embargoes, tariffs and international economic, political and regulatory developments.

#### Convertible Securities
A convertible security is a security (a bond or preferred stock) that may be exchanged or converted at a stated price within a specified period into a specified number of shares of common stock of the same or a different issuer. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by a Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party.

A contingent convertible security is a hybrid debt security typically issued by a non-U.S. bank that may be convertible into equity or may be written down if a pre-specified trigger event, such as a decline in capital ratio below a prescribed threshold, occurs. If such a trigger event occurs, a Fund may lose the principal amount invested on a permanent or temporary basis or the contingent convertible security may be converted to equity. Coupon payments on contingent convertible securities may be discretionary and may be cancelled by the issuer. Due to uncertainty surrounding coupon payments, contingent convertible securities may be volatile, and their price may decline rapidly in the event that coupon payments are suspended. The value of contingent convertible securities is unpredictable, and holders of contingent convertible securities may suffer a loss of capital when comparable equity holders do not.

#### Corporate Debt Securities
Corporate debt securities may include investment grade bonds (defined as Baa3 or higher by Moody's or BBB- or higher by S&P) or the equivalent by any other nationally recognized statistical rating organization ("NRSRO") or in unrated bonds that are determined by the Subadviser or the Adviser to be of comparable quality at the time of investment. Fixed rate securities pay a specified rate of interest or dividends. Floating rate securities pay a rate that is adjusted periodically by reference to a specified index or market rate. In addition, a Fund may create "synthetic" bonds which approximate desired risk and return profiles. This may be done where a "non-synthetic" security having the desired risk/return profile either is unavailable (e.g., short-term securities of certain foreign governments) or possesses undesirable characteristics (e.g., interest payments on the security would be subject to non-U.S. withholding taxes).

All debt securities are subject to the risk of an issuer's credit risk, which is the risk that the issuer will be unable to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. To the extent a Fund holds fixed income

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securities, it may also be subject to market risk. Market risk (or "interest rate risk") relates to changes in a security's value as a result of changes in interest rates. In general, the values of fixed income securities increase when interest rates fall and decrease when interest rates rise. Credit risk relates to the ability of an issuer to make payments of principal and interest.

#### Currency Risk
The value of foreign securities is affected by changes in currency rates, foreign tax laws (including withholding or other taxes), government policies (in this country or abroad), relations between nations and trading, settlement, custodial and other operational risks. An increase in the strength of the U.S. dollar relative to other currencies may cause the value of investments to decline. Certain foreign currencies may be particularly volatile, and foreign governments may intervene in the currency markets causing a decline in value or liquidity in foreign holdings, whose value is tied to the affected foreign currency. Currency exchange rates can be affected unpredictably as a result of intervention (or the failure to intervene) by the U.S. or foreign governments, central banks, or supranational agencies such as the International Monetary Fund, or by currency or exchange controls or political and economic developments in the United States or abroad. Some of the currencies in emerging markets have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain such currencies. Certain developing countries face serious exchange constraints. In addition, costs will be incurred in connection with conversions between various currencies.

Funds that are permitted to invest in securities denominated in foreign currencies may buy or sell foreign currencies or deal in forward foreign currency contracts, currency futures contracts and options, and options on currencies. Those Funds may use such currency instruments for hedging, investment, and/or currency risk management. Forward foreign currency contracts are contracts between two parties to purchase and sell a specified quantity of a particular currency at a specified price, with delivery and settlement to take place on a specified future date. A forward foreign currency contract can reduce a Fund's exposure to changes in the value of the currency it will deliver and can increase its exposure to changes in the value of the currency it will receive for the duration of the contract. The effect on the value of a Fund is similar to the effect of selling securities denominated in one currency and purchasing securities denominated in another currency. A Fund also may purchase or sell options on currencies. Options on currencies possess many of the same characteristics as options on securities and generally operate in a similar manner. They may be traded on an exchange or in the OTC markets. Options on currencies traded on U.S. or other exchanges may be subject to position limits, which may limit the ability of a Fund to reduce foreign currency risk using options. See "Foreign Currency Forward Contracts, Futures, and Options" below for additional information.

#### Depositary Receipts

#### Equity Securities
Equity securities consist of common stock, preferred stock, securities convertible into common and preferred stock, rights, warrants, income trusts, and Master Limited Partnerships ("MLP"). Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation. Preferred stocks represent an equity interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends or in the event of issuer liquidation or bankruptcy. Warrants are options to purchase equity securities at a specified price for a specific time period. Rights are similar to warrants, but normally

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have a short duration and are distributed by the issuer to its shareholders. Convertible securities are bonds, debentures, notes, preferred stocks that may be converted or exchanged into shares of the underlying common stock at a stated exchange ratio. Income trusts and Master Limited Partnerships units are equity investments and may lack diversification as such trusts are primarily invested in oil and gas, pipelines, and other infrastructures whereas MLPs are primarily engaged in the transportation, storage, processing, refining, marketing, exploration, productions, and mining of minerals and natural resources. Although equity securities have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition and on overall market and economic conditions.

Investments in equity securities are subject to inherent market risks and fluctuations in value due to earnings, economic conditions and other factors beyond the control of the Subadviser or the Adviser. As a result, the return and NAV of a Fund will fluctuate. Securities in a Fund's portfolio may not increase as much as the market as a whole and some undervalued securities may continue to be undervalued for long periods of time. Although profits in some Fund holdings may be realized quickly, it is not expected that most investments will appreciate rapidly.

<u>Smaller Company Equity Securities</u>. A Fund may invest in equity securities of companies with small market capitalizations. Such investments may involve greater risk than is usually associated with larger, more established companies. Companies with small market capitalizations often have limited product lines, markets or financial resources and may be dependent upon a relatively small management group. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger market capitalizations or market averages in general. To the extent a Fund invests in securities with small market capitalizations, the NAV of the Fund may fluctuate more widely than market averages.

#### Equity-Linked Instruments Risk
There is a risk that, in addition to market risk and other risks of the referenced equity security, a Fund may experience a return that is different from that of the referenced equity security. Equity-linked instruments also subject a Fund to counterparty risk, including the risk that the issuing entity may not be able to honor its financial commitment, which could result in a loss of all or part of the Fund's investment.

#### Exchange-Traded Notes ("ETNs")
ETNs are generally notes representing debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and exchange traded funds ("ETFs"). An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected. ETNs are not registered or regulated as investment companies under the 1940 Act.

The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on the ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

#### Focused Investment Risk
Focusing investments in a particular market, sector or value chain (which may include issuers in a number of different industries) increases the risk of loss because the stocks of many or all of the companies in such market, sector or value chain may

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decline in value due to economic, market, technological, political or regulatory developments adversely affecting the market or value chain. Because the Regnan Sustainable Water and Waste Fund focuses on water- and waste-related investments, the Fund will be subject to a greater extent to risks associated with these value chains. Please see "Water-Related Risks" and "Waste-Related Risks" below for more information on these specific risks.

*Waste-related risks.* Companies operating in the waste water value chain can be affected by, among other things, availability and cost of labor to collect and transport waste, transportation costs, consumer and industry trends and subsequent waste volumes, regulatory changes on collection, and treatment of waste. These companies can also be affected by overall economic trends, government spending on related projects, and the cost of commodities.

*Water-related risks.* Companies operating in the water value chain can be affected by, among other things, irrigation and industrial usage trends, viability of infrastructure projects, regulatory changes on water usage, pricing, contamination and reusability, and environmental factors such as floods and droughts. These companies can also be affected by overall economic trends, interest rates, government spending on related projects, and the cost of commodities.

#### Foreign Currency Forward Contracts, Futures, and Options
When investing in foreign securities, a Fund usually effects currency exchange transactions on a spot (i.e., cash) basis at the spot rate prevailing in the foreign exchange market. A Fund incurs expenses in converting assets from one currency to another.

*Forward Contracts*. A Fund may enter into foreign currency forward contracts for the purchase or sale of a fixed quantity of a foreign currency at a future date ("forward contracts") for hedging purposes, either to "lock-in" the U.S. dollar purchase price of the securities denominated in a foreign currency or the U.S. dollar value of interest and dividends to be paid on such securities, or to hedge against the possibility that the currency of a foreign country in which a Fund has investments may suffer a decline against the U.S. dollar, as well as for non-hedging purposes. A Fund may also enter into a forward contract on one currency in order to hedge against risk of loss arising from fluctuations in the value of a second currency ("cross hedging"). Forward contracts are traded over-the-counter, and not on organized commodities or securities exchanges. As a result, such contracts operate in a manner distinct from exchange-traded instruments, and their use involves certain risks beyond those associated with transactions in futures contracts or options traded on an exchange, including counterparty credit risk.

Only a limited market, if any, currently exists for hedging transactions relating to currencies in many emerging market countries, or to securities of issuers domiciled or principally engaged in business in emerging market countries, in which a Fund may invest. This may limit a Fund's ability to effectively hedge its investments in those emerging markets.

*Foreign Currency Futures*. Generally, foreign currency futures provide for the delivery of a specified amount of a given currency, on the settlement date, for a pre-negotiated price denominated in U.S. dollars or other currency. Foreign currency futures contracts would be entered into for the same reason and under the same circumstances as forward contracts. The Subadviser or the Adviser will assess such factors as cost spreads, liquidity and transaction costs in determining whether to utilize futures contracts or forward contracts in its foreign currency transactions and hedging strategy.

Purchasers and sellers of foreign currency futures contracts are subject to the same risks that apply to the buying and selling of futures generally. A Fund must accept or make delivery of the underlying foreign currency, through banking arrangements, in accordance with any U.S. or foreign restrictions or regulations regarding the maintenance of foreign banking arrangements by U.S. residents and may be required to pay any fees, taxes or charges associated with such delivery which are assessed in the issuing country.

*Foreign Currency Options*. A Fund may purchase and write options on foreign currencies for purposes similar to those involved with investing in forward contracts. For example, in order to protect against declines in the dollar value of portfolio securities which are denominated in a foreign currency, or to protect against potential declines in its portfolio securities that are denominated in foreign currencies.

The value of a foreign currency option depends upon the value of the underlying currency relative to the U.S. dollar. As a result, the price of the option position may vary with changes in the value of either or both currencies and have no relationship to the investment merits of a foreign security, including foreign securities held in a "hedged" investment portfolio. Because foreign currency transactions occurring in the interbank market involve substantially larger amounts than those that may be involved in the use of

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foreign currency options, investors may be disadvantaged by having to deal in an odd lot market (generally consisting of transactions of less than $1 million) for the underlying foreign currencies at prices that are less favorable than for round lots.

As in the case of other kinds of options, the use of foreign currency options constitutes only a partial hedge, and a Fund could be required to purchase or sell foreign currencies at disadvantageous exchange rates, thereby incurring losses. The purchase of an option on a foreign currency may not necessarily constitute an effective hedge against fluctuations in exchange rates and, in the event of rate movements adverse to a Fund's position, the Fund may forfeit the entire amount of the premium plus related transaction costs.

Options on foreign currencies written or purchased by a Fund may be traded on U.S. or foreign exchanges or over the counter. There is no systematic reporting of last sale information for foreign currencies traded over the counter or any regulatory requirement that quotations available through dealers or other market sources be firm or revised on a timely basis.

Available quotation information is generally representative of very large transactions in the interbank market and thus may not reflect relatively smaller transactions (i.e., less than $1 million) where rates may be less favorable. The interbank market in foreign currencies is a global, around-the-clock market. To the extent that the U.S. options markets are closed while the markets for the underlying currencies remain open, significant price and rate movements may take place in the underlying markets that are not reflected in the options market.

*Additional Risk Factors*. As a result of its investments in foreign securities, a Fund may receive interest or dividend payments, or the proceeds of the sale or redemption of such securities, in the foreign currencies in which such securities are denominated. In that event, a Fund may convert such currencies into dollars at the then current exchange rate. Under certain circumstances, however, such as where the Subadviser or the Adviser believes that the applicable rate is unfavorable at the time the currencies are received or the Subadviser or the Adviser anticipates, for any other reason, that the exchange rate will improve, a Fund may hold such currencies for an indefinite period of time. In addition, a Fund may be required to receive delivery of the foreign currency underlying forward foreign currency contracts it has entered into. This could occur, for example, if an option written by the Fund is exercised or the Fund is unable to close out a forward contract. A Fund may hold foreign currency in anticipation of purchasing foreign securities.

A Fund may also elect to take delivery of the currencies' underlying options or forward contracts if, in the judgment of the Subadviser or the Adviser, it is in the best interest of a Fund to do so. In such instances as well, a Fund may convert the foreign currencies to dollars at the then current exchange rates, or may hold such currencies for an indefinite period of time.

While the holding of currencies will permit a Fund to take advantage of favorable movements in the applicable exchange rate, it also exposes the Fund to risk of loss if such rates move in a direction adverse to the Fund's position. Such losses could reduce any profits or increase any losses sustained by a Fund from the sale or redemption of securities, and could reduce the dollar value of interest or dividend payments received. In addition, the holding of currencies could adversely affect a Fund's profit or loss on currency options or forward contracts, as well as its hedging strategies.

#### Foreign and Emerging Markets Investments
Investing in foreign securities generally represents a greater degree of risk than investing in domestic securities, due to possible exchange controls or exchange rate fluctuations, limits on repatriation of capital, less publicly available information as a result of accounting, auditing, and financial reporting standards different from those used in the U.S., more volatile markets, potentially less securities regulation, less favorable tax provisions, political or economic instability, war, or expropriation. As a result of its investments in foreign securities, a Fund may receive interest or dividend payments, or the proceeds of the sale or redemption of such securities, in the foreign currencies in which such securities are denominated.

Certain Funds will also invest in countries or regions with relatively low gross national product per capita compared to the world's major economies, and in countries or regions with the potential for rapid economic growth (emerging markets). Unless otherwise stated in a Fund's principal investment strategy, the Funds define emerging markets countries as those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics.

The risks of investing in foreign securities may be intensified in the case of investments in emerging markets. Securities of many issuers in emerging markets may be less liquid and more volatile than securities of comparable domestic issuers. Emerging markets also may have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in temporary periods when a portion of the assets of a Fund are uninvested and no return is earned thereon.

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Securities prices in emerging markets can be significantly more volatile than in the more developed nations of the world, reflecting the greater uncertainties of investing in less established markets and economies. The economies of countries with emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. Securities of issuers located in countries with emerging markets may have limited marketability and may be subject to more abrupt or erratic price movements.

Certain emerging markets may require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if deterioration occurs in an emerging market's balance of payments or for other reasons, a country could impose temporary restrictions on foreign capital remittances. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments.

Certain European countries in which a Fund may invest have experienced significant volatility in financial markets and may continue to do so in the future. In 2020, the United Kingdom (the "UK") left the European Union (the "EU") (commonly known as "Brexit"). Brexit could have negative long-term impacts on financial markets in the UK and throughout Europe. During this period of uncertainty, the negative impact on not only the UK and European economies, but the broader global economy, could be significant, potentially resulting in increased market volatility and illiquidity, political, economic, and legal uncertainty, and lower economic growth for companies that rely significantly on Europe for their business activities and revenues.

A Fund may, as part of its principal investment strategy, invest in frontier market countries. A sub-set of emerging markets, frontier markets are less developed than other emerging markets and are the most speculative. The Funds consider frontier market countries to include all of the countries in the MSCI Frontier Markets Index. Frontier countries generally have smaller economies or less developed capital markets than traditional emerging market countries and, as a result, the risks of investing in emerging market countries are magnified in frontier countries. They have the least number of investors and may not have a stock market on which to trade. Economic or political instability may cause larger price changes in frontier market securities than in securities of issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets generally receive less investor attention than developed markets or larger emerging markets. Most frontier markets consist chiefly of stocks of financial, telecommunications, and consumer companies that count on monthly payments from customers. Investments in this sector are typically illiquid, nontransparent, and subject to very low levels of regulation and high transaction fees. Frontier market investments may be subject to substantial political and currency risk. The risk of investing in frontier markets can be increased due to government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by frontier market countries or their trading partners; and the relatively new and unsettled securities laws in many frontier market countries. These risks can result in the potential for extreme price volatility.

Investments in certain foreign emerging market debt obligations may be restricted or controlled to varying degrees. These restrictions or controls may at times preclude investment in certain foreign emerging market debt obligations and increase the expenses of the Funds.

*Sovereign Debt Obligations.* A Fund may, as part of its principal investment strategy, invest in sovereign debt obligations. Sovereign debt obligations are issued or guaranteed by foreign governments or their agencies. Sovereign debt may be in the form of conventional securities or other types of debt instruments such as loans or loan participations. Governmental entities responsible for repayment of the debt may be unable or unwilling to repay principal and pay interest when due, and may require renegotiation or reschedule of debt payments. In addition, prospects for repayment of principal and payment of interest may depend on political as well as economic factors. Although some sovereign debt, such as Brady Bonds, is collateralized by U.S. government securities, repayment of principal and payment of interest is not guaranteed by the U.S. government.

*Foreign Agency Debt Obligations.* A Fund may invest in uncollateralized bonds issued by agencies, subdivisions or instrumentalities of foreign governments. Bonds issued by these foreign government agencies, subdivisions or instrumentalities are generally backed only by the creditworthiness and reputation of the entities issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A foreign agency's operations and financial condition are influenced by the foreign government's economic and other policies. Changes to the financial condition or credit rating of a foreign government may cause the value of debt issued by that particular foreign government's agencies, subdivisions or instrumentalities to decline. During periods of economic uncertainty, the trading of foreign agency bonds may be less liquid while market prices may be more volatile than prices of other bonds. Additional risks associated with foreign agency investing include

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differences in accounting, auditing and financial reporting standards; adverse changes in investment or exchange control regulations; political instability; and potential restrictions on the flow of international capital.

*Obligations of Supranational Entities.* Supranational entities are entities established through the joint participation of several governments, and include the Asian Development Bank, World Bank, African

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

#### Fund Operations
*Operational Risk.* An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on a Fund. While each Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to a Fund.

*Information Security Risk.* The Funds, and their service providers, may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Funds or the Subadvisers or the Adviser, Custodian, transfer agent, fund accounting agent, financial intermediaries, and other third-party service providers may adversely impact the Funds. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede security trading, subject the Fund to regulatory fines, financial losses and/or cause reputational damage. A Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber-security risks are also present for issues or securities in which a Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value.

Because technology is frequently changing, new ways to carry out cyberattacks continue to develop. Therefore, there is a chance that certain risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the ability of the Funds and the Funds' service providers to plan for, or respond to, a cyberattack. Furthermore, geopolitical tensions could increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing.

#### Futures Contracts and Related Options
The Adviser or Subadviser or may cause a Fund to buy and sell futures contracts and related options. A futures contract is an agreement between two parties to buy and sell a specific quantity of a security, commodity, rate, index, currency or other asset for a set price on a future date. A Fund may also buy and sell call and put options on futures. The use of futures and options on futures involves certain risks. For example, the low margin deposits normally required when trading futures or selling options on futures permit a high degree of leverage, which can result in a Fund experiencing substantial gains or losses due to relatively small price movements or other factors. The prices of futures and related options may be highly volatile. Certain risks arise because of the possibility of imperfect correlations between movements in the prices of futures and options on futures and movements in the prices of the underlying security, commodity, rate, index, currency or other asset or of the securities, currencies or other assets in a Fund's portfolio which are the subject of the hedge (to the extent that a Fund uses futures and options on futures for hedging purposes). The successful use of futures and options on futures further depends on the Adviser's or Subadviser's ability to forecast market movements correctly. Other risks arise because a Fund may at times be unable to close out its futures or options on futures positions. There can be no assurance that a liquid market will exist for any futures contract or option on futures contract at a particular time. During periods of market disruption, a Fund may have a greater need for cash to provide collateral in connection with such instruments and may be forced to sell assets to satisfy margin calls or post collateral at times when the Adviser or Subadviser would otherwise prefer to hold such assets. Futures and options on futures are required to be centrally cleared. When a Fund enters into such contracts, the Fund's

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counterparty is a clearinghouse and the Fund is subject to the credit risk of the clearinghouse and the clearing member through which it holds its position. There can be no assurance that any use of futures and related options by a Fund will be successful or have the intended effect. Certain rules or actions of regulators or exchanges, such as trading halts and limits on price fluctuations in a single day, may also limit a Fund's ability to engage in futures and options on futures transactions.

*Interest Rate Futures:* An interest rate futures contract is an exchange-traded contract in which the specified underlying security is either an interest-bearing fixed income security or an inter-bank deposit. Two examples of common interest rate futures contracts are U.S. Treasury futures and SOFR futures contracts. The specified security for U.S. Treasury futures is a U.S. Treasury security. The specified security for SOFR futures is the Secured Overnight Financing Rate (SOFR), which is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.

#### Growth Investing Risk
The prices of growth stocks may be based largely on expectations of future earnings, and can decline rapidly and significantly in reaction to negative news about various factors, such as earnings, revenues, the economy, political developments, or other news. Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over a short or long period of time. Growth stocks may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors. As a result, at times when it holds investments in growth stocks, a Fund may underperform other investment funds that favor different investment styles. Because growth companies typically reinvest their earnings, growth stocks typically do not pay dividends at levels associated with other types of stocks, if at all.

#### Illiquid Securities
A Fund may invest in illiquid securities. Each Fund will invest no more than 15% of its net assets in illiquid securities, including repurchase agreements and time deposits of more than seven days' duration. The absence of a regular trading market for illiquid securities imposes additional risks on investments in these securities. Illiquid securities may be difficult to value and may often be disposed of only after considerable expense and delay. The SEC has adopted a liquidity risk management rule (the "Liquidity Rule") that requires the Funds to establish a liquidity risk management program (the "LRMP"). The Trustees, including a majority of the Trustees who are not "interested persons" (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust or of the Adviser (the "Independent Trustees"), have designated the Adviser to administer the Funds' LRMP. Under the LRMP, the Adviser assesses, manages, and periodically reviews each Fund's liquidity risk. The Liquidity Rule defines "liquidity risk" as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors' interests in the fund. The liquidity of a Fund's portfolio investments is determined based on relevant market, trading and investment-specific considerations under the LRMP. To the extent that an investment is deemed to be an illiquid investment or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk. While the LRMP attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations and may not reduce the liquidity risk inherent in a Fund's investments. Each Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to the Fund's LRMP. In many cases, those securities are traded in the institutional market under Rule 144A under the Securities Act of 1933, as amended and are called Rule 144A securities.

The SEC adopted rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

#### Impact and Socially Responsible Investing
The application of a Fund's impact and socially responsible investment criteria may affect a Fund's exposure to certain sectors or types of investments and may impact a Fund's relative investment performance depending on whether such sectors or investments are in or out of favor with the market. Certain companies in which a Fund may invest may be dependent or significantly affected by developing technologies, short product life cycles, competition from new market entrants, fluctuations in energy prices and supply and demand of alternative energy sources. These investments may also be dependent on the government policies of U.S. and foreign governments, including tax incentives and subsidies, as well as on political support for certain environmental initiatives. In addition, under certain market conditions, a Fund may underperform funds that invest in a broader array of investments. There can be no assurance that the operations of a given issuer in which a Fund invests will in fact have the desired positive impact.

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#### Initial Public Offerings ("IPOs")
The Subadviser or the Adviser generally attempts to allocate IPOs on a pro rata basis. However, due to the typically small size of the IPO allocation available to a Fund and the nature and market capitalization of the companies involved in IPOs, pro rata allocation may not always be possible. Because IPO shares frequently are volatile in price, a Fund may hold IPO shares for a very short period of time. As a Fund's assets grow, the effect of the Fund's investments in IPOs on the Fund's performance probably will decline, which could reduce a Fund's performance. This may increase the turnover of a Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling shares of an IPO, a Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Most IPOs involve a high degree of risk not normally associated with offerings of more seasoned companies. Companies involved in IPOs generally have limited operating histories, and their prospects for future profitability are uncertain. These companies often are engaged in new and evolving businesses and are particularly vulnerable to competition and to changes in technology, markets and economic conditions. They may be dependent on certain key managers and third parties, need more personnel and other resources to manage growth and require significant additional capital. They may also be dependent on limited product lines and uncertain property rights and need regulatory approvals. Investors in IPOs can be affected by substantial dilution in the value of their shares, by sales of additional shares and by concentration of control in existing management and principal shareholders. Stock prices of IPOs can also be highly unstable, due to the absence of a prior public market, the small number of shares available for trading and limited investor information.

#### Interest Rate Risk
When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. When interest rates fall, the value of fixed income securities generally increase. Long- term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund's investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by a Fund. Your investment will decline in value if the value of the Fund's investments decreases. Recently, there have been inflationary price movements, which have caused the fixed income securities markets to experience heightened levels of interest rate volatility and liquidity risk.

#### Investment Grade Fixed Income Securities
Fixed income securities are considered investment grade if they are rated in one of the four highest rating categories by an NRSRO, or, if not rated, are determined to be of comparable quality by the Adviser and Barrow Hanley. See "Appendix B – Ratings of Debt Instruments by Nationally Recognized Statistical Rating Organizations" for a description of the bond rating categories of several NRSROs. Ratings of each NRSRO represent its opinion of the safety of principal and interest payments (and not the market risk) of bonds and other fixed income securities it undertakes to rate at the time of issuance. Ratings are not absolute standards of quality and may not reflect changes in an issuer's creditworthiness. Fixed income securities rated BBB- or Baa3 lack outstanding investment characteristics and have speculative characteristics as well. Securities rated Baa3 by Moody's Investor Services, Inc. ("Moody's") or BBB- by S&P Global Ratings ("S&P") or higher are considered by those rating agencies to be "investment grade" securities, although Moody's considers securities rated in the Baa category to have speculative characteristics. While issuers of bonds rated BBB by S&P are considered to have adequate capacity to meet their financial commitments, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and principal for debt in this category than debt in higher rated categories. In the event a security owned by a Fund is downgraded below investment grade, the Adviser and Barrow Hanley will review the situation and take appropriate action with regard to the security.

#### Investment in the People's Republic of China ("China")
China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation.

Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for a Fund to obtain or enforce a judgment in a Chinese court. In addition, periodically there may be restrictions on investments in Chinese companies. The universe of affected securities can change from time to time. As a result of an increase in the number of investors looking to sell such securities, or because of an inability to participate in an investment that the Adviser or Subadviser otherwise believes is attractive, a Fund may incur losses. Certain securities that are or become designated as prohibited securities may have less liquidity as a result of such designation and the market price of such prohibited securities may decline, potentially causing

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losses to a Fund. In addition, the market for securities of other Chinese-based issuers may also be negatively impacted, resulting in reduced liquidity and price declines.

Additionally, in China, U.S. ownership of Chinese companies in certain sectors (including by U.S. persons and entities, inclusive of U.S. mutual funds) is prohibited. In order to facilitate non-U.S. investment, many Chinese companies have created VIEs that allow non-U.S. investors, through the use of contractual arrangements, to both exert a degree of control and to obtain substantially all of the economic benefits arising from a company without formal legal ownership. In 2023, the China Securities Regulatory Commission ("CSRC") released new rules that permit the use of VIE structures, provided they abide by Chinese laws and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. However, the Chinese government has not approved VIE structures and at any time without advance notice the Chinese government or a Chinese regulator or court could determine that the contractual arrangements constituting part of the VIE structure are unenforceable or do not comply with applicable law or regulations, these laws or regulations could change or be interpreted differently in the future, and the Chinese government also may with no advance notice otherwise intervene in or exert influence over VIE structures or the related Chinese operating companies. If the Chinese companies (or their officers, directors, or Chinese equity holders) breached their contracts or if Chinese officials and/or regulators withdraw any acceptance of the VIE structure or if new laws, rules or regulations relating to VIE structures are adopted U.S. investors could suffer substantial, detrimental, and possibly permanent effects with little or no recourse available. VIE structures do not offer the same level of investor protections as direct ownership. Investors may experience significant losses if VIE structures are altered or disputes emerge over control of the VIE.

A Fund may incur losses due to limited investment capabilities, or may not be able to fully implement or pursue its investment objective or strategy, due to local investment restrictions, illiquidity of the Chinese domestic securities market, and/or delay or disruption in execution and settlement of trades.

*Investments in China A Shares.* A Fund may invest in A Shares of companies based in China through the Shanghai-Hong Kong Stock Connect program or Shenzhen-Hong Kong Stock Connect program (collectively, "Stock Connect") subject to any applicable regulatory limits. Stock Connect is a securities trading and clearing linked program developed by Hong Kong Exchanges and Clearing Limited ("HKEx"), the Hong Kong Securities Clearing Company Limited ("HKSCC"), Shanghai Stock Exchange ("SSE"), Shenzhen Stock Exchange ("SZSE") and China Securities Depository and Clearing Corporation Limited ("ChinaClear") with the aim of achieving mutual stock market access between China and Hong Kong. This program allows foreign investors to trade certain SSE-listed or SZSE-listed China A Shares through their Hong Kong based brokers. All Hong Kong and overseas investors in Stock Connect will trade and settle SSE or SZSE securities in the offshore Renminbi ("CNH") only. A Fund will be exposed to any fluctuation in the exchange rate between the U.S. Dollar and CNH in respect of such investments.

By seeking to invest in the domestic securities markets of China via Stock Connect a Fund is subject to the following additional risks:

• *General Risks*. The relevant regulations are relatively untested and subject to change. There is no certainty as to how they will be applied, which could adversely affect a Fund. The program requires use of new information technology systems which may be subject to operational risk due to the program's cross-border nature. If the relevant systems fail to function properly, trading in both Hong Kong and Chinese markets through the program could be disrupted. Stock Connect will only operate 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. There may be occasions when it is a normal trading day for the Chinese market but Stock Connect is not trading. As a result, a Fund may be subject to the risk of price fluctuations in China A Shares when the Fund cannot carry out any China A Shares trading.

• *Foreign Shareholding Restrictions*. The trading, acquisition, disposal and holding of securities under Stock Connect are subject at all times to applicable law, which imposes purchasing and holding limits. These limitations and restrictions may have the effect of restricting an investor's ability to purchase, subscribe for or hold any China A Shares or to take up any entitlements in respect of such shares, or requiring an investor to reduce its holding in any securities, whether generally or at a particular point of time, and whether by way of forced sale or otherwise. As such, investors may incur loss arising from such limitations, restrictions and/or forced sale.

• *China A Shares Market Suspension Risk*. China A Shares may only be bought from, or sold to, a Fund at times when the relevant China A Shares may be sold or purchased on the relevant Chinese stock exchange. SSE and SZSE typically have the right to suspend or limit trading in any security traded on the relevant exchange if necessary to ensure an orderly and fair market and that risks are managed prudently. In the event of the suspension, a Fund's ability to access the Chinese market will be adversely affected.

• *Clearing and Settlement Risk*. HKSCC and ChinaClear have established the clearing links and each will become a participant of each other to facilitate clearing and settlement of cross-boundary trades. For cross-boundary trades

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initiated in a market, the clearing house of that market will on one hand clear and settle with its own clearing participants and on the other hand undertake to fulfill the clearing and settlement obligations of its clearing participants with the counterparty clearing house. In the event ChinaClear defaults, HKSCC's liabilities under its market contracts with clearing participants may be limited to assisting clearing participants with claims. It is anticipated that HKSCC will act in good faith to seek recovery of the outstanding stocks and monies from ChinaClear through available legal channels or the liquidation of ChinaClear. Regardless, the process of recovery could be delayed and a Fund may not fully recover its losses or its Stock Connect securities. <br>

• *Legal/Beneficial Ownership*. Where securities are held in custody on a cross-border basis there are specific legal and beneficial ownership risks linked to the compulsory requirements of the local central securities depositaries, HKSCC and ChinaClear. As in other emerging markets, the legislative framework is only beginning to develop the concept of legal/formal ownership and of beneficial ownership or interest in securities. In addition, HKSCC, as nominee holder, does not guarantee the title to Stock Connect securities held through it and is under no obligation to enforce title or other rights associated with ownership on behalf of beneficial owners. Consequently, the courts may consider that any nominee or custodian as registered holder of Stock Connect securities would have full ownership thereof, and that those Stock Connect securities would form part of the pool of assets of such entity available for distribution to creditors of such entities and/or that a beneficial owner may have no rights whatsoever in respect thereof. Consequently, neither a Fund nor its custodian can ensure that the Fund's ownership of these securities or title thereto is assured. To the extent that HKSCC is deemed to be performing safekeeping functions with respect to assets held through it, it should be noted that a Fund and its custodian will have no legal relationship with HKSCC and no direct legal recourse against HKSCC in the event that the Fund suffers losses resulting from the performance or insolvency of HKSCC. In the event that a Fund suffers losses due to the negligence, or willful default, or insolvency of HKSCC, the Fund may not be able to institute legal proceedings, file any proof of claim in any insolvency proceeding or take any similar action. In the event of the insolvency of HKSCC, the Fund may not have any proprietary interest in the China A Shares traded through the Stock Connect program and may be an unsecured general creditor in respect of any claim the Fund may have in respect of them. Consequently, the value of a Fund's investment in China A Shares and the amount of its income and gains could be adversely affected.

• *Operational Risk*. The HKSCC provides clearing, settlement, nominee functions and other related services in respect of trades executed by Hong Kong market participants. Chinese regulations which include certain restrictions on selling and buying will apply to all market participants. Trading via Stock Connect may require pre-delivery or pre-validation of cash or shares to or by a broker. If the cash or shares are not in the broker's possession before the market opens on the day of selling, the sell order will be rejected. As a result, a Fund may not be able to purchase and/or dispose of holdings of China A Shares in a timely manner.

• *Day Trading Restrictions*. Day (turnaround) trading is not permitted through Stock Connect. Investors buying A Shares on day T can only sell the shares on and after day T+1 subject to any Stock Connect rules.

• *Quota Limitations*. The Stock Connect program is subject to daily quota limitations which may restrict a Fund's ability to invest in China A Shares through the program on a timely basis.

• *Investor Compensation*. A Fund will not benefit from the China Securities Investor Protection Fund in mainland China. The China Securities Investor Protection Fund is established to pay compensation to investors in the event that a securities company in mainland China is subject to compulsory regulatory measures (such as dissolution, closure, bankruptcy, and administrative takeover by the China Securities Regulatory Commission). Since the Fund is carrying out trading of China A Shares through securities brokers in Hong Kong, but not mainland China brokers, therefore, it is not protected by the China Securities Investor Protection Fund.

*Tax within China.* Dividends and distributions received by a Fund in respect of investments in A Shares via Stock Connect are subject to a 10% withholding tax (or a reduced treaty rate) levied by Chinese tax authorities. In addition, uncertainties in Chinese tax rules governing taxation of income and gains from such investments could result in unexpected tax liabilities for a Fund. A Fund's investments in securities, including A Shares, issued by Chinese companies may cause the Fund to become subject to additional withholding and other taxes imposed by China.

If, in the future, China begins collecting capital gains taxes on investments through Stock Connect, a Fund could be subject to additional tax liability if the Fund determines that such liability cannot be reduced or eliminated by applicable tax treaties. The Chinese tax authorities may in the future issue further guidance in this regard and with potential retrospective effect. The negative impact of any such tax liability on a Fund's return could be substantial.

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In light of the uncertainty as to how gains or income that may be derived from a Fund's investments in China will be taxed, the Fund reserves the right to provide for withholding tax on such gains or income and withhold tax for the account of the Fund. Withholding tax may already be withheld at a broker/custodian level.

Any tax provision, if made, will be reflected in the net asset value of a Fund at the time the provision is used to satisfy tax liabilities. If the actual applicable tax levied by the Chinese tax authorities is greater than that provided for by a Fund so that there is a shortfall in the tax provision amount, the net asset value of the Fund may suffer as the Fund will have to bear additional tax liabilities. In this case, then existing and new shareholders in the Fund will be disadvantaged. If the actual applicable tax levied by Chinese tax authorities is less than that provided for by a Fund so that there is an excess in the tax provision amount, shareholders who redeemed Fund shares before the Chinese tax authorities' ruling, decision or guidance may have been disadvantaged as they would have borne any loss from the Fund's overprovision. In this case, the then existing and new shareholders in the Fund may benefit if the difference between the tax provision and the actual taxation liability can be returned to the account of the Fund as assets thereof. Any excess in the tax provision amount shall be treated as property of the Fund, and shareholders who previously transferred or redeemed their Fund shares will not be entitled or have any right to claim any part of the amount representing the excess.

The Chinese rules for taxation of Stock Connect are evolving, and certain of the tax regulations to be issued by the State Administration of Taxation of China and/or Ministry of Finance of China to clarify the subject matter may apply retrospectively, even if such rules are adverse to a Fund and its shareholders. The imposition of taxes, particularly on a retrospective basis, could have a material adverse effect on a Fund's returns. Before further guidance is issued and is well established in the administrative practice of the Chinese tax authorities, the practices of the Chinese tax authorities that collect Chinese taxes relevant to a Fund may differ from, or be applied in a manner inconsistent with, the practices with respect to the analogous investments described herein or any further guidance that may be issued. The value of a Fund's investment in China and the amount of its income and gains could be adversely affected by an increase in tax rates or change in the taxation basis.

The above information is only a general summary of the potential Chinese tax consequences that may be imposed on a Fund and its shareholders either directly or indirectly and should not be taken as a definitive, authoritative or comprehensive statement of the relevant matter. Shareholders should seek their own tax advice on their tax position with regard to their investment in a Fund.

The Chinese government has implemented a number of tax reform policies in recent years. The current tax laws and regulations may be revised or amended in the future. Any revision or amendment in tax laws and regulations may affect the after-taxation profit of Chinese companies and foreign investors in such companies, such as the Funds.

#### Large Transactions Risk
A Fund may experience adverse effects when large shareholders, or a number of shareholders collectively purchase or redeem large amounts of shares of the Fund ("large shareholder transactions"). Such larger than normal redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large shareholder transactions may also result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, and may also increase transaction costs. The effects of taxable income and/or gains resulting from large shareholder transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA, 401(k) plan or other tax-advantaged investment plans. To the extent that such transactions result in short-term capital gains, such gains when distributed by the Fund will generally be taxed at the ordinary income tax rate for individual shareholders who hold Fund shares in a taxable account. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. A number of circumstances may cause the Fund to experience large redemptions, including, but not limited to, the occurrence of significant events affecting investor demand for securities or asset classes in which the Fund invests; changes in the eligibility criteria for the Fund or share class of the Fund; liquidations, reorganizations, repositionings, or other announced Fund events; or changes in investment objectives, strategies, policies, risks, or investment personnel. Although large shareholder transactions may be more frequent under certain circumstances, a Fund is generally subject to the risk that shareholders can purchase or redeem a significant percentage of Fund shares at any time.

#### Litigation and Enforcement Risk
A Fund may invest in companies involved in significant restructuring. These types of companies tend to involve increased litigation risk, including for investors in these companies. This risk may be greater in the event a Fund takes a large position or is otherwise prominently involved. The expense of defending against (or asserting) claims and paying any amounts pursuant to settlements or judgments would be borne by the Fund (directly if it were directly involved or indirectly in the case claims by or against

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an underlying company or settlements or judgments paid by an underlying company). Further, ownership of companies over certain threshold levels involves additional filing requirements and substantive regulation on such owners, and if the Fund fails to comply with all of these requirements, the Fund may be forced to disgorge profits, pay fines or otherwise bear losses or other costs from such failure to comply. Participation in litigation against a portfolio company of a Fund may make the Fund an "insider" of the issuer for purposes of the federal securities laws, and therefore may restrict the Fund's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so.

Participation by a Fund on creditors' committees also may expose a Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. In addition, there have been a number of widely reported instances of violations of securities laws through the misuse of confidential information. Such violations may result in substantial liabilities for damages caused to others, for the disgorgement of profits realized and for penalties. Investigations and enforcement proceedings may be charged with involvement in such violations. Furthermore, if persons associated with a company in which a Fund invested engages in such violations, the Fund could be exposed to losses.

#### Loans
A Fund may invest in fixed and floating rate loans ("Loans"). Loans may include senior floating rate loans ("Senior Loans") and secured and unsecured loans, second lien or more junior loans ("Junior Loans") and bridge loans or bridge facilities ("Bridge Loans"). Loans are typically arranged through private negotiations between borrowers in the U.S. or in foreign or emerging markets which may be corporate issuers or issuers of sovereign debt obligations ("Borrowers") and one or more financial institutions and other lenders ("Lenders"). Generally, a Fund invests in Loans by purchasing assignments of all or a portion of Loans ("Assignments") or Loan participations ("Participations") from third parties.

A Fund has direct rights against the Borrower on the Loan when it purchases an Assignment. Because Assignments are arranged through private negotiations between potential assignees and potential assignors, however, the rights and obligations acquired by the Fund as the purchaser of an Assignment may differ from, and be more limited than, those held by the assigning Lender. With respect to Participations, typically, a Fund will have a contractual relationship only with the Lender and not with the Borrower. The agreement governing Participations may limit the rights of the Fund to vote on certain changes which may be made to the Loan agreement, such as waiving a breach of a covenant. However, the holder of a Participation will generally have the right to vote on certain fundamental issues such as changes in principal amount, payment dates and interest rate. Participations may entail certain risks relating to the creditworthiness of the parties from which the participations are obtained.

A Loan is typically originated, negotiated and structured by a U.S. or foreign commercial bank, insurance company, finance company or other financial institution (the "Agent") for a group of Loan investors. The Agent typically administers and enforces the Loan on behalf of the other Loan investors in the syndicate. The Agent's duties may include responsibility for the collection of principal and interest payments from the Borrower and the apportionment of these payments to the credit of all Loan investors. The Agent is also typically responsible for monitoring compliance with the covenants contained in the Loan agreement based upon reports prepared by the Borrower. In addition, an institution, typically but not always the Agent, holds any collateral on behalf of the Loan investors. In the event of a default by the Borrower, it is possible, though unlikely, that a Fund could receive a portion of the borrower's collateral. If a Fund receives collateral other than cash, any proceeds received from liquidation of such collateral will be available for investment as part of the Fund's portfolio.

In the process of buying, selling and holding Loans, the Fund may receive and/or pay certain fees. These fees are in addition to interest payments received and may include facility fees, commitment fees, commissions and prepayment penalty fees. When a Fund buys or sells a Loan, it may pay a fee. In certain circumstances, the Fund may receive a prepayment penalty fee upon prepayment of a Loan.

*Additional Information concerning Senior Loans.* Senior Loans typically hold the most senior position in the capital structure of the Borrower, are typically secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by subordinated debt holders and shareholders of the Borrower. Collateral for Senior Loans may include (i) working capital assets, such as accounts receivable and inventory; (ii) tangible fixed assets, such as real property, buildings and equipment; (iii) intangible assets, such as trademarks and patent rights; and/or, (iv) security interests in shares of stock of subsidiaries or affiliates.

*Additional Information concerning Junior Loans.* Junior Loans include secured and unsecured loans including subordinated loans, second lien and more junior loans, and bridge loans. Second lien and more junior loans ("Junior Lien Loans") are generally second or further in line in terms of repayment priority. In addition, Junior Lien Loans may have a claim on the same collateral pool as the first lien or other more senior liens or may be secured by a separate set of assets. Junior Loans generally give investors priority over general unsecured creditors in the event of an asset sale.

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*Additional Information concerning Bridge Loans.* Bridge Loans are short-term loan arrangements (e.g., 12 to 18 months) typically made by a Borrower in anticipation of intermediate-term or long-term permanent financing. Most Bridge Loans are structured as floating-rate debt with step-up provisions under which the interest rate on the Bridge Loan rises the longer the Loan remains outstanding. In addition, Bridge Loans commonly contain a conversion feature that allows the Bridge Loan investor to convert its Loan interest to senior exchange notes if the Loan has not been prepaid in full on or prior to its maturity date. Bridge Loans typically are structured as Senior Loans but may be structured as Junior Loans.

*Additional Information concerning Unfunded Commitments.* Unfunded commitments are contractual obligations pursuant to which a Fund agrees to invest in a Loan at a future date. Typically, a Fund receives a commitment fee for entering into the Unfunded Commitment.

*Additional Information concerning Synthetic Letters of Credit.* Loans may include synthetic letters of credit. In a synthetic letter of credit transaction, the Lender typically creates a special purpose entity or a credit-linked deposit account for the purpose of funding a letter of credit to the borrower. When a Fund invests in a synthetic letter of credit, the Fund is typically paid a rate based on the Lender's borrowing costs and the terms of the synthetic letter of credit. Synthetic letters of credit are typically structured as Assignments with the Fund acquiring direct rights against the Borrower.

*Risk Factors of Loans*. Loans are subject to the risks associated with debt obligations in general including interest rate risk, credit risk and market risk. When a Loan is acquired from a Lender, the risk includes the credit risk associated with the Borrower of the underlying Loan. A Fund may incur additional credit risk when the Fund acquires a participation in a Loan from another lender because the Fund must assume the risk of insolvency or bankruptcy of the other lender from which the Loan was acquired. To the extent that Loans involve Borrowers in foreign or emerging markets, such Loans are subject to the risks associated with foreign investments or investments in emerging markets in general. The following outlines some of the additional risks associated with Loans.

*High Yield Securities Risk.* The Loans that a Fund invests in may not be rated by an NRSRO, will not be registered with the Securities and Exchange Commission ("SEC") or any state securities commission and will not be listed on any national securities exchange. To the extent that such high yield Loans are rated, they typically will be rated below investment grade and are subject to an increased risk of default in the payment of principal and interest as well as the other risks described under *"*Non-Investment-Grade Debt Securities.*"* Loans are vulnerable to market sentiment such that economic conditions or other events may reduce the demand for Loans and cause their value to decline rapidly and unpredictably.

*Liquidity Risk.* Loans that are deemed to be liquid at the time of purchase may become illiquid or less liquid. No active trading market may exist for certain Loans and certain Loans may be subject to restrictions on resale or have a limited secondary market. Certain Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The inability to dispose of certain Loans in a timely fashion or at a favorable price could result in losses to the Fund.

*Collateral and Subordination Risk.* With respect to Loans that are secured, a Fund is subject to the risk that collateral securing the Loan will decline in value or have no value or that the Fund's lien is or will become junior in payment to other liens. A decline in value of the collateral, whether as a result of market value declines, bankruptcy proceedings or otherwise, could cause the Loan to be under collateralized or unsecured. In such event, the Fund may have the ability to require that the Borrower pledge additional collateral. The Fund, however, is subject to the risk that the Borrower may not pledge such additional collateral or a sufficient amount of collateral. In some cases, there may be no formal requirement for the Borrower to pledge additional collateral. In addition, collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation of such assets would satisfy a Borrower's obligation on a Loan. If a Fund were unable to obtain sufficient proceeds upon a liquidation of such assets, this could negatively affect the Fund's performance.

If a Borrower becomes involved in bankruptcy proceedings, a court may restrict the ability of a Fund to demand immediate repayment of the Loan by Borrower or otherwise liquidate the collateral. A court may also invalidate the Loan or a Fund's security interest in collateral or subordinate the Fund's rights under a Senior Loan or Junior Loan to the interest of the Borrower's other creditors, including unsecured creditors, or cause interest or principal previously paid to be refunded to the Borrower. If a court required interest or principal to be refunded, it could negatively affect Fund performance. Such action by a court could be based, for example, on a "fraudulent conveyance" claim to the effect that the Borrower did not receive fair consideration for granting the security interest in the Loan collateral to the Fund. For Senior Loans made in connection with a highly leveraged transaction, consideration for granting a security interest may be deemed inadequate if the proceeds of the Loan were not received or retained by the Borrower, but were instead paid to other persons (such as shareholders of the Borrower) in an amount which left the Borrower insolvent or without sufficient working capital. There are also other events, such as the failure to perfect a security interest due to faulty documentation or faulty official filings, which could lead to the invalidation of the Fund's security interest in Loan collateral. If a Fund's security interest in Loan collateral is invalidated or a Senior Loan were subordinated to other debt of a Borrower in bankruptcy or other

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proceedings, the Fund would have substantially lower recovery, and perhaps no recovery on the full amount of the principal and interest due on the Loan, or the Fund could have to refund interest. Lenders and investors in Loans can be sued by other creditors and shareholders of the Borrowers. Losses can be greater than the original Loan amount and occur years after the principal and interest on the Loan have been repaid.

*Agent Risk.* Selling Lenders, Agents and other entities who may be positioned between a Fund and the Borrower will likely conduct their principal business activities in the banking, finance and financial services industries. Investments in Loans may be more impacted by a single economic, political or regulatory occurrence affecting such industries than other types of investments. Entities engaged in such industries may be more susceptible to, among other things, fluctuations in interest rates, changes in the Federal Open Market Committee's monetary policy, government regulations concerning such industries and concerning capital raising activities generally and fluctuations in the financial markets generally. An Agent, Lender or other entity positioned between a Fund and the Borrower may become insolvent or enter Federal Deposit Insurance Corporation ("FDIC") receivership or bankruptcy.

A Fund might incur certain costs and delays in realizing payment on a Loan or suffer a loss of principal and/ or interest if assets or interests held by the Agent, Lender or other party positioned between the Fund and the Borrower are determined to be subject to the claims of the Agent's, Lender's or such other party's creditors.

*Junior Loan Risk.* Junior Loans are subject to the same general risks inherent to any Loan investment. Due to their lower place in the Borrower's capital structure and possible unsecured status, Junior Loans involve a higher degree of overall risk than Senior Loans of the same Borrower. Junior Loans that are Bridge Loans generally carry the expectation that the Borrower will be able to obtain permanent financing in the near future. Any delay in obtaining permanent financing subjects the Bridge Loan investor to increased risk. A Borrower's use of Bridge Loans also involves the risk that the Borrower may be unable to locate permanent financing to replace the Bridge Loan, which may impair the Borrower's perceived creditworthiness.

*Mezzanine Loan Risk.* In addition to the risk factors described above, mezzanine loans are subject to additional risks. Unlike conventional mortgage loans, mezzanine loans are not secured by a mortgage on the underlying real property but rather by a pledge of equity interests (such as a partnership or limited liability company membership) in the property owner or another company in the ownership structures that has control over the property. Such companies are typically structured as special purpose entities. Generally, mezzanine loans may be more highly leveraged than other types of Loans and subordinate in the capital structure of the Borrower. While foreclosure of a mezzanine loan generally takes substantially less time than foreclosure of a traditional mortgage, the holders of a mezzanine loan have different remedies available versus the holder of a first lien mortgage loan. In addition, a sale of the underlying real property would not be unencumbered, and thus would be subject to encumbrances by more senior mortgages and liens of other creditors. Upon foreclosure of a mezzanine loan, the holder of the mezzanine loan acquires an equity interest in the Borrower. However, because of the subordinate nature of a mezzanine loan, the real property continues to be subject to the lien of the mortgage and other liens encumbering the real estate. In the event the holder of a mezzanine loan forecloses on its equity collateral, the holder may need to cure the Borrower's existing mortgage defaults or, to the extent permissible under the governing agreements, sell the property to pay off other creditors. To the extent that the amount of mortgages and senior indebtedness and liens exceed the value of the real estate, the collateral underlying the mezzanine loan may have little or no value.

*Foreclosure Risk.* There may be additional costs associated with enforcing a Fund's remedies under a Loan including additional legal costs and payment of real property transfer taxes upon foreclosure in certain jurisdictions. As a result of these additional costs, the Fund may determine that pursuing foreclosure on the Loan collateral is not worth the associated costs. In addition, if a Fund incurs costs and the collateral loses value or is not recovered by the Fund in foreclosure, the Fund could lose more than its original investment in the Loan. Foreclosure risk is heightened for Junior Loans, including certain mezzanine loans.

*Benchmark and Reference Rate Risk*. Secured Overnight Financing Rate ("SOFR") is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate ("LIBOR"). LIBOR was intended to be an unsecured rate representing interbank funding costs for different short-term maturities or tenors. LIBOR was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has at times been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based

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reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund.

In addition, interest rates or other types of rates and indices which are classed as "benchmarks" have been the subject of ongoing national and international regulatory reform, including under EU regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into UK law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

*Bank Loan Risk.* A Fund may have difficulty disposing of bank loans because, in certain cases, the market for such instruments is not highly liquid. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and on a Fund's ability to dispose of the bank loan in response to a specific economic event, such as deterioration in the creditworthiness of the borrower. Furthermore, transactions in many loans settle on a delayed basis, and a Fund may not receive the proceeds from the sale of a loan for a substantial period of time after the sale. As a result, those proceeds will not be available to make additional investments or to meet the Fund's redemption obligations. To the extent that extended settlement creates short-term liquidity needs, a Fund may satisfy these needs by holding additional cash or selling other investments (potentially at an inopportune time, which could result in losses to the Fund). Bank loans may not be considered "securities," and purchasers, such as the Funds, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws.

Loan assignments are investments in all or a portion of certain bank loans purchased from the lenders or from other third parties. The purchaser of an assignment typically will acquire direct rights against the borrower under the loan. While the purchaser of an assignment typically succeeds to all the rights and obligations of the assigning lender under the loan agreement, because assignments are arranged through private negotiations between potential assignees and assignors, or other third parties whose interests are being assigned, the rights and obligations acquired by a Fund may differ from and be more limited than those held by the assigning lender.

A holder of a loan participation typically has only a contractual right with the seller of the participation and not with the borrower or any other entities positioned between the seller of the participation and the borrower. As such, the purchaser of a loan participation assumes the credit risk of the seller of the participation, and any intermediary entities between the seller and the borrower, in addition to the credit risk of the borrower. When a Fund holds a loan participation, it will have the right to receive payments of principal, interest and fees to which it may be entitled only from the seller of the participation and only upon receipt of the seller of such payments from the borrower or from any intermediary parties between the seller and the borrower. Additionally, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, will have no voting, consent or set-off rights under the loan agreement and may not directly benefit from the collateral supporting the loan although lenders that sell participations generally are required to distribute liquidation proceeds received by them pro rata among the holders of such participations. In the event of the bankruptcy or insolvency of the borrower, a loan participation may be subject to certain defenses that can be asserted by the borrower as a result of improper conduct by the seller or intermediary. If the borrower fails to pay principal and interest when due, a Fund may be subject to greater delays, expenses and risks than those that would have been involved if the Fund had purchased a direct obligation of such borrower.

The investment managers may from time to time have the opportunity to receive material, non-public information ("Confidential Information") about the borrower, including financial information and related documentation regarding the borrower that is not publicly available. Pursuant to applicable policies and procedures, the investment managers may (but are not required to) seek to avoid receipt of Confidential Information from the borrower so as to avoid possible restrictions on its ability to purchase and sell investments on behalf of a Fund and other clients to which such Confidential Information relates (e.g., publicly traded securities issued by the borrower). In such circumstances, the Fund (and other clients of the investment managers) may be disadvantaged in comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells a bank loan. Further, the investment managers' abilities to assess the desirability of proposed consents, waivers or amendments with respect to certain bank loans may be compromised if it is not privy to available Confidential Information. The investment managers may also determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the investment managers intentionally or unintentionally come into possession of Confidential Information, they may be unable, potentially for a substantial period of time, to purchase or sell publicly traded securities to which such Confidential Information relates.

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#### Market Disruption and Geopolitical Risk
Geopolitical, environmental and other events may disrupt securities markets and adversely affect global economies and markets. These disruptions could prevent a Fund from implementing its investment strategies and achieving its investment objectives, and increase a Fund's exposure to the other risks. Conditions in one country, market, or region might adversely affect markets, issuers, and/or foreign exchange rates in other countries, including the U.S. War, terrorism, public health crises, and geopolitical events, such as sanctions, tariffs, trade disputes, the imposition of exchange controls or other cross-border trade barriers, have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. Terrorism in the U.S. and around the world has had a similar global impact and has increased geopolitical risk.

Natural and environmental disasters, such as earthquakes and tsunamis, can be highly disruptive to economies and markets, adversely impacting individual companies and industries, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of a Fund's investments. Similarly dramatic disruptions can be caused by communicable diseases, epidemics, pandemics, plagues and other public health crises.

Communicable diseases, including those that result in pandemics or epidemics, may pose significant threats to human health, and such diseases, along with any efforts to contain their spread, may be highly disruptive to both global and local economies and markets, with significant negative impact on individual issuers, sectors, industries, and asset classes. Significant public health crises, including those triggered by the transmission of a communicable disease and efforts to contain it may result in, among other things, border closings and other significant travel restrictions and disruptions, significant disruptions to business operations, supply chains and customer activity, lower consumer demand for goods and services, event cancellations and restrictions, service cancellations, reductions and other changes, significant challenges in healthcare service preparation and delivery, and prolonged quarantines, as well as general concern and uncertainty. The effects of any disease outbreak may be greater in countries with less developed disease prevention and control programs and may also exacerbate other pre-existing political, social, economic, market and financial risks. A pandemic can result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. The foregoing could impair a Fund's ability to maintain operational standards (such as with respect to satisfying redemption requests), disrupt the operations of a Fund's service providers, adversely affect the value and liquidity of a Fund's investments, and negatively impact a Fund's performance, and overall prevent a Fund from implementing its investment strategies and achieving its investment objective.

Securities and financial markets may be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the values of investments traded in these markets, including investments held by a Fund.

Unexpected political, regulatory and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree. Market disruptions, including sudden government interventions (e.g., currency controls), can also prevent a Fund from implementing its investment strategies efficiently and achieving its investment objectives. For example, a market disruption may adversely affect the orderly functioning of the securities markets and may cause a Fund's derivatives counterparties to discontinue offering derivatives on some underlying securities, reference rates, or indices, or to offer them on a more limited basis.

While the U.S. government has honored its credit obligations continuously for more than 200 years, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund's investments. Similarly, political events within the U.S. can result in the shutdown of government services, which could negatively affect the U.S. economy, decrease the value of many Fund investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets.

In 2022, Russia commenced a large-scale military attack on Ukraine. Continued hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. In addition, sanctions imposed on Russia, Russian individuals, and Russian corporate and banking entities by the U.S. and other countries, and any sanctions imposed in the future, may have a significant adverse impact on the Russian economy and related markets. Such actions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, securities market trading halts related to the conflict could adversely impact the value and liquidity of a Fund's holdings and could impair a Fund's ability to transact in and/or value portfolio securities. The ramifications of the conflict and related sanctions may negatively impact other regional and global financial markets (including in Europe and the U.S.), companies in other countries (including those that have done business in Russia), and various sectors, industries and markets for securities and commodities, such as oil and natural gas. The price and liquidity of a Fund's investments may fluctuate widely as a result of the conflict and related events. The extent and duration of the military conflict

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or future escalation of such hostilities (including cyberattacks), the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant adverse impact on Fund performance and the value of an investment in a Fund.

In 2025, the U.S. government indicated its intent to alter its approach to international trade policy and, in some cases, to renegotiate or potentially terminate certain existing bilateral or multilateral trade agreements and treaties with foreign countries and has made proposals and taken actions related thereto. In addition, the U.S. government has recently imposed tariffs on certain foreign goods and has indicated a willingness to impose tariffs on imports of other products. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products. Other countries, including Mexico, have threatened retaliatory tariffs on certain U.S. products.

Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any future downturns in the global economy resulting therefrom, could adversely affect the financial performance of the fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant currency fluctuations and/or having other adverse effects on international markets, international trade agreements, and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the sectors or industries in which the fund invests and other adverse impacts on a Fund's overall performance.

#### Master Limited Partnerships ("MLP")
A Fund may invest in limited partnerships in which the ownership units are publicly traded. MLP units are registered with the SEC and are freely traded on a securities exchange or in the over-the-counter market. Generally, a MLP is operated under the supervision of one or more managing general partners. Limited partners (like a Fund that invest in a MLP) are not involved in the day-to-day management of the partnership. They are allocated income and capital gains associated with the partnership project in accordance with the terms established in the partnership agreement. MLPs make distributions that are similar to dividends, and these are generally paid out on a quarterly basis. Some distributions received by a Fund with respect to its investments in MLPs may, if distributed by the Fund, be treated as a return of capital because of accelerated deductions available with respect to the activities of such MLPs and the MLPs' distribution policies. Generally speaking, MLP investment returns are enhanced during periods of declining/low interest rates and tend to be negatively influenced when interest rates are rising. As an income vehicle, the unit price can be influenced by general interest rate trends independent of specific underlying fundamentals. In addition, most MLPs are fairly leveraged and typically carry a portion of "floating" rate debt. As such, a significant upward swing in interest rates would result in higher interest expense. Furthermore, most MLPs grow by acquisitions partly financed by debt, and higher interest rates could make it more difficult to transact accretive acquisitions.

MLPs are generally engaged in the transportation, storage, processing, refining, marketing, exploration, production, and mining of minerals and natural resources. To the extent that a MLP's interests are all in a particular industry, the MLP will, accordingly, be negatively impacted by economic events impacting that industry. The risks of investing in a MLP are generally 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 a MLP than investors in a corporation. 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.

For purposes of qualifying as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), a Fund is not permitted to invest more than 25% of the value of its total assets in MLPs treated as "qualified publicly traded partnerships" for U.S. federal income tax purposes. Additionally, while MLPs are typically treated as partnerships for U.S. federal income tax purposes, changes in U.S. tax laws could revoke the pass-through attributes that provide the tax efficiencies that make MLPs attractive investment structures and could have the effect of reducing the amount of cash available for distribution by the MLP, resulting in a reduction of the value of a Fund's investment in the MLP and lower income to the Fund. Changes in the laws, regulations or related interpretations relating to a Fund's investments in MLPs could increase the Fund's expenses, reduce its cash distributions, negatively impact the value of an investment in an MLP, or otherwise impact the Fund's ability to implement its investment strategy. See the "Tax Considerations" section of the SAI for more information about these and other special tax considerations that can arise in respect of a Fund's investments in MLPs.

#### Models and Data Risk
The Subadviser or the Adviser may utilize various proprietary quantitative models in connection with providing investment management services to a Fund. There is a possibility that one or all of the quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may

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lead to substantial loss. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for a Fund. Investments selected using the models may perform differently than expected as a result of, among other things, the market factors used in creating models, the weight given to each such market factor, changes from the market factors' historical trends and technical issues in the construction and implementation of the models (e.g., data problems, and/or software issues). The Subadviser's or the Adviser's judgments about the weightings among various models and strategies may be incorrect, adversely affecting performance.

#### Mortgage-Backed Securities
Mortgage-backed securities are interests in pools of mortgage loans that various governmental, government-related and private organizations assemble as securities for sale to investors. Unlike most debt securities, which pay interest periodically and repay principal at maturity or on specified call dates, mortgage-backed securities make monthly payments that consist of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Since homeowners usually have the option of paying either part or all of the loan balance before maturity, the effective maturity of a mortgage-backed security is often shorter than is stated.

Governmental entities, private insurers and mortgage poolers may insure or guarantee the timely payment of interest and principal of these pools through various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The Subadviser or the Adviser will consider such insurance and guarantees and the creditworthiness of the issuers thereof in determining whether a mortgage-related security meets its investment quality standards. It is possible that the private insurers or guarantors will not meet their obligations under the insurance policies or guarantee arrangements.

Although the market for such securities is becoming increasingly liquid, securities issued by certain private organizations may not be readily marketable.

Other asset-backed securities are interests in pools of a broad range of assets other than mortgages, such as automobile loans, computer leases and credit card receivables. Like mortgage-backed securities, these securities are pass-through. In general, the collateral supporting these securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments with interest rate fluctuations, but may still be subject to prepayment risk. Asset-backed securities present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may not have the benefit of any security interest in the related assets, which raises the possibility that recoveries on repossessed collateral may not be available to support payments on these securities. For example, credit card receivables are generally unsecured and the debtors are entitled to the protection of a number of state and federal consumer credit laws, many of which allow debtors to reduce their balances by offsetting certain amounts owed on the credit cards. Most issuers of asset-backed securities backed by automobile receivables permit the servicers of such receivables to retain possession of the underlying obligations. If the servicer were to sell these obligations to another party, there is a risk that the purchaser would acquire an interest superior to that of the holders of the related asset-backed securities. Due to the quantity of vehicles involved and requirements under state laws, asset-backed securities backed by automobile receivables may not have a proper security interest in all of the obligations backing such receivables.

To lessen the effect of failures by obligors on underlying assets to make payments, the entity administering the pool of assets may agree to ensure that the receipt of payments on the underlying pool occurs in a timely fashion ("liquidity protection"). In addition, asset-backed securities may obtain insurance, such as guarantees, policies or letters of credit obtained by the issuer or sponsor from third parties, for some or all of the assets in the pool ("credit support"). Delinquency or loss more than that anticipated or failure of the credit support could adversely affect the return on an investment in such a security.

A Fund may also invest in residual interests in asset-backed securities, which consist of the excess cash flow remaining after making required payments on the securities and paying related administrative expenses. The amount of residual cash flow resulting from a particular issue of asset-backed securities depends in part on the characteristics of the underlying assets, the coupon rates on the securities, prevailing interest rates, the amount of administrative expenses and the actual prepayment experience on the underlying assets.

#### Municipal Bonds and Municipal Securities Risks
Government obligations in which a Fund may invest also include municipal securities, which are obligations, often bonds and notes, issued by or on behalf of states, territories and possessions of the United States and the District of Columbia and their political subdivisions, agencies, authorities and instrumentalities, the interest on which is typically exempt from U.S. federal income tax.

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Municipal bonds are generally considered riskier investments than Treasury securities. The prices and yields on municipal securities are subject to change from time to time and depend upon a variety of factors, including general money market conditions, the financial condition of the issuer (or other entities whose financial resources are supporting the municipal security), general conditions in the market for tax-exempt obligations, the size of a particular offering and the maturity of the obligation and the rating(s) of the issue. Contrary to historical trends, in recent years, the market has encountered increased rates of default and lower yields on municipal bonds. This is a product of significant reductions in revenues for many states and municipalities as well as residual effects of a generally weakened economy.

Changes in a municipality's financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Fund's income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to a Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for the Fund to sell the security at the time and the price that normally prevails in the market. Interest on municipal obligations, while generally exempt from U.S. federal income tax, may not be exempt from U.S. federal alternative minimum tax.

The interest rates on inverse floating rate municipal securities bear an inverse relationship to the interest rate on another security or the value of an index. The market value of the inverse floating rate security will vary inversely with changes in market interest rates and will be more volatile in response to interest rate changes than that of a fixed rate obligation. An investment in these securities typically will involve greater risk than an investment in a fixed rate security. Inverse floating rate instruments may be considered to be leveraged, including if their interest rates vary by a magnitude that exceeds the magnitude of a change in a reference rate of interest (typically a short-term interest rate). As a result, the market prices of inverse floating rate securities may be highly sensitive to changes in interest rates and in prepayment rates on the underlying securities and may decrease significantly when interest rates increase or prepayment rates change.

#### Non-Investment-Grade Debt Securities
A Fund may invest in non-investment-grade securities. Non-investment-grade securities, also referred to as "high yield securities" or "junk bonds," are debt securities that are rated lower than the four highest rating categories by a NRSRO (for example, lower than Baa3 by Moody's Investors Service, Inc. or lower than BBB- by Standard & Poor's) or are determined to be of comparable quality by the Subadviser or the Adviser. These securities are generally considered to be, on balance, highly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and will generally involve more credit risk than securities in the investment-grade categories. Investment in these securities generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but they also typically entail greater price volatility and principal and income risk.

Some high yield securities are issued by smaller, less-seasoned companies, while others are issued as part of a corporate restructuring, such as an acquisition, merger, or leveraged buyout. Companies that issue high yield securities are often highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risk associated with acquiring the securities of such issuers generally is greater than is the case with investment-grade securities. Some high yield securities were once rated as investment-grade but have been downgraded to junk bond status because of financial difficulties experienced by their issuers.

The market values of high yield securities tend to reflect individual issuer developments to a greater extent than do investment-grade securities, which in general react to fluctuations in the general level of interest rates. High yield securities also tend to be more sensitive to economic conditions than are investment-grade securities. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in junk bond prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities held by a Fund defaults, in addition to risking payment of all or a portion of interest and principal, the Fund may incur additional expenses to seek recovery.

The secondary market on which high yield securities are traded may be less liquid than the market for investment-grade securities. Less liquidity in the secondary trading market could adversely affect the ability of a Fund to sell a high yield security or the

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price at which the Fund could sell a high yield security, and could adversely affect the daily NAV of Fund Shares. When secondary markets for high yield securities are less liquid than the market for investment-grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available.

A Fund will not necessarily dispose of a security if a credit-rating agency downgrades the rating of the security below its rating at the time of purchase.

#### Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks
A Fund may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the securities held by a Fund.

Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

• *Time Deposits*. Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds. Like a certificate of deposit, it earns a specified rate of interest over a definite period of time; however, it cannot be traded in the secondary market. Time deposits with a withdrawal penalty or that mature in more than seven days are considered to be illiquid investments.

• *Unsecured Bank Promissory Notes*. Promissory notes are generally debt obligations of the issuing entity and are subject to the risks of investing in the banking industry.

#### Options
A Fund may invest in covered put and covered call options and write covered put and covered call options on securities in which it may invest directly and that are traded on registered domestic securities exchanges. The writer of a call option, who receives a premium, has the obligation, upon exercise of the option, to deliver the underlying security against payment of the exercise price during the option period. The writer of a put, who receives a premium, has the obligation to buy the underlying security, upon exercise, at the exercise price during the option period.

A Fund may write put and call options on securities only if they are "covered," and such options must remain "covered" as long as the Fund is obligated as a writer. Transactions using options (other than options that the Fund has purchased) expose the Fund to an obligation to another party. A Fund will not enter into any such transactions unless it owns either (i) an offsetting ("covered") position in securities or other options or (ii) cash or liquid securities with a value sufficient at all times to cover its potential obligations not covered as provided in (i) above. A call option is also covered if a Fund maintains appropriate liquid securities with a value equal to the strike price or holds on a share-for-share or equal principal amount basis a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written or greater than the exercise price of the call written if appropriate liquid assets representing the difference are segregated by the Fund. A put option is "covered" if a Fund maintains appropriate liquid securities with a value equal to the exercise price, or owns on a share-for-share or equal principal amount basis a put on the same security as the put written where the exercise price of the put held is equal to or greater than the exercise price of the put written.

There are numerous risks associated with transactions in options. The principal factors affecting the market value of an option include supply and demand, interest rates, current market price of the underlying index or security in relation to the exercise price of the option, the actual or perceived volatility of the underlying index or security and the time remaining until the expiration date. The premium received for an option written by a Fund is recorded as an asset of the Fund and its obligation under the option contract as an equivalent liability. A Fund then adjusts over time the liability as the market value of the option changes. The value of each written option will be marked to market daily.

A decision as to whether, when and how to write call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. A Fund may write straddles (covered or uncovered) consisting of a combination of a call and a put written on the same underlying security. A straddle

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will be covered when sufficient assets are deposited to meet the Fund's immediate obligations. A Fund may use the same liquid assets to cover both the call and put options where the exercise price of the call and put are the same, or the exercise price of the call is higher than that of the put. In such cases, the Fund will also segregate liquid assets equivalent to the amount, if any, by which the put is "in the money."

Options on securities indices are similar to options on securities except that, rather than the right to take or make delivery of securities at a specified price, an option on a securities index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the securities index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option expressed in dollars times a specified multiple. The writer of the option is obligated, in return for the premium received, to make delivery of this amount. Unlike options on securities, all settlements are in cash, and gain or loss depends on price movements in the securities market generally (or in a particular industry or segment of the market) rather than price movements in individual securities.

Because the exercise of index options is settled in cash, sellers of index call options cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. When a call option sold by a Fund is exercised or closed out, the Fund may be required to sell portfolio securities or to deliver portfolio securities to the option purchaser to satisfy its obligations when it would not otherwise choose to do so, or the Fund may choose to sell portfolio securities to realize gains to offset the losses realized upon option exercise. Such sales or delivery would involve transaction costs borne by a Fund and may also result in realization of taxable capital gains, including short-term capital gains taxed to individuals at ordinary income tax rates, and may adversely impact the Fund's after-tax returns.

*OTC Options Risks.* A Fund may be required to treat as illiquid OTC options purchased and securities being used to cover certain written OTC options, and it will treat the amount by which such formula price exceeds the intrinsic value of the option (i.e., the amount, if any, by which the market price of the underlying security exceeds the exercise price of the option) as an illiquid investment. A Fund may also purchase and write so-called dealer options.

Participants in OTC options markets typically are not subject to the same level of credit evaluation and regulatory oversight as are members of exchange-based markets and therefore OTC derivatives generally expose a Fund to greater counterparty risk than exchange-traded derivatives.

#### Other Investment Companies
A Fund may invest in securities issued by other investment companies, including shares of money market funds, ETFs, open-end and closed-end investment companies, real estate investment trusts, and passive foreign investment companies.

ETFs may not be actively managed. Rather, an ETF's objective may track the performance of a specified index. Therefore, securities may be purchased, retained and sold by ETFs at times when an actively managed trust would not do so. As a result, a Fund may have a greater risk of loss (and a correspondingly greater prospect of gain) from changes in the value of the securities that are heavily weighted in the index than would be the case if the ETF were not fully invested in such securities. Because of this, an ETF's price can be volatile. In addition, the results of an ETF will not match the performance of the specified index due to reductions in the ETF's performance attributable to transaction and other expenses, including fees paid by the ETF to service providers.

The value of commodity-linked ETFs may be affected by changes in overall market movements, commodity index volatility, change in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. The prices of commodity-related ETFs may fluctuate quickly and dramatically and may not correlate to price movements in other asset classes, such as stocks, bonds and cash.

A Fund may invest in shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by a Fund will ever decrease. In fact, it is possible that this market discount may increase and a Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the NAV of a Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by a Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund. Also, there may be a limited secondary market for shares of closed-end funds.

Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. A

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Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and NAV than an investment in shares of investment companies without a leveraged capital structure.

Shares of closed-end funds and ETFs are not individually redeemable, but are traded on securities exchanges. The prices of such shares are based upon, but not necessarily identical to, the value of the securities held by the issuer. There is no assurance that the requirements of the securities exchange necessary to maintain the listing of shares of any closed-end fund or ETF will continue to be met.

Real estate investment trusts ("REITs") are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interest. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling property that has appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Similar to investment companies, REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Code. A Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund.

Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills and on cash flows, are not diversified, and are subject to default by borrowers and self-liquidation. REITs are also subject to the possibilities of failing to qualify for favorable tax treatment under the Code and failing to maintain their exemption from registration under the 1940 Act.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. In contrast, as interest rates on adjustable rate mortgage loans are reset periodically, yields on a REIT's investment in such loans will gradually align themselves to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed rate obligations.

Investment in REITs involves risks similar to those associated with investing in small capitalization companies. These risks include limited financial resources, infrequent or limited trading, and more abrupt or erratic price movements than larger company securities. In addition, small capitalization stocks, such as certain REITs, historically have been more volatile in price than the larger capitalization stocks included in the S&P 500 Index.

Some of the countries in which a Fund may invest may not permit, or may place economic restrictions on, direct investment by outside investors. Investments in such countries may be permitted only through foreign government-approved or government-authorized investment vehicles, which may include other investment companies. These funds may also invest in other investment companies that invest in foreign securities. Investing through such vehicles may involve frequent or layered fees or expenses and may also be subject to limitation under the 1940 Act. As a shareholder of another investment company, a Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including advisory fees. Those expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

A Fund may invest in a cash-sweep program administered by the Northern Trust Company, the Fund's Administrator, through which the Fund's cash holdings are placed in the Northern Institutional Funds Treasury Portfolio (the "Cash Sweep Portfolio") a money market fund pursuant to Rule 2a-7 of the 1940 Act. All sweep vehicles, whether or not registered under the 1940 Act, carry certain risks. For example, money market fund sweep vehicle, such as the Cash Sweep Portfolio, are subject to market risks and are not subject to FDIC protection. As a shareholder of the Cash Sweep Portfolio, the Fund would bear, along with other shareholders, its pro rata portion of the Cash Sweep Portfolio's expenses, including any advisory and administrative fees. These expenses would be in addition to the advisory and other expenses that a Fund bears directly in connection with its own operations.

#### Preferred Stock
Preferred stocks, like some debt obligations, are generally fixed-income securities. Shareholders of preferred stocks normally have the right to receive dividends at a fixed rate when and as declared by the issuer's board of directors, but do not participate in other amounts available for distribution by the issuing corporation. Dividends on the preferred stock may be cumulative, and all cumulative dividends usually must be paid prior to shareholders of common stock receiving any dividends. Because preferred stock dividends must be paid before common stock dividends, preferred stocks generally entail less risk than common stocks. Upon

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liquidation, preferred stocks are entitled to a specified liquidation preference, which is generally the same as the par or stated value, and are senior in right of payment to common stock. Preferred stocks are, however, equity securities in the sense that they do not represent a liability of the issuer and, therefore, do not offer as great a degree of protection of capital or assurance of continued income as investments in corporate debt securities. Preferred stock dividends are not guaranteed and management can elect to forego the preferred dividend, resulting in a loss to a Fund. Preferred stocks are generally subordinated in right of payment to all debt obligations and creditors of the issuer, and convertible preferred stocks may be subordinated to other preferred stock of the same issue. Preferred stocks lack voting rights and the Subadviser or the Adviser may incorrectly analyze the security, resulting in a loss to a Fund.

#### Regulatory Risk
Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of a Fund to achieve its investment objective and could increase the operating expenses of a Fund.

#### REIT Risk
REITs are subject to certain other risks related to their structure and focus. REITs generally are dependent upon management skills and may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to (i) qualify for favorable tax treatment under applicable tax law, or (ii) maintain their exemptions from registration under the Investment Company Act of 1940, as amended (the "1940 Act"). The above factors may also adversely affect a borrower's or a lessee's ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting its investments.

#### Repurchase Agreements
To maintain liquidity, each Fund may enter into repurchase agreements (agreements to purchase U.S. Treasury notes and bills, subject to the seller's agreement to repurchase them at a specified time and price) with well-established registered securities dealers or banks.

A repurchase agreement is a transaction in which a Fund purchases a security and, at the same time, the seller (normally a commercial bank or broker-dealer) agrees to repurchase the same security (and/or a security substituted for it under the repurchase agreement) at an agreed-upon price and date in the future. The resale price is in excess of the purchase price, as it reflects an agreed-upon market interest rate effective for the period of time during which a Fund holds the securities. Repurchase agreements may be viewed as a type of secured lending. The purchaser maintains custody of the underlying securities prior to their repurchase; thus, the obligation of the bank or dealer to pay the repurchase price on the date agreed to is, in effect, secured by such underlying securities. If the value of such securities is less than the repurchase price, the other party to the agreement is required to provide additional collateral so that all times the collateral is at least 102% of the repurchase price.

The majority of these transactions run from day to day and not more than seven days from the original purchase. However, the maturities of the securities subject to repurchase agreements are not subject to any limits and may exceed one year. The securities will be marked to market every business day so that their value is at least equal to the amount due from the seller, including accrued interest. A Fund's risk is limited to the ability of the seller to pay the agreed-upon sum on the delivery date.

Although repurchase agreements carry certain risks not associated with direct investments in securities, each Fund intends to enter into repurchase agreements only with banks and dealers believed by the Subadviser or the Adviser to present minimum credit risks in accordance with guidelines established by the Board of Trustees.

The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027 Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

#### Restricted Securities
A Fund may purchase restricted securities. Restricted securities are securities that may not be sold freely to the public absent registration under the Securities Act of 1933, as amended (the "1933 Act") or an exemption from registration. This generally includes securities that are unregistered that can be sold to qualified institutional buyers in accordance with Rule 144A under the 1933 Act or securities that are exempt from registration under the 1933 Act, such as commercial paper. Institutional markets for restricted

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securities have developed as a result of the promulgation of Rule 144A under the 1933 Act, which provides a "safe harbor" from 1933 Act registration requirements for qualifying sales to institutional investors. When Rule 144A restricted securities present an attractive investment opportunity and meet other selection criteria, a Fund may make such investments whether or not such securities are "illiquid" depending on the market that exists for the particular security. The Board has delegated the responsibility for determining the liquidity of Rule 144A restricted securities that a Fund may invest into the Adviser.

#### Reverse Repurchase Agreements
Reverse repurchase agreements are transactions in which the a Fund sells portfolio securities to financial institutions, such as banks and broker-dealers, and agree to repurchase them at a mutually agreed-upon date and price that is higher than the original sale price. Reverse repurchase agreements are similar to a fully collateralized borrowing by a Fund. Reverse repurchase agreements involve risks. Reverse repurchase agreements are a form of leverage, and the use of reverse repurchase agreements by a Fund may increase the Fund's volatility. Reverse repurchase agreements are also subject to the risk that the other party to the reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to a Fund. Reverse repurchase agreements also involve the risk that the market value of the securities sold by a Fund may decline below the price at which it is obligated to repurchase the securities. In addition, when a Fund invests the proceeds it receives in a reverse repurchase transaction, there is a risk that those investments may decline in value. In this circumstance, the Fund could be required to sell other investments in order to meet its obligations to repurchase the securities.

The SEC has finalized rules that will require certain transactions involving U.S. Treasuries, including reverse repurchase agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027 Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may adversely affect a Fund's performance.

#### Rights
Rights are usually granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued to the public. The right entitles its holder to buy common stock at a specified price. Rights have similar features to warrants, except that the life of a right is typically much shorter, usually a few weeks. The risk of investing in a right is that the right may expire prior to the market value of the common stock exceeding the price fixed by the right.

#### Risks of Derivatives Generally
Derivatives can be highly volatile and involve risks in addition to, and potentially greater than, the risks of the underlying asset(s). Derivatives can be complex instruments and can involve analysis and processing that differs from that required for other investment types. If the value of a derivative does not correlate well with the particular market or other asset class the derivative is intended to provide exposure to, the derivative may not have the effect intended. Derivatives can also reduce the opportunity for gains or result in losses by offsetting positive returns in other investments. Derivatives can be less liquid than other types of investments.

A Fund investing in derivatives will be subject to credit risk with respect to the counterparties to any over-the-counter derivatives contracts purchased by a Fund as well as the clearing broker and clearing houses through which the Fund maintains its futures, exchange-listed and other cleared derivatives. If a counterparty (including a clearing broker or clearing house) becomes bankrupt or otherwise fails to perform its obligations, a Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. A Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Because many derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. When a Fund uses derivatives for leverage, investments in the Fund will tend to be more volatile, resulting in larger gains or losses in response to market changes.

Options on securities, futures contracts, and options on currencies may be traded on foreign exchanges. Such transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities. The value of such positions also could be adversely affected by (1) other complex foreign political, legal and economic factors, (2) lesser availability than in the United States of data on which to make trading decisions, (3) delays in the Subadviser's or the Adviser's ability to act upon economic events occurring in foreign markets during non-business hours in the United States, (4) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States, and (5) lesser trading volume.

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U.S. and non-U.S. legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act have resulted in, and may in the future result in, substantial regulation of derivative instruments and a Fund's use of such instruments. Such regulations could, among other things, restrict a Fund's ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to a Fund), establish mandatory clearing margin requirements and/or increase the costs of derivatives transactions, and the Fund may as a result be unable to execute its investment strategies in a manner its portfolio managers might otherwise choose.

Regulatory requirements may also limit the ability of a Fund to protect its interests in the event of an insolvency of a derivatives counterparty. In the event of a counterparty's (or its affiliate's) insolvency, a Fund's ability to exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under special resolution regimes adopted in the United States, the EU, the UK, and various other jurisdictions. Such regimes provide government authorities with broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, with respect to counterparties who are subject to such proceedings in the EU, the liabilities of such counterparties to the Fund could be reduced, eliminated, or converted to equity in such counterparties (sometimes referred to as a "bail in").

Additionally, U.S. regulators, the EU, the UK and certain other jurisdictions have adopted minimum margin and capital requirements for uncleared derivatives transactions. These rules impose minimum margin requirements on derivatives transactions and may increase the amount of margin required. They impose regulatory requirements on the timing of transferring margin and the types of collateral that parties are permitted to exchange.

Rule 18f-4 under the 1940 Act regulates registered investment companies' use of derivatives and certain financing transactions (e.g., reverse repurchase agreements). Among other things, Rule 18f-4 requires that funds that invest in derivative instruments beyond a specified limited amount to apply a value-at-risk based limit to their use of certain derivative instruments and financing transactions and to adopt and implement a derivatives risk management program. Funds that use derivative instruments (beyond certain currency and interest rate hedging transactions) in a limited amount are not subject to the full requirements of Rule 18f-4. Rule 18f-4 could restrict a Fund's ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Fund.

The Trust, on behalf of each Fund, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended ("CEA"), and the rules of the Commodity Futures Trading Commission ("CFTC") promulgated thereunder, with respect to the Funds' operation. Accordingly, each Fund is not currently subject to registration or regulation as a commodity pool operator.

*Participatory Notes & Other Equity-Linked Instruments Risk*. Each Fund may invest in equity-linked instruments, including participatory notes. Participatory notes issued by banks or broker-dealers are designed to replicate the performance of certain non-U.S. companies traded on a non-U.S. exchange. Participatory notes are a type of equity-linked instrument that generally are traded over-the-counter. Even though a participatory note is intended to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain or lose more in absolute terms than they would have made or lost had they invested in the underlying securities directly, the performance results of participatory notes (like all equity-lined instruments) will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. Investments in equity-linked instruments like participatory notes involve risks normally associated with a direct investment in the underlying securities. In addition, equity-lined instruments are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with a Fund. Such instruments generally constitute general unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them, and each Fund is relying on the creditworthiness of such banks or broker-dealers and has no rights under the instrument against the issuers of the securities underlying such participatory notes. There can be no assurance that the trading price or value of equity-linked instruments will equal the value of the underlying value of the equity securities they seek to replicate.

#### Securities Issued in PIPE Transactions
A Fund may invest in securities that are purchased in private investment in public equity ("PIPE") transactions. Securities acquired by a Fund in such transactions are subject to resale restrictions under securities laws. While issuers in PIPE transactions typically agree that they will register the securities for resale by a Fund after the transaction closes (thereby removing resale restrictions), there is no guarantee that the securities will in fact be registered. In addition, a PIPE issuer may require the Fund to agree to other resale restrictions as a condition to the sale of such securities. Thus, a Fund's ability to resell securities acquired in PIPE transactions may be limited, and even though a public market may exist for such securities, the securities held by the Fund may be deemed illiquid.

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#### Short Sales
A Fund may engage in short sales that are either "uncovered" or "against the box." A short sale is "against the box" if at all times during which the short position is open, a Fund owns at least an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities that are sold short. A short sale against the box is a taxable transaction to a Fund with respect to the securities that are sold short. Uncovered short sales are transactions under which a Fund sells a security it does not own. To complete such a transaction, a Fund must borrow the security to make delivery to the buyer. A Fund then is obligated to replace the security borrowed by purchasing the security at the market price at the time of the replacement. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed out.

#### Structured Investments
A structured investment is a security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying security. This restructuring involves the deposit with or purchase by an entity, such as a corporation or trust, or specified instruments (such as commercial bank loans) and the issuance by that entity or one or more classes of securities ("structured securities") backed by, or representing interests in, the underlying instruments. The cash flow on the underlying instruments may be apportioned among the newly issued structured securities to create securities with different investment characteristics, such as varying maturities, payment priorities and interest rate provisions, and the extent of such payments made with respect to structured securities is dependent on the extent of the cash flow on the underlying instruments. Because structured securities typically involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments. Investments in structured securities are generally of a class of structured securities that is either subordinated or unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated structured securities. Structured instruments include structured notes. In addition to the risks applicable to investments in structured investments and debt securities in general, structured notes bear the risk that the issuer may not be required to pay interest on the structured note if the index rate rises above or falls below a certain level. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities. Investments in government and government-related restructured debt instruments are subject to special risks, including the inability or unwillingness to repay principal and interest, requests to reschedule or restructure outstanding debt and requests to extend additional loan amounts. Structured investments include a wide variety of instruments including, without limitation, collateralized debt obligations, credit linked notes, and participation notes and participatory notes.

#### Sustainable Investing Risk
Applying sustainability criteria to the investment process may exclude or reduce exposure to securities of certain issuers for sustainability reasons and, therefore, a Fund may forgo some market opportunities available to funds that do not use sustainability criteria. A Fund's performance may at times be better or worse than the performance of funds that do not use sustainability criteria. Because the Subadviser or the Adviser evaluates environmental, social and governance ("ESG") metrics when selecting certain securities, a Fund's portfolio may perform differently than funds that do not use ESG metrics. ESG metrics may prioritize long term rather than short term returns. ESG information and data, including that provided by third parties, may be incomplete, inaccurate, or unavailable, which could adversely affect the analysis relevant to a particular investment. In addition, there is a risk that the securities identified by the Subadviser or the Adviser to fit within its sustainability criteria do not operate as anticipated. Although the Subadviser or the Adviser seeks to identify issuers that fit within its sustainability criteria, investors may differ in their views of what fits within this category of investments. As a result, a Fund may invest in issuers that do not reflect the beliefs and values of any particular investor. The Subadviser's or the Adviser's exclusion of certain investments from a Fund's investment universe may adversely affect the Fund's relative performance at times when such investments are performing well.

#### Swaps Risk
A Fund may enter into various different swaps, such as total return swaps, interest rate swaps, and credit default swaps, depending on a Fund's investment objective and policies. Swap contracts are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to a number of years. Under a typical swap, one party may agree to pay a fixed rate or a floating rate determined by reference to a specified instrument, rate, or index, multiplied in each case by a specified amount ("notional amount"), while the other party agrees to pay an amount equal to a different floating rate multiplied by the same notional amount. On each payment date, the parties' obligations are netted, with only the net amount paid by one party to the other.

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Whether a Fund's use of swap agreements or will be successful in furthering its investment objectives will depend on the Subadviser's or the Adviser's ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Swaps are highly specialized instruments that require investment techniques, risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the referenced asset, reference rate, or index but also of the swap itself, without the benefit of observing the performance of the swap under all possible market conditions. Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that the Subadviser or the Adviser will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. Because swaps are two-party contracts that may be subject to contractual restrictions on transferability and termination and because, they may have terms of greater than seven days, swap agreements may be considered to be illiquid. If a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

If a Fund sells a credit default swap agreement, the Fund effectively will write insurance protection on the full notional amount of the agreement. The Fund, as the purchaser in a credit default swap, bears the risk that the investment might expire worthless. It also would be subject to counterparty risk—the risk that the counterparty may fail to satisfy its payment obligations to the Fund in the event of a default (or similar event). In addition, as a purchaser in a credit default swap, the Fund's investment would only generate income in the event of an actual default (or similar event) by the issuer of the underlying obligation.

As the seller in a credit default swap, a Fund effectively adds economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. If no event of default (or similar event) occurs, the Fund would keep the premium payments received from the counterparty and generally would have no payment obligations, with the exception of an initial payment made on the credit default swap or any margin requirements with the credit default swap counterparty. For credit default swap agreements, trigger events for payment under the agreement vary by the type of underlying investment (e.g., corporate and sovereign debt and asset-backed securities) and by jurisdiction (e.g., United States, Europe and Asia). A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. When a counterparty's obligations are not fully secured by collateral, then the Fund is essentially an unsecured creditor of the counterparty. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that a counterparty will be able to meet its obligations pursuant to such contracts or that, in the event of default, the Fund will succeed in enforcing contractual remedies. Counterparty risk still exists even if a counterparty's obligations are secured by collateral because the Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by the Fund (if any), the Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument.

#### Temporary Defensive Positions
From time to time, each Fund may take temporary defensive positions that are inconsistent with the Fund's principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. For example, a Fund may hold all or a portion of its assets in money market instruments (high quality income securities with maturities of less than one year), securities of money market funds or U.S. government repurchase agreements. A Fund may also invest in such investments at any time to maintain liquidity or pending selection of investments in accordance with its policies. As a result, a Fund may not achieve its investment objective.

#### U.S. Government Securities
A Fund may invest in obligations issued or guaranteed by the U.S. government or its agencies or instrumentalities, including bills, notes and bonds issued by the U.S. Treasury. Obligations of certain agencies and instrumentalities of the U.S. government, such as the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Treasury; others, such as those of Fannie Mae ("FNMA"), are supported by the right of the issuer to borrow from the Treasury; still others, such as those of the Federal Farm Credit Banks or the Federal Home Loan Mortgage Corporation ("FHLMC"), are supported only by the credit of the instrumentality. No assurance can be given that the U.S. government would provide financial support to U.S. government-sponsored agencies or instrumentalities, such as FNMA, or the FHLMC, since it is not obligated to do so by law. These agencies or instrumentalities are supported by the issuer's right to borrow specific amounts from the U.S. Treasury, the discretionary authority of the U.S. government to purchase certain obligations from such agencies or instrumentalities, or the credit of the agency or instrumentality. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. government securities are not guaranteed against price movements due to fluctuating interest rates.

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*Ginnie Mae.* Ginnie Mae is the principal governmental guarantor of mortgage-related securities. Ginnie Mae is a wholly-owned corporation of the U.S. government within the Department of Housing and Urban Development. Securities issued by Ginnie Mae are treasury securities, which means the full faith and credit of the U.S. government backs them. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by institutions approved by Ginnie Mae and backed by pools of Federal Housing Administration-insured or Veterans Administration guaranteed mortgages. Ginnie Mae does not guarantee the market value or yield of mortgage-backed securities or the value of a Fund's shares. To buy Ginnie Mae securities, a Fund may have to pay a premium over the maturity value of the underlying mortgages, which the Funds may lose if prepayment occurs.

*Freddie Mac.* Freddie Mac is stockholder-owned corporation established by the U.S. Congress to create a continuous flow of funds to mortgage lenders. Freddie Mac supplies lenders with the money to make mortgages and packages the mortgages into marketable securities. The system is designed to create a stable mortgage credit system and reduce the rates paid by homebuyers. Freddie Mac, not the U.S. government, guarantees timely payment of principal and interest.

*U.S. Treasury Obligations.* U.S. Treasury obligations consist of direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, and separately traded interest and principal component parts of such obligations, including those transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities ("STRIPS"). The STRIPS program lets investors hold and trade the individual interest and principal components of eligible Treasury notes and bonds as separate securities. Under the STRIPS program, the principal and interest components are separately issued by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts separately.

#### Warrants
Warrants are securities that are usually issued with a bond or preferred stock but may trade separately in the market. A warrant allows its holder to purchase a specified amount of common stock at a specified price for a specified time. The risk of investing in a warrant is that the warrant may expire prior to the market value of the common stock exceeding the price fixed by the warrant. A Fund may receive them pursuant to a corporate event involving one of its portfolio holdings. In addition, the percentage increase or decrease in the market price of a warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

#### When-Issued or Delayed-Delivery Securities
A Fund may purchase securities on a "when-issued" or "delayed delivery" basis. Although the payment and interest terms of these securities are established at the time a Fund enters into the commitment, the securities may be delivered and paid for a month or more after the date of purchase, when their value may have changed. A Fund makes such commitments only with the intention of actually acquiring the securities, but may sell the securities before settlement date if the investment adviser deems it advisable for investment reasons.

The use of these investment strategies, as well as any borrowing by a Fund, may increase NAV fluctuation.

Securities purchased on a when-issued or delayed-delivery basis are recorded as assets on the day following the purchase and are marked-to-market daily. A Fund will not invest more than 25% of its assets in when-issued or delayed delivery securities, does not intend to purchase such securities for speculative purposes and will make commitments to purchase securities on a when-issued or delayed-delivery basis with the intention of actually acquiring the securities. However, the Fund reserves the right to sell acquired when-issued or delayed-delivery securities before their settlement dates if deemed advisable.

#### Investment Restrictions
**<u>Fundamental Investment Limitations</u>.** The investment limitations described below have been adopted by the Trust with respect to each Fund and are fundamental ("Fundamental"), i.e., they may not be changed without the affirmative vote of a majority of the outstanding shares of a Fund. As used in the Prospectus and the Statement of Additional Information, the term "majority" of the outstanding shares of a Fund means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. All other investment practices, which may be changed by the Board of Trustees without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy, are considered non-fundamental. A Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Borrowing Money</u>. Borrow money to the extent consistent with applicable law, regulation or order from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior Securities</u>. Issue senior securities to the extent consistent with applicable law, regulation or order from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Underwriting</u>. Act as underwriter of securities to the extent consistent with applicable law, regulation or order from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Real Estate</u>. Purchase, sell, or hold real estate or interests in real estate to the extent consistent with applicable law, regulation or order from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Commodities</u>. Invest in commodities to the extent consistent with applicable law, regulation or order from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Loans</u>. Make loans to others to the extent consistent with applicable law, regulation or order from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Concentration</u>. Not purchase any securities which would cause more than 25% of the value of the Fund's total assets at the time of purchase to be invested in the securities of issuers conducting their principal business activities in the same industry, except that the Regnan Sustainable Water and Waste Fund will concentrate at least 25% of its total assets in water-related and waste-related industries and; provided that there shall be no limit on the purchase of U.S. government securities, including securities issued by any agency or instrumentality of the U.S. government, and related repurchase agreements. The Regnan Sustainable Water and Waste Fund's concentration policy may include high positions (including 25% or more) in industry designations that support its concentration in water-related and waste-related industries.

In determining whether a transaction is permitted by applicable law, regulation, or order, the Funds currently construe fundamental policies (1) and (2) above not to prohibit any transaction that is permitted under Section 18 of the 1940 Act and the rules thereunder, as interpreted or modified, or as may otherwise be permitted by regulators having jurisdiction from time to time. Under the 1940 Act, a "senior security" does not include any promissory note or evidence of indebtedness when such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed. Provisions of the 1940 Act permit the Funds to borrow from a bank, provided that the borrowing Funds maintains continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with exceptions for borrowings not in excess of 5% of the Fund's total assets made for temporary administrative purposes.

For purposes of fundamental investment policies (1) through (6) above, references to "to the extent consistent with applicable law, regulation or order" also means the Funds will engage in such practices to the extent permitted by the 1940 Act, and any rules, exemptions and interpretations thereunder, as they may be adopted, granted or issued by the SEC.

For purposes of fundamental policy (5) above, all swap agreements and other derivative instruments that were not classified as commodity interests or commodity contracts prior to July 21, 2010, are not deemed to be commodities or commodity contracts.

For purposes of fundamental investment policy (7) above for the Barrow Hanley Funds only, reference to concentration in an industry also means concentration in a particular industry or group of industries. For purposes of a Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry or group of industries and define and re-define industries in any reasonable manner, consistent with SEC and SEC Staff guidance.

Except as otherwise required by applicable law (e.g., with respect to borrowing), all percentage limitations on investments adopted by the Trust will apply at the time of making an investment and shall not be considered violated unless an excess or deficiency occurs immediately after and as a result of such investment.

**<u>Non-Fundamental Investment Restrictions</u>:** The Funds' investment objectives are non-fundamental and may be changed by a vote of the Board of Trustees, without shareholder approval. In addition, the investment restrictions described below may be changed by the Board of Trustees without shareholder approval. Shareholders will be given 60 days' advance notice of any change to the following non-fundamental policies:

**<u>Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities that are (1) issued by companies located in emerging market countries and (2) consistent with the environmental, social and governance criteria of Barrow Hanley.

**<u>Barrow Hanley Credit Opportunities Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in credit instruments.

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**<u>Barrow Hanley Emerging Markets Value Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies" located in emerging market countries and instruments with economic characteristics similar to such securities.

**<u>Barrow Hanley Floating Rate Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate instruments.

**<u>Barrow Hanley International Value Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities of "value companies."

**<u>Barrow Hanley Total Return Bond Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities and other debt instruments.

**<u>Barrow Hanley US Value Opportunities Fund</u>:** Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by "value companies" located in the United States.

**<u>JOHCM Emerging Markets Discovery Fund</u>:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies that meet the portfolio managers' "discovery criteria" and that are located in emerging markets, including frontier markets.

**<u>JOHCM Emerging Markets Opportunities Fund</u>:** The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies located in emerging market countries.

**<u>Regnan Sustainable Water and Waste Fund</u>:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that have a material business involvement in water or waste solutions and that meet the portfolio managers' sustainability criteria.

**<u>Trillium ESG Global Equity Fund</u>:** Under normal market conditions, at least 80% of the Fund's net assets (plus any borrowings for investment purposes) will be invested in equity securities that meet Trillium's ESG criteria.

**<u>Trillium ESG Small/Mid Cap Fund</u>:** Under normal conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of small and mid-sized companies that meet Trillium's ESG criteria.

**<u>TSW Core Plus Bond Fund</u>:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a combination of investment grade fixed income securities and high yield fixed income securities (also known as "junk bonds").

**<u>TSW Emerging Markets Fund</u>:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that are located in emerging market countries, including frontier markets.

**<u>TSW High Yield Bond Fund</u>:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities, also known as "junk bonds" (higher risk, lower rated fixed income securities rated BB or below by at least one nationally recognized statistical rating organization or determined to be of a similar quality by TSW).

**<u>TSW Large Cap Value Fund</u>:** The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of "value companies" with large market capitalizations.

#### SHARES OF THE FUNDS
Shares in the Funds are offered in multiple classes. Each Fund is currently authorized to issue Advisor Shares, Investor Shares, Institutional Shares and Class Z Shares. The differences between the share classes are summarized in the Prospectus under the heading "How to Purchase Shares – Share Classes." The procedures for purchasing shares of the Funds are summarized in the Prospectus

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under "How to Purchase Shares," and the procedures for redeeming shares of the Funds are summarized in the Prospectus under "How to Redeem Shares."

#### MANAGEMENT OF THE TRUST

#### The Board of Trustees and Trust Officers
The Board of Trustees supervises the business activities of the Trust and appoints the officers. Each Trustee serves until the termination of the Trust unless the Trustee dies, resigns, retires, or is removed. The Board plans to meet four times a year to review the progress and status of the Trust. The following table provides information regarding each Trustee who is not an "interested person" of the Trust, as defined in the 1940 Act (each an "Independent Trustee").

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth<sup>1</sup>** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of**<br> **Office/Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>the Trust<br>Overseen by<br>Trustee** | **Other**<br> **Directorships**<br> **Held by**<br> **Trustee**<br> **During Past**<br> **5 Years** |
|  Joseph P. Gennaco<br> (1961) | Trustee | Since<br> inception | Sole Principal at JPG Consulting, LLC (April 2019 – present); Independent Non-Executive Director at BNY Mellon International Limited (January 2019 – May 2021). | 17 |  |
|  Barbara A. McCann<br> (1961) | Trustee | Since<br> inception | None. | 17 |  |
|  Kevin J. McKenna<br> (1957) | Trustee | Since<br> inception | None. | 17 |  |
|  Beth K. Werths<br> (1968) | Trustee and Chair | Since<br> inception | None. | 17 |  |

---

<sup>1</sup> The mailing address of each Trustee is 1 Congress Street, Suite 3101, Boston, Massachusetts 02114.

The following table provides information regarding each officer of the Trust.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth<sup>1</sup>** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of**<br> **Office/Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>the Trust<br>Overseen by<br>Trustee** | **Other<br>Directorships<br>Held by<br>Trustee<br>During Past<br>5 Years** |
|  Christopher Golden<br> (1977) | President | President Since<br> 2025 | US General Counsel, Managing Director, US Fund Platform, Perpetual Group (2025 – present); Head of Legal, Risk & Compliance, US, Perpetual Group (2023 – 2025); US Legal Counsel, Perpetual Ltd. (2021 – 2023); Chief Compliance Officer and Legal Counsel, ExWorks Capital (2018 – 2021). | N/A | N/A |
|  Max Kadis<br> (1970) | Vice President | Since<br> 2022 | Operations Manager, the Adviser (2022 – present); Vice President BNY Mellon Asset Servicing (2006 – 2022). | N/A | N/A |
|  John Stanziani<br> (1972) | Treasurer and Vice President | Treasurer since July 2025, Vice President since August 2025 | Operations Manager, the Adviser (2025 – present); Assistant Treasurer & Head of Financial Reporting, Hartford Funds (2015 – 2025). | N/A | N/A |

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------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth<sup>1</sup>** | **Position(s)**<br> **Held with**<br> **the Trust** | **Term of**<br> **Office/Length**<br> **of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios in<br>the Trust<br>Overseen by<br>Trustee** | **Other<br>Directorships<br>Held by<br>Trustee<br>During Past<br>5 Years** |
|  David Lebisky<br> (1972) | Chief Compliance Officer and Vice President | Chief Compliance Officer since<br> 2021,<br> Vice President since August 2025 | Compliance Manager, the Adviser (March 2021 – present). | N/A | N/A |
|  Andrew Jolin<br> (1983) | Secretary and Vice President | Secretary since<br> 2024, Vice President since August 2025 | Chief Compliance Officer, US, the Adviser (2021 – present); US Compliance Manager, J O Hambro Capital Management Limited (2017 – 2021). | N/A | N/A |

---

<sup>1</sup> The mailing address of each officer is 1 Congress Street, Suite 3101, Boston, Massachusetts 02114.

#### Securities Ownership
For each Trustee, the following table discloses the dollar range of equity securities beneficially owned by the Trustee in the Trust, and, on an aggregate basis, in any registered investment companies overseen by the Trustee within the Trust's family of investment companies. The dollar ranges used in the table are (i) None; (ii) $1-$10,000; (iii) $10,001-$50,000; (iv) $50,001-$100,000; and (v) Over $100,000. The following table includes securities in which the Trustees hold an economic interest through their deferred compensation plan. See "Trustee Compensation" below.

#### Securities Ownership as of December 31, 2025

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Barrow<br>Hanley<br>Concentrated<br>Emerging<br>Markets ESG<br>Opportunities<br>Fund** | **Barrow<br>Hanley<br>Total<br>Return<br>Bond<br>Fund** | **Barrow<br>Hanley Credit<br>Opportunities<br>Fund** | **Barrow<br>Hanley<br>Floating<br>Rate<br>Fund** | **Barrow<br>Hanley US<br>Value<br>Opportunities<br>Fund** | **Barrow<br>Hanley<br>Emerging<br>Markets<br>Value<br>Fund** | **Barrow<br>Hanley<br>International<br>Value Fund** |
|  *Independent Trustees* |  |  |  |  |  |  |  |
|  Joseph P. Gennaco |  |  |  |  |  |  |  |
|  Barbara A. McCann |  |  |  |  |  |  |  |
|  Kevin J. McKenna |  |  |  |  |  |  |  |
|  Beth K. Werths |  |  |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **JOHCM<br>Emerging<br>Markets<br>Opportunities<br>Fund** | **JOHCM<br>Emerging<br>Markets<br>Discovery<br>Fund**  | **JOHCM<br>International<br>Opportunities<br>Fund** | **JOHCM<br>International<br>Select<br>Fund** | **Regnan<br>Sustainable<br>Water and<br>Waste<br>Fund** |
|  *Independent Trustees* |  |  |  |  |  |
|  Joseph P. Gennaco |  |  | $10001 - $50000 |  |  |
|  Barbara A. McCann | $1 - $10000 |  | $1 - $10000 |  |  |
|  Kevin J. McKenna | $10001 - $50000 | $10001 - $50000 |  | $10001 - $50000 |  |
|  Beth K. Werths |  | $50001 - $100000 |  |  |  |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Trillium ESG Global<br>Equity Fund** | **Trillium ESG Global<br>Equity Fund** | **Trillium ESG<br>Small/Mid Cap Fund** | **Trillium ESG<br>Small/Mid Cap Fund** |
|  *Independent Trustees* |  |  |  |  |
|  Joseph P. Gennaco |  | None |  | None |
|  Barbara A. McCann |  | None |  | None |
|  Kevin J. McKenna |  | None |  | None |
|  Beth K. Werths |  | None |  | None |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **TSW Core<br>Plus Bond<br>Fund** | **TSW Core<br>Plus Bond<br>Fund** | **TSW<br>Emerging<br>Markets<br>Fund** | **TSW<br>Emerging<br>Markets<br>Fund** | **TSW High<br>Yield Bond<br>Fund** | **TSW High<br>Yield Bond<br>Fund** | **TSW Large<br>Cap Value<br>Fund** | **TSW Large<br>Cap Value<br>Fund** |
|  *Independent Trustees* |  |  |  |  |  |  |  |  |
|  Joseph P. Gennaco |  | None |  | None |  | None |  | None |
|  Barbara A. McCann |  | None |  | None |  | None |  | None |
|  Kevin J. McKenna |  | None |  | None |  | None |  | None |
|  Beth K. Werths |  | None |  | None |  | None |  | None |

---

---

| | |
|:---|:---|
| **Name** | **Aggregate Dollar<br>Range of Equity<br>Securities in All<br>Funds within the<br>Trust Overseen by<br>Trustees** |
|  *Independent Trustees* |  |
|  Joseph P. Gennaco | $10001 - $50000 |
|  Barbara A. McCann | $10001 - $50000 |
|  Kevin J. McKenna | $10001 - $50000 |
|  Beth K. Werths | $50001 - $100000 |

---

#### Trustee Compensation
Trustees who are deemed "interested persons" of the Trust and officers of the Trust receive no compensation from the Funds. The Trust has no retirement or pension plans. The compensation paid to the Trustees for the fiscal year ended September 30, 2025 for the Trust is set forth in the following table.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Aggregate<br>Compensation<br>from the Funds** | **Total<br>Compensation<br>from the Trust** |
|  Joseph P. Gennaco | $183000 | $183000 |
|  Barbara A. McCann | $179000 | $179000 |
|  Kevin J. McKenna | $179000 | $179000 |
|  Beth K. Werths | $213000 | $213000 |

---

#### Leadership Structure and Board of Trustees
The primary responsibility of the Board of Trustees is to represent the interests of the shareholders of the Trust and to provide oversight of the management of the Trust. Four of the Trustees on the Board are independent of and not affiliated with the Adviser or its affiliates. The Board has adopted Fund Governance Guidelines to provide guidance for effective leadership. The guidance sets forth criteria for Board membership, trustee orientation and continuing education and annual trustee evaluations. The Board reviews quarterly reports from the investment advisers providing management services to the Funds, as well as quarterly reports from the Chief Compliance Officer ("CCO") and other service providers. This process allows the Board to effectively evaluate issues that impact the Trust as a whole as well as issues that are unique to each Fund. The Board has determined that this leadership structure is appropriate to ensure that the regular business of the Board is conducted efficiently while still permitting the Trustees to effectively fulfill their fiduciary and oversight obligations.

The Trustees have delegated day-to-day operations to various service providers whose activities they oversee. The Trustees have also engaged legal counsel that is independent of the Subadviser and the Adviser or its affiliates to advise them on matters relating to

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their responsibilities in connection with the Trust. The Trustees meet separately in an executive session at least quarterly and meet separately in executive session with the Funds' CCO at least annually. On an annual basis, the Board conducts a self-assessment and evaluates its structure and the structure of its committees. The Board has three standing committees, the Audit Committee, the Nominating and Governance Committee, and the Investment Committee. Each committee typically holds its meetings concurrently with the regularly scheduled meetings of the full Board.

All of the Independent Trustees are members of the Audit Committee. The Audit Committee's function is to oversee the Trust's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers; to oversee the quality and objectivity of the Trust's financial statements and the independent audit thereof; and to act as a liaison between the Trust's independent registered public accounting firm and the full Board of Trustees. The Audit Committee is able to focus Board time and attention to matters of interest to shareholders and, through its private sessions with the Trust's auditor, CCO and legal counsel, stay fully informed regarding management decisions. The Audit Committee convened two times during the fiscal year ended September 30, 2025.

All of the Independent Trustees are members of the Nominating and Governance Committee. Among other things, the Nominating and Governance Committee nominates candidates for election to the Board of Trustees, makes nominations for membership on all committees, and oversees a program for the orientation and continued education of Independent Trustees. The Nominating and Governance Committee also reviews as necessary the responsibilities of any committees of the Board and whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Nominating and Governance Committee makes recommendations for any such action to the full Board. The Nominating and Governance Committee also considers candidates for trustees nominated by shareholders. Shareholders may recommend candidates for Board positions by forwarding their correspondence to the Secretary of the Trust at the Trust's address and the shareholder communication will be forwarded to the Nominating and Governance Committee Chairperson for evaluation. The Nominating and Governance Committee convened one time during the fiscal year ended September 30, 2025.

All of the Independent Trustees are members of the Investment Committee. The Investment Committee meets with the Adviser and portfolio management to monitor ongoing developments involving the Funds' portfolios. Among other things, the Investment Committee assists the Board in overseeing and evaluating (i) the investment risk and performance of the Funds and (ii) the investment and portfolio management services provided to the Funds by their investment adviser(s). The Investment Committee convened two times during the fiscal year ended September 30, 2025.

#### Board Oversight of Risk
The Funds are subject to a number of risks, including investment, compliance, operational and financial risks, among others. Risk oversight forms part of the Board's general oversight of the Funds and is addressed as part of various Board and committee activities. Day-to-day risk management with respect to the Funds resides with the Adviser, the Subadviser or other service providers, subject to supervision by Fund Management. The Audit Committee and the Board oversee efforts by management and service providers to manage risks to which the Funds may be exposed. For example, the Board meets with portfolio managers and receives regular reports regarding investment and liquidity risks. The Board meets with the CCO and receives regular reports regarding compliance and regulatory risks. The Audit Committee meets with the Trust's Treasurer and receives regular reports regarding fund operations and risks related to the valuation, and overall financial reporting of the Funds. From its review of these reports and discussions with management, the Board learns in detail about the material risks to which each Fund is exposed, enabling a dialogue about how management and service providers mitigate those risks.

Not all risks that may affect the Funds can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Funds, the Adviser, the Subadviser, their affiliates, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Funds' goals. As a result of the foregoing and other factors, the Funds' ability to manage risk is subject to substantial limitations. The Trustees believe that their current oversight approach is an appropriate way to manage risks facing each Fund, whether investment, compliance, financial, or otherwise. The Trustees may, at any time in their discretion, change the manner in which they conduct risk oversight of the Funds.

#### Additional Information About the Trustees
The Board believes each of the Trustees has demonstrated leadership abilities and possesses experience, qualifications, and skills valuable to the Trust. Each of the Trustees has substantial business and professional experience where they have had the opportunity to develop the ability to critically review, evaluate and access information provided to them.

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Below is additional information concerning each particular Trustee and his or her attributes. The information provided below, and in the chart above, is not all-inclusive. Many Trustee attributes involve intangible elements, such as intelligence, work ethic, the ability to work together, and the ability to communicate effectively, exercise judgment, ask incisive questions, manage people and problems or develop solutions.

**Joseph P. Gennaco** has over 40 years' worth of experience with various areas of business and finance including: Operations, Technology, Finance, Risk & Compliance, and all facets of Distribution including Sales, Marketing, Relationship Management, and Product Development. Mr. Gennaco has held a number of executive management roles, including COO of BNY Mellon Asset Management, and President and COO of The Boston Company Asset Management.

**Barbara A. McCann** is a senior financial services executive who is skilled at developing and implementing business strategies. Ms. McCann has a proven record of executing business initiatives through managing teams within and across business lines. She managed the BNY Mellon Institutional Funds Group, during which time she succeeded in growing the group's assets under management from $1.5 billion to over $5.5 billion in the span of two years. Ms. McCann has worked closely with sales, compliance, legal investment managers and operational groups to ensure continued growth of the funds she has overseen, and she is familiar with many funds and investment boutiques. Ms. McCann also served as the Secretary of the Mellon Institutional Funds Group Board.

**Kevin J. McKenna** has over 30 years of experience in the investment management industry. He has managed a wide variety of fixed income portfolios, overseen the launch of fund initial public offerings on the New York Stock Exchange, and supervised a large and complex fixed-income investment platform. Mr. McKenna has also served as Managing Director and Chief Operating Officer for a large multi-asset team, where he served as the team's primary point of contact with corporate Internal Audit and Risk Management groups while also managing the local profit and loss and talent function. Separately, Mr. McKenna sat on the Regional and Global Management Committees of a leading global prime broker.

**Beth K. Werths** has senior executive level experience in business and management that provides her with an insightful perspective on strategic planning, risk oversight, operational matters and crisis management that is valuable to the Board. Her legal expertise and leadership on global governance, regulatory, product development, information technology and information security issues contribute to her skills in the areas of risk management, compliance, internal controls, legislative advocacy and cybersecurity. She provides the Board with considerable knowledge and insight regarding the financial services industry as well as governance, regulatory and investor relations issues that are relevant to large corporations. She has a record of demonstrated executive leadership and integrity and has served in roles where she counsels other senior executives and boards.

#### CODE OF ETHICS
The Trust, the Subadvisers, and the Adviser have each adopted a Code of Ethics (the "Code of Ethics") under Rule 17j-1 of the 1940 Act. The personnel subject to the Code of Ethics are permitted to invest in securities, including securities that may be purchased or held by the Funds.

#### DISTRIBUTION
The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act, applicable to Advisor Shares and Investor Shares that permits Funds offering these share classes to pay for certain distribution and promotion activities related to marketing their shares and other shareholder services (the "Plan"). Pursuant to the Plan, a Fund will pay its principal underwriter a fee for the principal underwriter's services in connection with the sales and promotion of the Fund and the provision of shareholder services to Fund shareholders, including its expenses in connection therewith, at an annual rate of ten basis points (0.10%) of each of the Funds' average daily net assets attributable to Advisor Shares, twenty-five basis points (0.25%) of each of the Funds' average daily net assets attributable to Investor Shares. Payments received by the principal underwriter pursuant to the Plan may be greater or less than distribution expenses incurred by the principal underwriter with respect to the applicable class and are in addition to fees paid by each Fund pursuant to the Investment Advisory Agreement. The principal underwriter may in turn pay others for distribution and shareholder servicing as described below.

The Plan has been approved by the Funds' Board of Trustees, including a majority of the Independent Trustees who have no direct or indirect financial interest in the Plan or any related agreement. Continuation of the Plan and the related agreements must be approved by the Trustees annually, in the same manner, and a Plan or any related agreement may be terminated at any time without penalty by a majority of such Independent Trustees or by a majority of the outstanding shares of the applicable class. Any amendment increasing the maximum percentage payable under a Plan or other material change must be approved by a majority of the outstanding

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shares of the applicable class, and all other material amendments to a Plan or any related agreement must be approved by a majority of the Independent Trustees.

The table below show the amount of Rule 12b-1 fees incurred for the fiscal year ended September 30, 2025.

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| | |
|:---|:---|
| **Fund** | **Rule 12b-1 Fees Incurred** |
|  JOHCM Emerging Markets Discovery Fund – Advisor Shares | $4785 |
|  JOHCM Emerging Markets Opportunities Fund – Advisor Shares | $49348 |
|  JOHCM Emerging Markets Opportunities Fund – Investor Shares | $71700 |
|  JOHCM International Select Fund – Investor Shares | $858385 |
|  Trillium ESG Global Equity Fund – Investor Shares | $577567 |

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#### Financial Intermediaries
The Funds may authorize certain financial intermediaries to accept purchase and redemption orders on its behalf. A Fund will be deemed to have received a purchase or redemption order when a financial intermediary or its designee accepts the order. These orders will be priced at the NAV next calculated after the order is accepted.

The Funds may enter into agreements with financial intermediaries under which a Fund pays the financial intermediaries for services, such as networking, sub-transfer agency and/or omnibus recordkeeping. The Funds may also reimburse the Adviser or Perpetual Americas Funds Distributors, LLC (the "Distributor") for amounts they pay to financial intermediaries for the provision of such services. The amount of such payments and/or reimbursements and the manner in which such amount is calculated are reviewed by the Trustees periodically. The amount of such payments permitted to be made outside the Plan is currently capped by resolution of the Board. Any payments made pursuant to agreements between the Funds and financial intermediaries are in addition to, rather than in lieu of, shareholder servicing fees that a financial intermediary may be receiving under an agreement with the Distributor. The Funds may enter into certain agreements with financial intermediaries that require payments for sub-transfer agency services in excess of the Board-approved cap on payments and/or reimbursements to financial intermediaries. In such instances the Adviser will pay, out of its own profits, the difference between the amount due under the agreement with the financial intermediary and the cap on such payments and/or reimbursements approved by the Board of Trustees.

Financial intermediaries are firms that sell shares of mutual funds, including the Funds, for compensation and/or provide certain administrative and account maintenance services to mutual fund investors. Financial intermediaries may include, among others, brokers, financial planners or advisers, banks, and insurance companies. In some cases, a financial intermediary may hold its clients' Fund shares in nominee name. Shareholder services provided by a financial intermediary may (though they will not necessarily) include, among other things: processing and mailing trade confirmations, periodic statements, prospectuses, shareholder reports, shareholder notices, and other SEC-required communications; capturing and processing tax data; issuing and mailing dividend checks to shareholders who have selected cash distributions; preparing record date shareholder lists for proxy solicitations; collecting and posting distributions to shareholder accounts; and establishing and maintaining systematic withdrawals and automated investment plans and shareholder account registrations. The Funds may from time to time purchase securities issued by financial intermediaries that provide such services, or their affiliates; however, in selecting investments for a Fund, no preference will be shown for such securities.

The compensation paid by the Funds, the Adviser, the Subadvisers or their affiliates to a financial intermediary is typically paid continually over time, during the period when the financial intermediary's clients hold investments in the Funds. The amount of continuing compensation paid by a Fund, the Adviser, the Subadvisers or their affiliates to different financial intermediaries for shareholder services varies. The compensation is typically a percentage of the value of the financial intermediary's clients' investments in a Fund or a per account fee. The variation in compensation may, but will not necessarily, reflect enhanced or additional services provided by the financial intermediary.

If payments to financial intermediaries by a mutual fund, distributor or adviser for a particular mutual fund complex exceed payments by other mutual fund complexes, a shareholder's financial adviser and the financial intermediary employing him or her may have an incentive to recommend that fund complex over others. Please speak with a financial adviser to learn more about the total amounts paid to that financial adviser and his or her firm by the Distributor and its affiliates and by sponsors of other mutual funds he or she may recommend to you. You should also consult disclosures made by your financial intermediary at the time of purchase. You should ask your financial intermediary whether it receives additional cash compensation payments, as described below, from the Adviser or its affiliates.

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If you are purchasing, selling, exchanging or holding Fund shares through a program of services offered by a financial intermediary, you may be required by the financial intermediary to pay additional fees. You should contact the financial intermediary for information concerning what additional fees, if any, may be charged.

The Adviser, the Subadviser and/or their affiliates may make payments to financial intermediaries for distribution, shareholder servicing, marketing and promotional activities and related expenses out of their profits and other available sources, including profits from their relationships with the Funds. These payments are not reflected as Fund expenses in the fee table contained in the Prospectus. The total amount of these payments may be substantial, may be substantial to any given recipient, and may exceed the costs and expenses incurred by the recipient for any fund-related marketing or shareholder servicing activities. The payments described in this paragraph are often referred to as "revenue sharing payments." Revenue sharing arrangements are separately negotiated between the Adviser and/or their affiliates, and the recipients of these payments. Revenue sharing payments may also include non-cash compensation to financial intermediaries and their representatives in the form of (1) occasional gifts; (2) occasional meals, tickets or other entertainment; and/or (3) sponsorship support of regional or national conferences or seminars.

Revenue sharing payments create an incentive for a financial intermediary or its employees or associated persons to recommend or sell shares of a Fund to you. Contact your financial intermediary for details about revenue sharing payments it receives or may receive. Revenue sharing payments, as well as payments by a Fund under the Plan or for recordkeeping and/or shareholder services, also benefit the Adviser, the Subadviser and their affiliates to the extent the payments result in more assets being invested in the Fund(s) on which fees are being charged.

As of December 31, 2025, the Adviser and/or their affiliates made revenue sharing payments (as described above) to the financial intermediaries listed below (or their affiliates or successors). Any additions, modifications, or deletions to the financial intermediaries identified in this list that have occurred since December 31, 2025, are not reflected. You may ask your financial intermediary if it receives such payments.

Axos Advisors

Ameriprise Financial

Charles Schwab

National Financial Services, LLC

Goldman Sachs

Fidelity Investments Institutional Operations Company

GWFS Equities, Inc.

J.P. Morgan Securities LLC

MSCS Financial

John Hancock

LPL Financial

Financial Data Services LLC

Morgan Stanley

Nationwide

Pershing

Principal

Raymond James & Associates, Inc.

RBC Capital Markets, LLC

Securian

TIAA-CREF

TD Ameritrade

UBS

US Bank

Vanguard Brokerage

Voya

Wells Fargo Clearing Services

Wells Fargo Advisors, LLC

Nationwide

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES

#### Control Persons and Principal Holders
Shareholders who beneficially own more than 25% of the shares of a Fund are presumed to "control" the Fund as that term is defined under the 1940 Act. Persons controlling a Fund can affect the outcome of proposals submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the Investment Advisory Agreement with the Adviser. As of January 2, 2026, the persons listed below owned beneficially or of record 5% or more of a class of the Funds' outstanding shares.

#### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund – Institutional Shares

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| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  SUE FONDREN TRAMMELL 1982 TRUST<br> PO BOX 25072<br> DALLAS, TX | 30.22% |
|  PERPETUAL US TDC LLC<br> 155 N WACKER AVE, SUITE 4250<br> ATTN FINANCE<br> CHICAGO, IL | 30.03% |
|  STEPHEN STRATY<br> 4249 WESTWAY AVE<br> DALLAS, TX | 20.76% |
|  VANGUARD FIDUCIARY TRUST COMPANY<br> PO BOX 2600 VM L20<br> ATTN INVESTMENT SERVICES<br> VALLEY FORGE, PA | 15.66% |

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#### Barrow Hanley Credit Opportunities Fund – Institutional Shares

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| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  SEI PRIVATE TRUST COMPANY CO<br> PRINCIPAL FINANCIAL ID 636<br> 1 FREEDOM VALLEY DRIVE<br> ATTN MUTUAL FUND ADMIN<br> OAKS, PA | 38.66% |
|  THE NAVAJO NATION<br> PO BOX 3150<br> WINDOW ROCK, AZ | 19.56% |
|  TEXAS PRESBYTERIAN FOUNDATION<br> 6100 COLWELL BLVD<br> SUITE 250<br> IRVING, TX | 6.10% |

---

#### Barrow Hanley Emerging Markets Value Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  PERPETUAL US TDC LLC<br> 155 NORTH WACKER AVE, SUITE 4250<br> ATTN FINANCE<br> CHICAGO, IL | 62.33% |

---

------

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  VANGUARD FIDUCIARY TRUST COMPANY<br> PO BOX 2600 VM L20<br> ATTN INVESTMENT SERVICES<br> VALLEY FORGE, PA | 37.67% |

---

#### Barrow Hanley Floating Rate Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  NORTHERN TRUST AS CUSTODIAN<br> FBO TNT-LDN CHILDREN'S MEDICAL CENTER<br> PO BOX 92956<br> FOUNDATION - BHMS BANK<br> LOAN AC 70-11599<br> CHICAGO, IL | 35.38% |
|  NORTHERN TRUST AS CUSTODIAN<br> FBO BARROW HANLEY CREDIT OPPORTUNITY FD<br> PO BOX 92956 A C 70-22997<br> CHICAGO, IL | 22.97% |
|  NORTHERN TRUST CO CUST<br> PO BOX 92956<br> ROY J CARVER - BARROW HANLEY AC 4415285<br> CHICAGO, IL | 21.44% |
|  PERPETUAL US TDC LLC<br> 155 N WACKER AVE, SUITE 4250<br> ATTN FINANCE<br> CHICAGO, IL | 8.08% |

---

#### Barrow Hanley International Value Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  NATIONAL FINANCIAL SERVICES LLC<br> FOR EXCLUSIVE BENIFIT OF OUR CUST<br> 499 WASHINGTON BLVD<br> ATTN MUTUAL FUNDS DEPARTMENT<br> 4TH FLOOR<br> JERSEY CITY, NJ | 35.72% |
|  MUIR CO 1 C O FROST BANK<br> TRUST DEPT<br> P O BOX 2950<br> SAN ANTONIO, TX | 29.23% |
|  CAPINCO C O US BANK NA<br> 1555 N RIVERCENTER<br> DRIVE<br> STE 302<br> MILWAUKEE, WI | 19.00% |
|  VANGUARD FIDUCIARY TRUST COMPANY<br> PO BOX 2600 VM L20<br> ATTN INVESTMENT SERVICES<br> VALLEY FORGE, PA | 13.99% |

---

------

#### Barrow Hanley Total Return Bond Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  PENSION PLAN FOR UNION EMPLOYEES OF THE NEW<br> YORK RACING ASSOC. INC<br> PO BOX 90<br> JAMAICA, NY | 41.12% |
|  SEI PRIVATE TRUST<br> COMPANY C O TRUSTMARK<br> WEALTH MANAGEMENT<br> 1 FREEDOM VALLEY DRIVE<br> OAKS, PA | 20.88% |
|  RELIANCE TRUST CO FBO<br> COMERICA EB R R<br> PO BOX 570788<br> ATLANTA, GA | 15.56% |
|  NYRA ADMIN. & RACING EMPLOYEES<br> PO BOX 90<br> JAMAICA, NY | 9.81% |
|  UNIVERSITY OF WEST FLORIDA FOUNDATION INC.<br> 11000 UNIVERSITY PKWY<br> BLDG 12<br> PENSACOLA, FL | 5.58% |

---

#### Barrow Hanley US Value Opportunities Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  JACKSONVILLE PLUMBERS & PIPEFITTERS PENSION FUND<br> PO BOX 1449<br> GOODLETTSVILLE, TN | 26.87% |
|  FOOD MARKETING INSTITUTE INC.<br> 2345 CRYSTAL DR<br> 8TH FLOOR<br> ARLINGTON, VA | 20.30% |
|  SEI PRIVATE TRUST<br> COMPANY C O CENTRAL PACIFIC BANK<br> 1 FREEDOM VALLEY DRIVE<br> OAKS, PA  | 15.63% |
|  NORTHERN TRUST AS CUSTODIAN<br> FBO CONGREGATION OF THE MISSION<br> P O BOX 92956<br> INTERNATIONAL FUND A C 26-79629<br> CHICAGO, IL | 13.01% |
|  VANGUARD FIDUCIARY TRUST COMPANY<br> PO BOX 2600 VM L20<br> ATTN INVESTMENT SERVICES<br> VALLEY FORGE, PA | 8.50% |
|  LOCAL UNION NO. 3<br> BRICKLAYERS & ALLIED CRAFTSMAN<br> 7142 NIGHTINGALE , SUITE 1<br> HOLLAND, OH | 7.76% |

---

------

#### JOHCM Emerging Markets Discovery Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB & CO<br> INC SPECIAL CUSTODY A/C FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 55.08% |
|  UBS WM USA 0O0 11011 6100<br> OMNI ACCOUNT MF<br> 1000 HARBOR BLVD<br> SPEC CDY A/C EXL BEN<br> CUSTOMERS OF UBSFSI<br> ATT DEPARTMENT<br> MANAGER<br> WEEHAWKEN, NJ | 22.51% |

---

#### JOHCM Emerging Markets Discovery Fund – Advisor Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB & CO INC SPECIAL CUSTODYA/C<br> FBO CUSTOMERS<br> 211 MAIN STREET<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 61.78% |
|  NATIONAL FINANCIAL SERVICES LLC 1<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ | 8.52% |
|  NATIONAL FINANCIAL SERVICES LLC 2<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ | 5.45% |

---

#### JOHCM Emerging Markets Opportunities Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  MORGAN STANLEY SMITH BARNEY LLC<br> FOR THE EXCL BEN OF CUST OF MSSB<br> 1 NEW YORK PLAZA, 12TH FL<br> NEW YORK, NY | 10.08% |
|  NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ | 9.88% |
|  CHARLES SCHWAB & CO INC SPECIAL CUSTODYA/C<br> FBO CUSTOMERS<br> 211 MAIN STREET<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 8.10% |
|  PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ | 6.07% |

---

------

#### JOHCM Emerging Markets Opportunities Fund – Advisor Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ | 13.93% |
|  LPL FINANCIAL FBO CUSTOMER ACCOUNTS<br> PO BOX 509046<br> ATTN MUTUAL FUNDS OPERATIONS<br> SAN DIEGO, CA | 11.58% |
|  CHARLES SCHWAB & CO INC SPECIAL CUSTODY A C<br> FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 10.92% |
|  NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ | 5.23% |

---

#### JOHCM Emerging Markets Opportunities Fund – Investor Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB & CO INC<br> SPECIAL CUSTODY AC FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 77.54% |
|  LPL FINANCIAL FBO CUSTOMER ACCOUNTS<br> PO BOX 509046<br> ATTN MUTUAL FUNDS OPERATIONS<br> SAN DIEGO, CA | 6.92% |
|  PERSHING LLC<br> 1 PERSHING PLAZA<br> JERSEY CITY, NJ | 5.12% |

---

#### JOHCM International Opportunities Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB & CO INC SPECIAL CUSTODYA/C<br> FBO CUSTOMERS<br> 211 MAIN STREET<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 28.56% |

---

------

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  MATRIX TRUST COMPANY<br> FBO COX SAVINGS INCENTIVE PLAN<br> PO BOX 52129<br> PHOENIX, AZ | 14.23% |
|  JOHN HANCOCK TRUST COMPANY LLC<br> 200 BERKELEY ST<br> BOSTON, MA | 8.92% |
|  EMPOWER TRUST<br> FBO RECORDKEEPING FOR EMPLOYEE BENEFITS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE, CO | 7.20% |
|  EMPOWER TRUST<br> FBO EMPLOYEE BENEFITS PLANS<br> 8515 E ORCHARD RD 2T2<br> GREENWOOD VILLAGE, CO | 6.72% |

---

#### JOHCM International Select Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO INC SPECIAL CUSTODY A C<br> FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 26.70% |

---

#### JOHCM International Select Fund – Investor Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  NATIONAL FINANCIAL SERVICES LLC<br> 499 WASHINGTON BLVD<br> JERSEY CITY, NJ | 89.00% |

---

#### Trillium ESG Global Equity Fund – Investor Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO INC SPECIAL CUSTODY A C<br> FBO CUSTOMERS<br> 101 MONTGOMERY ST<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 32.75% |
|  NATIONAL FINANCIAL SERVICES<br> FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS<br> 499 WASHINGTON BLVD<br> ATTN MUTUAL FUNDS DEPT<br> 4TH FL<br> JERSEY CITY, NJ | 17.59% |
|  VANGUARD BIN 11111111100<br> VANGUARD BLVD<br> MALVERN, PA | 6.25% |

---

------

#### Trillium ESG Global Equity Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO INC<br> SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA | 43.10% |
|  PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ | 5.52% |

---

#### Trillium ESG Small/Mid Cap Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO<br> INC SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA | 72.47% |
|  PERSHING LLC<br> 1 PERSHING PLZ<br> JERSEY CITY, NJ | 6.56% |

---

#### TSW Core Plus Bond Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO<br> INC SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA | 86.47% |
|  SEI PRIVATE TRUST COMPANY CO ATLANTIC UNION BANK 1<br> 1 FREEDOM VALLEY DRIVE<br> OAKS, PA | 6.08% |
|  SEI PRIVATE TRUST COMPANY CO ATLANTIC UNION BANK 2<br> 1 FREEDOM VALLEY DRIVE<br> OAKS, PA | 5.19% |

---

#### TSW Emerging Markets Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  PENDAL GROUP LIMITED<br> 2 CHIFLEY SQUARE<br> LEVEL 14 THE CHIFLEY TOWER<br> SYDNEY NEW SOUTH WALES | 74.44% |
|  PENDAL GROUP EMPLOYEE BENEFIT TRUST NO. 2<br> OCORAN TRUSTEES JERSEY LIMITED<br> 26 NEW ST<br> ST HELEIR, JERSEY | 20.56% |

---

------

#### TSW High Yield Bond Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO<br> INC SPECIAL CUSTODY A/C FBO CUSTOMERS<br> ATTN MUTUAL FUNDS<br> 211 MAIN ST<br> SAN FRANCISCO, CA | 90.87% |
|  SEI PRIVATE TRUST COMPANY<br> CO ATLANTIC UNION BANK<br> 1 FREEDOM VALLEY DRIVE<br> OAKS, PA | 7.97% |

---

#### TSW Large Cap Value Fund – Institutional Shares

---

| | |
|:---|:---|
| **Shareholder Name, Address** | **% Ownership** |
|  CHARLES SCHWAB AND CO INC<br> REINVEST ACCOUNT<br> 101 MONTGOMERY ST<br> ATTN MUTUAL FUNDS<br> SAN FRANCISCO, CA | 66.32% |
|  MITRA & CO FBO 75<br> 4900 W BROWN DEER RD<br> C/O RELIANCE TRUST COMPANY WI MAILCODE<br> BD1N – ATTN MF<br> MILWAUKEE, WI | 14.81% |
|  PENDAL GROUP EMPLOYEE BENEFIT TRUST NO 2<br> OCORIAN TRUSTEES JERSEY LIMITED<br> 26 NEW ST<br> ST HELIER, JERSEY | 7.64% |

---

#### Management Ownership
As of December 31, 2025, the Trustees and officers of the Trust owned less than 1% of each class of each Fund.

#### INVESTMENT ADVISORY AND OTHER SERVICES

#### The Investment Adviser
PAFS serves as the investment adviser to the Funds. PAFS's principal place of business is 1 Congress Street, Suite 3101, Boston, Massachusetts 02114. PAFS is a wholly-owned indirect subsidiary of Perpetual Limited. Perpetual Limited is a diversified, global financial services firm operating a multi-boutique asset management business with a registered office in Sydney, Australia. PAFS is an investment adviser registered with the SEC in the U.S. under the 1940 Act. As investment adviser to the Funds, PAFS continuously reviews, supervises, and administers each Fund's investment program. PAFS also ensures compliance with each Fund's investment policies and guidelines. As of September 30, 2025, PAFS had approximately $8.9 billion in assets under management.

Under the terms of the Trust's Investment Advisory Agreement with the Adviser ("Advisory Agreement"), the Adviser, subject to the supervision of the Board of Trustees, provides or arranges to be provided to the Funds such investment advice as it deems advisable and will furnish or arrange to be furnished a continuous investment program for the Funds consistent with each Fund's

------

investment objective and policies. As compensation for advisory services, the Funds are obligated to pay the Adviser fees computed and accrued daily and paid monthly at the annual rates set forth below:

---

| | |
|:---|:---|
| **Fund** | **Percentage of Average Daily Net Assets** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | 0.93% |
|  Barrow Hanley Credit Opportunities Fund | 0.60% |
|  Barrow Hanley Emerging Markets Value Fund | 0.87% |
|  Barrow Hanley Floating Rate Fund | 0.45% |
|  Barrow Hanley International Value Fund | 0.66% |
|  Barrow Hanley Total Return Bond Fund | 0.35% |
|  Barrow Hanley US Value Opportunities Fund | 0.55% |
|  JOHCM Emerging Markets Discovery Fund | 1.05% |
|  JOHCM Emerging Markets Opportunities Fund | 0.90% |
|  JOHCM International Opportunities Fund | 0.75% |
|  JOHCM International Select Fund | 0.84% |
|  Regnan Sustainable Water and Waste Fund | 0.75% |
|  Trillium ESG Global Equity Fund | 0.85% for average daily net assets up to $1 billion; 0.72% for<br> average daily net assets greater than $1 billion |
|  Trillium ESG Small/Mid Cap Fund | 0.75% |
|  TSW Core Plus Bond Fund | 0.40% |
|  TSW Emerging Markets Fund | 0.80% |
|  TSW High Yield Bond Fund | 0.50% |
|  TSW Large Cap Value Fund | 0.58% |

---

The Advisory Agreement will continue in effect for its initial term until the second anniversary of the date of effectiveness, and on a year-to-year basis thereafter, provided that continuance is approved at least annually by specific approval of the Board of Trustees or by vote of the holders of a majority of the outstanding voting securities of each Fund. In either event, it must also be approved by a majority of the Trustees who are neither parties to the Advisory Agreement nor interested persons, as defined in the 1940 Act, at a meeting called for the purpose of voting on such approval. The Advisory Agreement may be terminated at any time without the payment of any penalty by the Board of Trustees or by vote of a majority of the outstanding voting securities of a Fund on not less than 60 days' written notice to the Adviser. In the event of its assignment, the Advisory Agreement will terminate automatically.

The Adviser has contractually agreed to waive fees and reimburse expenses to the extent that total annual operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) exceed amounts specified in the Prospectus of each Fund, as applicable until February 1, 2027, or, with respect to the JOHCM International Opportunities Fund only, until February 1, 2028. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recoupment does not cause the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement. An agreement to waive fees and reimburse expenses may be terminated by the Board of Trustees at any time and will terminate automatically upon termination of the Advisory Agreement. For more information concerning recoupment of fees for specific Funds, see "MANAGEMENT OF THE FUNDS – Recoupment Arrangements" in the Fund's prospectus.

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#### Advisory Fees

#### Barrow Hanley Funds
The following table sets forth the amount of the advisory fees paid by the Trust to the Adviser for the most recent fiscal year ended September 30, 2025, the period from November 1, 2023 to September 30, 2024,<sup>1</sup> and the prior fiscal year ended October 31, 2023.<sup>1</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year <br>Ended<br>September 30, 2025** | **Fiscal Year <br>Ended<br>September 30, 2025** | **Fiscal Year <br>Ended<br>September 30, 2025** | **Fiscal Period<br>Ended<br>September 30, 2024<sup>2</sup>** | **Fiscal Period<br>Ended<br>September 30, 2024<sup>2</sup>** | **Fiscal Period<br>Ended<br>September 30, 2024<sup>2</sup>** | **Fiscal Year<br>Ended<br>October 31, 2023<sup>3</sup>** | **Fiscal Year<br>Ended<br>October 31, 2023<sup>3</sup>** | **Fiscal Year<br>Ended<br>October 31, 2023<sup>3</sup>** |
|  | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by<br>Adviser** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | $127318 | $115907 | $0 | $254001 | $117950 | $0 | $248907 | $183228 | $0 |
|  Barrow Hanley Total Return Bond Fund | $610477 | $297298 | $0 | $524751 | $454830 | $0 | $225256 | $351628 | $0 |
|  Barrow Hanley Credit Opportunities Fund | $573575 | $154729 | $0 | $490861 | $504581 | $0 | $602425 | $304910 | $0 |
|  Barrow Hanley Floating Rate Fund | $480775 | $93813 | $0 | $409041 | $170215 | $0 | $477893 | 442292 | $0 |
|  Barrow Hanley US Value Opportunities Fund | $568233 | $76196 | $0 | $481037 | $138319 | $0 | $508033 | $219777 | $0 |
|  Barrow Hanley Emerging Markets Value Fund | $26618 | $95528 | $0 | $23807 | $131478 | $0 | $23134 | $150198 | $0 |
|  Barrow Hanley International Value Fund | $171346 | $88873 | $0 | $377662 | $166780 | $0 | $303552 | $173297 | $0 |

---

<sup>1</sup> Includes amounts paid by the Barrow Hanley Predecessor Fund to the predecessor adviser and amounts waived and/or recouped by the predecessor adviser prior to the close of the reorganization on August 18, 2024. 

<sup>2</sup> The Barrow Hanley Funds' fiscal year end changed to September 30 from October 31.

<sup>3</sup> The Barrow Hanley Predecessor Funds' fiscal year end was October 31.

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#### JOHCM Funds
The following table sets forth the amount of the advisory fee paid by the Trust to the Adviser for the fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year<br>Ended<br>September 30, 2025** | **Fiscal Year<br>Ended<br>September 30, 2025** | **Fiscal Year<br>Ended<br>September 30, 2025** | **Fiscal Year<br>Ended<br>September 30, 2024** | **Fiscal Year<br>Ended<br>September 30, 2024** | **Fiscal Year<br>Ended<br>September 30, 2024** | **Fiscal Year<br>Ended<br>September 30, 2023** | **Fiscal Year<br>Ended<br>September 30, 2023** | **Fiscal Year<br>Ended<br>September 30, 2023** |
|  | **Fees<br>Earned** | **Fees Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by Adviser** | **Fees<br>Earned** | **Fees Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by Adviser** | **Fees Earned** | **Fees Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by Adviser** |
|  JOHCM Emerging Markets Discovery Fund | $608939 | $211803 | $0 | $711600 | $181624 | $0 | $567209 | $165037 | $0 |
|  JOHCM Emerging Markets Opportunities Fund | $10463952 | $27714 | $68097 | $8574966 | $86068 | $0 | $7518980 | $8080 | $0 |
|  JOHCM International Opportunities Fund | $997405 | $571512 | $0 | $158995 | $194322 | $0 | $14244 | $65002 | $0 |
|  JOHCM International Select Fund | $31759104 | $67106 | $561309 | $46149596 | $395879 | $0 | $52428888 | $290951 | $0 |
|  Regnan Sustainable Water and Waste Fund<sup>1</sup> | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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<sup>1</sup> The Regnan Sustainable Water and Waste Fund had not commenced operations as of the date of this SAI.

#### Trillium Funds
The following table sets forth the amount of the advisory fee paid by the Trust to the Adviser for the for the fiscal year ended September 30, 2025, the period from July 1, 2024 to September 30, 2024, and the prior two fiscal years ended June 30, 2024, and June 30, 2023.<sup>1</sup>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended<br>September 30, 2025** | **Fiscal Year Ended<br>September 30, 2025** | **Fiscal Year Ended<br>September 30, 2025** | **Three Months Ended<br>September 30, 2024<sup>2</sup>** | **Three Months Ended<br>September 30, 2024<sup>2</sup>** | **Three Months Ended<br>September 30, 2024<sup>2</sup>** | **Fiscal Year Ended<br>June 30, 2024** | **Fiscal Year Ended<br>June 30, 2024** | **Fiscal Year Ended<br>June 30, 2024** | **Fiscal Year Ended<br>June 30, 2023** | **Fiscal Year Ended<br>June 30, 2023** | **Fiscal Year Ended<br>June 30, 2023** |
| **Fund** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fees<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fees<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fees<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fees<br>Recouped<br>by<br>Adviser** |
|  Trillium ESG Global Equity Fund | $7145981 | $158530 | $0 | $2027802 | $0 | $0 | $7674673 | $0 | $0 | $7067453 | $0 | $0 |
|  Trillium ESG Small/Mid Cap Fund | $261285 | $48199 | $0 | $70764 | $21224 | $0 | $305330 | $80748 | $14967 | $289996 | $158734 | $0 |

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<sup>1</sup> Includes amounts paid by the respective Trillium Predecessor Fund to the predecessor adviser and amounts waived and/or recouped by the predecessor adviser prior to the close of the reorganization on October 30, 2023. 

<sup>2</sup> The Trillium Funds' fiscal year end changed to September 30 from June 30.

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#### TSW Funds
The following table sets forth the amount of the advisory fee paid by the Trust to the Adviser for the fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023. Because some of the Funds may be newly formed, such Funds did not pay any advisory fee amounts to the Adviser during the period noted for such Funds.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year<br>Ended<br>September 30, 2025** | **Fiscal Year<br>Ended<br>September 30, 2025** | **Fiscal Year<br>Ended<br>September 30, 2025** | **Fiscal Year<br>Ended<br>September 30, 2024** | **Fiscal Year<br>Ended<br>September 30, 2024** | **Fiscal Year<br>Ended<br>September 30, 2024** | **Fiscal Year<br>Ended<br>September 30, 2023** | **Fiscal Year<br>Ended<br>September 30, 2023** | **Fiscal Year<br>Ended<br>September 30, 2023** |
|  | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by<br>Adviser** | **Fees<br>Earned** | **Fees<br>Waived/<br>Reimbursed** | **Advisory<br>Fee<br>Recouped<br>by<br>Adviser** |
|  TSW Core Plus Bond Fund | $250556 | $180897 | $0 | $10465 | $82052 | $0 | N/A | N/A | N/A |
|  TSW Emerging Markets Fund | $55247 | $76381 | $0 | $58639 | $55765 | $0 | $55978 | $85549 | $0 |
|  TSW High Yield Bond Fund | $48473 | $62387 | $0 | $49881 | $63024 | $0 | $60148 | $79563 | $0 |
|  TSW Large Cap Value Fund | $216835 | $82885 | $0 | $212418 | $80022 | $0 | $207061 | $0 | $7472 |

---

#### Investment Subadvisers

#### Barrow, Hanley, Mewhinney & Strauss, LLC
Barrow Hanley serves as the subadviser for each Barrow Hanley Fund. Barrow Hanley's principal place of business is 2200 Ross Avenue, 31<sup>st</sup> Floor, Dallas, TX 75201. Barrow Hanley, a Delaware limited liability company, is registered as an investment adviser with the SEC and was founded in 1979. Barrow Hanley provides investment advisory services to large institutional clients, mutual funds, employee benefit plans, endowments, foundations, limited liability companies and other institutions and individuals.

Barrow Hanley serves as subadviser pursuant to a subadvisory agreement (the "Barrow Hanley Subadvisory Agreement"). Under the Barrow Hanley Subadvisory Agreement, subject to the supervision of the Board and the Adviser, Barrow Hanley furnishes a continuous investment program for the allocated assets consistent with the Funds' investment objectives and policies; and places orders pursuant to its investment determinations, as further detailed in the Barrow Hanley Subadvisory Agreement. Barrow Hanley is an indirect wholly owned subsidiary of Perpetual Limited.

The Barrow Hanley Subadvisory Agreement will continue in effect for its initial term until the second anniversary of the date of effectiveness, and thereafter from year to year provided such continuance is specifically approved at least annually (a) by the Board or by a majority of the outstanding voting securities of the Funds (as defined in the 1940 Act), and (b) in either event, by a majority of the Independent Trustees with such Independent Trustees casting votes in person at a meeting called for such purpose. Any party to the Barrow Hanley Subadvisory Agreement may terminate the Barrow Hanley Subadvisory Agreement without penalty, in each case on not less than 60 days' written notice to the other party.

The Barrow Hanley Subadvisory Agreement provides that Barrow Hanley will not be liable for any error of judgment, mistake of law or any other act or omission or for any loss arising out of any investment, but Barrow Hanley is not protected against any liability to the Funds or the Adviser to which Barrow Hanley would be subject by reason of willful misconduct, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Barrow Hanley Subadvisory Agreement.

------

As compensation for its services, the Adviser pays to Barrow Hanley a monthly base fee for its services as indicated in the table below (the "Base Subadvisory Fee"). The Base Subadvisory Fee for a Barrow Hanley Fund may be reduced pro rata by the Adviser to the extent that the Adviser waives fees or reimburses expenses, as described in the Barrow Hanley Subadvisory Agreement. The amount of such reduction will be calculated by multiplying (a) the amount of the waiver by (b) the ratio between the Base Subadvisory Fee and the investment advisory fee to which the Adviser is entitled under the terms of the Advisory Agreement; provided, however, that the fee payable to Barrow Hanley will not be less than zero.

---

| | | |
|:---|:---|:---|
| **Fund** | **Base<br>Subadvisory<br>Fee** | **Contractual<br>Advisory<br>Fee** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | 0.78% | 0.93% |
|  Barrow Hanley Total Return Bond Fund | 0.20% | 0.35% |
|  Barrow Hanley Credit Opportunities Fund | 0.45% | 0.60% |
|  Barrow Hanley Floating Rate Fund | 0.30% | 0.45% |
|  Barrow Hanley US Value Opportunities Fund | 0.40% | 0.55% |
|  Barrow Hanley Emerging Markets Value Fund | 0.72% | 0.87% |
|  Barrow Hanley International Value Fund | 0.51% | 0.66% |

---

#### Trillium Asset Management, LLC
Trillium serves as the subadviser for each Trillium Fund. Trillium's principal place of business 1 Congress Street, Suite 3101, Boston, Massachusetts 02114. Trillium serves as subadviser pursuant to an investment subadvisory agreement (the "Trillium Subadvisory Agreement"). Under the Trillium Subadvisory Agreement, subject to the supervision of the Board and the Adviser, Trillium furnishes a continuous investment program for the allocated assets consistent with the Funds' investment objectives and policies; and places orders pursuant to its investment determinations, as further detailed in the Trillium Subadvisory Agreement. Trillium is an indirect wholly owned subsidiary of Perpetual Limited.

The Trillium Subadvisory Agreement will continue in effect for its initial term until the second anniversary of the date of effectiveness, and thereafter from year to year provided such continuance is specifically approved at least annually (a) by the Board or by a majority of the outstanding voting securities of the Funds (as defined in the 1940 Act), and (b) in either event, by a majority of the Independent Trustees with such Independent Trustees casting votes in person at a meeting called for such purpose. Any party to the Trillium Subadvisory Agreement may terminate the Trillium Subadvisory Agreement without penalty, in each case on not less than 60 days' written notice to the other party.

The Trillium Subadvisory Agreement provides that Trillium will not be liable for any error of judgment, mistake of law or any other act or omission or for any loss arising out of any investment, but Trillium is not protected against any liability to the Funds or the Adviser to which Trillium would be subject by reason of willful misconduct, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the Trillium Subadvisory Agreement.

As compensation for its services, the Adviser pays to Trillium a monthly base fee for its services as indicated in the table below (the "Base Subadvisory Fee"). The Base Subadvisory Fee for a Trillium Fund may be reduced pro rata by the Adviser to the extent that the Adviser waives fees or reimburses expenses, as described in the Trillium Subadvisory Agreement. The amount of such reduction will be calculated by multiplying (a) the amount of the waiver by (b) the ratio between the Base Subadvisory Fee and the investment advisory fee to which the Adviser is entitled under the terms of the Advisory Agreement; provided, however, that the fee payable to Trillium will not be less than zero.

---

| | | |
|:---|:---|:---|
| **Fund** | **Base<br>Subadvisory<br>Fee** | **Contractual<br>Advisory<br>Fee** |
|  Trillium ESG Global Equity Fund | 0.70% for average daily net assets up to $1 billion; 0.57% for average daily net assets greater than $1 billion | 0.85% for average daily net assets up to $1 billion; 0.72% for average daily net assets greater than $1 billion |
|  Trillium ESG Small/Mid Cap Fund | 0.60% | 0.75% |

---

------

#### Thompson, Siegel & Walmsley LLC
TSW serves as the subadviser to the TSW Funds. TSW's principal place of business is 6641 W. Broad Street, Suite 600, Richmond, Virginia 23230. TSW serves as subadviser pursuant to a subadvisory agreement (the "TSW Subadvisory Agreement"). Under the TSW Subadvisory Agreement, subject to the supervision of the Board and the Adviser, TSW furnishes a continuous investment program for the allocated assets consistent with the TSW Funds' investment objectives and policies; and places orders pursuant to its investment determinations, as further detailed in the TSW Subadvisory Agreement. TSW is an indirect wholly owned subsidiary of Perpetual Limited.

The TSW Subadvisory Agreement will continue in effect for its initial term until the second anniversary of the date of effectiveness, and thereafter from year to year provided such continuance is specifically approved at least annually (a) by the Board or by a majority of the outstanding voting securities of the Funds (as defined in the 1940 Act), and (b) in either event, by a majority of the Independent Trustees with such Independent Trustees casting votes in person at a meeting called for such purpose. Any party to the TSW Subadvisory Agreement may terminate the TSW Subadvisory Agreement without penalty, in each case on not less than 60 days' written notice to the other party. The TSW Subadvisory Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act) or in the event the Advisory Agreement between the Adviser and the Trust terminates for any reason.

The TSW Subadvisory Agreement provides that TSW will not be liable for any error of judgment, mistake of law or any other act or omission or for any loss arising out of any investment, but TSW is not protected against any liability to the TSW Funds or the Adviser to which TSW would be subject by reason of willful misconduct, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under the TSW Subadvisory Agreement.

As compensation for its services, the Adviser pays to TSW a monthly base fee for its services as indicated in the table below (the "Base Subadvisory Fee"). The Base Subadvisory Fee for a TSW Fund may be reduced pro rata by the Adviser to the extent that the Adviser waives fees or reimburses expenses, as described in the TSW Subadvisory Agreement. The amount of such reduction will be calculated by multiplying (a) the amount of the waiver by (b) the ratio between the Base Subadvisory Fee and the investment advisory fee to which the Adviser is entitled under the terms of the Advisory Agreement; provided, however, that the fee payable to TSW will not be less than zero.

---

| | | |
|:---|:---|:---|
| **Fund** | **Base<br>Subadvisory<br>Fee** | **Contractual<br>Advisory<br>Fee** |
|  TSW Core Plus Bond Fund | 0.25% | 0.40% |
|  TSW Emerging Markets Fund | 0.65% | 0.80% |
|  TSW High Yield Bond Fund | 0.35% | 0.50% |
|  TSW Large Cap Value Fund | 0.43% | 0.58% |

---

------

#### Portfolio Manager Holdings
The following table discloses the dollar range of equity securities beneficially owned in each Fund by the Portfolio Managers as of the Fund's most recent fiscal year end, September 30, 2025, unless stated as of a more recent date.

---

| | | |
|:---|:---|:---|
| **Fund** | **Individual(s)** | **Dollar Range of<br>Equity Securities** |
|  **Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund<sup>1</sup>** |  |  |
|  | Randolph Wrighton, Jr. | $10001 - $500000 |
|  | Sherry Zhang | $10001 - $50000 |
|  | David Feygenson | $10001 - $50000 |
|  **Barrow Hanley Credit Opportunities Fund<sup>1</sup>** |  |  |
|  | Nick Losey | $100001 - $500000 |
|  | Chet Paipanandiker | $100001 - $500000 |
|  | Michael Trahan | $100001 - $500000 |
|  **Barrow Hanley Emerging Markets Value Fund<sup>1</sup>** |  |  |
|  | Randolph Wrighton, Jr. | $100001 - $500000 |
|  | Sherry Zhang | $50001 - $100000 |
|  | David Feygenson | $10001 - $50000 |
|  **Barrow Hanley Floating Rate Fund<sup>1</sup>** |  |  |
|  | Nick Losey | $100001 - $500000 |
|  | Chet Paipanandiker | $10001 - $50000 |
|  | Michael Trahan | $100001 - $500000 |
|  **Barrow Hanley International Value Fund<sup>1</sup>** |  |  |
|  | Randolph Wrighton, Jr. | $500001 - $1000000 |
|  | Patrick Wibom | $0 |
|  **Barrow Hanley Total Return Bond Fund<sup>1</sup>** |  |  |
|  | Deborah Petruzzelli | $100001 - $500000 |
|  | Scott McDonald | over $1,000,000 |
|  | Justin Martin | $100001 - $500000 |
|  | Matthew Routh | $100001 - $500000 |
|  **Barrow Hanley US Value Opportunities Fund<sup>1</sup>** |  |  |
|  | Mark Giambrone | over $1,000,000 |
|  | Michael Nayfa | $100001 - $500000 |
|  | Terry Pelzel | $100001 - $500000 |
|  **JOHCM Emerging Markets Discovery Fund** |  |  |
|  | Emery Brewer | $50001 - $100000 |
|  | Dr. Ivo Kovachev<sup>2</sup> |  |
|  | Stephen Lew | $50001 - $100000 |
|  **JOHCM Emerging Markets Opportunities Fund** |  |  |
|  | James Syme<sup>2</sup> |  |
|  | Paul Wimborne<sup>2</sup> |  |
|  | Ada Chan<sup>2</sup> |  |
|  **JOHCM International Opportunities Fund** |  |  |
|  | Robert Lancastle<sup>2</sup> |  |
|  | Ben Leyland<sup>2</sup> |  |
|  **JOHCM International Select Fund** |  |  |
|  | Christopher J.D. Lees<sup>2</sup> |  |
|  | Nudgem Richyal<sup>2</sup> |  |
|  **Regnan Sustainable Water and Waste Fund<sup>3</sup>** |  |  |
|  | Bertrand Lecourt<sup>2</sup> |  |

---

------

---

| | | |
|:---|:---|:---|
|  | Saurabh Sharma<sup>2</sup> | None |
|  **Trillium ESG Global Equity Fund** |  |  |
|  | Matthew Patsky | over $1,000,000 |
|  | Laura McGonagle | $100001 - $500000 |
|  | Jeremy Cote | $100001 - $500000 |
|  **Trillium ESG Small/Mid Cap Fund** |  |  |
|  | Laura McGonagle | $500001 - $1000000 |
|  | Mitali Prasad | $10001 - $50000 |
|  | Sahas Apte<sup>1,4</sup> | $0 |
|  **TSW Core Plus Bond Fund** |  |  |
|  | William M. Bellamy | $0 |
|  | David McMackin<sup>1,5</sup> | $0 |
|  **TSW Emerging Markets Fund** |  |  |
|  | Elliott W. Jones | $0 |
|  **TSW High Yield Bond Fund** |  |  |
|  | William M. Bellamy | $50001 - $100000 |
|  | David McMackin<sup>1,5</sup> | $0 |
|  **TSW Large Cap Value Fund** |  |  |
|  | Bryan F. Durand | $100001 - $500000 |
|  | Brett P. Hawkins | over $1,000,000 |

---

<sup>1</sup> As of January 1, 2026.

<sup>2</sup> Please note that, as a non-U.S. resident, the Portfolio Manager is unable to invest directly in the Fund.

<sup>3</sup> The Regnan Sustainable Water and Waste Fund had not commenced operations as of the date of this SAI.

<sup>4</sup> Became a Portfolio Manager effective January 1, 2026.

<sup>5</sup> Became a Portfolio Manager effective December 1, 2025.

#### Other Portfolio Manager Information
The portfolio managers are also responsible for managing other account portfolios in addition to the respective Fund that they manage.

A portfolio manager's management of other accounts may give rise to potential conflicts of interest in connection with their management of the Fund investments on the one hand and the investments of the other accounts, on the other. The side-by-side management of a Fund and other accounts presents a variety of potential conflicts of interests. For example, the portfolio manager may purchase or sell securities for one portfolio and not another. The performance of securities within one portfolio may differ from the performance of securities in another portfolio.

In some cases, another account managed by the same portfolio manager may compensate the Adviser based on performance of the portfolio held by that account. Performance-based fee arrangements may create an incentive for the Adviser to favor higher-fee-paying accounts over other accounts, including accounts that are charged no performance-based fees, in the allocation of investment opportunities. The Adviser has adopted policies and procedures that seek to mitigate such conflicts and to ensure that all clients are treated fairly and equally.

Another potential conflict could arise in instances in which securities considered as investments for the Funds are also appropriate investments for other investment accounts managed by the Adviser. When a decision is made to buy or sell a security by a Fund and one or more of the other accounts, the adviser may aggregate the purchase or sale of the securities and will allocate the securities transactions in a manner it believes to be equitable under the circumstances. However, a variety of factors can determine whether a particular account may participate in a particular aggregated transaction. Because of such differences, there may be differences in invested positions and securities held in accounts managed according to similar strategies. When aggregating orders, the Adviser employs procedures designed to ensure accounts will be treated in a fair and equitable manner and no account will be favored over any other. The Adviser has implemented specific policies and procedures to address any potential conflicts.

The following tables indicate the number of accounts and asset under management (in millions) for each type of account for each portfolio manager (and research analysts responsible for day-to-day management) as of the Funds' most recent fiscal year end, September 30, 2025. The Funds are not included in the "Registered Investment Companies" total.

------

#### David Feygenson, Portfolio Manager and Analyst, Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund and Barrow Hanley Emerging Markets Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $386.9 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $112.1 | $0 |
|  Other Accounts | 4 | 1 | $411.1 | $53.0 |
|  Total | 6 | 1 | $910.1 | $53.0 |

---

**Randolph Wrighton, Jr., Portfolio Manager and Analyst, Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley Emerging Markets Value Fund and Barrow Hanley International Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 3 | 0 | $1334.7 | $0 |
|  Other Pooled Investment Vehicles | 3 | 0 | $914.7 | $0 |
|  Other Accounts | 7 | 2 | $1721.7 | $822.4 |
|  Total | 13 | 2 | $3971.1 | $822.4 |

---

#### Sherry Zhang, Portfolio Manager and Analyst, Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund and Barrow Hanley Emerging Markets Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $386.9 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $112.1 | $0 |
|  Other Accounts | 4 | 1 | $411.1 | $53.0 |
|  Total | 6 | 1 | $910.1 | $53.0 |

---

#### Chet Paipanandiker, Portfolio Manager and Analyst, Barrow Hanley Credit Opportunities Fund and Barrow Hanley Floating Rate Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $77.4 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $423.1 | $0 |
|  Other Accounts | 2 | 0 | $132.4 | $0 |
|  Total | 4 | 0 | $632.9 | $0 |

---

------

#### Nick Losey, Portfolio Manager and Analyst, Barrow Hanley Credit Opportunities Fund and Barrow Hanley Floating Rate Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $77.4 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $423.1 | $0 |
|  Other Accounts | 2 | 0 | $132.4 | $0 |
|  Total | 4 | 0 | $632.9 | $0 |

---

#### Michael Trahan, Portfolio Manager and Analyst, Barrow Hanley Credit Opportunities Fund and Barrow Hanley Floating Rate Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $77.4 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $423.1 | $0 |
|  Other Accounts | 2 | 0 | $132.4 | $0 |
|  Total | 4 | 0 | $632.9 | $0 |

---

#### Patrick Wibom, Portfolio Manager and Analyst, Barrow Hanley International Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 2 | 0 | $930.8 | $0 |
|  Other Pooled Investment Vehicles | 2 | 0 | $108.9 | $0 |
|  Other Accounts | 3 | 0 | $1310.6 | $0 |
|  Total | 7 | 0 | $2350.3 | $0 |

---

#### Deborah Petruzzelli, Portfolio Manager and Analyst, Barrow Hanley Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $60.7 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $20.2 | $0 |
|  Other Accounts | 10 | 0 | $669.0 | $0 |
|  Total | 12 | 0 | $749.9 | $0 |

---

------

#### Justin Martin, Portfolio Manager and Analyst, Barrow Hanley Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $67.6 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $443.3 | $0 |
|  Other Accounts | 16 | 0 | $1409.4 | $0 |
|  Total | 18 | 0 | $1920.3 | $0 |

---

#### Matthew Routh, Portfolio Manager and Analyst, Barrow Hanley Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $67.6 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $443.3 | $0 |
|  Other Accounts | 16 | 0 | $1409.4 | $0 |
|  Total | 18 | 0 | $1920.3 | $0 |

---

#### Scott McDonald, Portfolio Manager, Barrow Hanley Total Return Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $67.6 | $0 |
|  Other Pooled Investment Vehicles | 1 | 0 | $443.3 | $0 |
|  Other Accounts | 16 | 0 | $1409.4 | $0 |
|  Total | 18 | 0 | $1920.3 | $0 |

---

#### Mark Giambrone, Portfolio Manager and Analyst, Barrow Hanley US Value Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 8 | 0 | $5542.7 | $0 |
|  Other Pooled Investment Vehicles | 2 | 0 | $320.8 | $0 |
|  Other Accounts | 43 | 0 | $8073.5 | $0 |
|  Total | 53 | 0 | $13937.0 | $0 |

---

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#### Michael Nayfa, Portfolio Manager and Analyst, Barrow Hanley US Value Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 2 | 0 | $2204.3 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 4 | 0 | $1632.2 | $0 |
|  Total | 6 | 0 | $3836.5 | $0 |

---

#### Terry Pelzel, Portfolio Manager and Analyst, Barrow Hanley US Value Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 3 | 0 | $2245.7 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 6 | 0 | $1892.4 | $0 |
|  Total | 9 | 0 | $4138.1 | $0 |

---

#### Dr. Ivo Kovachev, Senior Fund Manager, JOHCM Emerging Discovery Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 2 | 0 | $394.3 | $0 |
|  Other Pooled Investment Vehicles | 3 | 2 | $309.3 | $236.9 |
|  Other Accounts | 2 | 0 | $260.5 | $0 |
|  Total | 7 | 2 | $964.2 | $236.9 |

---

#### Emery Brewer, Senior Fund Manager, JOHCM Emerging Markets Discovery Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 2 | 0 | $394.3 | $0 |
|  Other Pooled Investment Vehicles | 3 | 2 | $309.3 | $236.9 |
|  Other Accounts | 2 | 0 | $260.5 | $0 |
|  Total | 7 | 2 | $964.2 | $236.9 |

---

------

#### Stephen Lew, Senior Fund Manager, JOHCM Emerging Markets Discovery Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $124.4 | $0 |
|  Other Pooled Investment Vehicles | 1 | 1 | $66.7 | $66.3 |
|  Other Accounts | 0 | 0 | $0 | $0 |
|  Total | 2 | 1 | $191.0 | $66.3 |

---

#### Ada Chan, Senior Fund Manager, JOHCM Emerging Markets Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 7 | 3 | $1671.4 | $719.4 |
|  Other Accounts | 1 | 0 | $69.6 | $0 |
|  Total | 8 | 3 | $1740.9 | $719.4 |

---

#### James Syme, Senior Fund Manager, JOHCM Emerging Markets Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 7 | 3 | $1671.4 | $719.4 |
|  Other Accounts | 1 | 0 | $69.6 | $0 |
|  Total | 8 | 3 | $1740.9 | $719.4 |

---

#### Paul Wimborne, Senior Fund Manager, JOHCM Emerging Markets Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 7 | 3 | $1671.4 | $719.4 |
|  Other Accounts | 1 | 0 | $69.6 | $0 |
|  Total | 8 | 3 | $1740.9 | $719.4 |

---

------

#### Christopher J.D. Lees, Senior Fund Manager, JOHCM International Select Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 6 | 3 | $1864.1 | $1395.0 |
|  Other Accounts | 2 | 0 | $1498.5 | $0 |
|  Total | 8 | 3 | $3362.6 | $1395.0 |

---

#### Nudgem Richyal, Senior Fund Manager, JOHCM International Select Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 6 | 3 | $1864.1 | $1395.0 |
|  Other Accounts | 2 | 0 | $1498.5 | $0 |
|  Total | 8 | 3 | $3362.6 | $1395.0 |

---

#### Ben Leyland, Senior Fund Manager, JOHCM International Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 4 | 1 | $6646.6 | $156.5 |
|  Other Accounts | 2 | 0 | $81.5 | $0 |
|  Total | 6 | 1 | $6728.1 | $156.5 |

---

#### Robert Lancastle, Senior Fund Manager, JOHCM International Opportunities Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 4 | 1 | $6646.6 | $156.5 |
|  Other Accounts | 2 | 0 | $81.5 | $0 |
|  Total | 6 | 1 | $6728.1 | $156.5 |

---

------

#### Bertrand Lecourt, Senior Fund Manager, Regnan Sustainable Water and Waste Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 3 | 0 | $545.2 | $0 |
|  Other Accounts | 0 | 0 | $0 | $0 |
|  Total | 3 | 0 | $545.2 | $0 |

---

#### Saurabh Sharma, Fund Manager, Regnan Sustainable Water and Waste Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 3 | 0 | $545.2 | $0 |
|  Other Accounts | 0 | 0 | $0 | $0 |
|  Total | 3 | 0 | $545.2 | $0 |

---

#### Jeremy Cote, Portfolio Manager, Trillium ESG Global Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 2 | 0 | $33.3 | $0 |
|  Other Accounts | 352 | 0 | $598.7 | $0 |
|  Total | 354 | 0 | $631.9 | $0 |

---

#### Matthew Patsky, Lead Portfolio Manager, Trillium ESG Global Equity Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $387.2 | $0 |
|  Other Pooled Investment Vehicles | 2 | 0 | $32.5 | $0 |
|  Other Accounts | 0 | 0 | $0 | $0 |
|  Total | 3 | 0 | $419.7 | $0 |

---

------

#### Laura McGonagle, Portfolio Manager, Trillium ESG Global Equity Fund and Lead Portfolio Manager, Trillium ESG Small/Mid Cap Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 2 | 0 | $33.3 | $0 |
|  Other Accounts | 594 | 0 | $857.3 | $0 |
|  Total | 596 | 0 | $890.6 | $0 |

---

**Mitali Prasad, Portfolio Manager, Trillium ESG Small/Mid Cap Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $127.0 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 1.414 | 0 | $2047.6 | $0 |
|  Total | 1415 | 0 | $2174.6 | $0 |

---

**Sahas Apte, Portfolio Manager, Trillium ESG Small/Mid Cap Fund\*** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $.0 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 292 | 0 | $356.4 | $0 |
|  Total | 292 | 0 | $356.4 | $0 |

---

\*As of January 1, 2026.

#### Elliott W. Jones, Portfolio Manager, TSW Emerging Markets Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $197.9 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 0 | 0 | $0 | $0 |
|  Total | 1 | 0 | $197.9 | $0 |

---

------

#### William M. Bellamy, Portfolio Manager, TSW High Yield Bond Fund and TSW Core Plus Bond Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 2 | 0 | $898.7 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 25 | 0 | $140.3 | $0 |
|  Total | 27 | 0 | $1039 | $0 |

---

**David McMackin, Portfolio Manager, TSW High Yield Bond Fund and TSW Core Plus Bond Fund\***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 1 | 0 | $860.4 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 24 | 0 | $142.3 | $0 |
|  Total | 25 | 0 | $1002.7 | $0 |

---

\*As of December 31, 2025

#### Brett P. Hawkins, Co-Portfolio Manager, TSW Large Cap Value Fund

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 4 | 0 | $1904 | $0 |
|  Other Pooled Investment Vehicles | 3 | 0 | $247.0 | $0 |
|  Other Accounts | 29 | 0 | $2346.8 | $0 |
|  Total | 36 | 0 | $4497.8 | $0 |

---

**Bryan F. Durand, Co-Portfolio Manager, TSW Large Cap Value Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>Accounts | Number of<br>Accounts | Assets Under Management<br>(in millions) | Assets Under Management<br>(in millions) |
| Account Type | Total | Subject to a<br>Performance<br>Fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total  | Subject to a<br>Performance<br>Fee |
|  Registered Investment Companies | 0 | 0 | $0 | $0 |
|  Other Pooled Investment Vehicles | 0 | 0 | $0 | $0 |
|  Other Accounts | 2 | 0 | $7.3 | $0 |
|  Total | 2 | 0 | $7.3 | $0 |

---

**Portfolio Manager Compensation** 

#### Barrow Hanley
Barrow Hanley compensates each Funds' portfolio managers for their management of the Barrow Hanley Funds. Compensation of Barrow Hanley's investment professionals is tied to their overall contribution to the success of Barrow Hanley. In addition to base salary, all portfolio managers and analysts are eligible to participate in a bonus pool. The amount of bonus compensation is based on quantitative and qualitative factors and may be substantially higher than an investment professional's base compensation. Portfolio managers and analysts are evaluated on the value each adds to the overall investment process and performance, and their contributions

------

in other areas, such as meetings with clients and consultants. Bonus compensation for analysts is directly tied to their investment recommendations, which are evaluated every six months versus the appropriate industry group/ sector benchmark based on trailing one-year and three-year relative performance. The final component of compensation of key employees, including portfolio managers and analysts, is their interest in Barrow Hanley's equity plan. Each quarter, equity owners receive a share of the firm's profits in the form of a dividend, which is related to the performance of the entire firm.

#### JOHCM (USA) Inc
JOHCM (USA) Inc compensates the portfolio managers for their management of the JOHCM Funds. The portfolio managers' compensation consists of a combination of some or all of the following: a base salary, a revenue share (proportion of the management fee generated as well as performance fees earned by the firm from the non-U.S. mutual fund portfolios they manage), and equity interest in the firm.

#### Trillium
Trillium compensates each Funds' portfolio managers for their management of the Funds. Portfolio managers are compensated with base salaries and bonuses consistent with industry standards. Salaries are not based on the performance of the Funds or their overall net assets. Portfolio managers each receive a bonus based on a combination of quantitative and qualitative assessments of the Portfolio Manager's performance/contribution to the firm in addition to Trillium's profitability. Trillium also allows the employees to participate in a profit-sharing plan, which receives a discretionary annual contribution from Trillium's income stream. The profit-sharing is contributed to the employees' 401(k). From time to time, senior employees may receive the opportunity to purchase ownership interest in the advisory firm and may receive dividends associated with such interest.

#### TSW
TSW compensates the Funds' portfolio managers for their management of the Funds. TSW's compensation strategy is to provide competitive base salaries commensurate with an individual's responsibility and provide incentive bonus awards that may significantly exceed base salary. Annually, the TSW compensation committee is responsible for determining the discretionary bonuses, utilizing an analytical and qualitative assessment process. While it is not a formulaic decision, factors used to determine compensation include overall firm success, investment team performance and individual contribution. A portion of the bonus (up to 35%) may be deferred into TSW Funds, Perpetual stock, or a combination of the two.

#### Fund Services
The Northern Trust Company, 50 South LaSalle Street, Chicago, Illinois 60603, serves as the Administrator ("Administrator") for the Funds and serves as the Funds' Transfer Agent, Custodian, and Fund Accounting Agent. The Custodian acts as the Trust's depository, provides safekeeping of its portfolio securities, collects all income and other payments with respect thereto, disburses funds at the Trust's request, and maintains records in connection with its duties. The Transfer Agent maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of Fund shares, acts as dividend and distribution disbursing agent, and performs other accounting and shareholder service functions. The fees and certain expenses of the Transfer Agent, Custodian, Fund Accounting Agent, and Administrator are paid by the Funds.

#### Administration Fees

#### Barrow Hanley Funds
The Administration Fees paid by the Barrow Hanley Funds to the Administrator or by the Barrow Hanley Predecessor Funds to SEI Investments Global Fund Services, the Barrow Hanley Predecessor Funds' administrator, for the fiscal periods ended September 30, 2025, September 30, 2024,<sup>1</sup> and October 31, 2023<sup>2</sup> are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Period Ended<br>September 30, 2024<sup>1</sup> | Fiscal Year Ended<br>October 31, 2023<sup>2</sup> |
| Fund | <br> Administration Fees<br>Paid | <br> Administration Fees<br>Paid | <br> Administration Fees<br>Paid |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | $34575 | $32207 | $42150 |
|  Barrow Hanley Total Return Bond Fund | $88450 | $172101 | $100771 |
|  Barrow Hanley Credit Opportunities Fund | $55377 | $94625 | $159873 |
|  Barrow Hanley Floating Rate Fund | $61046 | $105143 | $169462 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Period Ended<br>September 30, 2024<sup>1</sup> | Fiscal Year Ended<br>October 31, 2023<sup>2</sup> |
| Fund | Administration Fees<br>Paid | <br> Administration Fees<br>Paid | <br> Administration Fees<br>Paid |
|  Barrow Hanley US Value Opportunities Fund | $59219 | $100149 | $147981 |
|  Barrow Haney Emerging Markets Value Fund | $40551 | $4293 | $4219 |
|  Barrow Hanley International Value Fund | $48067 | $66626 | $70544 |

---

<sup>1</sup> The Barrow Hanley Funds' fiscal year end changed to September 30 from October 31.

<sup>2</sup> The Barrow Hanley Predecessor Funds' fiscal year end was October 31.

For fiscal years or periods ended September 30, 2025, September 30, 2024, and October 31, 2023, the Barrow Hanley Funds paid to Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), pursuant to a written agreement with the Trust on behalf of the Funds for principal financial officer and treasurer services, the following fees:

---

| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br> September 30, 2025  | Fiscal Period Ended<br>September 30, 2024 | Fiscal Year Ended<br>October 31, 2023<sup>1</sup> |
| Fund | Fees Paid | <br> Fees Paid | <br> Fees Paid |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | $541 | $151 | N/A |
|  Barrow Hanley Total Return Bond Fund | $5714 | $843 | N/A |
|  Barrow Hanley Credit Opportunities Fund | $3052 | $445 | N/A |
|  Barrow Hanley Floating Rate Fund | $3414 | $503 | N/A |
|  Barrow Hanley US Value Opportunities Fund | $3383 | $514 | N/A |
|  Barrow Haney Emerging Markets Value Fund | $98 | $15 | N/A |
|  Barrow Hanley International Value Fund | $1011 | $308 | N/A |

---

<sup>1</sup> The Barrow Hanley Predecessor Funds' fiscal year end was October 31.

#### JOHCM Funds
The Administration Fees paid by each JOHCM Fund to the Administrator, for the last three fiscal years, inclusive of certain ancillary administration support fees related to Form N-PORT, are set forth in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025<br>Administration Fees<br>Paid | Fiscal Year Ended<br>September 30, 2024<br>Administration Fees<br>Paid | Fiscal Year Ended<br>September 30, 2023<br>Administration<br>Fees Paid |
|  JOHCM Emerging Markets Discovery Fund | $137745 | $125317 | $133209 |
|  JOHCM Emerging Markets Opportunities Fund | $728080 | $607838 | $458350 |
|  JOHCM International Opportunities Fund | $86992 | $21863 | $16347 |
|  JOHCM International Select Fund | $790203 | $1953796 | $2023952 |
|  Regnan Sustainable Water and Waste Fund<sup>1</sup>  | N/A | N/A | N/A |

---

<sup>1</sup> The Regnan Sustainable Water and Waste Fund had not commenced operations as of the date of this SAI.

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For fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023, the JOHCM Funds paid to Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), pursuant to a written agreement with the Trust on behalf of the Funds for principal financial officer and treasurer services, the following fees:

---

| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br>September 30, 2025 | Fiscal Year Ended<br>September 30, 2024 | Fiscal Year Ended<br>September 30, 2023 |
|  | Fees Paid | Fees Paid | Fees Paid |
|  JOHCM Emerging Markets Discovery Fund | $1757 | $2463 | $1743 |
|  JOHCM Emerging Markets Opportunities Fund | $35264 | $38426 | $33365 |
|  JOHCM International Opportunities Fund | $2584 | $849 | $76 |
|  JOHCM International Select Fund | $121349 | $209278 | $235223 |
|  Regnan Sustainable Water and Waste Fund<sup>1</sup> | N/A | N/A | N/A |

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<sup>1</sup> The Regnan Sustainable Water and Waste Fund had not commenced operations as of the date of this SAI.

#### Trillium Funds
The Administration Fees paid by the Trillium Funds to the Administrator or to U.S. Bank Global Fund Services, the Trillium Predecessor Funds' administrator, for the fiscal year ended September 30, 2025, the period from July 1, 2024 to September 30, 2024 and the fiscal years ended June 30, 2024, and June 30, 2023, are set forth in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Year<br>Ended<br> September 30, 2025 | Three Months<br>Ended<br> September 30, 2024<sup>1</sup> | Fiscal Year<br>Ended<br> June 30, 2024<sup>2</sup> | Fiscal Year<br>Ended<br> June 30, 2023<sup>2</sup> |
| Fund | Administration<br>Fees Paid | Administration<br>Fees Paid | Administration<br>Fees Paid | Administration<br>Fees Paid |
|  Trillium ESG Global Equity Fund | $381497 | $95891 | $513971 | $548756 |
|  Trillium ESG Small/Mid Cap Fund | $31375 | $6501 | $50424 | $61759 |

---

<sup>1</sup> The Trillium Funds' fiscal years end changed to September 30 from June 30.

<sup>2</sup> For periods prior to the close of the reorganization on October 30, 2023, represents amounts paid by the Trillium Predecessor Funds to U.S. Bank Global Fund Services, the Trillium Predecessor Funds' administrator. 

For the fiscal year ended September 30, 2025, the period from July 1, 2024 to September 30, 2024 and the fiscal years ended June 30, 2024, and June 30, 2023, are set forth in the table below, the Trillium Funds paid to Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), pursuant to a written agreement with the Trust on behalf of the Trillium Funds for principal financial officer and treasurer services, the following fees:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Fiscal Year<br>Ended<br> September 30, 2025 | Three Months<br>Ended<br> September 30, 2024<sup>1</sup> | Fiscal Year<br>Ended<br> June 30, 2024 | Fiscal Year<br>Ended<br> June 30, 2023 |
| Fund | Fees Paid | Fees Paid | Fees Paid | Fees Paid |
|  Trillium ESG Global Equity Fund | $26390 | $9543 | $25190 | N/A |
|  Trillium ESG Small/Mid Cap Fund | $1091 | $378 | $1103 | N/A |

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<sup>1</sup> The Trillium Funds' fiscal years end changed to September 30 from June 30.

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#### TSW Funds
The Administration Fees paid by each Fund (or the TSW Large Cap Value Fund's Predecessor Fund for periods prior to its reorganization) to the Administrator, for the last three fiscal years, inclusive of certain ancillary administration support fees related to Form N-PORT, are set forth in the table below:

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| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br> September 30, 2025 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Paid  | Fiscal Year Ended<br> September 30, 2024 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration Fees Paid  | Fiscal Year Ended<br> September 30, 2023 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees Paid  |
|  TSW Core Plus Bond Fund | $41986 | $10264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |
|  TSW Emerging Markets Fund | $24874 | $17240 | $19906 |
|  TSW High Yield Bond Fund | $20493 | $19031 | $17734 |
|  TSW Large Cap Value Fund | $31045 | $25838 | $21966 |

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For fiscal years ended September 30, 2025, September 30, 2024, and September 30, 2023, the TSW Funds paid to Foreside Fund Officer Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), pursuant to a written agreement with the Trust on behalf of the Funds for principal financial officer and treasurer services, the following fees:

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| | | | |
|:---|:---|:---|:---|
|  | Fiscal Year Ended<br> September 30, 2025 | Fiscal Year Ended<br> September 30, 2024 | Fiscal Year Ended<br> September 30, 2023 |
| Fund | Fees Paid | Fees Paid | Fees Paid |
|  TSW Core Plus Bond Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | N/A |
|  TSW Emerging Markets Fund | $239 | $295 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
|  TSW High Yield Bond Fund | $301 | $404 | $481 |
|  TSW Large Cap Value Fund | $1155 | $1477 | $1423 |

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#### Distributor
Perpetual Americas Funds Distributors, LLC (the "Distributor") a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), located at 190 Middle Street, Suite 301, Portland, Maine 04101, provides distribution services to the Funds pursuant to a distribution agreement with the Trust. Under its agreement with the Trust, the Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor, and its officers, have no role in determining each Funds' investment policies or which securities to buy or sell. Neither the Distributor nor ACA Group is affiliated with the Trust, the Adviser or the Subadvisers.

The Distributor may enter into agreements with selected broker-dealers, banks, or other financial institutions for distribution of shares of the Funds. The Trust in its discretion also may from time to time, subject to applicable law, issue shares of the Funds other than through the Distributor.

#### Independent Registered Public Accounting Firm
The firm of PricewaterhouseCoopers LLP, located at One North Wacker Drive, Chicago, Illinois 60606, serves as the independent registered public accounting firm for the Funds in accordance with the requirements of the 1940 Act and the rules thereunder. PricewaterhouseCoopers LLP provides audit services, audit-related services, tax services and other services relating to SEC filings.

#### BROKERAGE ALLOCATION AND OTHER PRACTICES
Subject to policies established by the Board of Trustees, the Subadviser or the Adviser is responsible for each Fund's portfolio decisions and the placing of the Fund's portfolio transactions. In placing portfolio transactions, the Subadviser or the Adviser seek the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility, and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer. The Subadviser or the Adviser generally seek favorable prices and commission rates that are reasonable in relation to the benefits received.

All decisions concerning the purchase and sale of securities and the allocation of brokerage commissions on behalf of the Funds are made by the Subadviser or the Adviser. In selecting broker-dealers to use for such transactions, the Subadviser or the Adviser will

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seek to achieve the best overall result for a Fund taking into consideration a range of factors that include not just price, but also the broker's reliability, reputation in the industry, financial standing, infrastructure, research and execution services and ability to accommodate special transaction needs. The Subadviser or the Adviser will use knowledge of a Fund's circumstances and requirements to determine the factors that the Subadviser or the Adviser take into account for the purpose of providing each Fund with "best execution." Under a participating affiliate arrangement, JOHCM (USA) Inc may borrow personnel and resources from its affiliates, JOH Ltd. and JOH Singapore, to execute trades for the JOHCM Funds.

Over-the-counter transactions will be placed either directly with principal market makers or with broker-dealers, if the same or a better price, including commissions and executions, is available. Fixed income securities are normally purchased directly from the issuer, an underwriter, or a market maker. Purchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may include the spread between the bid and asked prices.

#### Barrow Hanley Funds
The following table shows the dollar amount of brokerage commissions paid by the Barrow Hanley Funds and the Barrow Hanley Predecessor Funds on Fund transactions during the fiscal year ended September 30, 2025, the period from October 1, 2023 to September 30, 2024 and the prior fiscal year ended October 31, 2023.<sup>1</sup>

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fiscal Year**<br>**Ended**<br> **September 30,** <br>**2025** | **Twelve Months Period**<br>**Ended**<br> **September 30,** <br>**2024<sup>2</sup>** | **Fiscal Year**<br>**Ended**<br> **October 31,** <br>**2023<sup>1</sup>** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | $19258 | $26808 | $35492 |
|  Barrow Hanley Total Return Bond Fund | $0 | $0 | $0 |
|  Barrow Hanley Credit Opportunities Fund | $0 | $0 | $0 |
|  Barrow Hanley Floating Rate Fund | $0 | $0 | $0 |
|  Barrow Hanley US Value Opportunities Fund | $42895 | $30191 | $31287 |
|  Barrow Haney Emerging Markets Value Fund | $2113 | $3208 | $1969 |
|  Barrow Hanley International Value Fund | $35065 | $66208 | $84661 |

---

<sup>1</sup> The Barrow Hanley Predecessor Funds' fiscal year end was October 31.

<sup>2</sup> The Barrow Hanley Funds' fiscal year end changed to September 30 from October 31.

The following table shows the dollar amount of brokerage commissions paid by the Barrow Hanley Funds and the Barrow Hanley Predecessor Funds to firms that provided research and brokerage services and the approximate dollar amount of transactions involved during the fiscal year ended September 30, 2025.

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| | | |
|:---|:---|:---|
| **Fund** | **Total Dollar Amount of**<br>**Brokerage Commissions**<br>**for Research Services for**<br>**the Fiscal Year Ended<br> September 30, 2025** | **Total Dollar Amount of**<br>**Transactions Involving**<br>**Brokerage Commissions**<br>**for Research Services for**<br>**the Fiscal Year Ended**<br> **September 30, 2025** |
|  Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | $16838 | $35132837 |
|  Barrow Hanley Total Return Bond Fund | $0 | $0 |
|  Barrow Hanley Credit Opportunities Fund | $0 | $0 |
|  Barrow Hanley Floating Rate Fund | $0 | $0 |
|  Barrow Hanley US Value Opportunities Fund | $12365 | $22047059 |
|  Barrow Haney Emerging Markets Value Fund | $1527 | $1814743 |
|  Barrow Hanley International Value Fund | $8652 | $12765866 |

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During the fiscal year ended September 30, 2025, the Funds acquired and sold securities of the following regular broker/dealers and at year end owned the amounts of securities of such regular broker/dealers, as defined in Rule 10b-1 under the 1940 Act, or their parent companies as noted in the table below.

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| | | |
|:---|:---|:---|
| **Fund** | **Name of Regular<br>Broker/Dealer of which the<br>Fund Held Securities** | **Market Value as of**<br> **September 30, 2025** |
|  Barrow Hanley US Value Opportunities Fund | Bank of America Merrill Lynch | $2561134 |
|  Barrow Hanley International Value Fund | BNP Paribas S.A. | $328351 |

---

#### JOHCM Funds
The following table sets forth the total brokerage commissions on transactions of securities the JOHCM Funds (or such JOHCM Fund's predecessor fund for periods prior to the reorganizations) paid to independent broker-dealer firms for the last three fiscal years ended September 30:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Year**<br>**Ended September 30,**<br>**2025** | **Fiscal Year**<br>**Ended September 30,**<br>**2024** | **Fiscal Year**<br>**Ended September 30,**<br>**2023** |
|  JOHCM Emerging Markets Discovery Fund | $152, 552 | $130212 | $115432 |
|  JOHCM Emerging Markets Opportunities Fund | $273, 343 | $490206 | $490206 |
|  JOHCM International Opportunities Fund | $168627 | $19673 | $535 |
|  JOHCM International Select Fund | $4302973 | $4100049 | $2796214 |
|  Regnan Sustainable Water and Waste Fund<sup>1</sup> | N/A | N/A | N/A |

---

<sup>1</sup> The Regnan Sustainable Water and Waste Fund had not commenced operations as of the date of this SAI.

During the fiscal year ended September 30, 2025, the JOHCM Funds did not pay any brokerage commissions to firms that provide research and brokerage services.

During the fiscal year ended September 30, 2025, the Funds acquired and sold securities of the following regular broker/dealers and at year end owned the amounts of securities of such regular broker/dealers, as defined in Rule 10b-1 under the 1940 Act, or their parent companies as noted in the table below.

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| | | |
|:---|:---|:---|
| **Fund** | **Name of Regular**<br> **Broker/Dealer of which the**<br> **Fund Held Securities** | **Market Value as of**<br>**September 30,**<br>**2025** |
|  JOHCM Emerging Markets Discovery Fund | NH Investment & Securities Co. Ltd. | $397071 |
|  JOHCM Emerging Markets Opportunities Fund | Itau Unibanco Holding S.A. - ADR | $41401821 |
|  JOHCM International Select Fund | UBS Group A.G. | $60656388 |
|  JOHCM International Select Fund | Barclays PLC | $53195362 |

---

#### Trillium Funds
The following table shows the dollar amount of brokerage commissions paid by the Trillium Funds (or such Trillium Fund's predecessor fund, as applicable, for the periods prior to the close of the reorganization on October 30, 2023) on Fund transactions during the fiscal year ended September 30, 2025, the three months ended September 30, 2024, and fiscal years ended June 30, 2024, and June 30, 2023.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Fiscal Year**<br>**Ended**<br> **September 30, 2025** | **Three Months**<br>**Ended**<br> **September 30, 2024<sup>1</sup>** | **Fiscal Year**<br>**Ended**<br> **June 30, 2024** | **Fiscal Year**<br>**Ended**<br> **June 30, 2023** |
|  Trillium ESG Global Equity Fund | $234641 | $351717 | $333333 | $120194 |
|  Trillium ESG Small/Mid Cap Fund | $8099 | $11910 | $10002 | $10701 |

---

<sup>1</sup> The Trillium Funds' fiscal year end changed to September 30 from June 30.

The following table shows the dollar amount of brokerage commissions paid by the Trillium Funds to firms that provided research and brokerage services and the approximate dollar amount of transactions involved during the fiscal year ended September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Dollar Amount of**<br>**Brokerage Commissions**<br>**for Research Services for**<br>**the Fiscal Year**<br>**Ended**<br> **September 30, 2025** | **Total Dollar Amount of<br>Transactions Involving**<br>**Brokerage Commissions**<br>**for Research Services for**<br>**the Fiscal Year**<br>**Ended**<br> **September 30, 2025** |
|  Trillium ESG Global Equity Fund | $234641 | $568508126 |
|  Trillium ESG Small/Mid Cap Fund | $8099 | $19499556 |

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During the fiscal year ended September 30, 2025, the Trillium Funds, did not own any securities of their regular broker-dealers.

#### TSW Funds
The following table sets forth the total brokerage commissions on transactions of securities the TSW Funds (or the TSW Predecessor Fund for periods prior to the reorganization of TSW Large Cap Value Fund) paid to independent broker-dealer firms for the last three fiscal years ended September 30:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fiscal Year Ended**<br>**September 30, 2025** | **Fiscal Year Ended**<br> **September 30, 2024** | **Fiscal Year Ended**<br> **September 30, 2023** |
|  TSW Core Plus Bond Fund | $0 | $0 | N/A |
|  TSW Emerging Markets Fund | $8506 | $6689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 |
|  TSW High Yield Bond Fund | $0 | $0 | $368 |
|  TSW Large Cap Value Fund | $12415 | $12428 | $4855 |

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The following table sets forth the amount of portfolio transactions directed by the TSW Funds to broker-dealers that provided research services for the fiscal year ended September 30, 2025, for which the Funds paid the brokerage commissions indicated:

---

| | | |
|:---|:---|:---|
| **Fund** | **Total Dollar Amount of**<br>**Brokerage Commissions**<br>**for Research Services for**<br>**Fiscal Year**<br> **Ended September 30, 2025** | **Total Dollar Amount of**<br>**Transactions Involving**<br>**Brokerage Commissions**<br>**for Research Services for**<br>**Fiscal Year**<br> **Ended September 30, 2025** |
|  TSW Core Plus Bond Fund | $0 | $0 |
|  TSW Emerging Markets Fund | $7729 | $8788676 |
|  TSW High Yield Bond Fund | $0 | $0 |
|  TSW Large Cap Value Fund | $10805 | $30525393 |

---

During the fiscal year ended September 30, 2025, the TSW Funds, did not own any securities of their regular broker-dealers.

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#### DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds will not disclose (or authorize the Custodian or principal underwriter to disclose) portfolio holdings information to any person or entity except as follows:

• To persons providing services to the Funds who have a need to know such information in order to fulfill their obligations to the Funds, such as portfolio managers, administrators, custodians, pricing services, proxy voting services, accounting and auditing services, liquidity vendors, and research and trading services, and the Trust's Board of Trustees;

• In connection with periodic reports that are available to shareholders and the public;

• To mutual fund rating or statistical agencies or persons performing similar functions;

• Pursuant to a regulatory request or as otherwise required by law; or

• To persons approved in writing by the CCO or President of the Trust.

#### Barrow Hanley Funds
Pursuant to applicable law, the Barrow Hanley Funds are required to disclose their complete portfolio holdings quarterly, within 60 days of the end of each fiscal quarter. Each Barrow Hanley Fund discloses a complete or summary schedule of investments (which includes the Fund's 50 largest holdings in unaffiliated issuers and each investment in unaffiliated issuers that exceeds one percent of the Fund's net asset value ("Summary Schedule")) in its Semi-Annual and Annual Reports which are distributed to Fund shareholders. Each Barrow Hanley Fund's complete schedule of investments following the first and third fiscal quarters will be available in quarterly holdings reports filed with the SEC as exhibits to Form N-PORT, and each Barrow Hanley Fund's complete schedule of investments following the second and fourth fiscal quarters will be available in shareholder reports filed with the SEC on Form N-CSR.

Complete schedules of investments filed with the SEC on Form N-CSR and as exhibits to Form N-PORT are not distributed to Barrow Hanley Fund shareholders but are available, free of charge, on the SEC's website at www.sec.gov. Should a Barrow Hanley Fund include only a Summary Schedule rather than a complete schedule of investments in its Semi-Annual and Annual Reports, its complete schedule of investments will be available without charge, upon request, by calling 866-778-6397.

In addition to the quarterly portfolio holdings disclosure required by applicable law, within 30 days of the end of each month, each Barrow Hanley Fund will post its holdings on the internet at Perpetual.com. The Adviser may exclude any portion of the Fund's portfolio holdings from such publication when deemed in the best interest of the Fund. The portfolio holdings information placed on the Funds' website generally will remain there until such information is included in a filing on Form N-PORT or Form N-CSR as described above.

#### JOHCM Funds
Monthly top ten holdings for the JOHCM Emerging Markets Discovery Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM International Opportunities Fund, and JOHCM International Select Fund are available on the Funds' website (<u>www.johcm.com</u>) 15 calendar days after each month-end. In addition to this monthly disclosure, each Fund may also make publicly available its portfolio holdings at other dates as may be determined from time to time. A complete listing of quarter-end portfolio holdings for each of the JOHCM Emerging Markets Discovery Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM International Opportunities Fund, and JOHCM International Select Fund is available at <u>www.johcm.com</u> 10 calendar days after each quarter-end. To find the top ten monthly holdings and quarter-end portfolio holdings for a Fund, click on "Funds," select "View all funds" from the dropdown menu, and then navigate to the specific Fund page.

Portfolio holdings information is also available by calling the Trust at 866-260-9549 (toll free) or 312-557-5913. The JOHCM Funds will disclose portfolio holdings quarterly, in the annual and semi-annual reports, as well as in filings with the SEC, in each case no later than 60 days after the end of the applicable fiscal period.

#### Trillium Funds
Disclosure of the Trillium Funds' complete holdings is required to be made quarterly within 60 days of the end of each period covered by the Annual Report and Semi-Annual Report to Funds shareholders and in the quarterly holdings report on Part F of Form N-PORT, with quarter-end disclosures being made public 60 days after the end of each fiscal quarter. These reports will be available, free of charge, on the EDGAR database on the SEC's website at http://www.sec.gov. In addition, the Trillium Funds will also disclose

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their complete holdings and certain other portfolio characteristics on the Funds' website at <u>https://www.trilliuminvest.com/mutual-funds/trillium-esg-global-equity-fund</u> and <u>https://www.trilliuminvest.com/mutual-funds/trillium-esg-small-mid-cap-fund</u> generally within 30 days after each month-end. The month-end holdings for the Funds will remain posted on the Funds' website until updated the following month-end. Portfolio holdings information may be separately provided to any person, including rating and ranking organizations such as Lipper and Morningstar, at the same time that it is filed with the SEC or one day after it is first published on the Funds' website. In addition, a Trillium Fund may provide its complete portfolio holdings at the same time that it is filed with the SEC.

#### TSW Funds
Monthly top ten holdings for each TSW Fund are available on its website (<u>www.perpetual.com</u>) 15 calendar days after each month-end. In addition to this monthly disclosure, each Fund may also make publicly available its portfolio holdings at other dates as may be determined from time to time. A complete listing of quarter-end portfolio holdings for each Fund is available at <u>www.perpetual.com</u> 10 calendar days after each quarter-end. To find the top ten monthly holdings and quarter-end portfolio holdings for a Fund, click on "Mutual Funds" and then navigate to the specific Fund page.

Portfolio holdings information is also available by calling the Trust at 866-260-9549 (toll free) or 312-557-5913. The TSW Funds will disclose portfolio holdings quarterly, in the annual and semi-annual reports, as well as in filings with the SEC, in each case no later than 60 days after the end of the applicable fiscal period.

Pursuant to policies and procedures adopted by the Board of Trustees, the Funds have ongoing arrangements to release portfolio holdings information on a daily basis to the Adviser, the Subadviser, Administrator, Transfer Agent, Fund Accounting Agent, and Custodian and on an as needed basis to other third parties providing services to the Funds. The Adviser, the Subadivser, Administrator, Transfer Agent, Fund Accounting Agent and Custodian receive portfolio holdings information daily in order to carry out the essential operations of the Funds. The Funds disclose portfolio holdings to their auditors, legal counsel, proxy voting services (if applicable), pricing services, printers, parties to merger and reorganization agreements and their agents, and prospective or newly hired investment advisers or subadvisers. The lag between the date of the information and the date on which the information is disclosed will vary based on the identity of the party to whom the information is disclosed. For instance, the information may be provided to auditors within days of the end of an annual period, while the information may be given to legal counsel at any time. The Funds, the Adviser, the Subadviser, the Transfer Agent, the Fund Accounting Agent, and the Custodian, are prohibited from entering into any special or ad hoc arrangements with any person to make available information about the Funds' portfolio holdings without the specific approval of the Trust's CCO or President. Any party wishing to release portfolio holdings information on an ad hoc or special basis must submit any proposed arrangement to the CCO, which will review the arrangement to determine (i) whether the arrangement is in the best interests of the Funds' shareholders, (ii) whether the information will be kept confidential (based on the factors discussed below), (iii) whether sufficient protections are in place to guard against personal trading based on the information, and (iv) whether the disclosure presents a conflict of interest between the interests of Fund shareholders and those of the Adviser, the Subadviser, or any affiliated person of the Funds, the Subadviser or the Adviser. The CCO will provide to the Board of Trustees on a quarterly basis a report regarding all portfolio holdings information released on an ad hoc or special basis. Additionally, the Adviser and any affiliated persons of the Adviser, are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Funds, as a result of disclosing the Funds' portfolio holdings. The Trust's CCO monitors compliance with these procedures, and reviews their effectiveness on an annual basis.

Information disclosed to third parties, whether on an ongoing or ad hoc basis, is disclosed under conditions of confidentiality. "Conditions of confidentiality" include (i) confidentiality clauses in written agreements, (ii) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), (iii) confidentiality required by fiduciary or regulatory principles (e.g., custody relationships) or (iv) understandings or expectations between the parties that the information will be kept confidential. The agreements with the Funds' Adviser, the Subadviser, Transfer Agent, Fund Accounting Agent, and Custodian contain confidentiality clauses, which the Board and these parties have determined extend to the disclosure of nonpublic information about the Funds' portfolio holdings and the duty not to trade on the non-public information. The Trust believes that these are reasonable procedures to protect the

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confidentiality of the Funds' portfolio holdings and will provide sufficient protection against personal trading based on the information.

#### Portfolio Turnover
Barrow Hanley Total Return Bond Fund showed significant variations in portfolio turnover rates between fiscal years 2024 and 2025. The variation in portfolio turnover between 2024 and 2025 is due to lack of volatility in credit spreads and a rich level in credit spreads during the 2025 fiscal year.

TSW Core Plus Bond Fund showed a significant increase in portfolio turnover rate between fiscal period ended September 2024 and fiscal year ended September 30, 2025. The TSW Core Plus Bond Fund commenced operations on May 15, 2024. The portfolio turnover rate for the fiscal year ended September 30, 2025 is more consistent with expectations for a full fiscal year end of normal operations.

#### DETERMINATION OF SHARE PRICE
The price (NAV) of the shares of each Fund is determined at the close of trading of the NYSE, normally 4:00 p.m. ET/3:00 p.m. CT except for the following days on which the share price of each Fund is not calculated: Saturdays and Sundays; U.S. national holidays including New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Security prices are generally provided by a third party pricing service approved by the Trustees as of the close of the NYSE, normally at 4:00 pm ET, each business day on which the share price of the Funds are calculated (as defined in each Fund's prospectus).

Equity securities (including options, rights, warrants, futures, and options on futures) traded in the over-the-counter market or on a primary exchange shall be valued at the closing price or last trade price, as applicable, as determined by the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations available from the designated pricing vendor as of the closing of the primary exchange. Significant bid-ask spreads, or infrequent trading may indicate a lack of readily available market quotations. Securities traded on more than one exchange will first be valued at the last sale price on the principal exchange, and then the secondary exchange. The NASD National Market System is considered an exchange. Investments in other open-end registered investment companies are valued at their respective NAV as reported by such companies.

Fixed-income securities will be valued at the latest quotations available from the designated pricing vendor. These quotations will be derived by an approved independent pricing service based on their proprietary calculation models. In the event that market quotations are not readily available for short-term debt instruments, securities with less than 61 days to maturity may be valued at amortized cost as long as there are no credit or other impairments of the issuer.

In the event an approved pricing service is unable to provide a readily available quotation, the security may be priced by an alternative source, such as a broker who covers the security and can provide a daily market quotation. The appropriateness of the alternative source, such as the continued use of the broker, will be reviewed and ratified quarterly by the Fund's Adviser in its Board-appointed role as valuation designee. For any security for which quotations are (1) not readily available, (2) not provided by an approved pricing service or broker, or (3) determined to not accurately reflect their value, such security's fair value will be determined by the Adviser, with oversight by the Board, using procedures approved by the Board.

Non-U.S. securities, currencies and other assets and liabilities denominated in non-U.S. currencies are translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board.

#### REDEMPTION IN-KIND
The Funds ordinarily do not intend to redeem shares in any form except cash. However, if the amount redeemed is over the lesser of $250,000 or 1% of a Fund's net assets, each Fund has the right to redeem shares by giving the redeeming shareholder the amount that exceeds the lesser of $250,000 or 1% of the Fund's net assets in securities instead of cash. A redemption is generally a

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taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in kind. In the event that an in-kind distribution is made, a shareholder may incur additional expenses, such as the payment of brokerage commissions and taxes, on the sale or other disposition of the securities received from a Fund.

#### TAX CONSIDERATIONS
The following tax information supplements and should be read in conjunction with the tax information contained in each Fund's Prospectus. The Prospectus generally describes the U.S. federal income tax treatment of each Fund and its shareholders. This section of the SAI provides additional information concerning U.S. federal income taxes. It is based on the Code, applicable U.S. Treasury regulations, judicial authority, and administrative rulings and practice, all as in effect as of the date of this SAI and all of which are subject to change, including with retroactive effect. The following discussion is only a summary of some of the important U.S. federal tax considerations generally applicable to investments in each Fund. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisers regarding their particular situation and the possible application of non-U.S. and U.S. federal, state and local tax laws.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax advisers to determine the suitability of Fund shares as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situation.

#### Qualification as a Regulated Investment Company
Each Fund has elected or will elect to be treated as a regulated investment company ("RIC") under Subchapter M of the Code and intends each year to qualify and to be eligible to be treated as such. In order to qualify for the special tax treatment accorded RICs and their shareholders, a Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from: (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year: (i) at least 50% of the fair market value of its total assets consists of: (A) cash and cash items (including receivables), U.S. government securities and securities of other RICs; and (B) other securities (other than those described in clause (A)) limited in respect of any one issuer to a value that does not exceed 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer; and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities of any one issuer (other than those described in clause (i)(A)), the securities (other than securities of other RICs) of two or more issuers the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships; and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid – generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses, taking into account any capital loss carryforwards) and its net tax-exempt income, for such year.

In general, for purposes of the 90% gross income requirement described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally defined as a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership. Certain of a Fund's investments in MLPs and ETFs, if any, may qualify as interests in qualified publicly traded partnerships.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership and in the case of a Fund's investments in loan participations, the Fund shall treat both the financial intermediary and the issuer of the underlying loan as an issuer. Also, for purposes of the diversification test in (b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the U.S. Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect a Fund's ability to meet the diversification test in (b) above. The qualifying income and

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diversification requirements described above may limit the extent to which a Fund can engage in certain derivative transactions, as well as the extent to which it can invest in MLPs and certain commodity-linked ETFs.

If a Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss, determined with reference to any capital loss carryforwards) distributed in a timely manner to its shareholders in the form of dividends (including Capital Gain Dividends, as defined below).

If a Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If a Fund were ineligible to or otherwise did not cure such failure for any year, or if the Fund were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income (if any) and net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of a Fund's shares (as described below). In addition, a Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any), and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). However, no assurance can be given that a Fund will not be subject to U.S. federal income taxation. Any taxable income, including any net capital gain retained by a Fund, will be subject to tax at the Fund level at regular corporate rates.

In the case of net capital gain, a Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, be: (i) required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount; and (ii) entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly-filed U.S. federal income tax return to the extent the credit exceeds such liabilities. If a Fund makes this designation, for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund would be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. A Fund is not required to, and there can be no assurance a Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income, and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its: (i) net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, and (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

In order to comply with the distribution requirements described above applicable to RICs, a Fund generally must make the distributions in the same taxable year that it realizes the income and gain, although in certain circumstances, a Fund may make the distributions in the following taxable year in respect of income and gains from the prior taxable year.

If a Fund declares a distribution to shareholders of record in October, November, or December of one calendar year and pays the distribution in January of the following calendar year, the Fund and its shareholders will be treated as if the Fund paid the distribution on December 31 of the earlier year.

#### Excise Tax
If a Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or November 30 or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts.

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Each Fund intends generally to make distributions sufficient to avoid the imposition of the 4% excise tax. However, no assurance can be given that a Fund will not be subject to the excise tax.

For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange or other taxable disposition of property that would otherwise be taken into account after October 31 of a calendar year (or November 30 of that year if the RIC makes the election described above) generally are treated as arising on January 1 of the following calendar year; in the case of a RIC with a December 31 year end that is eligible to make and makes the election described above, no such gains or losses will be so treated. Also, for these purposes, a Fund will be treated as having distributed any amount on which it is subject to corporate income tax in the taxable year ending within the calendar year.

#### Capital Loss Carryforwards
Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund is able to carryforward a net capital loss from any taxable year to offset its capital gains, if any, realized during a subsequent taxable year. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether a Fund retains or distributes such gains.

If a Fund incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration; any such carryover losses will retain their character as short-term or long-term.

See each Fund's most recent annual shareholder report for the Fund's available capital loss carryforwards, if any, as of the end of its most recently ended fiscal year.

#### Fund Distributions
For U.S. federal income tax purposes, distributions of investment income generally are taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her shares in the Fund. In general, a Fund will recognize long-term capital gain or loss on investments it has owned for more than one year, and short-term capital gain or loss on investments it has owned for one year or less. Tax rules can alter a Fund's holding period in investments and thereby affect the tax treatment of gain or loss on such investments. Distributions of net capital gain that are properly reported by a Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. The IRS and the U.S. Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions from capital gains generally are made after applying any available capital loss carryforwards. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. Distributions of investment income reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund level.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things: (i) distributions paid by a Fund of net investment income and capital gains as described above; and (ii) any net gain from the sale, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

As required by U.S. federal law, detailed U.S. federal tax information with respect to each calendar year will be furnished to each shareholder early in the succeeding year.

If, in and with respect to any taxable year, a Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits, the excess distribution will be treated as a return of capital to the extent of such shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent a Fund makes distributions of capital gains in excess of the Fund's net capital gain for the taxable year (as reduced by any available capital loss carryforwards from prior taxable years), there is a possibility that the distributions will be taxable as ordinary dividend distributions, even though distributed excess amounts would not have been subject to tax if retained by the Fund.

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Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares.

A dividend paid to shareholders in January generally is deemed to have been paid by a Fund on December 31 of the preceding year, if the dividend was declared and payable to shareholders of record on a date in October, November or December of that preceding year.

Distributions on a Fund's shares generally are subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when a Fund's NAV reflects either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the shareholder paid for such shares. Such distributions may reduce the fair market value of a Fund's shares below the shareholder's cost basis in those shares. As described above, a Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income" that is eligible for taxation at long-term capital gain rates, the Fund must meet holding period and other requirements with respect to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend is not treated as qualified dividend income (at either the Fund or shareholder level): (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date); (2) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property; (3) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest; or (4) if the dividend is received from a non-U.S. corporation that is: (a) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a non-U.S. corporation readily tradable on an established securities market in the United States); or (b) treated as a passive foreign investment company.

In general, distributions of investment income reported by a Fund as derived from qualified dividend income are treated as qualified dividend income in the hands of a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares.

If the aggregate qualified dividends received by a Fund during a taxable year are 95% or more of its gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) are eligible to be treated as qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of a Fund qualify for the dividends-received deduction generally available to corporations to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year. A dividend received by a Fund will not be treated as a dividend eligible for the dividends-received deduction: (1) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock); or (2) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends received deduction may otherwise be disallowed or reduced: (1) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of a Fund; or (2) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

Any distribution of income that is attributable to: (i) income received by a Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction; or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

Distributions by a Fund to its shareholders that the Fund properly reports as "Section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of noncorporate shareholders. Noncorporate shareholders are permitted a U.S. federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "Section 199A dividend" is any dividend or portion thereof that is attributable to certain

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dividends received by a Fund from REITs, to the extent such dividends are properly reported as such by the Fund in a written notice to its shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying Fund shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible but is not required to do so.

Subject to future regulatory guidance to the contrary, distributions attributable to qualified publicly traded partnership income from a Fund's investments in MLPs will ostensibly not qualify for the deduction available to noncorporate taxpayers in respect of such amounts received directly from an MLP.

#### Tax Implications of Certain Fund Investments
*Special Rules for Debt Obligations*. Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, the original issue discount ("OID") is treated as interest income and is included in a Fund's income and required to be distributed by the Fund over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. In addition, payment-in-kind securities will give rise to income which is required to be distributed and is taxable even though a Fund holding the security receives no interest payment in cash on the security during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by a Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which the market discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). A Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt security, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If a Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of a Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause a Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than if the Fund had not held such obligations.

*Securities Purchased at a Premium*. Very generally, where a Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium – the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if a Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund would reduce the current taxable income from the bond by the amortized premium and reduce its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends received deduction to the extent attributable to the deemed dividend portion of such OID.

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*At-risk or Defaulted Securities*. Investments in debt obligations that are at risk of or in default present special tax issues for a Fund. Tax rules are not entirely clear about issues such as whether or to what extent a Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

*Certain Investments in REITs*. Any investment by a Fund in equity securities of REITs qualifying as such under Subchapter M of the Code may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by a Fund from a REIT will not qualify for the corporate dividends-received deduction and generally will not constitute qualified dividend income.

Certain distributions made by a Fund attributable to dividends received by the Fund from REITs may qualify as "qualified REIT dividends" in the hands of noncorporate shareholders, as discussed above.

*Mortgage-Related Securities*. A Fund may invest directly or indirectly in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and U.S. Treasury regulations that have yet to be issued but may apply retroactively, a portion of a Fund's income (including income allocated to the Fund from a REIT or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an "excess inclusion") will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, a Fund investing in such interests may not be a suitable investment for charitable remainder trusts, as noted below.

In general, excess inclusion income allocated to shareholders: (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions); (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income, which otherwise might not be required to file a tax return, to file a tax return and pay tax on such income; and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

*Foreign Currency Transactions*. Any transaction by a Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses generally will reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by a Fund to offset income or gains earned in subsequent taxable years.

Foreign currency gains generally are treated as qualifying income for purposes of the 90% gross income test described above. There is a remote possibility that the Secretary of the Treasury will issue contrary tax regulations with respect to foreign currency gains that are not directly related to a RIC's principal business of investing in stocks or securities (or options or futures with respect to stocks or securities), and such regulations could apply retroactively.

*Passive Foreign Investment Companies*. Equity investments by a Fund in certain "passive foreign investment companies" ("PFICs") could potentially subject the Fund to U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, a Fund may elect to avoid the imposition of that tax. For example, a Fund may elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. A Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of

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income (without the receipt of cash) and increase the amount required to be distributed by a Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." A non-U.S. issuer in which a Fund invests will not be treated as a PFIC with respect to the Fund if such issuer is a controlled foreign corporation ("CFC") for U.S. federal income tax purposes and the Fund holds (directly, indirectly, or constructively) 10% or more of the voting interests in or total value of such issuer. In such a case, a Fund generally would be required to include in gross income each year, as ordinary income, its share of certain amounts of a CFC's income, whether or not the CFC distributes such amounts to the Fund.

Because it is not always possible to identify a non-U.S. corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

#### Options and Futures
In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or a Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of a Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

A Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the former position, including options that are "covered" by a Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires: (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter; and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. These straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by a Fund (including regulated futures contracts, certain foreign currency positions and certain listed non-equity options) will be governed by Section 1256 of the Code ("Section 1256 contracts"). Gains or losses on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, Section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

*Other Derivatives, Hedging, and Related Transactions*. In addition to the special rules described above in respect of futures and options transactions, a Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

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Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

C*ommodity-Linked Instruments*. A Fund's investments in commodity-linked instruments can be limited by the Fund's intention to qualify as a RIC, and can bear on the Fund's ability to so qualify. Income and gains from certain commodity-linked instruments do not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. The tax treatment of some other commodity-linked instruments in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. If a Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income and, together with any other nonqualifying income, caused the Fund's nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.

*Exchange-Traded Notes, Structured Notes*. The tax rules are uncertain with respect to the treatment of income or gains arising in respect of commodity-linked ETNs and certain commodity-linked structured notes; also, the timing and character of income or gains arising from ETNs can be uncertain. An adverse determination or future guidance by the IRS (which determination or guidance could be retroactive) may affect a Fund's ability to qualify for treatment as a RIC and to avoid a Fund-level tax.

*Book-Tax Differences*. Certain of a Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and a Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if a Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as: (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income); (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares; and (iii) thereafter as gain from the sale or exchange of a capital asset.

*Investments in Other RICs*. A Fund's investments in shares of another mutual fund, an ETF or another company that qualifies as a RIC (each, an "investment company") can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions from a Fund qualifying for treatment as a particular character (e.g., long-term capital gain, exempt interest, eligibility for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company. If a Fund receives dividends from an investment company and the investment company reports such dividends as qualified dividend income, then the Fund is permitted in turn to report a portion of its distributions as qualified dividend income, provided the Fund meets holding period and other requirements with respect to shares of the investment company. If a Fund receives dividends from an investment company and the investment company reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted in turn to report its distributions derived from those dividends as eligible for the dividends-received deduction as well, provided the Fund meets holding period and other requirements with respect to shares of the investment company.

*Investments in Master Limited Partnerships and Certain Non-U.S. Entities*. A Fund's ability to make direct and indirect investments in MLPs and certain non-U.S. entities is limited by the Fund's intention to qualify as a RIC, and if the Fund does not appropriately limit such investments or if such investments are recharacterized for U.S. federal income tax purposes, the Fund's status as a RIC may be jeopardized. Among other limitations, a Fund is permitted to have no more than 25% of the value of its total assets invested in qualified publicly traded partnerships, including MLPs.

Subject to any future regulatory guidance to the contrary, any distribution of income attributable to qualified publicly traded partnership income from a Fund's investment in a MLP will ostensibly not qualify for the deduction that would be available to a noncorporate shareholder were the shareholder to own such MLP directly.

#### Tax-Exempt Shareholders
Income of a RIC that would be UBTI if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

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A tax-exempt shareholder may also recognize UBTI if a Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in Section 664 of the Code) that realizes any UBTI for a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI as a result of investing in a Fund that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a Fund that recognizes "excess inclusion income," then the Fund will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest U.S. federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, a Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund.

CRTs and other tax-exempt investors are urged to consult their tax advisors concerning the consequences of investing in a Fund.

#### Sale, Exchange or Redemption of Shares
The sale, exchange or redemption of Fund shares may give rise to a gain or loss.

In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares.

Further, all or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code's "wash-sale" rule if other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

#### Tax Shelter Reporting Regulations
Under U.S. Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or at least $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

#### Non-U.S. Taxation
Income, proceeds and gains received by a Fund (or RICs in which the Fund has invested) from sources within non-U.S. countries may be subject to withholding and other taxes imposed by such countries. This will decrease a Fund's yield on securities subject to such taxes. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. If more than 50% of a Fund's assets at taxable year end consists of securities of non-U.S. corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund to non-U.S. countries in respect of non-U.S. securities that the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income from non-U.S. sources their pro rata shares of such taxes paid by a Fund. A shareholder's ability to claim an offsetting foreign tax credit or deduction (but not both) in respect of non-U.S. taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such non-U.S. taxes.

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Even if a Fund were eligible to make such an election for a given year, it may determine not to do so. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund.

#### Non-U.S. Shareholders
Distributions by a Fund to shareholders that are not "United States persons" within the meaning of the Code ("non-U.S. shareholders") properly reported by the Fund as: (1) Capital Gain Dividends; (2) short-term capital gain dividends; and (3) interest-related dividends, each as defined below and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual non-U.S. shareholder, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual non-U.S. shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the non-U.S. shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. The exception to withholding for interest-related dividends does not apply to distributions to a non-U.S. shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the non-U.S. shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain non-U.S. countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the non-U.S. shareholder and the non-U.S. shareholder is a controlled foreign corporation. If a Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to non-U.S. shareholders. A Fund may report such part of its dividends as interest-related and/or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Non-U.S. shareholders should contact their intermediaries regarding the application of these rules to their accounts.

Distributions by a Fund to non-U.S. shareholders other than Capital Gain Dividends, short-term capital gain dividends and interest-related dividends (e.g., dividends attributable to dividend and non-U.S.-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate, if any).

A non-U.S. shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund unless: (i) such gain is effectively connected with the conduct by the non-U.S. shareholder of a trade or business within the United States; (ii) in the case of a non-U.S. shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met; or (iii) the special rules relating to gain attributable to the sale or exchange of "United States real property interests" ("USRPIs") apply to the non-U.S. shareholder's sale of shares of the Fund (as described below).

Subject to certain exceptions (e.g., if a Fund were a "United States real property holding corporation," as described below), a Fund is generally not required (and does not expect) to withhold on the amount of a non-dividend distribution (i.e., a distribution that is not paid out of the Fund's current earnings and profits for the applicable taxable year or accumulated earnings and profits) when paid to its non-U.S. shareholders.

Special rules would apply if a Fund were a qualified investment entity ("QIE") because it is either a "United States real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition of USRPIs described below. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs generally are defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A Fund that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests

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in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether a Fund is a QIE.

If an interest in a Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% non-U.S. shareholder, in which case such non-U.S. shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

Moreover, if a Fund were a USRPHC or, very generally, had been one in the last five years, it would be required to withhold on amounts distributed to a greater-than-5% non-U.S. shareholder to the extent such amounts would not be treated as a dividend, i.e., are in excess of the Fund's current and accumulated "earnings and profits" for the applicable taxable year. Such withholding generally is not required if the Fund is a domestically controlled QIE.

If a Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a non-U.S. shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to: (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands; and (ii) gains realized on the disposition of USRPIs by the Fund would retain their character as gains realized from USRPIs in the hands of the Fund's non-U.S. shareholders and would be subject to U.S. tax withholding. In addition, such distributions could result in the non-U.S. shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a non-U.S. shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the non-U.S. shareholder's current and past ownership of the Fund.

Non-U.S. shareholders of a Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and – payment obligations discussed above through the sale and repurchase of Fund shares.

Non-U.S. shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in a Fund.

Non-U.S. shareholders with respect to whom income from a Fund is effectively connected with a trade or business conducted by the non-U.S. shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a non-U.S. corporation, may also be subject to a branch profits tax. If a non-U.S. shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, non-U.S. shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

In order to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a non-U.S. shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or W-8BEN-E or substitute form). Non-U.S. shareholders should consult their tax advisers in this regard.

Special rules (including withholding and reporting requirements) apply to non-U.S. partnerships and those holding Fund shares through non-U.S. partnerships. Additional considerations may apply to non-U.S. trusts and estates. Investors holding Fund shares through non-U.S. entities should consult their tax advisers about their particular situation.

A non-U.S. shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

#### Backup Withholding
A Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is timely furnished to the IRS.

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#### Shareholder Reporting Obligations With Respect to Foreign Bank and Financial Accounts
Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of a Fund could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts. Shareholders should consult a tax advisor, and persons investing in a Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

#### Other Reporting and Withholding Requirements
Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, a Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the U.S. Department of the Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends a Fund pays. If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to non-U.S. shareholders described above (e.g., interest-related dividends and short-term capital gain dividends).

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

#### General Considerations
The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisers regarding the specific U.S. federal tax consequences of purchasing, holding, and disposing of shares of a Fund, as well as the effects of state, local, non-U.S., and other tax law and any proposed tax law changes.

#### PROXY VOTING POLICIES AND PROCEDURES
The Board of Trustees has delegated responsibilities for decisions regarding proxy voting for securities held by each Fund to the Adviser, which for Subadvised Funds, has delegated such responsibilities to the Subadviser, subject to the general oversight of the Board. The Adviser and the Subadviser have adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the 1940 Act, as amended, consistent with its fiduciary obligations. The Proxy Policy has been approved by the Board of Trustees. The Proxy Policy is designed and implemented in a manner reasonably expected to ensure that voting and consent rights are exercised prudently and solely in the best interests of the Funds and their shareholders considering all relevant factors and without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote. Any conflict between the best interests of the Funds and the Adviser's and the Subadviser's interests will be resolved in the Funds' favor pursuant to the Proxy Policy.

The Adviser's and each Subadviser's proxy voting policies and procedures are attached as Appendix A.

Investors may obtain a copy of the proxy voting policies and procedures by writing to the Trust in the name of the pertinent Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766 or by calling the Trust at 866-260-9549 (toll free) or 312-557-5913. Information about how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ending September 30 is available without charge, upon request, by calling the Trust at 866-260-9549 (toll free) or 312-557-5913 and on the SEC's website at <u>https://www.sec.gov/</u>.

#### FINANCIAL STATEMENTS
Audited financial statements for the Barrow Hanley Funds as of September 30, 2025, including notes thereto, and the report of PricewaterhouseCoopers LLP thereon, are incorporated by reference from the Trust's September 30, 2025 N-CSR. The Trust's N-CSR for the Barrow Hanley Funds was filed electronically with the SEC on December 4, 2025 (0002066578-25-001722).

Audited financial statements for the JOHCM Funds as of September 30, 2025, including notes thereto, and the report of PricewaterhouseCoopers LLP thereon, are incorporated by reference from the Trust's September 30, 2025 N-CSR. The Trust's N-CSR for the JOHCM Funds was filed electronically with the SEC on December 4, 2025 (0002066578-25-001722).

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Audited financial statements for the Trillium Funds as of September 30, 2025, including notes thereto, and the report of PricewaterhouseCoopers LLP thereon, are incorporated by reference from the Trust's September 30, 2025 N-CSR. The Trust's N-CSR for the Trillium Funds was filed electronically with the SEC on December 4, 2025 (0002066578-25-001722).

Audited financial statements for the TSW Funds as of September 30, 2025, including notes thereto, and the report of PricewaterhouseCoopers LLP thereon, are incorporated by reference from the Trust's September 30, 2025 N-CSR. The Trust's N-CSR for the TSW Funds was filed electronically with the SEC on December 4, 2025 (0002066578-25-001722).

#### APPENDIX A

#### JOHCM (USA) INC

#### PROXY VOTING PROCEDURES SUMMARY
JOHCM (USA) Inc ("JOHCM") has a fiduciary responsibility to its clients for voting proxies, where authorized, for portfolio securities consistent with the best interests of their clients when voting. Proxy voting is an important right of shareholders, and reasonable care and diligence should be undertaken to ensure that such rights are properly exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which should include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser has proxy voting authority.

Client accounts that are plans governed by the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), are to be administered consistent with the terms of the governing plan documents and applicable provisions of ERISA.

JOHCM has established procedures to ensure that all proxies that are received, and for which a client has given the adviser voting authority, are properly distributed and voted on a timely basis in the best interest of the client. To support this, JOHCM uses Institutional Shareholder Services ("ISS") as its sole proxy research and proxy voting service provider.

We use ISS as our proxy voting provider for lodging our votes. The research on individual resolutions provided by ISS is one of the inputs into our voting decisions alongside the analysis done by each team in accordance with their investment style and objective.

Portfolio managers make the decision on all voting based on their assessment of the merits of each resolution. As an active manager, running concentrated portfolios with the objective of outperforming a benchmark or client objective, we generally purchase the securities of a company because we have a positive view on management and business performance. This positive disposition typically means we have a higher probability of voting in line with management than a highly diversified or passive manager. All voting and engagement activities are designed to enhance long-term shareholder returns and focus on how a company is governed to best deploy a strategy that most effectively manages risk and opportunity aligned to sustainable growth. Where ISS research or the work of the investment manager highlights issues which do not represent best practice, the matter may be escalated to the CEO to discuss the issues with the relevant investment manager before agreeing a course of action.

Consistent with our multi-boutique structure, we do not subscribe to a centralized "house" approach to voting. We believe the investment teams are best placed to undertake their own voting, in line with their specific investment objectives, and therefore we do not have policies that prescribe how they should vote on certain issues. Investment teams have discretion to make voting decisions based on their analysis of proposals, their engagements with companies and/or any available third-party research and data. They can also seek the advice and counsel of the Sustainable Investments team or Regnan Centre, if required.

Where the investment teams agree the proposals are in investors' best interests, they will vote in favor of them. When proposals do not reflect the best interests of clients, the investment teams may choose to escalate these concerns to the investee company's senior independent director or Chairperson. Our investment teams may also engage in discussions with other investors where appropriate and in compliance with market conduct and other applicable rules.

With respect to conflicts arising from proxy voting responsibilities, JOHCM shall take reasonable steps to ensure, and must be able to demonstrate, that those steps resulted in a decision to vote the proxies in the best interests of the client and the long-term value of the client's investment. Where JOHCM is required to vote on a matter related to an issuer for which JOHCM has other interests (e.g., a

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client relationship), or where another material conflict may arise with respect to a specific vote, JOHCM will defer to the ISS recommendation. Due to the lack of a "house" approach to voting, it is possible that investment teams holding securities in the same entity may vote their proxies differently to each other as part of their interpretation of the best interests of clients according to their investment objectives. Identified conflicts of interest and their management will be escalated to the CEO and detailed in the JOHCM Conflicts Register in accordance with the firm's Conflicts of Interest Policy.

Once the proxy has been voted, it is recorded and stored on the ISS ProxyExchange system. These records contain the proxy statements received on behalf of the client and the record of votes cast on behalf of the client. JOHCM also retains any documents that it has prepared which were material to making a decision on how to vote, or that memorialized the basis for the decision, and records of the client's requests for proxy voting information and any written response.

Clients may request a copy of our proxy voting policy or information regarding this proxy voting policy, including how JOHCM voted on specific proxies.

#### BARROW, HANLEY, MEWHINNEY & STRAUSS, LLC

#### PROXY VOTING POLICIES AND PROCEDURES
Barrow Hanley has accepted authority to vote proxies for our clients who have delegated this responsibility to us. It is the Firm's policy to vote our clients' proxies in the best economic interests of our clients, the beneficial owners of the shares. The Firm has adopted this Proxy Voting Policy for handling research, voting, reporting, and disclosing proxy votes, and monitoring the Proxy Voting Guidelines ("Guidelines") that provide a framework for assessing proxy proposals.

Barrow Hanley votes all clients' proxies the same based on the Firm's policy and Guidelines. If or when additional costs for voting proxies are identified, the Firm will determine whether such costs exceed the expected economic benefit of voting the proxy and may abstain from voting proxies for ERISA Plan clients. However, if/when such voting costs are borne by Barrow Hanley and not by the client, and all proxies will be voted for all clients.

Disclosure information about the Firm's Proxy Voting Policy and Guidelines is provided in the Firm's Form ADV Part 2.

To assist in the proxy voting process, at its own expense, Barrow Hanley retains Glass Lewis & Co. ("Glass Lewis") as proxy service provider. Glass Lewis provides:

● Research on corporate governance, financial statements, business, legal, and accounting risks.

● Proxy voting recommendations, including environmental, social, and governance voting Guidelines.

● Portfolio accounting and reconciliation of shareholdings for voting purposes.

● Proxy voting execution, record keeping, and reporting services.

#### Proxy Oversight Committee, Proxy Coordinators, and Proxy Voting Committee
● Barrow Hanley's Proxy Oversight Committee is responsible for implementing and monitoring this Proxy Voting Policy, procedures, disclosures, and recordkeeping.

● The Proxy Oversight Committee conducts periodic reviews of proxy votes to ensure that the policy is observed, implemented properly, and amended or updated, as appropriate.

● The Proxy Oversight Committee is comprised of the Responsible Investing Committee Lead (chair), the CCO, the Head of Investment Operations, an At-Large Portfolio Manager, and another rotating member of the Investment team.

● Research Analysts are responsible to review and evaluate proposals and make recommendations to the Proxy Voting Committee to ensure that votes are consistent with the Firm's analysis.

● Equity Portfolio Managers are members of the Proxy Voting Committee.

● Equity Portfolio Managers vote proposals based on our Guidelines, internal research recommendations, and the research from Glass Lewis.

● Proxy Coordinators oversee the proxy voting process, assisting Research Analysts and the Proxy Voting Committee as needed.

● Proxies for the Diversified Small Cap Value accounts are voted in accordance with Glass Lewis' recommendations for the following reasons:

o Investment selection is based on a quantitative model

o The holding period is too short to justify the time for analysis necessary to vote.

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**Conflicts of Interest** 

Potential conflicts may arise when:

● Clients elect to participate in securities lending arrangements; in such cases, the votes follow the shares. Barrow Hanley is not a party to the client's lending arrangement and typically does not have information about shares loaned out by a client's custodian and proxies for shares on loan may not be voted.

● If/when a proxy voting issue is determined to be financially material, the Firm makes a best-efforts attempt to alert clients and their custodial bank to recall shares from loan to be voted. In this context, Barrow Hanley defines a financially material issue to be issues deemed by our investment team to have significant economic impact. The ultimate decision on whether to recall shares is the responsibility of the client.

● Barrow Hanley invests in equity securities of corporations who are also clients of the Firm. In such cases, the Firm seeks to mitigate potential conflicts by:

o Making voting decisions for the benefit of the shareholder(s), our clients,

o Uniformly voting every proxy based on Barrow Hanley's internal research and consideration of Glass Lewis' recommendations, and

o Documenting the votes of companies who are also clients of the Firm.

● If a material conflict of interest exists, members from the Proxy Voting and Proxy Oversight Committees will determine if the affected clients should have an opportunity to vote their proxies themselves, or whether Barrow Hanley will address the specific voting issue through other objective means, such as voting the proxies in a manner consistent with a predetermined Proxy Voting Policy or accepting the voting recommendation of Glass Lewis.

#### Other Policies and Procedures
● A proxy card or voting instruction form contains a list of voting options, including For, Against, Abstain, and/or Withhold. Votes to Abstain or Withhold are effectively a vote against the proposal. Barrow Hanley assesses each vote, the intended impact of our vote, and the rule(s) that apply to the vote and may select any of these options when casting the vote. Barrow Hanley sends a daily electronic transfer of equity positions to Glass Lewis.

● Glass Lewis identifies accounts eligible to vote for each security and posts the proposals and research on its secure, proprietary online system.

● Barrow Hanley sends a proxy report to clients at least annually and/or as requested by client, listing the number of shares voted and disclosing how proxies were voted.

● Barrow Hanley retains voting records in accordance with the Firm's Books and Records Policy. Glass Lewis retains the Firm's voting records for seven years.

● Proxy Coordinators are responsible for retaining the following proxy records:

o These policies, procedures, and amendments.

o Proxy statements regarding our clients' securities.

o A record of each proxy voted.

o Proxy voting reports that are sent to clients annually.

o Internal documents related to voting decisions; and

o Records of clients' requests for proxy voting information and/or correspondence about votes.

#### Voting Debt and/or Bank Loan Securities
Barrow Hanley's proxy voting responsibilities may include voting on proposals, amendments, consents, or resolutions solicited by or in respect to securities related to bank loan investments.

**Exceptions** 

Limited exceptions to this policy may be permitted based on a client's circumstances, such as, foreign regulations that create a conflict with U.S. practices, expenses to facilitate voting when the costs outweigh the benefit of voting the proxies, or other circumstances.

#### Proxy Voting Guidelines
Barrow Hanley's Guidelines establish a framework for assessing proposals. Each proposal is evaluated based on its facts and circumstances. The Firm reviews and considers ESG issues along with other financially material factors to assess the financially material impact on the long-term value of the shares. Our Guidelines address the following issues:

● Board of Directors

● Independent Auditors

● Compensation Issues

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● Corporate Structure and Shareholder Rights

● Shareholder Proposals and ESG Issues

● Voting of Non-U.S./Foreign Shares

Issues that do not conform to these Guidelines are evaluated by the Proxy Voting Committee and voted in the best interest of our clients.

#### Board of Directors
*Election of Directors* 

Barrow Hanley believes that good corporate governance begins with a board of majority-independent directors and committees, including independent directors who serve on Audit, Compensation, and Nominating committees.

Barrow Hanley will generally approve:

● A slate of nominees comprised of a two-thirds majority of independent directors.

● Nominees for Audit, Compensation and/or Nominating committees who are independent of management.

● Nominees who we believe have the required skills and diverse backgrounds to make informed judgments about the subject matter for which the committee is responsible.

● We attempt to target board diversity of at least 30%.

Barrow Hanley will generally not approve:

● A slate of nominees that results in a majority non-independent directors.

● Nominees for Audit, Compensation and/or Nominating committees who are not independent of management.

● Incumbent board members who failed to attend at least 75% of board and applicable committee meetings.

● Nominees who have served on a board or as executives of companies with records of poor performance, inadequate risk oversight, excessive compensation, audit, or accounting-related problems and/or other indicators of mismanagement or actions against the interests of shareholders.

● Nominees whose actions on other committees demonstrate serious failures of governance, which may include acting to significantly reduce shareholder rights, or failure to respond to previous vote requests for directors and shareholder proposals.

● An independent director who has within the past three years, had a material financial, familial, or other relationship with the company or its executives.

● Members of a Nominating committee where the board has an average tenure of over ten years and has not appointed a new member to the board in at least five years

● Members of a Nominating committee where the board lacks diversity.

*Combined Chairman / CEO Role* 

When the roles of a board's chair and CEO are combined a strong lead independent director is necessary. If a lead director is not appointed, Barrow Hanley supports proposals to separate the roles.

*Contested Elections of Directors* 

Barrow Hanley evaluates a nominee's qualifications, the incumbent board's performance, and the rationale behind dissident campaigns, and votes based on maximizing shareholder value.

*Classified Boards* 

Barrow Hanley supports proposals to declassify existing boards, whether proposed by management or shareholders. In most cases we vote against proposals for classified board structures where only part of the board is elected each year.

If a board does not have a committee responsible for governance oversight and the board has not implemented a proposal that received the requisite support, we vote against the entire board. If a proposal requests the board adopt a declassified structure, we vote against all directors and nominees up for election.

*Board Diversity* 

Barrow Hanley supports boards with diverse backgrounds and nominees with relevant experience. Nominating and governance

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committees should consider diversity within the context of the company and industry. Shareholders are best served when boards make an effort to ensure a constituency that is not only reasonably diverse based on age, race, gender, and ethnicity, but also based on geographic knowledge, industry experience, board tenure and culture. Board diversity is one of many factors considered on a case-by-case basis when reviewing board elections.

*Board Tenure* 

Barrow Hanley believes that independent directors are an important part of good governance. Long term service diminishes a member's independence. Directors who are serving on a board for 10 consecutive years or more are not considered to be independent.

We recognize that in some cases, a director's tenure and experience on the board is beneficial to shareholders. Nominees' tenure on the board is evaluated to determine independence.

*Overboarding* 

Barrow Hanley reviews a nominee's board commitments on a case-by-case basis and generally votes against nominees who are executives of a public company while serving on three or more public boards or a non-executive who sits on four or more public boards.

*Proxy Access* 

Shareholders' participation in electing directors enhances a board's accountability and responsiveness. Long-term investors can benefit from shareholder rights to nominate directors. Such rights should require a minimum percentage ownership (at least 5%) of outstanding shares held for a minimum period (at least three years) to nominate a maximum percentage of (up to 20%) for the board.

**Approval of Independent Auditors**

Independent auditors are a critical element of good governance. A company's relationship with its independent auditor should be limited to its audit. Auditors' fees should be limited to the audit work. Other, closely related activities that do not appear to impair the auditor's independence may be approved. Barrow Hanley evaluates the circumstances of auditors who have a substantial non-auditing relationship with the company on a case-by-case basis.

#### Compensation Issues
Compensation Plans should align the interests of long-term shareholders with the interests of management, employees, and directors.

*Stock-Based Compensation Plans* 

Stock-based compensation plans should be administered by an independent committee of the board and approved by shareholders. Barrow Hanley opposes compensation plans that substantially dilute a shareholder's ownership interest, provides participants with excessive awards, and/or have other objectionable features. Compensation proposals are evaluated on a case-by-case basis using the following factors:

● The company's industry group, market capitalization, and competitors' compensation plans.

● Requirements for senior executives to hold a minimum amount/percentage of company stock.

● Requirements for minimum holding periods for stock acquired through equity awards.

● Performance-vesting awards, indexed options, and/or other grants linked to the company's performance.

● Requirements that limit the concentration of equity grants to senior executives and provide for a broad-based plan.

● Requirements for stock-based compensation plans as a substitute for cash compensation to deliver market-competitive compensation packages.

*Bonus Plans* 

Bonus-based compensation plans should include the following features:

● Periodic shareholder approval to properly qualify for deductions under Internal Revenue Code Section 162(m).

● Performance measures relating to key value drivers of the company's business.

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● Maximum award amounts expressed in dollar amounts.

Bonus plans should not include excessive awards in both absolute and relative terms.

*Executive Compensation Plans (Say on Pay)* 

Say on Pay type of executive compensation programs can effectively link pay and performance and provide competitive compensation opportunities. Say on Pay type plans should state the amount of compensation at risk and the amount of equity-based compensation linked to the company's performance and include adequate disclosure about the overall compensation structure. Say on Pay type plans should not include significant compensation guarantees and/or compensation that is not sufficiently linked to performance.

*Recoupment Provisions (Clawbacks)* 

Executive compensation programs should be clearly tied to performance and include the following:

● Detailed bonus recoupment policies to prevent executives from retaining performance-based awards that were not truly earned.

● Clawback triggers in the event of a restatement of financial results or similar revision of performance indicators upon which bonuses were based.

● Policies allowing board reviews of performance-related bonuses and awards paid to senior executives during the period covered by a restatement that allows the company to recoup such bonuses if performance goals were not actually achieved.

● Clawback policies that limit discretion and ensure the integrity of such policies.

*Executive Severance Agreement (Golden Parachutes)* 

Executive compensation should be designed as an incentive for continued employment, should include reasonable severance benefits, and the executive termination packages should be limited to three times salary and bonus, referred to as *double-trigger plans*.

Guaranteed severance benefits that exceed three times salary and bonus should be disclosed and should require shareholder approval.

Barrow Hanley does not support guaranteed severance benefits without a change in control or arrangements that do not require the executive's termination, referred to as *single-trigger plans*.

*Employee Stock Purchase Plans* 

Employee stock purchase plans are effective ways to increase employees' ownership in the company's stock. Such plans should not allow for purchases below 85% of the current market value of the shares and should limit shares reserved under the plan to 5% or less of the outstanding shares of the company.

**Corporate Structure and Shareholder Rights**

Barrow Hanley supports market-based corporate control functions without undue interference from artificial barriers. Shareholders' rights are a fundamental privilege of equity ownership and should be proportional to economic ownership. Appropriate limits include a shareholder's ability to act by corporate charter, bylaw provisions, or adoption of certain takeover provisions.

*Shareholder Right Plans (Poison Pills)* 

Poison pill plans can erode shareholder value by limiting a potential acquirer's ability to purchase a controlling interest in the company without the approval of its board of directors, and/or can serve to entrench incumbent management and directors.

Shareholder rights plans should be designed to enable the board to take appropriate to defensive actions, and should require the following:

● Shareholder approval within a year of its adoption.

● Timing limited to 3-5 years.

● Requirement for shareholder approval for renewal.

● Reviews by a committee of independent directors at least every three years, referred to as *TIDE provisions*.

● Permitted bid or qualified offer features requiring shareholder votes under specific conditions referred to as *chewable pills*.

● Reasonable ownership trigger of 15-20%.

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● Highly independent, non-classified boards.

Shareholder rights plans should avoid the following:

● Long-term defensive features of 5 or more years.

● Automatic renewals without shareholder approval.

● Ownership triggers of less than 15%.

● Classified boards.

● Boards with limited independence.

*Political Contributions and Lobbying* 

Barrow Hanley evaluates an issuer's policy and procedures governing political spending and lobbying. Proposals demonstrating insufficient or absent policies and disclosure are opposed.

*An Increase in Authorized Shares* 

Proposals for increases in authorized share amounts should not expose shareholders to excessive dilution and should be limited to increases of up to 20% of the current share authorization.

*Cumulative Voting* 

Cumulative voting should be proportional to the shareholders' economic investment in the company.

*Supermajority Vote Requirements* 

Shareholders' rights to approve or reject proposals should be based on a simple majority.

*Confidential Voting* 

Shareholder voting should be conducted in a confidential manner.

*Dual Share Classes of Stock* 

Barrow Hanley opposes dual-class capitalization structures that provide disparate voting rights to shareholders with similar economic interests. Proposals to create separate share classes with different voting rights are opposed. Proposals to dissolve separate share classes are approved.

**Shareholder Proposals and ESG Issues**

Proposals relating to ESG issues are usually initiated by shareholders seeking disclosure of certain business practices or amendments to certain policies. Barrow Hanley's policy and Guidelines are designed to provide a framework for assessing the financial materiality of corporate governance, environmental, and social issues. Barrow Hanley supports proposals that improve transparency on issues that can be clearly tied to sustainable resource development, environmental compliance, and workplace safety.

Barrow Hanley subscribes to third party ESG research and scoring databases, including MSCI, Sustainalytics, and IFRS as a tool for rating the financial materiality of ESG factors to support our internal research. Some investments may have a low corporate ranking based on a third party's profile. Investment in low ranked companies is based on our belief that shareholder engagement is the best way to engage with management and use our influence toward sustainable improvements. Our fundamental analysis identifies areas and issues for engagement with management to improve policies and disclosure.

Barrow Hanley evaluates climate risk and disclosure standards for the companies and industries most exposed to climate change and engages with management and boards to understand the company's risks and opportunities and where necessary, seeks additional disclosure.

Barrow Hanley considers issues related to human capital to be a company's most significant risks and opportunities. Boards should disclose and communicate plans to instill inclusive, attractive, and high-retention environment in the company. Barrow Hanley supports inclusive working environments and diversity among employees and supports shareholder proposals that contain comprehensive equal opportunity and anti-discrimination provisions, and reporting on gender-based discrepancies in compensation.

**Voting of Non-U.S./Foreign Shares**

Although corporate governance standards, disclosure requirements, and voting mechanisms vary greatly among the markets outside

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the U.S., proposals are evaluated under these Guidelines and consideration of the local market's standards and best practices.

**Exceptions**

Glass Lewis is configured to vote consistent with Barrow Hanley's Guidelines, however, the Proxy Voting Committee permits reasonable exceptions based on the facts, circumstances, and best economic interests of our clients. Exceptions are documented and retained in the Firm's proxy voting records.

#### THOMPSON, SIEGEL & WALMSLEY LLC

#### PROXY VOTING POLICIES AND PROCEDURES
TSW has a fiduciary responsibility to its clients for voting proxies, where authorized, for portfolio securities consistent with the best economic interests of its clients. TSW maintains written policies and procedures as to the handling, research, voting and reporting of proxy voting and makes appropriate disclosures about our Firm's proxy voting policies and practices in Form ADV Part 2A. In addition, we review our policies and practices no less than annually for adequacy; to make sure they have been implemented effectively, and to make sure they continue to be reasonably designed to ensure that proxies are voted in the best interests of our clients. Our policy and practice include the responsibility to monitor corporate actions and potential conflicts of interest, receive and vote client proxies, and make information available to clients about the voting of proxies for their portfolio securities while maintaining relevant and required records.

<u>Background</u>

Proxy voting is an important right of shareholders, and reasonable care and diligence should be undertaken to ensure that such rights are properly exercised.

Investment advisers registered with the SEC, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 of the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which should include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser has proxy voting authority.

A related companion release by the SEC also adopted rule and form amendments under the Securities Act and Investment Company Act similar to the above which TSW complies with when acting as a sub-adviser to a mutual fund.

<u>Responsibility</u>

TSW's Senior Compliance Officer (Proxy Coordinator) has the responsibility for the organization and monitoring of our Proxy Voting policy, practices, and recordkeeping. Implementation and disclosure, including outlining our voting guidelines in our procedures, is the responsibility of the CCO and Chief Operating Officer. TSW has retained the services of a third-party provider, Institutional Shareholder Services, Inc. ("ISS") to assist with the proxy process. ISS is a Registered Investment Adviser under the Advisers Act. It is a leading provider of proxy voting and corporate governance services. ISS provides TSW proxy proposal research and voting recommendations and votes proxies on TSW's behalf in accordance with ISS's standard voting guidelines. Those guidelines cover the following areas:

● Operational Issues

● Board of Directors

● Proxy Contests

● Anti-takeover Defenses and Voting Related Issues

● Mergers and Corporate Restructurings

● State of Incorporation

● Capital/ Restructuring

● Executive & Director Compensation

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● Social/Environmental Issues

● Mutual Fund Proxies

TSW generally believes that voting proxies in a manner that is favorable to a business's long-term performance and valuation is in its clients' best interests. However, a uniform voting policy may not be in the best interest of all clients. While TSW applies ISS's standard policy guidelines to most clients, where appropriate we utilize ISS's specialized, non-standard policy guidelines to meet specific client requirements.

TSW's Proxy Coordinator is responsible for monitoring ISS's voting procedures on an ongoing basis. TSW's general procedure regarding the voting of proxies is addressed below. For instances not directly addressed in this policy the Proxy Oversight Representative should act in accordance with the principles outlined in the SEC's *Guidance Regarding Proxy Voting Responsibilities of Investment Advisers* issued in August 2019 and supplemental release in September 2020 in consultation with the Proxy Coordinator.

<u>Procedure</u>

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Proxy Voting policy is observed, implemented properly and amended or updated, as appropriate, which include the following:

Voting Procedures

● Upon timely receipt of proxy materials, ISS will automatically release vote instructions on client's behalf as soon as custom research is completed. TSW retains authority to override the votes (before cut-off date) if TSW disagrees with the vote recommendation.

● The Proxy Coordinator will monitor the voting process at ISS via ISS's Proxy Exchange website (ISS's online voting and research platform). Records of which accounts are voted, how accounts are voted, and how many shares are voted are kept electronically with ISS.

● For proxies not received by ISS, TSW and ISS will make a best effort attempt to receive ballots from the clients' custodian prior to the vote cut-off date.

● TSW is responsible for account maintenance – opening and closing of accounts, transmission of holdings and account environment monitoring. ISS will email TSW Compliance personnel to get approval when closing an account that was not directed by TSW.

● The Chief Operating Officer (Proxy Oversight Representative) will keep abreast of any critical or exceptional events or events qualifying as a conflict of interest via ISS Proxy Exchange website and email.

● Investment teams should keep the Proxy Oversight Representative and Proxy Coordinator informed of material issues affecting pending or upcoming proxy votes. If the Proxy Oversight Representative and Proxy Coordinator become aware of additional information that would reasonably be expected to affect TSW's vote, then this information should be considered prior to voting.

● TSW has the ability to override ISS recommended vote instructions and will do so if believed to be in the best interest of the client. All changes are documented and coordinated between the Proxy Oversight Representative and/or Proxy Coordinator and the Portfolio Manager and/or Research Analyst. Changes generally occur as a result of TSW's communication with issuer management regarding matters pertaining to securities held when the issuer questions or disputes ISS's voting recommendation.

All proxies are voted solely in the best interest of clients on a best-efforts basis. Proactive communication takes place via regular communication with ISS's Client Relations team.

Disclosure

TSW will provide conspicuously displayed information in its Disclosure Document summarizing this Proxy Voting policy, including a statement that clients may request information regarding how TSW voted a client's proxies, and that clients may request a copy of these policies and procedures.

*See Form ADV, Part 2A – Item 17– Voting Client Securities* 

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Due to the SEC amendments to Form N-PX that require additional disclosures for proxy ballots issued on or after July 1, 2023 we have retained ISS and will utilize their service to satisfy the requirements under this amendment. This amendment is new for investment managers and requires the reporting of how we voted on" say-on-pay matters".

Client Requests for Information

● All client requests for information regarding proxy votes, or policies and procedures, received by any associate should be forwarded to the Proxy Coordinator.

● In response to any request, the Proxy Coordinator will prepare a response to the client with the information requested, and as applicable, will include the name of the issuer, the proposal voted upon, and how TSW voted the client's proxy with respect to each proposal about which the client inquired.

Voting Guidelines

● TSW has a fiduciary responsibility under ERISA to vote ERISA Plan proxies unless the Plan directs otherwise. TSW will vote proxies when directed by non-ERISA clients. In the absence of specific voting guidelines from the client and upon timely receipt of proxy materials from the custodian, TSW will vote proxies in the best interests of each particular client according to the recommended election of ISS. ISS's policy is to vote all proxies from a specific issuer the same way for each client, absent qualifying restrictions from a client. Clients are permitted to place reasonable restrictions on TSW's voting authority in the same manner that they may place such restrictions on the actual selection of account securities.

● ISS will generally vote in favor of routine corporate housekeeping proposals such as the election of directors and selection of auditors absent conflicts of interest raised by auditors' non-audit services.

● ISS will generally vote against proposals that cause board members to become entrenched, reduce shareholder control over management or in some way diminish shareholders' present or future value.

● In reviewing proposals, ISS will further consider the opinion of management and the effect on management, and the effect on shareholder value and the issuer's business practices.

● A complete summary of ISS's U.S. and International voting guidelines is available at: https://www.issgovernance.com/policy

Forensic Testing Procedures

● No less than quarterly, TSW's Proxy Coordinator will review the ISS Proxy Exchange Master Account List to ensure all appropriate accounts are being voted.

● TSW will conduct periodic tests to review proxy voting records and the application of general voting guidelines, especially in circumstances such as corporate events (e.g., mergers and acquisition transactions, dissolutions, conversions, consolidations, etc.) or contested director elections. Any matter warranting additional, often issuer-specific review will be escalated to the Portfolio Manager and Research Analyst as needed.

● TSW occasionally communicates directly with issuer management regarding matters pertaining to securities held in the portfolio when it questions or disputes ISS's voting recommendation.

Conflicts of Interest

● TSW will identify any conflicts that exist between the interests of the adviser and each client by reviewing the relationship of TSW with the issuer of each security to determine if TSW or any of its associates has any financial, business or personal relationship with the issuer.

● If a material conflict of interest exists, the Proxy Coordinator will instruct ISS to vote using ISS's standard policy guidelines which are derived independently from TSW.

● TSW will maintain a record of the voting resolution of any conflict of interest.

● ISS also maintains a Conflicts Policy which indicates how they address any potential conflicts of interest and is available at: https://www.issgovernance.com/compliance/due-diligence-materials

Practical Limitations Relating to Proxy Voting

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TSW makes a best effort to vote proxies. In certain circumstances, it may be impractical or impossible for TSW to do so. Identifiable circumstances include:

● *Limited Value:* Where TSW has concluded that to do so would have no identifiable economic benefit to the client-shareholder;

● *Unjustifiable Cost:* When the costs of or disadvantages resulting from voting, in TSW's judgment, outweigh the economic benefits of voting;

● *Securities Lending:* If securities are on loan on the record date, the client lending the security is not eligible to vote the proxy. Because TSW generally is not aware of when a security is on loan, we will not likely have the opportunity to recall the security prior to the record date; and

● *Failure to receive proxy statements:* TSW may not be able to vote proxies in connection with certain holdings, most frequently for foreign securities, if it does not receive the account's proxy statement in time to vote the proxy.

Recordkeeping

TSW and/or ISS shall retain the following proxy records in accordance with the SEC's five-year retention requirement:

● These policies and procedures and any amendments;

● Each proxy statement that ISS receives;

● A record of each vote that ISS casts on behalf of TSW;

● Any document ISS created that was material to making a decision regarding how to vote proxies, or that memorializes that decision; and

● A copy of each client request for information on how ISS voted such client's proxies (i.e., Vote Summary Report), and a copy of any response.

Due Diligence and Error Procedures

TSW will periodically perform due diligence on ISS, focusing on the following areas:

● Adequacy of ISS's staffing and personnel;

● Adequacy/robustness of ISS's Policies and Procedures and review of their policies for conflict issues;

● Adequacy of control environment and operational controls of ISS (i.e., SSAE 18)

● Review of any specific conflicts ISS may have with regard to TSW;

● Review of ISS for any business changes that may affect services provided to TSW; and

● Review quarterly reporting package provided by ISS and enhance this package as necessary for any additional information that is needed.

TSW will take the following steps should there ever be an issue/error that occurs with regard to its proxy voting responsibilities:

● Follow up with ISS to determine the cause of and the details surrounding the issue;

● Report back to the affected client immediately with such details and how the issue will be resolved;

● Put additional controls in place if necessary, to prevent such issues from occurring in the future; and

● Report back to the affected client with the final resolution and any remedial steps.

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#### TRILLIUM ASSET MANAGEMENT, LLC

#### PROXY VOTING POLICIES AND PROCEDURES

#### Proxy Voting and Reporting
Trillium's policy is to seek to vote<sup>1</sup> our clients' proxies in accordance with their best interests, both their financial interest and their values. Trillium's clients seek out our services in part because they share our devotion to aligning stakeholders' values and objectives, combining impactful investment solutions with active ownership with the goal to provide positive impact, long-term value, and 'social dividends'. Trillium's Proxy Voting Committee refines the proxy voting guidelines on an annual basis in an effort to be consistent with these goals. While the specific details of the guidelines will change in accordance with current and upcoming issues, Trillium bases the underlying decisions on the considered finding that proxy voting decisions must incorporate financial, environmental, social, governance, and market wide considerations.

Advocacy and Compliance periodically sample proxy voting records in an effort to make sure proxies are voted consistent with client's best interests as conveyed in the proxy voting policy. In instances where the proxy voting guidelines do not address how Trillium should vote on shares held in Trillium strategies, the Proxy Voting Committee will review the item and assess how to vote in the client's best interest. In instances where the proxy voting guidelines do not address how Trillium should vote on shares not held in Trillium strategies, Advocacy will review the item and refer it to the relevant investment manager, the Proxy Voting Committee, or vote per the provider's recommendation in accordance with the client's best interest.

Trillium seeks to identify any conflicts of interests in voting proxies. Any such conflicts will be reviewed by Compliance to determine how to mitigate the conflict. The conflict will be reported to Compliance to determine if the sub-advised Funds need to be notified. If there is a conflict of interest between Trillium and a client or sub-advised Fund in respect to voting a proxy, Trillium will vote directly in line with the proxy voting policy.

Advocacy has primary responsibility for coordinating the voting of client and sub-advised Funds proxies. Trillium engages a third-party provider to assist with the administration of proxy voting. Trillium relies upon a third-party proxy voting service provider to implement Trillium's proxy voting policy and assist with the administrative aspects of voting on behalf of clients. The Proxy Voting Committee annually, and on a periodic basis, periodically reviews the performance of the provider to seek to determine if services are sufficiently accurate, transparent, complete, effective, and otherwise adequate to meet our responsibilities. Further, the Proxy Policy Committee periodically reviews information, policies, and procedures provided by the provider regarding potential and actual conflicts of interest to determine if they create potential or actual conflicts with the services provided to Trillium. This annual review also considers the adequacy and timeliness of the providers policies and procedures.

Trillium does not borrow or lend shares for the primary purpose of voting them.

#### APPENDIX B

#### RATINGS OF DEBT INSTRUMENTS

#### BY NATIONALLY RECOGNIZED STATISTICAL RATING ORGANIZATIONS
**MOODY'S INVESTORS SERVICE, INC. ("MOODY'S")** 

GLOBAL LONG-TERM RATING SCALE

**Aaa:** Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

<sup>1</sup> Trillium may abstain from voting if it deems that abstaining is in its clients' best interests. Advocacy will maintain documentation describing the rationale for any instance in which Trillium does not vote a client's proxy.

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**Aa:** Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

**A:** Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

**Baa:** Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

**Ba:** Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B:** Obligations rated B are considered speculative and are subject to high credit risk.

**Caa:** Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

**Ca:** Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

**C:** Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.\*

Note: For more information on long-term ratings assigned to obligations in default, please see the definition "Long-Term Credit Ratings for Defaulted Debt Instruments or Impaired Preferred Stocks or Hybrid Securities" in the Other Definitions section of this publication.

\* By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security. 

GLOBAL SHORT-TERM RATING SCALE

**P-1:** Ratings of Prime-1 reflect a superior ability to repay short-term obligations.

**P-2:** Ratings of Prime-2 reflect a strong ability to repay short-term obligations.

**P-3:** Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations.

**NP:** Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

**S&P GLOBAL RATINGS ("S&P")** 

ISSUE CREDIT RATINGS

An S&P Global Ratings issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects S&P Global Ratings' view of the obligor's capacity and willingness to meet its financial commitments as they come due, and this opinion may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default. Issue credit ratings can be either long-term or short-term. Short-term issue credit ratings are generally assigned to those obligations considered short-term in the relevant market, typically with an original maturity of no more than 365 days. Short-term issue credit ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with an original maturity of greater than 365 days.

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LONG-TERM ISSUE CREDIT RATINGS\*

**AAA:** An obligation rated 'AAA' has the highest rating assigned by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is extremely strong.

**AA:** An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments on the obligation is very strong.

**A:** An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.

**BBB:** An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor's capacity to meet its financial commitments on the obligation.

**BB; B; CCC; CC; and C:** Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposure to adverse conditions.

**BB:** An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor's inadequate capacity to meet its financial commitments on the obligation.

**B:** An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitments on the obligation.

**CCC:** An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.

**CC:** An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.

**C:** An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.

**D:** An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

\* Ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.

SHORT-TERM ISSUE CREDIT RATINGS

**A-1:** A short-term obligation rated 'A-1' is rated in the highest category by S&P Global Ratings. The obligor's capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitments on these obligations is extremely strong.

**A-2:** A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.

**A-3:** A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor's capacity to meet its financial commitments on the obligation.

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**B:** A short-term obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity to meet its financial commitments.

**C:** A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.

**D:** A short-term obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P Global Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

**FITCH RATINGS. ("FITCH")** 

ISSUER DEFAULT RATINGS

Rated entities in several sectors, including financial and non-financial corporations, sovereigns, insurance companies and some sectors within public finance, are generally assigned Issuer Default Ratings ("IDRs"). IDRs are also assigned to certain entities or enterprises in global infrastructure, project finance and public finance. IDRs opine on an entity's relative vulnerability to default – including by way of a distressed debt exchange ("DDE") – on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

#### AAA: Highest Credit Quality.
'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

#### AA: Very High Credit Quality.
'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

#### A: High Credit Quality.
'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings.

#### BBB: Good Credit Quality.
'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

#### BB: Speculative.
'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

#### B: Highly Speculative.
'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

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#### CCC: Substantial Credit Risk.
Very low margin for safety. Default is a real possibility.

#### CC: Very High Levels of Credit Risk.
Default of some kind appears probable.

#### C: Near Default
A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

● The issuer has entered into a grace or cure period following non-payment of a material financial obligation.

● The formal announcement by the issuer of their agent of a DDE.

● A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payments default is imminent.

#### RD: Restricted Default.
'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

● An uncured payment default or DDE on a bond, loan or other material financial obligation, but

● Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

● Has not otherwise ceased operating.

This would include:

i. The selective payment default on a specific class or currency of debt;

ii. The uncured expiry of any applicable original grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

#### D: Default.
'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a DDE.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

SHORT-TERM RATINGS ASSIGNED TO ISSUERS AND OBLIGATIONS

A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention (a long-term rating can also be used to rate an issue with short maturity). Typically, this means a timeframe of up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public finance markets.

**F1: Highest Short-Term Credit Quality.** Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

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**F2: Good Short-Term Credit Quality.** Good intrinsic capacity for timely payment of financial commitments.

**F3: Fair Short-Term Credit Quality.** The intrinsic capacity for timely payment of financial commitments is adequate.

**B: Speculative Short-Term Credit Quality.** Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

**C: High Short-Term Default Risk.** Default is a real possibility.

**RD: Restricted Default.** Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

**D: Default.** Indicates a broad-based default event for an entity, or the default of a short-term obligation. *Note: Within rating categories, Fitch may use modifiers. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. For example, the rating category 'AA' has three notch-specific rating levels ('AA+'; 'AA'; 'AA-'; each a rating level). Such suffixes are not added to 'AAA' ratings and ratings below the 'CCC' category. For the short-term rating category of 'F1', a '+' may be appended. For Viability Ratings, the modifiers "+" or "-" may be appended to a rating to denote relative status within categories from 'AA' to 'CCC'. For derivative counterparty ratings the modifiers "+" or "-" may be appended to the ratings within 'AA(dcr)' to 'CCC(dcr)' categories.* 

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#### PART C

#### OTHER INFORMATION
Item 28. Exhibits.

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| | |
|:---|:---|
| (a) | [Second Amended and Restated Agreement and Declaration of Trust, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99a.htm) |
| (b) | [Second Amended and Restated Bylaws, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99b.htm) |
| (c) | Instruments Defining Rights of Security Holder. None, other than in the Second Amended and Restated Agreement and Declaration of Trust and the Second Amended and Restated Bylaws of the Registrant. |
| (d) | [(i) Amended and Restated Investment Advisory Agreement between Registrant and JOHCM (USA) Inc, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99di.htm) |
|  | [(ii) Amended and Restated Schedule A to the Amended and Restated Investment Advisory Agreement between Registrant and JOHCM (USA) Inc, dated February 1, 2025, incorporated by reference to Post-Effective Amendment No. 29 filed on January 28, 2025.](http://www.sec.gov/Archives/edgar/data/1830437/000119312525014451/d857030dex99dii.htm) |
|  | [(iii) Amended and Restated Sub-Advisory Agreement between JOHCM (USA) Inc and Thompson, Siegel & Walmsley LLC ("TSW"), dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 20 to the Registrant's Registration Statement on Form N-1A, filed on January 29, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524017659/d740743dex99dii.htm) |
|  | [(iv) Amended and Restated Schedules A and B to the Amended and Restated Sub-Advisory Agreement between JOHCM (USA) Inc and TSW, adding the TSW Core Plus Bond Fund, dated March 28, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/0001830437/000119312524138323/d836017dex9928div.htm) |
|  | [(v) Amended and Restated Sub-Advisory Agreement between JOHCM (USA) Inc and Trillium Asset Management, LLC ("Trillium"), dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99diii.htm) |
|  | [(vi) Sub-Advisory Agreement between JOHCM (USA) Inc and Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley"), dated May 15, 2024, incorporated by reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, filed on October 28, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524245692/d897167dex99dvi.htm) |
| (e) | [(i) Amended and Restated Distribution Agreement between Registrant and Perpetual Americas Funds Distributors, LLC (f/k/a JOHCM Funds Distributors, LLC), dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99e.htm) |
|  | [(ii) Amendment to the Amended and Restated Distribution Agreement between Registrant and Perpetual Americas Funds Distributors, LLC, dated March 28, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928eii.htm) |
| (f) | Bonus or Profit-Sharing Contracts. Not applicable. |
| (g) | [(i) Custody Agreement between Registrant and The Northern Trust Company ("Northern Trust"), dated July 14, 2021, incorporated by reference to the Registrant's Registration Statement on Form N-14, filed on September 24, 2021.](http://www.sec.gov/Archives/edgar/data/0001830437/000119312521282499/d219581dex999a.htm) |
|  | [(ii) Amendment to the Custody Agreement between Registrant and Northern Trust, dated May 26, 2023, incorporated by reference to Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A, filed on August 14, 2023.](http://www.sec.gov/Archives/edgar/data/1830437/000119312523212489/d527406dex99gii.htm) |
|  | [(iii) Amendment to the Custody Agreement between Registrant and Northern Trust, dated March 29, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928giii.htm) |
|  | [(iv) Amendment to the Custody Agreement between Registrant and Northern Trust, dated October 1, 2025, is filed herewith.](d13362dex99giv.htm) |
| (h) | Other Material Contracts. |
|  | [(i) Amended and Restated Transfer Agency and Services Agreement between Registrant and Northern Trust, dated March 29, 2024, incorporated by reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, filed on October 28, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524245692/d897167dex99hi.htm) |
|  | [(ii) Fund Administration and Accounting Services Agreement between Registrant and Northern Trust, dated July 14, 2021, incorporated by reference to the Registrant's Registration Statement on Form N-14, filed on September 24, 2021.](http://www.sec.gov/Archives/edgar/data/0001830437/000119312521282499/d219581dex9913b.htm) |

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| |
|:---|
| [(iii) Amendment to the Fund Administration and Accounting Services Agreement between Registrant and Northern Trust, dated March 29, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928hiv.htm) |
| [(iv) Amendment to the Fund Administration and Accounting Services Agreement between Registrant and Northern Trust, dated September 16, 2025, is filed herewith.](d13362dex99hiv.htm) |
| [(v) Third Amended and Restated Expense Limitation Agreement between Registrant and JOHCM (USA) Inc, dated June 13, 2024, incorporated by reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, filed on October 28, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524245692/d897167dex99hiv.htm) |
| [(vi) Amended and Restated Schedule A to the Third Amended and Restated Expense Limitation Agreement between Registrant and JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services), dated February 1, 2026, is filed herewith.](d13362dex99hvi.htm) |
| [(vii) Second Amended and Restated Supplemental Expense Limitation Agreement between Registrant and JOHCM (USA) Inc, dated February 1, 2025, incorporated by reference to Post-Effective Amendment No. 29, filed on January 28, 2025.](http://www.sec.gov/Archives/edgar/data/1830437/000119312525014451/d857030dex99hvi.htm) |
| [(viii) Fund of Funds Fee Waiver and Expense Limitation Agreement between the Registrant and JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services), dated June 13, 2024, incorporated by reference to Post-Effective Amendment No. 26 to the Registrant's Registration Statement on Form N-1A, filed on October 28, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524245692/d897167dex99hvii.htm) |
| [(ix) Amended and Restated Schedule A to the Fund of Funds Fee Waiver and Expense Limitation Agreement between the Registrant and JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services), dated February 1, 2026, is filed herewith.](d13362dex99hix.htm) |
| [(x) Amended and Restated Shareholder Services, Recordkeeping and Sub-Transfer Agency Services Agreement between Registrant and JOHCM (USA) Inc, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99hvii.htm) |
| [(xi) Amended and Restated Schedule A to the Amended and Restated Institutional Class Shareholder Services, Recordkeeping, and Sub-Transfer Agency Services Agreement between Registrant and JOHCM (USA) Inc, dated March 28, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928hix.htm) |
| [(xii) Amended and Restated Administration and Compliance Services Agreement between Registrant and JOHCM (USA) Inc, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99hviii.htm) |
| [(xiii) Amended and Restated Schedule A to the Amended and Restated Administration and Compliance Services Agreement between Registrant and JOHCM (USA) Inc, dated March 28, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928hxi.htm) |
| (xiv) [Fund of Funds Investment Agreement between Registrant and Fidelity Rutland Square Trust II, dated December 21, 2023, incorporated by reference to Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A, filed on January 28, 2022.](http://www.sec.gov/Archives/edgar/data/1830437/000119312522021085/d181262dex99hxi.htm) |
| [(xv) Amendment to Fund of Funds Investment Agreement between Registrant and Fidelity Rutland Square Trust II, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99hxii.htm) |
| [(xvi) Name Licensing Agreement between Registrant and Perpetual Americas Ltd., dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99hxiii.htm) |
| [(xvii) Amended and Restated Credit Agreement between Registrant and Northern Trust, dated October 25, 2024, is filed herewith.](d13362dex99hxvii.htm) |

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| | |
|:---|:---|
| (i) | [(i) Legal Opinion and consent of Ropes & Gray LLP as to JOHCM Emerging Markets Opportunities Fund, JOHCM Global Select Fund, JOHCM International Select Fund, JOHCM International Small Cap Equity Fund, JOHCM Emerging Markets Small Mid Cap Equity Fund, JOHCM International Opportunities Fund, JOHCM Global Income Builder Fund, and JOHCM Credit Income Fund, dated January 26, 2021, incorporated by reference to Pre-Effective Amendment No. 1 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2021.](http://www.sec.gov/Archives/edgar/data/1830437/000119312521017756/d914485dex9928i.htm) |
|  | [(ii) Legal Opinion and consent of Ropes & Gray LLP as to TSW Emerging Markets Fund, TSW High Yield Bond Fund, and TSW Large Cap Value Fund, dated October 22, 2021, incorporated by reference to Post-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-1A, filed on October 22, 2021.](http://www.sec.gov/Archives/edgar/data/1830437/000119312521305666/d242144dex99iiii.htm) |
|  | [(iii) Legal Opinion and consent of Ropes & Gray LLP as to Regnan Sustainable Water and Waste Fund, dated February 27, 2023, incorporated by reference to Post-Effective Amendment No. 13 to the Registrant's Registration Statement on Form N-1A, filed on February 27, 2023.](http://www.sec.gov/Archives/edgar/data/1830437/000119312523051495/d427272dex99iiv.htm) |
|  | [(iv) Legal Opinion and consent of Ropes & Gray LLP as to Trillium ESG Global Equity Fund and Trillium ESG Small/Mid Cap Fund, dated August 14, 2023, incorporated by reference to Post-Effective Amendment No. 15 to the Registrant's Registration Statement on Form N-1A, filed on August 14, 2023.](http://www.sec.gov/Archives/edgar/data/1830437/000119312523212489/d527406dex99iv.htm) |
|  | [(v) Legal Opinion and consent of Ropes & Gray LLP as to TSW Core Plus Bond Fund, dated May 14, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928ivi.htm) |
|  | [(vi) Legal Opinion and consent of Ropes & Gray LLP as to Barrow Hanley Concentrated Emerging Markets ESG Fund, Barrow Hanley Total Return Bond Fund, Barrow Hanley Credit Opportunities Fund, Barrow Hanley Floating Rate Fund, Barrow Hanley US Value Opportunities Fund, Barrow Hanley Emerging Markets Value Fund, and Barrow Hanley International Value Fund, dated May 15, 2024, incorporated by reference to Post-Effective Amendment No. 25 to the Registrant's Registration Statement on Form N-1A, filed on May 15, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524139228/d825585dex99ivi.htm) |
| (j) | Other Opinions. |
|  | [(i) Consent of PricewaterhouseCoopers LLP.](d13362dex99ji.htm) |
| (k) | Omitted Financial Statements. Not applicable. |
| (l) | Initial Capital Agreements. Not applicable. |
| (m) | [(i) Amended and Restated Distribution and Servicing Plan Pursuant to Rule 12b-1, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001830437/000119312524139228/d825585d485bpos.htm) |
|  | [(ii) Amended and Restated Schedule A to the Amended and Restated Distribution and Servicing Plan Pursuant to Rule 12b-1, dated March 28, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928mii.htm) |
| (n) | [(i) Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated February 1, 2024, incorporated by reference to Post-Effective Amendment No. 19 to the Registrant's Registration Statement on Form N-1A, filed on January 26, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524016979/d550035dex99n.htm) |
|  | [(ii) Amended and Restated Schedule A to the Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated March 28, 2024, incorporated by reference to Post-Effective Amendment No. 24 to the Registrant's Registration Statement on Form N-1A, filed on May 14, 2024.](http://www.sec.gov/Archives/edgar/data/1830437/000119312524138323/d836017dex9928nii.htm) |
| (o) | Powers of Attorney. |
|  | [(i) Power of Attorney for Barbara A. McCann, Kevin J. McKenna, Beth K. Werths, and Joseph P. Gennaco dated December 12, 2025, is filed herewith.](d13362dex99oi.htm) |

---

------

---

| | |
|:---|:---|
|  | [(ii) Power of Attorney for Christopher Golden, dated December 12, 2025, is filed herewith.](d13362dex99oii.htm) |
|  | [(iii) Power of Attorney for John Stanziani, dated December 12, 2025, is filed herewith.](d13362dex99oiii.htm) |
|  | [(iv) Power of Attorney for Andrew Jolin, dated December 12, 2025, is filed herewith.](d13362dex99oiv.htm) |
| (p) | Code of Ethics. |
|  | [(i) Code of Ethics of the Registrant, incorporated by reference to Post-Effective Amendment No. 6 to the Registrant's Registration Statement on Form N-1A, filed on January 28, 2022.](http://www.sec.gov/Archives/edgar/data/1830437/000119312522021085/d181262dex99pi.htm) |
|  | [(ii) Code of Ethics of JOHCM (USA) Inc, is filed herewith.](d13362dex99pii.htm) |

---

------

---

| |
|:---|
| [(iii) Code of Ethics of TSW, is filed herewith.](d13362dex99piii.htm) |
| [(iv) Code of Ethics of Trillium, is filed herewith.](d13362dex99piv.htm) |
| [(v) Code of Ethics of Barrow Hanley, is filed herewith.](d13362dex99pv.htm) |

---

Item 29. Control Persons. Not applicable.

Item 30. Indemnification.

Reference is made to Article VIII, sections 1 through 3, of the Registrant's Second Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust"), which is incorporated by reference herein. In addition, the Registrant maintains a trustees and officers liability insurance policy under which the Registrant and its trustees and officers are named insureds. Certain service providers to the Registrant also have contractually agreed to indemnify and hold harmless the trustees against liability arising in connection with the service provider's performance of services under the relevant agreement.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933, as amended, and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933, as amended, and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Adviser.

JOHCM (USA) Inc, 1 Congress Street, Suite 3101, Boston, Massachusetts 02114, is registered as an investment adviser and is a wholly owned subsidiary of Perpetual Ltd. Additional information about JOHCM (USA) Inc and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and the adviser's Form ADV, file number 801-78083.

Barrow, Hanley, Mewhinney & Strauss, LLC, 2200 Ross Avenue, 31st Floor Dallas, TX 75201, is registered as an investment adviser and is a wholly owned subsidiary of Perpetual Ltd. Additional information about Barrow, Hanley, Mewhinney & Strauss, LLC and its officers and directors is incorporated by reference to the Statement of Additional Information filed herewith, and the Barrow Hanley Form ADV, file number 801-31237.

Thompson, Siegel & Walmsley LLC, 6641 W. Broad Street, Suite 600, Richmond, Virginia 23230, is registered as an investment adviser and is a wholly owned subsidiary of Perpetual Ltd. Additional information about Thompson, Siegel & Walmsley LLC and its officers and directors is incorporated by reference to the Statement of Additional Information filed herewith, and the TSW Form ADV, file number 801-6273.

Trillium Asset Management, LLC, 1 Congress Street, Suite 3101, Boston, Massachusetts 02114, is registered as an investment adviser and is a wholly owned subsidiary of Perpetual Ltd. Additional information about Trillium Asset Management, LLC and its officers and directors is incorporated by reference to the Statement of Additional Information filed herewith, and the Trillium Form ADV, file number 801-17958.

Except as set forth below, the directors and officers of the advisers, have been engaged during the last two fiscal years in no business, profession, vocation or employment of a substantial nature other than as directors or officers of JOHCM (USA) Inc, Barrow, Hanley, Mewhinney & Strauss, LLC, Thompson, Siegel & Walmsley LLC, Trillium Asset Management, LLC or certain of JOHCM (USA) Inc's corporate affiliates. The business and other connections of the officers and directors of the advisers are listed in Schedules A and D of their Forms ADV as currently on file with the SEC, the text of which Schedules are hereby incorporated herein by reference.

------

---

| | |
|:---|:---|
| Name and Title | Non-JOHCM (USA) Inc business, profession, vocation, or<br> employment |
| N/A |  |
| Name and Title | Non- Barrow, Hanley, Mewhinney & Strauss, LLC business, profession,<br> vocation, or employment |
| N/A |  |
| Name and Title | Non- Thompson, Siegel & Walmsley LLC business, profession, vocation, or<br> employment |
| N/A |  |
| Name and Title | Non-Trillium Asset Management, LLC business, profession, vocation,<br> or employment |
| N/A |  |

---

Item 32. Principal Underwriter

(a) Not applicable.

(b) The following are the Officers and Manager of Perpetual Americas Funds Distributors, LLC(the "Distributor"). The Distributor's main business address is 190 Middle Street, Suite 301, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President |  |
| Gordon B. Taylor | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Vice President and Chief<br> Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301,<br> Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

(c) Not applicable.

Item 33. Location of Accounts and Records.

Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder will be maintained by the Registrant at 1 Congress Street, Suite 3101, Boston, Massachusetts 02114, and/or by the Registrant's administrator, transfer agent, fund accounting agent and custodian, The Northern Trust Company, 50 LaSalle St., Chicago, IL 60603; the Registrant's investment subadvisers, Thompson, Siegel & Walmsley LLC, 6641 W. Broad Street, Suite 600 Richmond, Virginia 23230, Trillium Asset Management, LLC, 1 Congress Street, Suite 3101, Boston, Massachusetts 02114,

------

and Barrow, Hanley, Mewhinney & Strauss, LLC, 2200 Ross Avenue, 31st Floor, Dallas, TX 75201; the Registrant's compliance and financial control services service provider, Foreside Fund Officer Services, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101; the Registrant's distributor, Perpetual Americas Funds Distributors, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101; the Registrant's investment adviser, JOHCM (USA) Inc, 1 Congress Street, Suite 3101, Boston, Massachusetts 02114, and J O Hambro Capital Management Limited, Ryder Court, Ground Floor, 14 Ryder Street, London SW1Y 6QB, United Kingdom for certain records.

Item 34. Management Services. Not applicable.

Item 35. Undertakings. None.

------

#### NOTICE
A copy of the Second Amended and Restated Agreement and Declaration of Trust of Perpetual Americas Funds Trust, together with all amendments thereto, is on file with the Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trust by an officer or Trustee of the Trust in his or her capacity as an officer or Trustee of the Trust and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or officers of the Trust or shareholders of any series of the Trust individually but are binding only upon the assets and property of the Trust or the respective series.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act,") and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Post-Effective Amendment No. 30 to its Registration Statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, Commonwealth of Massachusetts on the 28<sup>th</sup> day of January, 2026.

---

| | |
|:---|:---|
| Perpetual Americas Funds Trust | Perpetual Americas Funds Trust |
| By: | */s/ Christopher Golden* |
| Name: | Christopher Golden |
| Title: | President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Christopher Golden*<br> Christopher Golden | President and Chief Executive Officer | January 28, 2026 |
| John Stanziani<br> John Stanziani\* | Treasurer, Chief Financial Officer, and Principal <br>Accounting Officer | January 28, 2026 |
| Joseph P. Gennaco<br> Joseph P. Gennaco\* | Trustee | January 28, 2026 |
| Barbara A. McCann<br> Barbara A. McCann\* | Trustee | January 28, 2026 |
| Kevin J. McKenna<br> Kevin J. McKenna\* | Trustee | January 28, 2026 |
| Beth K. Werths<br> Beth K. Werths\* | Trustee | January 28, 2026 |

---

---

| | |
|:---|:---|
| \*By: | */s/ Christopher Golden* |
| Christopher Golden, as Attorney-in-Fact | Christopher Golden, as Attorney-in-Fact |
| Date: January 28, 2026 | Date: January 28, 2026 |

---

------

#### Exhibit Index

---

| | | |
|:---|:---|:---|
|  Exhibit | (g)(iv) | [Amendment to the Custody Agreement between Registrant and Northern Trust](d13362dex99giv.htm) |
|  | (h)(iv) | [Amendment to the Fund Administration and Accounting Services Agreement between Registrant and Northern Trust](d13362dex99hiv.htm) |
|  | (h)(vi) | [Amended and Restated Schedule A to the Third Amended and Restated Expense Limitation Agreement between Registrant and JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services)](d13362dex99hvi.htm) |
|  | (h)(ix) | [Amended and Restated Schedule A to the Fund of Funds Fee Waiver and Expense Limitation Agreement between the Registrant and JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services)](d13362dex99hix.htm) |
|  | (h)(xvii) | [Amended and Restated Credit Agreement between Registrant and Northern Trust](d13362dex99hxvii.htm) |
|  | (j)(i) | [Consent of PricewaterhouseCoopers LLP.](d13362dex99ji.htm) |
|  | (o)(i) | [Power of Attorney for Barbara A. McCann, Kevin J. McKenna, Beth K. Werths, and Joseph P. Gennaco](d13362dex99oi.htm) |
|  | (o)(ii) | [Power of Attorney for Christopher Golden](d13362dex99oii.htm) |
|  | (o)(iii) | [Power of Attorney for John Stanziani](d13362dex99oiii.htm) |
|  | (o)(iv) | [Power of Attorney for Andrew Jolin](d13362dex99oiv.htm) |
|  | (p)(ii) | [Code of Ethics of JOHCM (USA) Inc](d13362dex99pii.htm) |
|  | (p)(iii) | [Code of Ethics of TSW](d13362dex99piii.htm) |
|  | (p)(iv) | [Code of Ethics of Trillium](d13362dex99piv.htm) |
|  | (p)(v) | [Code of Ethics of Barrow Hanley](d13362dex99pv.htm) |

---

## Ex-99.(G)(Iv)

Exhibit (g)(iv)

October 1, 2025

Perpetual Americas Funds Trust

One Congress Street

31<sup>st</sup> Floor

Boston, MA 02114

Re: Class Action Service

Dear Christopher,

This letter agreement (the "**Letter Agreement**") sets forth the terms and conditions under which The Northern Trust Company ("**Northern**") will provide class action services (the "**Services**") to Perpetual Americas Funds Trust (f/k/a JOHCM Funds Trust) ("**Client**"), and the Client's acceptance of such Services and related terms. This Letter Agreement is entered into pursuant to, and supplements, the Custody Agreement, dated as of July 16, 2021 (as amended, restated or otherwise modified from time to time, the "**Agreement**") between the Client and Northern. Except as expressly modified herein, all terms and conditions of the Agreement shall remain in full force and effect and shall apply to the Services described below.

In the event that Northern receives notice of a settled securities class action litigation, Northern will use reasonable endeavors to identify whether Northern held the relevant securities on behalf of the Client at the relevant time specified in the class action. In the event that the Client was an affected owner of the relevant securities, Northern will notify the Client accordingly, file the proof of a claim and the required documentation directly with the third party administrator appointed to process settlement claims and/or distribute settlement proceeds (the "**Claims Administrator**") and collect and receive payment from the Claims Administrator in relation to that class action unless otherwise directed by the Client. The Client acknowledges and agrees that Northern does not select and has no control over such Claims Administrators and Northern Trust shall have no liability for the actions or omissions of Claims Administrators.

In addition, Northern shall provide information to the Client of any class action litigation opportunities of which it is notified in respect of which the Client would be entitled to participate. Where the Client wishes to participate in such litigation, the Client agrees to appoint Northern to provide an active class action administration service as more particularly described below (the "**Active Class Action Service**"). In the performance of the Active Class Action Service, the Client and Northern agree as follows:

i. Northern will use its reasonable endeavors to determine whether it held the securities to which the class action
relates on behalf of the Client at the relevant time specified in the class action;

ii. Northern will determine whether the Client's potential recovery under the relevant class action exceeds such
materiality loss threshold as the Client and Northern shall agree from time to time;

iii. Northern will, without unreasonable delay, make available to the Client information in relation to the relevant class
action; and

------

iv. under no circumstances will Northern, nor any of its affiliates, foreign custodians or nominees, be named as a
participant to the relevant class action, it being understood that the Client as beneficial owner will participate in all class actions in its name and the appointment of any law firm, litigation funder or related party will be made by the Client
and not by Northern.

Upon direction from the Client, Northern will liaise directly with the appointed law firm, litigation funders or related party during the course of the litigation process and submit to such law firm such documents as are reasonably requested. Northern shall collect and receive payment from the law firm in the relevant class action of any amounts payable to the Client. In the absence of any direction related to such class action, Northern will take no action.

The Client acknowledges that Northern will use the Client's transaction data and portfolio holdings records for the provision of the Active Class Action Service and such information may be shared with external law firms and litigation funders for the purposes of performing a preliminary loss analysis.

Northern may utilize Broadridge Financial Solutions, Inc. or another firm of recognized standing as its delegate to provide the Services. The Client acknowledges that the Services are only available in certain jurisdictions and Northern will make available to the Client upon request details of those markets in which this service is available.

In the event that the Client no longer wishes to receive the Services (including the Active Class Action Service), the Client shall provide Northern with at least ten (10) Business Days' prior notice in writing.

Attached to this Letter Agreement as Schedule C is a comprehensive fee schedule applicable to the Client and includes fees related to the Services (the "**Fee Schedule**"). The prior fee schedule which was attached to the Agreement as Schedule C is hereby amended and superseded by the Fee Schedule attached hereto, and shall be deemed to amend the Agreement accordingly. Please confirm your acceptance of this Letter Agreement and agreement with the provision of the Services as described in this Letter Agreement and the fees set forth in the Fee Schedule, by signing, dating and returning a signed copy of this Letter Agreement to us.

---

| |
|:---|
| **THE NORTHERN TRUST COMPANY** |
| By: <u>/s/ Scott Denning</u> |

---

---

| | |
|:---|:---|
|  Name: | Scott Denning |
|  Title: | Senior Vice President |

---

Terms of the Letter Agreement agreed to by:

**PERPETUAL AMERICAS FUNDS TRUST** 

---

| |
|:---|
|  By: <u>/s/ Christopher Golden</u> |
|  Name: Christopher Golden<br> Title: Vice President |

---

------

**SCHEDULE C** 

**FEE SCHEDULE**

## Ex-99.(H)(Iv)

Exhibit (h)(iv)

**AMENDMENT TO THE FUND ADMINISTRATION AND** 

**ACCOUNTING SERVICES AGREEMENT** 

**THIS AMENDMENT** to the Fund Administration and Accounting Services Agreement is entered into as of September 16, 2025 (this "<u>Amendment</u>") by and between **PERPETUAL AMERICAS FUNDS TRUST**, a business trust organized under the laws of the Commonwealth of Massachusetts (the "<u>Trust</u>"), having its principal office and place of business at 53 State Street, Boston, MA, 02109, on behalf of each series of the Trust listed on Schedule D to the Agreement (as defined below) (each, a "<u>Fund</u>" and, collectively, the "<u>Funds</u>"), separately and not jointly, and **THE NORTHERN TRUST COMPANY** (the "<u>Custodian</u>"), an Illinois company with its principal place of business at 50 South LaSalle Street, Chicago, Illinois 60603.

**WHEREAS**, Northern provides certain services to the Trust (f/k/a JOHCM Funds Trust) pursuant to the Fund Administration and Accounting Services Agreement, dated as of July 16, 2021 (as amended, restated or otherwise modified from time to time prior to the date hereof, the "<u>Agreement"</u>); and

**WHEREAS**, in addition to the provisions contained in the Agreement, effective as of the date hereof, the Company and Northern wish to make certain amendments to the Agreement.

**NOW THEREFORE**, in consideration of the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**1. DEFINITIONS; INTERPRETATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings to the clauses of this Amendment shall not affect its interpretation.

**2. AMENDMENTS.** 

Effective as of the Effective Date, Schedule A (Fee Schedule) of the Agreement shall be replaced in its entirety by the amended Schedule A (Fee Schedule), attached hereto.

**3. GOVERNING LAW.** This Amendment shall be construed and the substantive provisions hereof interpreted under and in accordance with the laws of the State of Illinois.

**4. MISCELLANEOUS.** This Amendment may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together shall constitute one single agreement between the parties. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail or by means of DocuSign<sup>®</sup> or other electronic signature, shall be treated in all manner and respects as an original executed counterpart. Each DocuSign<sup>®</sup> or other electronic, faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature and the parties hereby waive any objection to the contrary. Except as provided herein, this Amendment may not be amended or otherwise modified except in writing signed by all the parties hereto.

**5. EFFECT OF AMENDMENT.** All other terms and conditions set forth in the Agreement shall remain unchanged and in full force and effect. On and after the date hereof, each reference to the Agreement in the Agreement and all schedules thereto shall mean and be a reference to the Agreement as amended by this Amendment.

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year written above.

---

| |
|:---|
|  PERPETUAL AMERICAS FUNDS TRUST |
|  By: <u>/s/ Christopher Golden</u> |
|  Name: Christopher Golden<br> Title: President |
|  THE NORTHERN TRUST COMPANY |
|  By: <u>/s/ Scott Denning</u> |
|  Name: Scott Denning<br> Title: Senior Vice President |

---

------

**SCHEDULE A** 

**FEE SCHEDULE**

## Ex-99.(H)(Vi)

Exhibit (h)(vi)

**SCHEDULE A** 

**to the** 

**EXPENSE LIMITATION AGREEMENT** 

**Revised as of February 1, 2026** 

**<u>MAXIMUM OPERATING EXPENSE LIMITS</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Fund Name</u> | <u>Class of Shares</u> | <u>Maximum</u> <br> <u>Operating</u> <br> <u>Expense Limit<sup>1</sup></u>  | <u>Expiration Date of</u><br> <u>Limit<sup>2</sup></u> |
| &nbsp;&nbsp; Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Institutional Shares | 104bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Advisor Shares | 114bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Investor Shares | 129bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Class Z Shares | 104bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Emerging Markets Value Fund | Institutional Shares | 98bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Emerging Markets Value Fund | Advisor Shares | 108bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Emerging Markets Value Fund | Investor Shares | 123bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Emerging Markets Value Fund | Class Z Shares | 98bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Floating Rate Fund | Institutional Shares | 59bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Floating Rate Fund | Advisor Shares | 69bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Floating Rate Fund | Investor Shares | 84bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Floating Rate Fund | Class Z Shares | 59bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley International Value Fund | Institutional Shares | 85bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley International Value Fund | Advisor Shares | 95bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley International Value Fund | Investor Shares | 110bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley International Value Fund | Class Z Shares | 85bps | February 1, 2027 |

---

<sup>1</sup> Expressed as a percentage of a Fund's average daily net assets.

<sup>2</sup> The expense cap shall continue in effect thereafter for additional one year periods so long as such continuation is approved at least annually by JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services) and the Board of Trustees of the Trust.

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Fund Name</u> | <u>Class of Shares</u> | <u>Maximum</u> <br> <u>Operating</u> <br> <u>Expense Limit<sup>1</sup></u>  | <u>Expiration Date of</u><br> <u>Limit<sup>2</sup></u> |
| &nbsp;&nbsp; Barrow Hanley Total Return Bond Fund | Institutional Shares | 35bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Total Return Bond Fund | Advisor Shares | 45bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Total Return Bond Fund | Investor Shares | 60bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley Total Return Bond Fund | Class Z Shares | 35bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley US Value Opportunities Fund | Institutional Shares | 70bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley US Value Opportunities Fund | Advisor Shares | 80bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley US Value Opportunities Fund | Investor Shares | 95bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley US Value Opportunities Fund | Class Z Shares | 70bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Opportunities Fund | Institutional Shares | 104bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Opportunities Fund | Advisor Shares | 114bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Opportunities Fund | Investor Shares | 129bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Opportunities Fund | Class Z Shares | 104bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Discovery Fund | Institutional Shares | 124bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Discovery Fund | Advisor Shares | 134bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Discovery Fund | Investor Shares | 149bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM Emerging Markets Discovery Fund | Class Z Shares | 124bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM International Opportunities Fund | Institutional Shares | 88bps | February 1, 2028<sup>3</sup> |
| &nbsp;&nbsp; JOHCM International Opportunities Fund | Advisor Shares | 98bps | February 1, 2028<sup>3</sup> |
| &nbsp;&nbsp; JOHCM International Opportunities Fund | Investor Shares | 113bps | February 1, 2028<sup>3</sup> |
| &nbsp;&nbsp; JOHCM International Opportunities Fund | Class Z Shares | 88bps | February 1, 2028<sup>3</sup> |
| &nbsp;&nbsp; JOHCM International Select Fund | Institutional Shares | 95bps | February 1, 2027 |
| &nbsp;&nbsp; JOHCM International Select Fund | Investor Shares | 118bps | February 1, 2027 |

---

<sup>3</sup> Recoupable Fees/Expenses will continue to accrue but will not be paid to the Adviser prior to the earlier of February 1, 2028 and the termination date of the Amended and Restated Supplemental Expense Limitation Agreement dated as of February 1, 2025.

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Fund Name</u> | <u>Class of Shares</u> | <u>Maximum</u> <br> <u>Operating</u> <br> <u>Expense Limit<sup>1</sup></u>  | <u>Expiration Date of</u><br> <u>Limit<sup>2</sup></u> |
|  | Class Z Shares | 95bps | February 1, 2027 |
| &nbsp;&nbsp; Regnan Sustainable Water and Waste Fund | Institutional Shares | 89bps | February 1, 2027 |
| &nbsp;&nbsp; Regnan Sustainable Water and Waste Fund | Advisor Shares | 99bps | February 1, 2027 |
| &nbsp;&nbsp; Regnan Sustainable Water and Waste Fund | Investor Shares | 114bps | February 1, 2027 |
| &nbsp;&nbsp; Regnan Sustainable Water and Waste Fund | Class Z Shares | 89bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Core Plus Bond Fund | Institutional Shares | 50bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Core Plus Bond Fund | Advisor Shares | 60bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Core Plus Bond Fund | Investor Shares | 75bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Core Plus Bond Fund | Class Z Shares | 50bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Emerging Markets Fund | Institutional Shares | 99bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Emerging Markets Fund | Advisor Shares | 109bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Emerging Markets Fund | Investor Shares | 124bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Emerging Markets Fund | Class Z Shares | 99bps | February 1, 2027 |
| &nbsp;&nbsp; TSW High Yield Bond Fund | Institutional Shares | 65bps | February 1, 2027 |
| &nbsp;&nbsp; TSW High Yield Bond Fund | Advisor Shares | 75bps | February 1, 2027 |
| &nbsp;&nbsp; TSW High Yield Bond Fund | Investor Shares | 90bps | February 1, 2027 |
| &nbsp;&nbsp; TSW High Yield Bond Fund | Class Z Shares | 65bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Large Cap Value Fund | Institutional Shares | 73bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Large Cap Value Fund | Advisor Shares | 83bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Large Cap Value Fund | Investor Shares | 98bps | February 1, 2027 |
| &nbsp;&nbsp; TSW Large Cap Value Fund | Class Z Shares | 73bps | February 1, 2027 |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Institutional Shares | 99bps | February 1, 2027 |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Advisor Shares | 109bps | February 1, 2027 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Fund Name</u> | <u>Class of Shares</u> | <u>Maximum</u> <br> <u>Operating</u> <br> <u>Expense Limit<sup>1</sup></u>  | <u>Expiration Date of</u><br> <u>Limit<sup>2</sup></u> |
|  | Investor Shares | 124bps | February 1, 2027 |
|  | Class Z Shares | 99bps | February 1, 2027 |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Institutional Shares | 97bps | February 1, 2027 |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Advisor Shares | 107bps | February 1, 2027 |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Investor Shares | 122bps | February 1, 2027 |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Class Z Shares | 97bps | February 1, 2027 |

---

<u>Schedule A</u> to the <u>Third Amended and Restated Expense Limitation Agreement</u> is hereby Agreed and Acknowledged as of the date first above written:

**PERPETUAL AMERICAS FUNDS TRUST**, on behalf of itself and each of its series as set forth on <u>Schedule A</u>

---

| | |
|:---|:---|
|  By: | <u>/s/ David Lebisky</u> |

---

Name: David Lebisky <br> Title: Chief Compliance Officer

**JOHCM (USA) INC (d/b/a PERPETUAL AMERICAS FUNDS SERVICES)**

---

| | |
|:---|:---|
|  By: | <u>/s/ Christopher Golden</u> |

---

Name: Christopher Golden

Title: US General Counsel and Managing Director US Fund Platform

*[Signature Page to <u>Schedule A</u> of the Third Amended and Restated Expense Limitation Agreement]*

## Ex-99.(H)(Ix)

Exhibit (h)(ix)

**SCHEDULE A** 

**to the** 

**FEE WAIVER AND EXPENSE LIMITATION AGREEMENT** 

**For** 

**Certain Series Listed on Schedule A with Fund-of-Funds Exposure** 

**Revised as of February 1, 2026** 

**<u>MAXIMUM OPERATING EXPENSE LIMITS</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Fund Name</u> | <u>Class of Shares</u> | <u>Maximum</u><br> <u>Operating</u><br> <u>Expense Limit<sup>1</sup></u> | <u>Expiration Date of</u><br> <u>Expense Limit<sup>2</sup></u> |
| &nbsp;&nbsp; Barrow Hanley<br> Credit<br> Opportunities<br> Fund | Institutional Shares | 77bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley<br> Credit<br> Opportunities<br> Fund | Advisor Shares | 87bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley<br> Credit<br> Opportunities<br> Fund | Investor Shares | 102bps | February 1, 2027 |
| &nbsp;&nbsp; Barrow Hanley<br> Credit<br> Opportunities<br> Fund | Class Z Shares | 77bps | February 1, 2027 |

---

<u>Schedule A</u> to the <u>Fee Waiver and Expense Limitation Agreement</u> is hereby Agreed and Acknowledged as of the date first above written:

---

| | |
|:---|:---|
| **PERPETUAL AMERICAS FUNDS TRUST**, on behalf of itself and each of its series as set forth on <u>Schedule A</u> | **PERPETUAL AMERICAS FUNDS TRUST**, on behalf of itself and each of its series as set forth on <u>Schedule A</u> |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ David Lebisky |

---

Name: David Lebisky <br> Title: Chief Compliance Officer

---

| | |
|:---|:---|
| **JOHCM (USA) INC (d/b/a PERPETUAL AMERICAS FUNDS SERVICES)** | **JOHCM (USA) INC (d/b/a PERPETUAL AMERICAS FUNDS SERVICES)** |
| By: | /s/ Christopher Golden |

---

Name: Christopher Golden <br> Title: US General Counsel and Managing Director US Fund Platform

*[Signature Page to <u>Schedule A</u> of the Fee Waiver and Expense Limitation Agreement]* 

<sup>1</sup> Expressed as a percentage of a Fund's average daily net assets.

<sup>2</sup> The Expense Limit shall continue in effect thereafter for additional one year periods so long as such continuation is approved at least annually by JOHCM (USA) Inc (d/b/a Perpetual Americas Funds Services) and the Board of Trustees of the Trust.

## Ex-99.(H)(Xvii)

Exhibit (h)(xvii)

**AMENDED AND RESTATED CREDIT AGREEMENT** 

Dated as of October 25, 2024

among

**PERPETUAL AMERICAS FUNDS TRUST**,

a Massachusetts business trust, for itself and on behalf of each of the Funds from time to time party hereto

and

**THE NORTHERN TRUST COMPANY** 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
| **ARTICLE I** | **ARTICLE I** | **ARTICLE I** |
| **DEFINITIONS AND ACCOUNTING TERMS** | **DEFINITIONS AND ACCOUNTING TERMS** | **DEFINITIONS AND ACCOUNTING TERMS** |
| **1.01** | **Defined Terms** | 1 |
| **1.02** | **Other Interpretive Provisions** | 16 |
| **1.03** | **Times of Day** | 17 |
| **ARTICLE II** | **ARTICLE II** | **ARTICLE II** |
| **REVOLVING LOANS** | **REVOLVING LOANS** | **REVOLVING LOANS** |
| **2.01** | **Committed Loans** | 17 |
| **2.02** | **Uncommitted Facility** | 17 |
| **2.03** | **Borrowing of Loans** | 17 |
| **2.04** | **Voluntary Prepayments** | 18 |
| **2.05** | **Mandatory Prepayments; Reallocations** | 18 |
| **2.06** | **Repayment of Individual Loans** | 19 |
| **2.07** | **Interest; Fees** | 19 |
| **2.08** | **Commitment Fee** | 20 |
| **2.09** | **Computation of Interest and Fees** | 20 |
| **2.10** | **Evidence of Debt** | 21 |
| **2.11** | **Payments Generally** | 21 |
| **2.12** | **Additional Funds** | 21 |
| **ARTICLE III** | **ARTICLE III** | **ARTICLE III** |
| **TAXES, YIELD PROTECTION AND ILLEGALITY** | **TAXES, YIELD PROTECTION AND ILLEGALITY** | **TAXES, YIELD PROTECTION AND ILLEGALITY** |
| **3.01** | **Taxes** | 22 |
| **3.02** | **Increased Costs; Reserves** | 24 |
| **3.03** | **Mitigation Obligations** | 25 |
| **3.04** | **Survival** | 25 |
| **ARTICLE IV** | **ARTICLE IV** | **ARTICLE IV** |
| **CONDITIONS PRECEDENT TO THE LOAN** | **CONDITIONS PRECEDENT TO THE LOAN** | **CONDITIONS PRECEDENT TO THE LOAN** |
| **4.01** | **Conditions of the Initial Loan** | 25 |
| **4.02** | **Conditions of Each Loan** | 26 |
| **ARTICLE V** | **ARTICLE V** | **ARTICLE V** |
| **REPRESENTATIONS AND WARRANTIES** | **REPRESENTATIONS AND WARRANTIES** | **REPRESENTATIONS AND WARRANTIES** |
| **5.01** | **Existence, Qualification and Power; Compliance with Laws** | 27 |
| **5.02** | **Authorization; No Contravention** | 27 |
| **5.03** | **Binding Effect** | 27 |
| **5.04** | **Disclosure; No Material Adverse Change** | 28 |
| **5.05** | **Litigation** | 28 |
| **5.06** | **No Default** | 28 |
| **5.07** | **Compliance with Laws** | 28 |
| **5.08** | **Taxes** | 28 |
| **5.09** | **Ownership of Property; Custodial Assets** | 29 |

---

i

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
| **5.10** | **Governmental Authorization; Other Consents** | 29 |
| **5.11** | **Employee Benefit Plans** | 29 |
| **5.12** | **Employees** | 29 |
| **5.13** | **Margin Regulations; Investment Company Act**. | 29 |
| **5.14** | **Solvency** | 30 |
| **5.15** | **Priority** | 30 |
| **5.16** | **Anti-Money Laundering and Anti-Terrorism Finance Laws** | 30 |
| **5.17** | **Anti-Corruption Laws** | 30 |
| **5.18** | **Sanctions Laws** | 30 |
| **5.19** | **Material Agreements** | 30 |
| **ARTICLE VI** | **ARTICLE VI** | **ARTICLE VI** |
| **AFFIRMATIVE COVENANTS** | **AFFIRMATIVE COVENANTS** | **AFFIRMATIVE COVENANTS** |
| **6.01** | **Investment Company; Maintenance of Business** | 31 |
| **6.02** | **Financial Statements; Other Information** | 31 |
| **6.03** | **Notices** | 32 |
| **6.04** | **Payment of Obligations** | 33 |
| **6.05** | **Preservation of Existence, Etc** | 33 |
| **6.06** | **Compliance with Laws and Material Contracts** | 33 |
| **6.07** | **Books and Records** | 33 |
| **6.08** | **Use of Proceeds** | 33 |
| **6.09** | **Visitation Rights** | 33 |
| **6.10** | **Further Assurances** | 34 |
| **6.11** | **Plan Assets** | 34 |
| **6.12** | **Custody of Assets** | 34 |
| **ARTICLE VII** | **ARTICLE VII** | **ARTICLE VII** |
| **NEGATIVE COVENANTS** | **NEGATIVE COVENANTS** | **NEGATIVE COVENANTS** |
| **7.01** | **Liens** | 34 |
| **7.02** | **Indebtedness** | 34 |
| **7.03** | **Fundamental Changes** | 35 |
| **7.04** | **Dispositions** | 35 |
| **7.05** | **Restricted Payments** | 35 |
| **7.06** | **Change in Nature of Business** | 35 |
| **7.07** | **Transactions with Affiliates** | 35 |
| **7.08** | **Margin Requirements** | 35 |
| **7.09** | **No Subsidiaries** | 35 |
| **7.10** | **ERISA** | 36 |
| **7.11** | **Investments** | 36 |
| **7.12** | **Negative Pledges** | 36 |
| **7.13** | **Anti-Money Laundering and Anti-Terrorism Finance Laws; Foreign Corrupt Practices Act; Sanctions Laws; Restricted Person** | 36 |
| **7.14** | **Financial Covenants** | 36 |
| **7.15** | **NAV** | 37 |

---

ii

------

**TABLE OF CONTENTS** 

(continued)

---

| | | |
|:---|:---|:---|
| **7.16** | **No Amendment of Investment Policies and Restrictions or Constituent Documents** | 37 |
| **ARTICLE VIII** | **ARTICLE VIII** | **ARTICLE VIII** |
| **EVENTS OF DEFAULT AND REMEDIES** | **EVENTS OF DEFAULT AND REMEDIES** | **EVENTS OF DEFAULT AND REMEDIES** |
| **8.01** | **Events of Default** | 38 |
| **8.02** | **Remedies Upon Event of Default** | 40 |
| **8.03** | **Remedies Upon a Fund Event of Default** | 40 |
| **ARTICLE IX** | **ARTICLE IX** | **ARTICLE IX** |
| **MISCELLANEOUS** | **MISCELLANEOUS** | **MISCELLANEOUS** |
| **9.01** | **Amendments, Etc** | 40 |
| **9.02** | **Notices; Effectiveness; Electronic Communication** | 40 |
| **9.03** | **No Waiver; Cumulative Remedies** | 41 |
| **9.04** | **Expenses; Indemnity; Damage Waiver** | 41 |
| **9.05** | **Payments Set Aside** | 42 |
| **9.06** | **Successors and Assigns** | 42 |
| **9.07** | **Confidentiality** | 44 |
| **9.08** | **Right of Setoff** | 45 |
| **9.09** | **Interest Rate Limitation** | 45 |
| **9.10** | **Counterparts; Integration; Effectiveness** | 45 |
| **9.11** | **Survival of Representations and Warranties** | 46 |
| **9.12** | **Severability** | 46 |
| **9.13** | **Governing Law; Jurisdiction; Etc.** | 46 |
| **9.14** | **Waiver of Jury Trial** | 47 |
| **9.15** | **Fund Limited Recourse** | 47 |
| **9.16** | **USA Patriot Act Notice** | 47 |
| **9.17** | **Amendment and Restatement; Reaffirmation** | 48 |

---

**SCHEDULES** 

1 Authorized Signers

2 Advisory Agreements

3 Prospectus

4 Lending Office, Addresses for Notices

**EXHIBITS** 

A Form of Loan Notice

B Form of Note

C Form of Compliance Certificate

D Form of Quarterly Certificate

E Form of Joinder Agreement

iii

------

**AMENDED AND RESTATED CREDIT AGREEMENT** 

This AMENDED AND RESTATED CREDIT AGREEMENT (this "<u>Agreement</u>") is entered into as of October 25, 2024 among Perpetual Americas Funds Trust, a business trust organized under the laws of the State of Massachusetts, registered as an open-ended investment company ("<u>Borrower</u>"), for itself and on behalf of each of the Designated Funds and Non-Designated Funds (each as defined below), and The Northern Trust Company (the "<u>Lender</u>").

WHEREAS, the Borrower and the Lender are parties to a Credit Agreement dated as of July 19, 2021 (as amended and supplemented prior to the date hereof, the "<u>Existing Credit Agreement</u>");

WHEREAS, the parties hereto have agreed to amend and restate the Existing Credit Agreement pursuant to this Agreement; and

WHEREAS, the parties hereto intend that this Agreement and the documents executed in connection herewith not effect a novation of the obligations of the Borrower under the Existing Credit Agreement, but merely a restatement of and, where applicable, an amendment to the terms governing such obligations;

NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

**ARTICLE I** 

**DEFINITIONS AND ACCOUNTING TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01 Defined Terms**. As used in this Agreement, the following terms shall have the meanings set forth below:

"<u>Adjusted Total Net Assets</u>" means, with respect to any Non-Designated Fund as of any date (a) the value of total Assets of such Non-Designated Fund, minus (b) the sum (without duplication) of the following: (i) the value of all Excluded Assets (but not less than zero) of such Non-Designated Fund, plus (ii) the value of all Excluded Investments of such Non-Designated Fund, plus (iii) all Restricted Payments that have been declared by such Non-Designated Fund but not made, plus (iv) the excess, if any, of (1) the value of all of such Non-Designated Fund's Assets (other than Excluded Assets and Excluded Investments of such Non-Designated Fund) that are subject to a lien (subject to certain usual and customary exclusions) that are segregated, or that are on deposit to satisfy margin requirements, minus (2) the sum of all Secured Liabilities (excluding, to the extent otherwise included therein, liabilities of such Non-Designated Fund under this Agreement) and all Segregated Liabilities of such Non-Designated Fund.

"<u>Adverse Claim</u>" means any Lien or other right, claim, encumbrance or any other type of preferential arrangement in, of or on any Person's assets or properties in favor of any other Person, other than in the case of the Borrower, Liens permitted by <u>Section</u> <u>7.01</u>.

"<u>Advisory Agreements</u>" means each Investment Advisory Agreement set forth on <u>Schedule 2</u>, as the same may be amended, supplemented, waived or modified from time to time as permitted under this Agreement.

------

"<u>Affiliate</u>" means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"<u>Aggregate Committed Loan Value</u>" means, on any date of determination, an amount equal to the sum of the outstanding principal amount of all Committed Loans.

"<u>Aggregate Loan Value</u>" means, on any date of determination, an amount equal to the sum of the outstanding principal amount of all Loans.

"<u>Aggregate Uncommitted Loan Value</u>" means, on any date of determination, an amount equal to the sum of the outstanding principal amount of all Uncommitted Loans.

"<u>Agreement</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Anti-Corruption Laws</u>" is defined in <u>Section</u> <u>5.17</u>.

"<u>Anti-Terrorism Laws</u>" is defined in <u>Section</u> <u>5.16</u>.

"<u>Applicable Law</u>" means, with respect to any Person, collectively, all international, foreign, U.S. federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof applicable to such Person, and all applicable administrative orders, directed duties, requests, licenses, authorizations, requirements and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

"<u>Asset Coverage Test</u>" means, as of any date of determination, the ratio expressed as a percentage, of (a) the value of total assets of the applicable Fund, less all liabilities and indebtedness of such Fund not represented by Senior Securities (as such terms are defined in the Investment Company Act) to (b) Senior Debt of such Fund shall be at least 300%, computed on such date of determination regardless of whether or not dividends or distributions are being made on such date, or whether Indebtedness is being incurred on such date, as if each outstanding Loan constituted a Senior Security without regard to whether such Loan is a loan for "temporary purposes" or otherwise excludable from the definition of "Senior Securities" under Section 18(g) of the Investment Company Act.

"<u>Asset Shortfall</u>" means, on any date of determination, with respect to any Fund, the Loan Value for such Fund exceeding the Available Loan Amount for such Fund.

"<u>Asset Value</u>" means, with respect to any Asset, the value of such Asset computed in the manner such value is required to be computed by the Borrower in accordance with valuation procedures adopted by the Borrower's Board of Trustees, as from time to time in effect, and in accordance with Applicable Law, including without limitation, the rules, regulations and interpretations of the SEC under the Investment Company Act.

------

"<u>Assets</u>" means a collective reference to all items which would be classified as an "asset" on the balance sheet of the Borrower in accordance with GAAP.

"<u>Attributable Indebtedness</u>" means, on any date, (a) in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital lease.

"<u>Authorized Signer</u>" means the individuals listed in <u>Schedule 1</u>, which schedule may be revised from time to time by delivery of a certificate from a Responsible Officer. Any document delivered hereunder that is signed by an <u>Authorized Signer</u> of such entity shall be conclusively presumed to have been authorized by the Borrower's board of trustees and/or other action (as applicable) on the part of such entity and such <u>Authorized Signer</u> shall be conclusively presumed to have acted on behalf of such entity.

"<u>Available Loan Amount</u>" means, on any date of determination, (a) in respect of any Designated Fund, an amount (rounded down to the nearest $100,000 increment) equal to the product of (i) the aggregate Asset Value of all Eligible Assets of such Designated Fund and (ii) 33% and (b) in respect of any Non-Designated Fund, an amount (rounded down to the nearest $100,000 increment) equal to the product of (i) the Adjusted Total Net Assets of such Non-Designated Fund minus the Excluded Value of such Non-Designated Fund and (ii) 20%.

"<u>Bankruptcy Code</u>" means the United States Bankruptcy Code.

"<u>Borrower</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Borrowing Date</u>" has the meaning specified in <u>Section</u> <u>2.03(a)</u>.

"<u>Business Day</u>" means (a) any day other than a Saturday, Sunday or other day on which commercial banks are required or authorized to close under the Laws of, or are in fact closed in, the jurisdiction where the Lending Office is located and in Chicago and (b) if such day relates to a Daily Simple SOFR Loan, means U.S. Government Securities Business Day.

"<u>Change in Law</u>" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

"<u>Closing Date</u>" means the date of this Agreement.

------

"<u>Code</u>" means the Internal Revenue Code of 1986.

"<u>Committed Loan</u>" has the meaning specified in <u>Section</u> <u>2.01</u>.

"<u>Compliance Certificate</u>" means a certificate substantially in the form of <u>Exhibit C</u>.

"<u>Contractual Obligation</u>" means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Custodial Account</u>" means each account subject to the Custodial Agreement.

"<u>Custodial Agreement</u>" means the Custody Agreement dated as of July 16, 2021 between the Borrower and the Custodian.

"<u>Custodial Assets</u>" has the meaning given such term in the definition of "Eligible Asset".

"<u>Custodian</u>" means the Lender, in its capacity as custodian.

"<u>Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to the greater of (a) SOFR for the day (such day, a "<u>SOFR Determination Day</u>") that is five (5) U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day and (b) the Index Floor. If by 5:00 P.M., New York City time, on the fifth (5<sup>th</sup>) U.S. Government Securities Business Day immediately following any SOFR Determination Day, the SOFR in respect of such SOFR Determination Day has not been published on the SOFR Administrator's Website then the SOFR for such SOFR Determination Day will be the SOFR as published in respect of the first preceding U.S. Government Securities Business Day for which such SOFR was published on the SOFR Administrator's Website; <u>provided</u> that any SOFR determined pursuant to this sentence shall be utilized for purposes of calculating Daily Simple SOFR for no more than three (3) consecutive SOFR Rate Days. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to Borrower.

"<u>Daily Simple SOFR Loan</u>" means any Loan bearing interest based on the Daily Simple SOFR.

"<u>Debtor Relief Laws</u>" means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

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"<u>Default</u>" means (i) any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default and (ii) with respect to any Fund, any event or condition that constitutes a Fund Event of Default or that, with the giving of any notice, the passage of time, or both, would be a Fund Event of Default.

"<u>Delayed Settlement Loan</u>" means, with respect to any Fund as of any date, any Senior Loan with respect to which such Fund has entered into a sale or trade (in either case as the transferor) and such sale or trade has not, (a) in the case of any Senior Loan trading on "par documents", settled within 42 business days of the date of such sale or trade, or (b) in the case of any other Senior Loan, settled within 60 Business Days of the date of such sale or trade.

"<u>Designated Funds</u>" means each of JOHCM Global Select Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM International Select Fund, JOHCM Emerging Markets Discovery Fund, JOHCM International Opportunities Fund, Regnan Global Equity Impact Solutions, TSW High Yield Bond Fund, TSW Large Cap Value Fund, Trillium ESG Global Equity Fund, Trillium ESG Small/Mid Cap Fund, TSW Emerging Markets Fund and TSW Core Plus Bond Fund, Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, Barrow Hanley Total Return Bond Fund, Barrow Hanley Credit Opportunities Fund, Barrow Hanley US Value Opportunities Fund, Barrow Hanley Emerging Markets Value Fund and Barrow Hanley International Value Fund and each other fund of the Borrower as may subsequently be joined to this Credit Agreement as a "Designated Fund" pursuant to <u>Section</u> <u>2.12</u> hereof.

"<u>Disposition</u>" or "<u>Dispose</u>" means the sale, transfer, license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith or any Equity Interests held by such Person.

"<u>Dollar</u>" and "$" mean lawful money of the United States.

"<u>Eligible Asset</u>" means any Asset owned by a Fund that is (a) unencumbered and either held under custody by the Custodian or confirmed due to the Custodian (in the case of receivables due from trade activities), as of such date of determination (such Assets, the "Custodial Assets") and, (b) designated as such by the Lender in its sole and absolute discretion acting in good faith.

"<u>Eligible Assignee</u>" means (a) an Affiliate of the Lender; and (b) any other Person approved by the Borrower (such approval not to be unreasonably withheld or delayed); <u>provided</u> that no such approval shall be required if an Event of Default has occurred and is continuing.

"<u>Eligible Senior Loans</u>" means Senior Loans (a) with respect to which the principal thereof, and interest thereon, is payable in Dollars, and such interest is payable in cash (with no "PIK option") no less frequently than semi-annually, (b) in respect of which the applicable Fund's interest is not a participation or subparticipation, (c) which are part of a syndicated credit facility in which the sum of the aggregate revolving loan commitment amount plus the aggregate outstanding principal amount of all loans (other than revolving loans) under such facility on the origination date of such credit facility was at least $100,000,000, (d) which relate to loan documents in which the applicable Fund's interest in the aggregate outstanding principal amount of all loans and unfunded commitments thereunder is no greater than 20%, (e) in which the

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applicable Fund's interest in all collateral security therefor and principal and interest payments thereunder is no less than pro rata and pari passu with all other lenders in the particular tranche in which such Fund holds an interest, (f) in respect of which neither the related administrative agent nor any controlling affiliate thereof (i) is subject to any bankruptcy or other insolvency proceeding, (ii) has stated in writing that it will not perform its obligations, if any, under the relevant loan documents, or (iii) is in default of its obligation to provide credit or other funding under such loan documents, (g) which are priced daily by Loan Pricing Corporation, Markit, or other similar pricing service satisfactory to the Lender, (h) which are not more than 90-days past due or otherwise non-performing, (i) which are not Delayed Settlement Loans, and (j) in respect of which the applicable Fund is not a "defaulting lender".

"<u>Employee Plan</u>" means any plan, program, agreement, policy or arrangement, whether or not reduced to writing, and whether covering a single individual or a group of individuals, that is (a) a welfare plan within the meaning of Section 3(1) of ERISA, (b) a pension plan within the meaning of Section 3(2) of ERISA, (c) a stock bonus, stock purchase, stock option, restricted stock, stock appreciation right or similar equity-based plan or (d) any other deferred-compensation, retirement, termination pay, severance pay, welfare-benefit, bonus, incentive, change of control, retention or fringe-benefit plan, program or arrangement.

"<u>Equity Interests</u>" means, with respect to any Person, all of the shares of capital stock of (or other ownership, partnership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership, partnership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership, partnership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

"<u>ERISA</u>" means the federal U.S. Employee Retirement Income Security Act of 1974.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code) and Title I of ERISA.

"<u>Event of Default</u>" has the meaning specified in <u>Section</u> <u>8.01</u>.

"<u>Excluded Assets</u>" means, with respect to any Non-Designated Fund, any of the following Assets of such Non-Designated Fund: (a) all commercial tort claims, cooperative interests, goods, letter-of-credit rights and letters of credit, (b) all property other than investments, (c) all deferred organizational and offering expenses, (d) all investments that are in default (except to the extent that such Non-Designated Fund is required or permitted to attribute a value thereto pursuant to the Investment Company Act, the rules thereunder and applicable accounting principles) or determined to be worthless pursuant to any applicable policy of the Borrower and (e) any investments categorized as Level 3 investments.

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"<u>Excluded Investments</u>" means, with respect to any Non-Designated Fund, all investments of such Non-Designated Fund in Senior Loans that are not Eligible Senior Loans.

"<u>Excluded Taxes</u>" means, with respect to the Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder (on behalf of itself and any Fund) with respect to the Loans or any Loan Document, (a) Taxes imposed on or measured by its overall net income (however denominated), franchise Taxes, and branch profits Taxes imposed on it that are measured as a percentage of its overall net (in lieu of net income Taxes), by the jurisdiction (or any political subdivision thereof) under the laws of which such Lender or such other recipient is organized or in which its principal office is located or that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan (other than pursuant to an assignment request by the Borrower) or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to <u>Section</u> <u>3.01</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to a Lender's failure to comply with <u>Section</u> <u>3.01(e)</u> and (d) any withholding Taxes imposed under FATCA.

"<u>Excluded Value</u>" means the value of any Equity Interest of such Fund held by another Fund.

"<u>Executive Order</u>" is defined in <u>Section</u> <u>5.18</u>.

"<u>Existing Credit Agreement</u>" has the meaning assigned to such term in the Recitals.

"<u>Existing Obligations</u>" has the meaning assigned to such term in <u>Section</u> <u>9.17</u>.

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or official practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections of the Code.

"<u>Fed Funds-Based Rate</u>" means the sum of the NY Effective Rate plus (a) with respect to Loans to Designated Funds, 1.30% and (b) with respect to Loans to Non-Designated Funds, 1.50%.

"<u>Federal Funds Rate Loan</u>" means a Loan bearing interest based on the NY Effective Rate.

"<u>Foreign Official</u>" is defined in <u>Section</u> <u>5.17</u>.

"<u>FRB</u>" means the Board of Governors of the Federal Reserve System of the United States.

"<u>Fund</u>" means each Designated Fund and Non-Designated Fund.

"<u>Fund Event of Default</u>" has the meaning specified in <u>Section</u> <u>8.01</u>.

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"<u>Fund Material Adverse Effect</u>" means, with respect to any Fund, a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of such Fund.

"<u>GAAP</u>" means generally accepted accounting principles in the United States that are applicable to the circumstances as of the date of determination, consistently applied.

"<u>Governmental Authority</u>" means, with respect to any Person, the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies) having jurisdiction or authority over such Person.

"<u>Guarantee</u>" means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any indebtedness or other obligation payable or performable by another Person (the "primary obligor") in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such indebtedness or other obligation of the payment or performance of such indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any indebtedness or other obligation of any other Person, whether or not such indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the lesser of (i) the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or (ii) the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term "Guarantee" as a verb has a corresponding meaning.

"<u>Indebtedness</u>" means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers' acceptances, bank guaranties, surety bonds and similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net obligations of such Person under any Swap Contract;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business and, in each case, not past due for more than 30 days after the date on which such trade account payable was created);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indebtedness secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) capital leases and Synthetic Lease Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Guarantees of such Person in respect of any of the foregoing.

For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date.

"<u>Indemnified Taxes</u>" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

"<u>Indemnitees</u>" has the meaning specified in <u>Section 9.04(b)</u>.

"<u>Index Floor</u>" means, regardless of whether a Loan bears interest based on the Prime Rate, Daily Simple SOFR or the NY Effective Rate, a per annum rate of interest equal to zero percent (0%).

"<u>Information</u>" has the meaning specified in <u>Section</u> <u>9.07</u>.

"<u>Interest Rate Option(s)</u>" means the Prime-Based Rate, the Fed Funds-Based Rate and the SOFR-Based Rate.

"<u>Investment Adviser</u>" means, (a) with respect to the Borrower and each Designated Fund, J O Hambro Capital Management Limited or JOHCM (USA), Inc. d/b/a Perpetual Americas Fund Services (or any other Person acceptable to the Lender in its sole discretion) and (b) with respect to each Non-Designated Fund, Perpetual Americas Fund Services.

"<u>Investment Company Act</u>" means the Investment Company Act of 1940.

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"<u>Investment Policies and Restrictions</u>" means, with respect to the Borrower and each Fund, the provisions dealing with investment objectives, policies, distributions, investment restrictions, leverage and diversified status as set forth in the applicable Prospectus in effect on the Closing Date, as supplemented by any annual report included within Form N-CSR, as such provisions may be supplemented, amended or modified as authorized by the Board of Trustees of such Borrower and as permitted under this Agreement.

"<u>IRS</u>" means the United States Internal Revenue Service.

"<u>Joinder Agreement</u>" means a joinder agreement substantially in the form of <u>Exhibit E</u>.

"<u>Law</u>" or "<u>Laws</u>" means any international, foreign, U.S. federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations, requirements and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.

"<u>Lender</u>" has the meaning specified in the introductory paragraph hereto.

"<u>Lending Office</u>" means the office or offices of the Lender described as such on <u>Schedule 4</u>, or such other office or offices as the Lender may from time to time notify the Borrower.

"<u>Lien</u>" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

"<u>Loan</u>" shall mean the loans made by the Lender to the Borrower pursuant to this Agreement, including the Committed Loans and the Uncommitted Loans.

"<u>Loan Documents</u>" means this Agreement and any Note.

"<u>Loan Notice</u>" means a notice of a borrowing pursuant to <u>Section</u> <u>2.03(a)</u>, which, if in writing, shall be substantially in the form of <u>Exhibit A</u>.

"<u>Loan Value</u>" means, on any day, with respect to any particular Fund, an amount equal to the outstanding principal amount of all Loans requested on behalf of such Fund.

"<u>Margin Stock</u>" has the meaning given to such term in Regulation U.

"<u>Margin Stock Percentage</u>" means, as of any date of determination, the then current percentage of market value assigned by the Board of Governors of the Federal Reserve System under Section 221.7 of Regulation U to Margin Stock.

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"<u>Material Adverse Effect</u>" means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of the Borrower; (b) a material impairment of the ability of the Borrower (on behalf of itself or any individual Fund) to perform its obligations under any Loan Document; (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Borrower (on behalf of itself or any individual Fund) of any Loan Document; or (d) a material adverse effect on the ability of the Lender to exercise its remedies at the times and in the manner contemplated by this Agreement.

"<u>Material Contract</u>" means any Contractual Obligation to which the Borrower on behalf of itself or any Fund is a party (other than the Loan Documents) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect or, with respect to any Fund, a Fund Material Adverse Effect.

"<u>Maturity Date</u>" shall mean (a) with respect to Committed Loans requested on behalf of a Designated Fund, the Scheduled Maturity Date, (b) with respect to the Uncommitted Loans requested on behalf of a Designated Fund, the earlier of (i) the Scheduled Maturity Date and (ii) the date of demand by the Lender, provided at least 60 days' prior notice has been given to Borrower by Lender and (c) with respect to Loans requested on behalf of a Non-Designated Fund the earlier of (i) the date that is 60 days after the date of the making of such Loan and (ii) the Scheduled Maturity Date.

"<u>Maximum Commitment Amount</u>" means $50,000,000.

"<u>Maximum Uncommitted Amount</u>" means $100,000,000.

"<u>NAV</u>" means the net asset value of a Person calculated in accordance with the methodology set out in the valuation policies and procedures adopted by the Board of Trustees of the Borrower from time to time in accordance with the Investment Company Act and the rules and regulations thereunder.

"<u>Non-Designated Funds</u>" means Barrow Hanley Floating Rate Fund and each additional fund of the Borrower as may subsequently be joined to this Credit Agreement as a Non-Designated Fund pursuant to <u>Section</u> <u>2.12</u>.

"<u>Note</u>" means each promissory note made by the Borrower on behalf of each Fund in favor of the Lender evidencing the Loans made by the Lender to the Borrower on behalf of such Fund, substantially in the form of <u>Exhibit B</u>.

"<u>NY Effective Rate</u>" means the "Federal funds (effective)" interest rate as published with respect to a particular day by the Board of Governors of the Federal Reserve System in its Statistical Release H.15 (519), Selected Interest Rates (or any successor release or report), floating on a daily basis as applicable, provided that if such published rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. As of April 20, 2015, the NY Effective Rate was typically published with respect to a particular day on the following day, and was available at the Internet Web site http://www.federalreserve.gov. In the case of a Saturday, Sunday, legal holiday or other day for which such NY Effective Rate is not published, the NY Effective Rate shall be the rate applicable on the immediately preceding day for which such rate

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is published, provided that if such published rate shall be less than the Index Floor, such rate shall be deemed to be the Index Floor for the purposes of this Agreement.

"<u>Obligations</u>" means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document or otherwise with respect to the Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. The "<u>Obligations</u>" of a Fund are defined in <u>Section</u> <u>9.15</u>.

"<u>OFAC</u>" is defined in <u>Section</u> <u>5.18</u>.

"<u>Organization Documents</u>" means each Prospectus and the trust agreement and other organizational documents of the Borrower.

"<u>Other Connection Taxes</u>" means, with respect to a Lender, Taxes imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"<u>Other Taxes</u>" means all present or future stamp, court or documentary, intangible, recording, filing, any other property taxes, charges or similar Taxes or levies arising from any payment made hereunder or under any other Loan Document, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment request made by the Borrower).

"<u>PATRIOT Act</u>" means the "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001" (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

"<u>Participant</u>" has the meaning specified in <u>Section</u> <u>9.06(c)</u>.

"<u>Payment Date</u>" means the last Business Day of each calendar month.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity, or any series, Fund or other segregated unit of the foregoing.

"<u>Plan Assets</u>" means assets of any (a) employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title I of ERISA, (b) plan (as defined in Section 4975(e)(1) of the Code) subject to Section 4975 of the Code, or (c) governmental plan (as defined in Section 3(32) of ERISA)

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subject to federal, state or local laws, rules or regulations substantially similar to Title I of ERISA or Section 4975 of the Code.

"<u>Prime-Based Rate</u>" means the Prime Rate minus (a) with respect to Loans to Designated Funds, 1.50% and (b) with respect to Loans to Non-Designated Funds, 1.30%.

"<u>Prime Rate</u>" means the rate announced from time to time by Lender called its prime rate, which may not at any time be the lowest rate charged by Lender, provided that if such prime rate shall be less than the Index Floor, such rate shall be deemed to be the Index Floor for the purposes of this Note. Changes in the rate of interest resulting from a change in the Prime Rate shall take effect on the date set forth in each announcement of a change in the Prime Rate.

"<u>Prospectus</u>" means each prospectus for the Funds, being, as of the Closing Date, listed on <u>Schedule 3</u>, in each case, filed with the SEC as a part of the Borrower's registration statement on Form N-1A, as amended (or any successor SEC form), and shall include, without limitation, the related statement of additional information, if any, included in such registration statement, and all supplements, amendments and modifications thereto as of the Closing Date, and as further supplemented, amended or modified in accordance with Applicable Law, including, without limitation, the Securities Act and the Investment Company Act.

"<u>Regulation U</u>" means Regulation U of the FRB.

"<u>Regulation X</u>" means Regulation X of the FRB.

"<u>Related Parties</u>" means, with respect to any Person, such Person's Affiliates and the partners, directors, officers, employees, agents and advisors of such Person and of such Person's Affiliates.

"<u>Replacement Index Rate</u>" means an index rate chosen by the Lender in its reasonable discretion plus a margin agreed by the Borrower and the Lender.

"<u>Responsible Officer</u>" means the President or Treasurer of the Borrower. Any document delivered hereunder that is signed by a Responsible Officer of such entity shall be conclusively presumed to have been authorized by the Borrower's board of trustees and/or other action (as applicable) on the part of such entity and such Responsible Officer shall be conclusively presumed to have acted on behalf of such entity.

"<u>Restricted Payment</u>" means, with respect to any Person, any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of such Person, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to such Person's stockholders, partners or members (or the equivalent Person thereof).

"<u>Restricted Person</u>" is defined in <u>Section</u> <u>5.18</u>.

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"<u>Sanctions</u>" means sanctions administered or enforced by OFAC, the U.S. Department of State or any other relevant sanctions authority.

"<u>Scheduled Maturity Date</u>" means July 15, 2025.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

"<u>Secured Liability</u>" means each liability or other obligation of a Person secured by a lien (other than certain ordinary course liens) on assets of such Person (other than Excluded Assets).

"<u>Securities Act</u>" means the Securities Act of 1933, and the rules and regulations of the SEC thereunder, all as from time to time in effect, or any successor law, rules or regulations, and any reference to any statutory or regulatory provisions shall be deemed to be a reference to any successor statutory or regulatory provision.

"<u>Segregated Liability</u>" means each liability or other obligation of a Person relating to assets (other than Excluded Assets) that have been segregated or are otherwise subject to margin arrangements.

"<u>Senior Debt</u>" means, as of any date, the aggregate amount of Senior Securities Representing Indebtedness (as defined in Section 18(h) of the Investment Company Act) of the Borrower, <u>provided</u> that if at the time of calculation thereof the aggregate amount of all Senior Securities Representing Indebtedness of the Borrower is zero, for purposes of such calculation such aggregate amount shall be one.

"<u>Senior Loans</u>" means corporate loan obligations (other than securities), but for the avoidance of doubt, not participations therein.

"<u>SOFR</u>" ****means a rate per annum equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the website of the Federal Reserve Bank of New York, currently at <u>http://www.newyorkfed.org</u>, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR-Based Rate</u>" means the sum of Daily Simple SOFR plus (a) with respect to Loans to Designated Funds, 1.30% and (b) with respect to Loans to Non-Designated Funds, 1.50%.

"<u>Solvent</u>" means, with respect to any Person, that as of any date of determination, both (a) (i) the sum of such Person's debt (including contingent liabilities) does not exceed the present fair saleable value of such Person's present assets; (ii) such Person's capital is not unreasonably small in relation to its business as contemplated on the Closing Date; and (iii) such Person has not incurred and does not intend to incur, or believe (or reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and

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(b) such Person is "solvent" within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and conveyances. For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

"<u>Subsidiary</u>" means, with respect to any Person (the "parent") at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

"<u>Swap Contract</u>" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "<u>Master Agreement</u>"), including any such obligations or liabilities under any Master Agreement.

"<u>Swap Termination Value</u>" means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include the Lender or any Affiliate of the Lender).

"<u>Synthetic Lease Obligation</u>" means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

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"<u>Taxes</u>" means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Termination Date</u>" means the date that all Obligations have been finally paid in full; <u>provided</u>, <u>however</u>, that if any payment in respect of any Obligation made to the Lender must be rescinded or returned for any reason whatsoever (including the insolvency or bankruptcy of the Borrower) such Obligation shall be deemed to be reinstated as though such payment had not been made and the Termination Date shall be deemed to have not occurred.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>Uncommitted Loan</u>" shall mean a Loan made pursuant to <u>Section</u> <u>2.02</u>.

"<u>United States</u>" and "<u>U.S.</u>" mean the United States of America.

"<u>U.S.</u> <u>Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S.</u> <u>Person</u>" means any Person that is a "United States Person" as defined in Section 7701(a)(30) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02 Other Interpretive Provisions**. With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "<u>include</u>," "<u>includes</u>" and "<u>including</u>" shall be deemed to be followed by the phrase "without limitation." The word "<u>will</u>" shall be construed to have the same meaning and effect as the word "<u>shall</u>." Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person's successors and permitted assigns, (iii) the words "<u>herein</u>," "<u>hereof</u>" and "<u>hereunder</u>," and words of similar import, when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law shall, unless otherwise specified, refer to such law as amended, modified or supplemented from time to time, and (vi) the words "<u>asset</u>" and

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"<u>property</u>" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the computation of periods of time from a specified date to a later specified date, the word "<u>from</u>" means "<u>from and including</u>;" the words "<u>to</u>" and "<u>until</u>" each mean "<u>to but excluding</u>;" and the word "<u>through</u>" means "<u>to and including</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03 Times of Day**. Unless otherwise specified, all references herein to times of day shall be references to Chicago time.

**ARTICLE II** 

**REVOLVING LOANS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01 Committed Loans**. Subject to the terms and conditions set forth herein, the Lender agrees to make Committed Loans to the Borrower on behalf of any Fund on any Business Day prior to the Scheduled Maturity Date in such amounts as the Borrower may request that will not result in (a) the Loan Value for such Fund exceeding such Fund's Available Loan Amount, (b) the Aggregate Committed Loan Value exceeding the Maximum Commitment Amount, (c) the Aggregate Loan Value exceeding the Maximum Commitment Amount *plus* the Maximum Uncommitted Amount or (d) the Borrower violating any of its Organization Documents. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Committed Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02 Uncommitted Facility.** The Lender may, in its sole and absolute discretion, make Uncommitted Loans to the Borrower on behalf of any Fund on any Business Day prior to the Scheduled Maturity Date in such amounts as the Borrower may request that will not result in (a) the Loan Value for such Fund exceeding such Fund's Available Loan Amount, (b) the Aggregate Uncommitted Loan Value exceeding the Maximum Uncommitted Amount, (c) the Aggregate Loan Value exceeding the Maximum Commitment Amount *plus* the Maximum Uncommitted Amount or (d) the Borrower violating any of its Organization Documents. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Uncommitted Loans. **The Borrower hereby acknowledges and agrees that, notwithstanding any provision of this Agreement, or any other Loan Document, the Lender has no obligation to make any Uncommitted Loan and this Agreement does not create, and shall not be construed to create, any contractual or other commitment by the Lender to make any Uncommitted Loan.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03 Borrowing of Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The borrowing of Loans shall be made upon the Borrower's irrevocable notice to the Lender specifying the information in the Loan Notice, including the applicable Fund for which such borrowing is requested, the requested interest rate option and the proposed borrowing date (the "<u>Borrowing Date</u>"). Unless waived by the Lender, such notice must be

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received by the Lender not later than 12:00 p.m. (Chicago time) on the requested date of the borrowing, which shall be a Business Day. Each such notice by the Borrower pursuant to this <u>Section</u> <u>2.03(a)</u> must be made by delivery to the Lender of a written Loan Notice (transmitted to the Lender by electronic transmission), appropriately completed and signed by an Authorized Signer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon satisfaction of the applicable conditions set forth in <u>Article IV</u>, (i) in the case of the Committed Loans, the Lender shall make available the amount of the Committed Loan to the Borrower and (ii) in the case of the Uncommitted Loans, the Lender may, in its discretion, to the extent it agrees to make any such Uncommitted Loan, make available to amount of such Uncommitted Loan to the Borrower, in each case, by depositing the same, in immediately available funds, in an account of the Borrower maintained at the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Lender shall make the proceeds of such Loan available to the applicable Fund by depositing the same, in immediately available funds, in an account of such Fund maintained at the Lender (or as otherwise directed by the Borrower).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04 Voluntary Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower on behalf of any Fund may, upon notice to the Lender, at any time or from time to time, voluntarily prepay the Loans of such Fund in whole or in part; <u>provided</u> that (i) any prepayment notice must be received by the Lender not later than 12:00 p.m. (Chicago time) on the date of prepayment which shall be a Business Day and (ii) any prepayment shall be in a principal amount of at least $100,000 or, if less, the entire principal amount of all Loans of such type of such Fund then outstanding. Each such notice shall specify which Fund's Loans are to be repaid, whether such prepayment is of Committed Loans or Uncommitted Loans and the date and amount of such prepayment. If such notice is given by the Borrower on behalf of any Fund, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each prepayment pursuant to this <u>Section</u> <u>2.04</u> shall be accompanied by all accrued interest on the amount prepaid and any additional amounts required pursuant to <u>Section</u> <u>3.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each prepayment pursuant to this <u>Section</u> <u>2.04</u> shall be applied as directed by the Borrower in the prepayment notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05 Mandatory Prepayments; Reallocations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If at any time, the Aggregate Loan Value exceeds the sum of the Maximum Commitment Amount *plus* the Maximum Uncommitted Amount, then the Borrower shall immediately prepay Loans on behalf of the Funds in an amount sufficient to eliminate such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time an Asset Shortfall exists, then the Borrower shall immediately prepay Loans on behalf of such Fund in an amount sufficient to eliminate such Asset Shortfall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each prepayment pursuant to this <u>Section</u> <u>2.05</u> shall be accompanied by all accrued interest on the amount prepaid and any additional amounts required pursuant to <u>Section</u> 

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 <u>3.03</u> and shall, unless otherwise agreed between the Borrower and the Lender, be applied first to the Uncommitted Loans of a specified Fund and then to the Committed Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Lender may, at any time in its sole discretion, to the extent the result thereof would not result in (i) any Loans of a Fund exceeding such Fund's Available Loan Amount or (ii) the aggregate outstanding amount of the Committed Loans exceeding the Maximum Commitment Amount, deem any outstanding Uncommitted Loans as Committed Loans. The Lender shall provide the Borrower of prompt notice of any such deemed reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06 Repayment of Individual Loans**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Committed Loan and Uncommitted Loan shall be repaid by the Borrower on behalf of the applicable Fund not later than the applicable Maturity Date or earlier as required under the terms and conditions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each payment pursuant to this <u>Section</u> <u>2.06</u> shall be accompanied by all accrued interest on the amount prepaid and any additional amounts required pursuant to <u>Section</u> <u>3.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07 Interest; Fees**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>clause (b)</u> below, each Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Borrower's option of (i) the SOFR-Based Rate, (ii) the Fed Funds-Based Rate or (iii) the Prime-Based Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any amount payable by the Borrower on behalf of itself or any Fund under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, to the fullest extent permitted by Applicable Law, all amounts due under the Loan Documents shall thereafter bear interest at a rate equal to the sum of (i) the rate otherwise applicable thereto and (ii) 2.0% per annum for each day until all past due amounts and any interest thereon are paid in full. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly provided herein, accrued interest on the Loans shall be payable by the Borrower on behalf of the Fund for which such Loans were made in arrears on each Payment Date. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall select and change its selection of the interest rate as among the Interest Rate Options, in each case to apply to at least $100,000 of any principal (or the remaining amount available hereunder), subject to the requirements herein stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Borrower wishes to change the rate of interest on any Loan, within the limits described herein, from any Interest Rate Option to another Interest Rate Option, it shall, at or before 12:00 p.m. (Chicago time) on the day such change is to take effect (which day must be a Business Day), give the Lender written or telephonic notice thereof, which shall be

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irrevocable. Changes requested after such time may not be available until the next Business Day. Such notice shall specify the Loan to which the applicable Interest Rate Option is to apply. Subject to the other terms and conditions hereof, Loans bearing interest at any Interest Rate Option will continue to bear interest at such Interest Rate Option until and if Borrower selects another available Interest Rate Option pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Lender notifies Borrower that (A) reasonable means do not exist for Lender to determine Daily Simple SOFR as determined by Lender in its sole discretion or (B) there is a public statement or publication of information by or on behalf of the SOFR Administrator, the regulatory supervisor for the SOFR Administrator, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the SOFR Administrator or a court or an entity with similar insolvency or resolution authority over the SOFR Administrator, announcing that (1) the SOFR Administrator has ceased to provide SOFR permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide SOFR or (2) SOFR is no longer representative (including pursuant to an earlier statement or announcement that SOFR will no longer be representative as of a specified future date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Lender notifies Borrower that (A) reasonable means do not exist for Lender to determine Daily Simple SOFR or the NY Effective Rate or (B) Daily Simple SOFR, or the NY Effective Rate does not adequately reflect Lender's own cost of funds, each as determined by Lender in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any treaty, statute, regulation, interpretation thereof, or any directive, guideline, or otherwise by a central bank or fiscal authority (whether or not having the force of law) shall prohibit or restrict the making or maintenance of a Loan based on the Daily Simple SOFR or the NY Effective Rate, or the determination or charging of interest rates based upon Daily Simple SOFR or the NY Effective Rate,

then the Loans bearing interest based on the Daily Simple SOFR or the NY Effective Rate, as applicable, shall accrue or shall continue to accrue interest at the Prime-Based Rate or, with the consent of the Borrower and the Lender the Replacement Index Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.08 Commitment Fee**. The Borrower agrees on behalf of each Fund to pay to the Lender a usage fee on the undrawn portion of the Maximum Commitment Amount, for the period from and including the date of this Agreement to, but not including the earlier of the date the commitment is terminated or the Scheduled Maturity Date, in an amount equal to the product of (x) the difference between the Maximum Commitment Amount and the sum of the average daily balance of the Committed Loans, multiplied by (y) 0.30% per annum. Such fee shall be payable in arrears on the last Business Day of each fiscal quarter of the Borrower and on the earlier of (i) the date the commitments are terminated and (ii) the Scheduled Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.09 Computation of Interest and Fees**. All computations of interest and fees shall be made on the basis of a 360-day year and actual days elapsed. Interest shall accrue on each Loan for the day on which such Loan is made, and shall not accrue on such Loan, or any portion thereof, for the day

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on which such Loan or such portion is paid. Each determination by the Lender of an interest rate hereunder and any other calculation made hereunder by the Lender shall be conclusive and binding for all purposes, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10 Evidence of Debt**. The Loans made by the Lender shall be evidenced by one or more accounts or records maintained by the Lender in the ordinary course of business. The accounts or records maintained by the Lender shall be conclusive absent manifest error of the amount of the Loans made by the Lender to the Borrower, the Fund on whose behalf such Loan is made and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder (on behalf of itself and any Fund) to pay any amount owing with respect to the Obligations. Upon the request of the Lender, the Borrower shall execute and deliver to the Lender a Note on behalf of each Fund, which shall evidence the Loans in addition to such accounts or records. The Lender may attach schedules to the Note and endorse thereon the date, amount and maturity and applicable Fund of the Loans and payments with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11 Payments Generally**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All payments to be made by or on account of any obligation of the Borrower hereunder (on behalf of itself and any Fund) shall be made without condition or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by or on account of any obligation of the Borrower hereunder (on behalf of itself and any Fund) shall be made to the Lender at the applicable Lending Office in Dollars and in immediately available funds not later than 1:00 p.m. (Chicago time) on the date specified herein. All payments received by the Lender after 1:00 p.m. (Chicago time) shall be deemed received on the next succeeding Business Day and any applicable interest shall continue to accrue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any payment to be made by or on account of any obligation of the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing herein shall be deemed to obligate the Lender to obtain the funds for the Loans in any particular place or manner or to constitute a representation by the Lender that it has obtained or will obtain the funds for the Loans in any particular place or manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12 Additional Funds**. The Borrower may request that any additional fund managed by the Borrower become a Designated Fund or Non-Designated Fund by delivering to the Lender written notice. If the Lender shall, in its sole discretion, have consented to such fund becoming a Fund, on the date the Lender provides such consent such fund shall become, and shall be deemed to have assumed, all the rights, benefits, and obligations of, a Fund; provided that (a) no Default exists on such date, (b) on or before such date, the Lender shall have received the following documents, in each case reasonably acceptable to Lender: (i) a Joinder Agreement, duly executed by the Borrower and the Lender together with all other Loan Documents reasonably requested by the Lender; (ii) an officer's certificate certifying resolutions of the Borrower authorizing the execution and delivery of such Joinder Agreement and the performance of this Agreement and the other Loan Documents, as applicable, certified as being in full force and effect without modification or amendment; and (iii) any additional information regarding such fund as the Lender may reasonably request

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(including such information as is necessary for the Lender to carry out and be satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable Laws).

**ARTICLE III** 

**TAXES, YIELD PROTECTION AND ILLEGALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01 Taxes**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes</u>. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document (on behalf of itself and any Fund) shall be made free and clear of and without deduction or withholding, unless required by Applicable Law. If any Applicable Law (as determined in the good faith discretion of the Borrower) requires the deduction or withholding of any Tax from any such payment by the Borrower, then the Borrower shall be entitled to make such deduction or withholding on behalf of itself or the applicable Fund and shall timely pay the full amount deducted or withheld on behalf of itself or the applicable Fund to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the Lender or any other recipient of any payment receives an amount equal to the sum it would have received had no such deduction or withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Borrower</u>. Without limiting the provisions of <u>clause (a)</u> above and without duplication of amounts paid under <u>clause (a)</u> above, the Borrower shall timely pay on behalf of itself or the applicable Fund any Other Taxes to the relevant Governmental Authority in accordance with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Indemnification by the Borrower</u>. The Borrower shall indemnify the Lender (on behalf of itself and each Fund responsible for such payment), within ten (10) Business Days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by, or required to be withheld or deducted from a payment to, the Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the Lender, together with appropriate supporting documentation that is reasonably available, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. As soon as practicable after any payment of Taxes by the Borrower (on behalf of itself or any Fund) to a Governmental Authority, the Borrower shall deliver to the Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment and on whose behalf such payment was made, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Lender.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders</u>. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>Section</u> <u>3.01(e)(ii)</u>) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a U.S. Person shall deliver to the Borrower on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable written request of the Borrower), executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any Lender that is not a U.S. person for U.S. federal income tax purposes shall, to the extent it is legally entitled to do so, deliver to the Borrower (in such number of copies as shall be requested by the recipient) on or about the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable written request of the Borrower), the applicable IRS Form W-8, together with all required attachments and, if applicable, a certification establishing eligibility for the benefits of the exemption for portfolio interest under Section 881(c) of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower at the time or times prescribed by law and at such time or times reasonably requested by the Borrower such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this clause (C), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

The Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower in writing of its legal inability to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this <u>Section</u> <u>3.01</u> (including by the payment of additional amounts pursuant to this <u>Section</u> <u>3.01</u>), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this <u>clause (f)</u> (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this <u>clause (f)</u>, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this <u>clause (f)</u> the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This <u>clause (f)</u> shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02 Increased Costs; Reserves**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Increased Costs Generally</u>. If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject the Lender to any tax of any kind whatsoever with respect to this Agreement or the Loans made by it, or change the basis of taxation of payments to the Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered by <u>Section</u> <u>3.01</u> and the imposition of, or any change in the rate of, any Excluded Tax payable by the Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) impose on the Lender any other condition, cost or expense affecting this Agreement or the Loans made by the Lender;

and the result of any of the foregoing shall be to increase the cost to the Lender of maintaining the Loans or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then, upon request of the Lender, the Borrower will pay (on behalf of itself and each Fund with respect to the Loans of such Fund) to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Capital Requirements</u>. If the Lender determines that any Change in Law affecting the Lender or its Lending Office or the Lender's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the

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Lender's capital or on the capital of the Lender's holding company, if any, as a consequence of this Agreement or the Loans made by the Lender to a level below that which the Lender or the Lender's holding company could have achieved but for such Change in Law (taking into consideration the Lender's policies and the policies of the Lender's holding company with respect to capital adequacy), then from time to time the Borrower will pay (on behalf of itself and each Fund with respect to the Loans of such Fund) to the Lender such additional amount or amounts as will compensate the Lender or the Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Certificates for Reimbursement</u>. A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in <u>clauses (a)</u> or <u>(b)</u> of this Section and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay the Lender the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Delay in Requests</u>. Failure or delay on the part of the Lender to demand compensation pursuant to the foregoing provisions of this Section shall not constitute a waiver of the Lender's right to demand such compensation, <u>provided</u> that the Borrower (on behalf of itself or any Fund) shall not be required to compensate the Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than 120 days prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03 Mitigation Obligations**. If the Lender requests compensation under Section 3.02, or the Borrower (on behalf of itself or any Fund) is required to pay any additional amount to the Lender or any Governmental Authority for the account of the Lender pursuant to Section 3.01, then the Lender shall use reasonable efforts to designate a different Lending Office for funding or booking the Loans or to assign its rights and obligations hereunder to another of its offices, branches or affiliates and to take any other actions reasonable in the sole judgment of the Lender, if, in the sole judgment of the Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.02, as the case may be, and (ii) in each case, would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by the Lender in connection with any such designation, assignment or action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.04 Survival**. All of the Borrower's obligations under this Article III shall survive repayment of all Obligations under the Loan Documents.

**ARTICLE IV** 

**CONDITIONS PRECEDENT TO THE LOAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01 Conditions of the Initial Loan**. The effectiveness of this Agreement and the Lender's obligations hereunder is subject to satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lender's receipt of the following, each of which shall be originals or facsimile or email transmissions, unless otherwise specified, each properly executed by a

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Responsible Officer of the Borrower, if applicable, each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance satisfactory to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) fully executed counterparts of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notes executed by the Borrower on behalf of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate signed by a Responsible Officer of the Borrower certifying that attached thereto is a true, correct and complete copy of the (A) Organization Documents of the Borrower, and either (1) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by the Borrower and the validity against the Borrower of the Loan Documents, and such consents, licenses and approvals shall be in full force and effect, or (2) stating that no such consents, licenses or approvals are so required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a certificate of a Responsible Officer of the Borrower providing (A) evidence of any actions by trustees or other actions necessary approving the entry by the Borrower into and performance of the relevant Loan Documents and the transactions contemplated thereby, and (B) incumbency signatures of authorized officers (if there have been changes since the last certificate delivered to the Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate signed by a Responsible Officer of the Borrower certifying (A) that the conditions specified in <u>Section</u> <u>4.02</u> have been satisfied and (B) that there has been no event or circumstance that has had or could be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect or a Fund Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Lender shall have received a Form FR U-1 for the Borrower, each duly completed, executed and delivered by a Responsible Officer of the Borrower demonstrating the compliance of such initial borrowing with Regulation U; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such other assurances, certificates, documents, consents or opinions as the Lender reasonably may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Lender shall have received satisfactory evidence of the payment and discharge (including of any applicable liens) of all existing Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall have paid all required fees, charges and disbursements to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02 Conditions of Each Loan**. The obligation of the Lender to make any Loan (including the initial Loan) hereunder is subject to satisfaction of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Borrower contained in <u>Article V</u> or any other Loan Document or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects), before and after giving effect to the borrowing (except to the extent that such

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representations and warranties specifically refer to an earlier date, in which case, as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default shall exist or would result from the proposed Loan or from the application of the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immediately after giving effect to such Loan and all other Loans to be made on such date (i) the Borrower and each Fund shall be in full compliance with the Asset Coverage Test and (ii) with respect to the Fund for which such Loan is made, no Asset Shortfall for such Fund shall exist.

Each notice of borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> above. The Lender has no obligation to make any Uncommitted Loan.

**ARTICLE V** 

**REPRESENTATIONS AND WARRANTIES** 

The Borrower represents and warrants to the Lender that on and as of the Closing Date, and each Borrowing Date (and in respect of <u>Section</u> <u>5.04</u> below, each date such information is provided) as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01 Existence, Qualification and Power; Compliance with Laws**. The Borrower (and, other than with respect to clause (a), each Fund) (a) is duly organized or formed, validly existing and in good standing under the Laws of the jurisdiction of its organization, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own its assets and carry on its business generally and (ii) execute, deliver and perform its obligations under the Loan Documents (to the extent a party thereto), (c) is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license except to the extent that any such circumstance could not reasonably be expected to have a Material Adverse Effect, and (d) is in material compliance with its Prospectus and all applicable Laws. The Borrower has no Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02 Authorization; No Contravention**. The execution, delivery and performance by the Borrower of each Loan Document have been duly authorized by all necessary corporate, limited partnership or other organizational action, and do not and will not (a) contravene the terms of any of the Borrower's Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any material payment to be made under (i) any Contractual Obligation to which the Borrower is a party or affecting the Borrower; (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower is subject; (c) violate any Laws except to the extent that any such violation could not reasonably be expected to have a Material Adverse Effect; or (d) result in any Adverse Claim upon any Asset of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03 Binding Effect**. This Agreement and each other Loan Document have been duly executed and delivered by the Borrower. This Agreement and each other Loan Document when so delivered will constitute legal, valid and binding obligations of the Borrower (on behalf of itself and each

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Fund), enforceable against the Borrower (and each Fund) in accordance with their terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or by general equitable principles relating to enforceability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04 Disclosure; No Material Adverse Change**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower has disclosed to the Lender all agreements, instruments and organizational or other restrictions to which it is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or a Fund Material Adverse Effect. No Prospectus, Loan Notice or other report, financial statement, certificate or other information concerning the Borrower or any Fund furnished in writing by or on behalf of the Borrower to the Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each financial statement delivered by the Borrower to the Lender in accordance with <u>Section</u> <u>6.02</u> fairly presents the financial condition of each Fund in accordance with GAAP as of the date such balance sheets are stated or certified in all material respects. Since December 31, 2020, there has been no Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05 Litigation**. There are no actions, suits, investigation, proceedings, claims or disputes pending or, to the best knowledge of the Borrower after due and diligent investigation, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower, any Fund or any of the Borrower's assets that (a) purport to affect or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated hereby or thereby or (b) either individually or in the aggregate, if determined adversely, could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06 No Default**. The Borrower and each Fund is not in default under or with respect to any Material Contract. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07 Compliance with Laws**. The Borrower and each Fund is in compliance in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, including the Investment Company Act and the Securities Act. The Borrower has made all applicable filings with the SEC or any other Governmental Authority, as required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08 Taxes**. The Borrower has filed on behalf of itself and each Fund all material Tax returns and reports required to be filed with any Governmental Authority, and has paid on behalf of itself and each Fund all Taxes levied or imposed by any Governmental Authority upon it or its properties, income or assets otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been

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provided. Each Fund is qualified, and intends to continue to qualify, as a "regulated investment company" within the meaning of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09 Ownership of Property; Custodial Assets**. Each Fund owns all Custodial Assets of such Fund free and clear of all Adverse Claims and as of the initial Borrowing Date and at all times thereafter other than liens permitted by <u>Section</u> <u>7.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 Governmental Authorization; Other Consents**. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by, or enforcement against, the Borrower of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 Employee Benefit Plans**. The Borrower does not have, nor has it ever had, any Employee Plans. The Borrower does not have any liability related to being considered a single employer with any other Person under the Code or ERISA that has ever maintained a plan subject to Title IV of ERISA or Code Section 412, including any "multiemployer plan" as defined in Section 4001(a)(8) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 Employees**. The Borrower has no employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.13 Margin Regulations; Investment Company Act**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the transactions contemplated by the Loan Documents (including the Loans and the use of proceeds thereof) will violate or result in a violation of Section 7 of the Securities Exchange Act of 1934, as amended, or any regulations issued pursuant thereto, including Regulations T, U and X of the FRB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower is and will continue to be registered as an open-end management investment company as such term is used in the Investment Company Act and is in full compliance with the Investment Company Act and the Investment Policies and Restrictions. Each Fund has elected to be treated and qualifies as a "*regulated investment company*" within the meaning of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Borrower nor any Fund is subject to any statute, rule, regulation or organizational or offering document which prohibits or limits the incurrence of Indebtedness under this Agreement, except for the limitations set forth in the Investment Company Act, state securities laws to the extent applicable, the Investment Policies and Restrictions and the Organization Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower has not issued any of its securities in violation of any Federal or state securities laws applicable thereto, except to the extent that any such violation could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower is in compliance with its Organization Documents in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.14 Solvency**. The Borrower is, and upon the incurrence of any Obligations by the Borrower (including on behalf of any Fund) on any date on which this representation and warranty is made or deemed made, will be, Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.15 Priority**. Borrowings under this Credit Agreement rank pari passu in collectability to all other obligations for borrowed money of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.16 Anti-Money Laundering and Anti-Terrorism Finance Laws.** To the extent applicable, the Borrower and each Fund is in compliance, in all material respects, with anti-money laundering laws and anti-terrorism finance laws including the Bank Secrecy Act and the PATRIOT Act (the "<u>Anti-Terrorism Laws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.17 Anti-Corruption Laws**. No part of the proceeds of the shall be used, directly or indirectly: (a) to offer or give anything of value to any official or employee of any foreign government department or agency or instrumentality or government-owned entity, to any foreign political party or party official or political candidate or to any official or employee of a public international organization, or to anyone else acting in an official capacity (collectively, "<u>Foreign Official</u>"), in order to obtain, retain or direct business by (i) influencing any act or decision of such Foreign Official in his official capacity, (ii) inducing such Foreign Official to do or omit to do any act in violation of the lawful duty of such Foreign Official, (iii) securing any improper advantage or (iv) inducing such Foreign Official to use his influence with a foreign government or instrumentality to affect or influence any act or decision of such government or instrumentality; (b) to cause any Lender to violate the U.S. Foreign Corrupt Practices Act of 1977; or (c) to cause the Lender to violate any other anti-corruption law applicable to the Lender (all laws referred to in <u>clauses (b)</u> and <u>(c)</u> being "<u>Anti-Corruption Laws</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18 Sanctions Laws**. Neither the Borrower, any Fund and to the knowledge of such Borrower, any Affiliate or broker or other agent of the Borrower or any Fund acting or benefiting in any capacity in connection with the Loans is any of the following (a "<u>Restricted Person</u>"): (a) a Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (the "<u>Executive Order</u>"); (b) a Person that is named as a "specially designated national and blocked person" on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control ("<u>OFAC</u>") at its official website or any replacement website or other replacement official publication of such list or similarly named by any similar foreign governmental authority; (c) a Person that is owned 50% or more by any Person described in <u>Section 5.18(b)</u>; (d) any other Person with which any Lender is prohibited from dealing under any Sanctions laws applicable to such Lender; or (e) a Person that derives more than 10% of its annual revenue from investments in or transactions with any Person described in <u>Section</u> <u>5.18 (a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u>. Further, none of the proceeds from the Loans shall be used to finance or facilitate, directly or indirectly, any transaction with, investment in, or any dealing for the benefit of, any Restricted Person or any transaction, investment or dealing in which the benefit is received in a country for which such benefit is prohibited by any Sanctions laws applicable to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.19 Material Agreements**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Borrower's investments are in compliance with its Investment Policies and Restrictions in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Since the Closing Date, (x) there have been no changes in the Investment Policies and Restrictions other than in accordance with this Agreement and (y) the Borrower has at all times complied in all material respects with the Investment Policies and Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Investment Policies and Restrictions are fully and accurately described in all material respects in the Prospectus', as supplemented by any annual report included within Form N-CSR filed with the SEC.

**ARTICLE VI** 

**AFFIRMATIVE COVENANTS** 

So long as any Loan or any other Obligation shall remain unpaid or unsatisfied, the Borrower shall (on behalf of itself and each Fund):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01 Investment Company; Maintenance of Business**. Remain at all times an open-end management investment company for the purposes of, and at all time registered under, the Investment Company Act and continue to engage in business of the same general type as now conducted by the Borrower, and with respect to each Fund, as described with respect to such Fund in its Prospectus. Each Fund has elected to be treated and qualifies as a "*regulated investment company*" within the meaning of the Code. The business and other activities of the Borrower, including but not limited to, the making of the Loans by the Lender, the application of the proceeds and repayment thereof by the Borrower and the consummation of the transactions contemplated by the Loan Documents do not result in any violation of the provisions of the Investment Company Act, or any rules, regulations or orders issued by the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02 Financial Statements; Other Information**. Deliver to the Lender, in form and detail satisfactory to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as soon as available, but in any event within 120 days after the end of each fiscal year of the Borrower, a copy of its statement of assets and liabilities as at the end of such fiscal year, together with the related schedule of investments and statements of operations and changes in net assets as of and through the end of such fiscal year; each such statement of assets and liabilities and the related schedule of investments and statements of operations and changes in net assets shall be certified without qualification by independent public accountants, which certification shall (i) state that the examination by such independent public accountants in connection with such financial statements has been made in accordance with the requirements of the Public Company Accounting Oversight Board or, to the extent not so required, generally accepted auditing standards in the United States and (ii) include the opinion of such independent public accountants that such financial statements have been prepared in conformity with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as soon as available, but in any event within 120 days after the end of the first semiannual accounting period in each fiscal year of the Borrower, a copy of the Borrower's statement of assets and liabilities as at the end of such semiannual period, together with the related schedule of investments and statements of operations and changes in net assets for such period all

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in reasonable detail, prepared in accordance with GAAP, consistently applied, and certified as to fairness of presentation in all material respects, GAAP and consistency by a Responsible Officer of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon the mailing thereof to the shareholders of the Borrower generally, copies of all proxy statements so mailed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a Compliance Certificate of a Responsible Officer of the Borrower to the effect that nothing has come to the attention of such Responsible Officer to cause such Responsible Officer to believe that any Default existed on the date of such statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on or before the tenth Business Day of each calendar quarter, a covenant compliance certificate of a Responsible Officer of the Borrower, substantially in the form of <u>Exhibit D</u> hereto, demonstrating compliance with <u>Sections 7.14</u> and <u>7.15(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements on Form N-1A or its equivalent) which the Borrower shall have filed with the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) from time to time such additional information regarding the financial position or business of the Borrower as the Lender may reasonably request, including copies of each Fund performance report and any other reports or communications issued by the investment adviser to the Borrower's or the Funds' investors.

Documents required to be delivered pursuant to this <u>Section</u> <u>6.02</u> (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and, if so delivered, shall be deemed to have been delivered on the date on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis and Retrieval system (EDGAR); *provided* that the Borrower shall notify the Lender of the posting of any such documents and provide to the Lender by electronic mail electronic versions (i.e., soft copies) of such documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03 Notices.** Promptly notify the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the occurrence of any Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any matter that has resulted or could reasonably be expected to result in a Material Adverse Effect or a Fund Material Adverse Effect, including (i) breach or non-performance of, or any default under, a Material Contract of the Borrower; (ii) any dispute, litigation, investigation, subpoena, regulatory action, proceeding or suspension between the Borrower and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or proceeding affecting the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of any amendment or modification to the Investment Policies and Restrictions or any Prospectus or Organization Document, which notice shall include, in reasonable detail, a description of any such change; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of the issuance by the Borrower of any preferred shares prior to such issuance, which notice shall include the offering materials to be used in connection with the issuance of such preferred shares.

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. Each notice pursuant to <u>Section</u> <u>6.03(a)</u> shall describe with particularity any and all provisions of this Agreement and any other Loan Document that have been breached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04 Payment of Obligations**. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves are being maintained by it or those, which, if unpaid could reasonably be expected to have a Material Adverse Effect and (b) all lawful claims which, if unpaid, would by Law become a Lien upon its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05 Preservation of Existence, Etc.** (a) Preserve, renew and maintain in full force and effect its legal existence and good standing as a corporation under the Laws of the jurisdictions of its organization; and (b) take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business except to the extent that any such circumstance could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06 Compliance with Laws and Material Contracts**. (a) Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, (b) perform its obligations under all Material Contracts and (c) comply in all material respects with its Prospectus, including the Investment Policies and Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.07 Books and Records**. Maintain proper books of record and account, in which full, true and correct entries in all material respects in conformity with the fair market value basis of accounting consistently applied shall be made of all financial transactions and matters involving the assets and business of the Borrower and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.08 Use of Proceeds**. Use the proceeds of the Loans for each Fund for working capital purposes, not for purposes of leverage or in contravention of any Law or of any prohibition contained in any Loan Document and otherwise in compliance with the Investment Policies and Restrictions. The Borrower shall not use (or permit any Fund to use) the proceeds of any Loan to purchase or carry any "margin stock" (as defined in Regulation U) in violation of Regulation U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.09 Visitation Rights**. Upon reasonable prior written notice to the Borrower and during regular business hours, permit the Lender or any agents or representatives thereof one (1) time per calendar year (or an unlimited amount of times if an Event of Default has occurred and is continuing), at the Lender's expense, to examine and make copies of and abstracts from the records and books of account of, the Borrower and each Fund, and to discuss the affairs, finances and accounts of the Borrower and each Fund with any of its officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 Further Assurances**. Promptly, at its sole cost and expense, execute and deliver to the Lender such further instruments and documents, and take such further action, as the Lender may, at any

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time and from time to time, reasonably request in order to carry out the intent and purpose of the Loan Documents and to establish and protect the rights, interests and remedies created, or intended to be created, in favor of the Lender hereby and thereby. The Borrower shall pay, or reimburse the Lender upon demand for, any and all reasonable fees, costs and expenses of whatever kind or nature incurred in connection with the creation, preservation and protection of the Lender's first priority perfected Lien on the assets of the Borrower under the Loan Documents including reasonable legal fees, other fees and taxes in connection with the recording or filing of instruments and documents in public offices, payment or discharge of any taxes or Liens upon or in respect of such assets of the Borrower, other fees, costs and expenses in connection with protecting, maintaining or preserving such assets of the Borrower and the Lender's interest therein, whether through judicial proceedings or otherwise, or in defending or prosecuting any actions, suits or proceedings arising out of or related to such assets of the Borrower; and all such amounts that are paid by the Lender shall, until reimbursed by the Borrower, constitute Obligations secured by such assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 Plan Assets**. Do, or cause to be done, all things necessary to ensure that none of its Assets are (or are deemed to be) Plan Assets at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 Custody of Assets**. At all times cause substantially all Assets of the Borrower (including all instruments and other investments, if any, evidencing the same and all documentation thereof) to be Custodial Assets. Provide to the Custodian a CUSIP, SEDOL or ISIN number with respect to each Asset.

**ARTICLE VII** 

**NEGATIVE COVENANTS** 

So long as any Loan or other Obligation shall remain unpaid or unsatisfied, the Borrower shall not, directly or indirectly (on behalf of itself or any Fund):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01 Liens**. Create, incur, assume or suffer to exist any Lien on any of its Assets other than (i) Liens created under the Loan Documents; (ii) Liens on the accounts holding Custodial Assets in favor of the Custodian in respect of obligations under the Custodial Agreement, (iii) Liens on deposit accounts in favor of the Lender as account bank, including on items in collection (and documents related thereto) arising in the ordinary course of business under Article IV of the UCC; (iv) Liens with respect to Swap Contracts, so long as the related Indebtedness is permitted under <u>Section 7.02(b)</u>; and (v) Liens for Taxes and other charges not yet due or which are being contested in compliance with <u>Section 6.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02 Indebtedness**. Create, incur or assume any Indebtedness other than (a) Indebtedness under the Loan Documents, (b) Indebtedness (i) incurred in the ordinary course of business, (ii) permitted to be incurred in accordance with the policies set forth in its Prospectus, and (iii) which, immediately after giving effect thereto and any simultaneous repayment of any other Indebtedness, would not cause the Borrower to be in any violation of <u>Section 7.15</u> or the Asset Coverage Test, and (c) Indebtedness to the Custodian under the Custodial Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03 Fundamental Changes**. Dissolve, liquidate, merge or consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04 Dispositions**. Make any Disposition or enter into any agreement to make any Disposition or originate any entitlement orders or other instructions with respect to any Asset in any applicable Custodial Account (i) if any Default shall be continuing or shall result therefrom or (ii) if immediately following any such Disposition or after giving effect to any entitlement order or other instruction the applicable Fund or the Borrower will not be in full compliance with the Asset Coverage Test or an Asset Shortfall shall exist with respect to such Fund for which such Disposition is made or to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05 Restricted Payments**. Declare or make any Restricted Payment (i) if any Default shall be continuing or shall result therefrom or (ii) if immediately after giving effect to such payment the applicable Fund or the Borrower will not be in full compliance with the Asset Coverage Test or, with respect to any Restricted Payment to the investors in a particular Fund, an Asset Shortfall for such Fund shall exist. Notwithstanding the foregoing, the Borrower may make any Restricted Payment to maintain its status as a "regulated investment company" within the meaning of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06 Change in Nature of Business**. (a) Engage in any business other than that it has historically conducted (as described in <u>Section 6.01</u>), (b) amend its Organization Documents if such amendment or modification of such documents (i) could reasonably be expected to have a Material Adverse Effect or a Fund Material Adverse Effect or (ii) could adversely affect the rights of the Lender, or (iii) otherwise fails to comply with the terms of this Agreement or any other Loan Document or (c) change its capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07 Transactions with Affiliates**. Enter into any transaction of any kind with any Affiliate of the Borrower (other than pursuant to the Organization Documents and any general partner, manager, investment manager or similar agreement), whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to the Borrower as would be obtainable by the Borrower at the time in a comparable arm's length transaction with a Person other than an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08 Margin Requirements**. Extend credit to others for the purpose of buying or carrying any "margin stock" in such a manner as to violate Regulation U or Regulation X or use any portion of any Loan in violation of Regulation U or Regulation X. Issue any "senior securities", as such term is defined and used in the Investment Company Act, other than shares of preferred stock of the Borrower with respect to which the Lender has received prior written notice as to such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09 No Subsidiaries**. Form any Subsidiaries or conduct any business or hold any assets through any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 ERISA**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maintain or contribute to, or agree to maintain or contribute to, or permit any ERISA Affiliate of the Borrower to maintain or contribute to or agree to maintain or contribute

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to, any employee benefit plan (as defined in Section 3(3) of ERISA) subject to Title IV or Section 302 of ERISA or Section 412 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Engage in, or permit any ERISA Affiliate of the Borrower to engage in, a non-exempt prohibited transaction under Section 406 of ERISA, Section 4975 of the Code, or substantially similar provisions under federal, state or local laws, rules or regulations or in any transaction that would cause any obligation or action taken or to be taken hereunder (or the exercise by the Lender of any of its rights under the Loan, this Agreement or any other Loan Document) to be a non-exempt prohibited transaction under such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Permit its assets to constitute Plan Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 Investments**. Purchase or acquire the obligations or Equity Interests of, or any other interest in, or make loans, advances or capital contributions to, any Person, except such obligations and Equity Interests as comply with the Investment Policies and Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12 Negative Pledges**. Enter into any agreement subsequent to the Closing Date (other than a Loan Document) which (a) prohibits the creation or assumption of any Lien upon any of the Assets in the Custodial Account, (b) specifically prohibits the amendment or other modification of this Agreement or any other Loan Document, or (c) could reasonably be expected to have a Material Adverse Effect or a Fund Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13 Anti-Money Laundering and Anti-Terrorism Finance Laws; Foreign Corrupt Practices Act; Sanctions Laws; Restricted Person**. The Borrower shall not, and shall not permit any Fund to, (a) engage in or conspire to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or otherwise violates any Anti-Terrorism Law, Anti-Corruption Law or Sanctions law, (b) cause or permit any of the funds that are used to repay the Loans to be derived from any unlawful activity with the result that the Lender, the Borrower or any Fund would be in violation of any applicable Law or (c) use any part of the proceeds of the Loans, directly or indirectly, for any conduct that would cause the representations and warranties in <u>Sections 5.17</u> or <u>5.18</u> to be untrue as if made on the date any such conduct occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14 Financial Covenants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Permit (i) Senior Debt of the Borrower or any Fund to exceed the maximum amount of Senior Debt that would be permitted to be incurred by the Borrower or such Fund under its Investment Policies and Restrictions or (ii) Senior Debt of the Borrower to exceed the maximum amount of Senior Debt that would be permitted to be incurred by the Borrower on such date under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Permit the aggregate credit extended by the Lender in connection with this Agreement to exceed the sum of (x) the Margin Stock Percentage of the current market value (as defined in Regulation U) of all Margin Stock of the Borrower, plus (y) the good faith loan value (as determined in accordance with Regulation U) of all other Assets of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Permit the Senior Debt of any Non-Designated Fund to exceed 20% of such Non-Designated Fund's Adjusted Total Net Assets held by the Custodian.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15 NAV**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Permit the aggregate NAV of (i) any Designated Fund's investment portfolio to decline in value by more than 50% in any single calendar quarter or (ii) any Non-Designated Fund's investment portfolio to decline in value by more than 30% in any single calendar quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the last day of a measurement period, permit the NAV per share price of any Designated Fund, as calculated at the end of that period and adding back the amount or value of all Restricted Payments made by such Designated Fund during such period to NAV, to decline by more than (i) 25% from the NAV per share price of such Fund as of the last day of the previous calendar quarter or (ii) 35% from the NAV per share price of such Fund as of the last day of the calendar quarter-end twelve (12) months before the current calendar quarter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the last day of a measurement period, permit the NAV per share price of any Non-Designated Fund, as calculated at the end of that period and adding back the amount or value of all Restricted Payments made by such Non-Designated Fund during such period to NAV, to decline by more than (i) 15% from the NAV per share price of such Fund as of the last day of the previous calendar quarter or (ii) 25% from the NAV per share price of such Fund as of the last day of the calendar quarter-end twelve (12) months before the current calendar quarter.

For the avoidance of doubt, when calculating the NAV per share of the previous period as described in <u>clauses (b)</u> and <u>(c)</u> above, there will be no add back of Restricted Payments.

Notwithstanding anything herein to the contrary, to the extent that there is a breach of <u>Section</u> <u>7.15(a)</u>, <u>(b)</u> or <u>(c)</u>, the Borrower may provide, within three (3) Business Days of such breach, a plan to cure such breach (a "<u>Cure Plan</u>"). Any Cure Plan proposed by the Borrower shall be subject to express written approval (which approval shall be granted or denied by the Lender in its sole discretion). The Borrower agrees to promptly initiate the Cure Plan, if approved,. During the pendency of any Cure Plan, the Borrower may not request and the Lender shall not be required to make any Loans. If (i) the Borrower provides a Cure Plan when required, (ii) such Cure Plan is approved and (iii) the metrics of such Cure Plan are achieved such that the Borrower shall then be in compliance with all of the requirements of <u>7.15(a)</u>, <u>(b)</u> or <u>(c)</u>, as applicable, the Borrower shall be deemed to have satisfied the requirements of <u>7.15(a)</u>, <u>(b)</u> or <u>(c)</u>, as applicable, as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of <u>7.15(a)</u>, <u>(b)</u> or <u>(c)</u>, as applicable, which had occurred shall be deemed cured for all purposes of the Agreement and failure to implement such Cure Plan shall be an immediate Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16 No Amendment of Investment Policies and Restrictions or Constituent Documents**. The Borrower shall not agree to or otherwise permit to occur any material amendment, supplement or other modification of any of the terms or provisions of its Investment Policies and Restrictions or Organization Documents, in each case (i) relating to valuation of assets or the determination of NAV, or (ii) that (A) would reasonably be expected to adversely affect the rights and remedies of the Lender under any Loan Document, (B) would reasonably be expected to result in a Material Adverse Effect, or (C) otherwise fails to comply with the terms of this Agreement or any other Loan Document.

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**ARTICLE VIII** 

**EVENTS OF DEFAULT AND REMEDIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01 Events of Default**. Any of the following clauses (a) through (o) shall constitute an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Non-Payment</u>. The Borrower fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan on such amount after the same becomes due, or (ii) within three days after the same becomes due, any accrued and unpaid interest or other amount payable hereunder or under any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Asset Coverage Test</u>. The Borrower shall at any time fail to be in compliance with the Asset Coverage Test for a period of three Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Specific Covenants</u>. The Borrower (on behalf of itself or any Fund) fails to perform or observe any term, covenant or agreement contained in any of <u>Sections 6.01</u>, <u>6.02</u>, <u>6.03</u>, <u>6.05(a)</u> (with respect to existence), <u>6.11</u> or <u>6.12</u> or <u>Article VII</u> of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Defaults</u>. The Borrower (on behalf of itself or any Fund) shall fail to perform or observe any other covenant or agreement (not specified in <u>clauses (a)</u>, <u>(b)</u> or <u>(c)</u> above) contained in any Loan Document on its part to be performed or observed and such failure continues unremedied for 30 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Representations and Warranties</u>. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Borrower (or any Fund) in any other Loan Document or in any certificate, financial statement or other document delivered in connection herewith or therewith shall be incorrect or misleading in any respect with respect to representations and warranties qualified as to materiality or in any material respect with respect to representations and warranties not qualified as to materiality when made or deemed made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Cross-Default</u>. Any event or condition shall occur which results in the acceleration of the maturity of any Indebtedness of the Borrower (or any Fund) which Indebtedness is in the aggregate more than $5,000,000 or enables (or, with the giving of notice or lapse of time or both would enable) the holder of such Indebtedness or any Person acting on such holder's behalf to accelerate the maturity thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Insolvency Proceedings, Etc.</u> The Borrower institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged for thirty (30) days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed for thirty (30) days, or an order for relief is entered in any such proceeding; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Inability to Pay Debts; Attachment</u>. (i) The Borrower (or any Fund) becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of the Borrower (or any Fund) and is not released or vacated within 30 days after its issue or levy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Judgments</u>. There is entered against the Borrower (or any Fund) (i) a final judgment, decree or order for the payment of money in an aggregate amount exceeding $5,000,000 or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or a Fund Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced upon such judgment or order or (B) such judgment, order or decree shall not have been vacated or discharged within 60 days from entry; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Invalidity of Loan Documents</u>. Any provision of any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or the Borrower or any other Person contests in writing the validity or enforceability of any provision of any Loan Document or the Borrower denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Custodial Agreement</u>. Any account holding Assets of a Fund is no longer maintained at the Custodian for the Borrower or any Fund or the Custodian is no longer the sole custodian of the Borrower and each Fund; or the Custodial Agreement shall be canceled or terminated or shall otherwise cease to be in full force and effect or the Borrower shall deliver a notice to effect such termination or cancellation or otherwise purports to revoke, terminate or cancel the Custodial Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Investment Adviser</u>. The applicable Investment Adviser is not the current investment adviser for the Borrower and each Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Advisory Agreement</u>. The Borrower shall permit or cause any Advisory Agreement to be terminated or, without the Lender's prior written consent, permit or cause the Advisory Agreement to be amended, waived or otherwise modified in any respect that (A) could reasonably be expected to be adverse to the Lender or (B) would require the consent or approval of the shareholders of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Investment Policies</u>. The Borrower (or any Fund) takes any action inconsistent in any material respect with its Prospectus or the Investment Policies and Restrictions.

Any of the following clauses (o) or (p) with respect to any Fund shall constitute a Fund Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Fund Material Adverse Effect</u>. There occurs any Fund Material Adverse Effect with respect to such Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Fund Asset Shortfall</u>. An Asset Shortfall shall occur with respect to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02 Remedies Upon Event of Default**. If any Event of Default occurs and is continuing, the Lender may take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare the unpaid principal amount of the Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise all rights and remedies available to it under the Loan Documents and Applicable Law;

<u>provided</u>, <u>however</u>, that upon the occurrence of an Event of Default under <u>Section</u> <u>8.01(g)</u> or <u>(h)</u> or an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code or any other similar Debtor Relief Law, the unpaid principal amount of the Loans and all interest and other amounts as aforesaid shall automatically become due and payable, in each case without further act of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03 Remedies Upon a Fund Event of Default**. If any Fund Event of Default occurs and is continuing with respect to any Fund, the Lender may take any or all of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) declare the unpaid principal amount of the Loans of such Fund, all interest accrued and unpaid thereon, and all other amounts owing or payable by the Borrower on behalf of such Fund hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower on behalf of itself and such Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise all rights and remedies available to it under the Loan Documents and Applicable Law.

**ARTICLE IX** 

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01 Amendments, Etc.** No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower therefrom, shall be effective unless in writing signed by the Lender and each other party hereto or thereto, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02 Notices; Effectiveness; Electronic Communication**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices Generally</u>. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile transmission to the address or facsimile number specified for the applicable Person on <u>Schedule 3</u>. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when

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received; notices sent by facsimile transmission shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change of Address, Etc.</u> Each of the Borrower and the Lender may change its address or facsimile number for notices and other communications hereunder by notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reliance by the Lender</u>. The Lender shall be entitled to rely and act upon any notices purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Lender and the Related Parties of the Lender from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03 No Waiver; Cumulative Remedies**. No failure by the Lender to exercise, and no delay by the Lender in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04 Expenses; Indemnity; Damage Waiver.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>. The Borrower shall pay (i) all out of pocket expenses incurred by the Lender and its Affiliates (including (a) with respect to the Designated Funds, the reasonable fees, charges and disbursements of counsel for the Lender up to $2,000, and (b) with respect to the Non-Designated Funds, the reasonable fees, charges and disbursements of counsel for the Lender up to $15,000) in connection with the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out of pocket expenses incurred by the Lender and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Lender) in connection with the administration of this Agreement and any amendments, modifications or waivers of the provisions of this Agreement or any other Loan Document and (iii) all out of pocket expenses incurred by the Lender (including the fees, charges and disbursements of any counsel for the Lender) in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by the Borrower</u>. The Borrower on behalf of each Fund shall indemnify the Lender and each Related Party of the Lender (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee) incurred by any Indemnitee or asserted against any Indemnitee by any Person arising out of, in connection with, or as a result of (i) the execution or delivery of this

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Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) the Loans or the use or proposed use of the proceeds therefrom, (iii) establishing, terminating, liquidating or reestablishing any hedging transaction relating to this Agreement following the occurrence of an Event of Default, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, brought by any Person, and regardless of whether any Indemnitee is a party thereto; <u>provided</u>, that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waiver of Consequential Damages, Etc.</u> To the fullest extent permitted by Applicable Law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby or thereby, the Loans or the use of the proceeds thereof. No Indemnitee referred to in <u>clause (b)</u> above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payments</u>. All amounts due under this <u>Section</u> <u>9.04</u> shall be payable by the Borrower on demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Survival</u>. The agreements in this Section shall survive the repayment of all Obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05 Payments Set Aside**. To the extent that any payment by or on behalf of the Borrower is made to the Lender, or the Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06 Successors and Assigns**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Successors and Assigns Generally</u>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender and the Lender may not assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of <u>clause (b)</u> of this Section and (ii) by way of

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participation in accordance with the provisions of <u>clause (c)</u> of this Section (and any other attempted assignment or transfer by any party hereto shall be null and void). Notwithstanding the foregoing, unless the Lender and any assignee or transferee waives the rights to any additional amounts under <u>Sections 3.01(a)</u> and <u>(c)</u>, the Lender may not, without the prior written consent of the Borrower, assign or otherwise transfer any of its rights or obligations hereunder to any assignee or transferee that is not a "United States person" within the definition of Section 7701(a)(30) of the Code, unless such assignee or transferee provides the Borrower, prior to such assignment or transfer, a duly executed certification of such assignee or transferee to the effect that such assignee or transferee is not (x) a bank that acquires such rights or obligations on an extension of credit pursuant to a Credit Agreement entered into in the ordinary course of such bank's trade or business within the meaning of Section 881(c)(3)(A) of the Code; (y) a "10 percent shareholder" with respect to the Borrower within the meaning of Sections 871(h)(3)(B) and 881(c)(3)(B) of the Code; or (z) a "controlled foreign corporation" that is a "related person" with respect to the Borrower within the meaning of Section 881(c)(3)(C) of the Code. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in <u>clause (c)</u> of this Section and, to the extent expressly contemplated hereby, the Indemnitees and Affiliates of the Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignments by Lender</u>. The Lender may at any time assign to one or more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of the Loans owing to it) pursuant to documentation acceptable to the Lender and the assignee. From and after the effective date specified in such documentation, such Eligible Assignee shall be a party to this Agreement and, to the extent of the interest assigned by the Lender, have the rights and obligations of the Lender under this Agreement, and the Lender shall, to the extent of the interest so assigned, be released from its obligations under this Agreement (and, in the case of an assignment of all of the Lender's rights and obligations under this Agreement, shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 3.01</u>, <u>3.02</u>, <u>9.04</u> and <u>9.05</u> with respect to facts and circumstances occurring prior to the effective date of such assignment). Upon request, the Borrower (at its expense) shall execute and deliver a new or replacement Note to the Lender and the assignee, and shall execute and deliver any other documents reasonably necessary or appropriate to give effect to such assignment and to provide for the administration of this Agreement after giving effect thereto, which assignment shall become effective upon recordation in the Register. The Lender, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain a copy of each assignment and assumption delivered to it and a register for the recordation of the names and addresses of the applicable Lenders and principal amounts (and stated interest) of the applicable Loans owing to, each Lender pursuant to the terms hereof from time to time (the "Register"). The entries in the Register shall be conclusive absent manifest error, and the Borrower and the applicable Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or Lender, at any reasonable time and from time to time upon reasonable prior notice. The parties intend that any interest in or with respect to the Loans under this Agreement be treated as being issued and maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2), and 881(c)(2) of the Code and any regulations thereunder (and any successor provisions), including without limitation under United States Treasury Regulations Section 5f.103-1(c) and Proposed

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Regulations Section 1.163-5 (and any successor provisions), and the provisions of this Agreement shall be construed in a manner that gives effect to such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Participations</u>. The Lender may at any time, without the consent of, or notice to, the Borrower, sell participations to any Eligible Assignee (each, a "<u>Participant</u>") in all or a portion of the Lender's rights and/or obligations under this Agreement (including all or a portion of the Loan); <u>provided</u> that (i) the Lender's obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the Borrower for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender's rights and obligations under this Agreement. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register complying with the requirements of Sections 163(f), 871(h) and 881(c)(2) of the Code and the Treasury regulations issued thereunder on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant's interest in the Loans or other obligations under the Loan Documents (the "Participant Register"); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under the Code or Treasury Regulations, including without limitation Section 5f.103-1(c) of the United States Treasury Regulations, or is otherwise required thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certain Pledges</u>. The Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under the Note, if any) to secure obligations of the Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; <u>provided</u> that no such pledge or assignment shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.07 Confidentiality**. The Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates' respective partners, directors, officers, employees, agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority), (c) to the extent required by applicable Laws or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement and the other Loan Documents or (2) any actual or prospective counterparty (and its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y)

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becomes available to the Lender or any of its Affiliates on a nonconfidential basis from a source other than the Borrower.

For purposes of this Section, "<u>Information</u>" means all information received from the Borrower relating to the Borrower, other than any such information that is available to the Lender on a nonconfidential basis prior to disclosure by the Borrower, <u>provided</u> that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.08 Right of Setoff**. If an Event of Default shall have occurred and be continuing, the Lender and each of its Affiliates are hereby authorized at any time and from time to time, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to the Lender, irrespective of whether or not the Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch or office of the Lender or any such Affiliate different from the branch or office holding such deposit or obligated on such indebtedness. The rights of the Lender and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that the Lender or its Affiliates may have. The Lender agrees to notify the Borrower promptly after any such setoff and application, <u>provided</u> that the failure to give such notice shall not affect the validity of such setoff and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.09 Interest Rate Limitation**. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by Applicable Law (the "<u>Maximum Rate</u>"). If the Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Lender exceeds the Maximum Rate, the Lender may, to the extent permitted by Applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10 Counterparts; Integration; Effectiveness**. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents and the Custodial Agreement constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. In the event of a conflict between the terms of this Agreement and the Custodial Agreement, this Agreement shall control.

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Except as provided in <u>Section</u> <u>4.01</u>, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received a counterpart hereof that bears the signature of the Borrower. Delivery of an executed counterpart of a signature page of this Agreement via telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11 Survival of Representations and Warranties**. All representations and warranties made hereunder, in any Loan Notice and in any other Loan Document or other document required to be delivered pursuant hereto or thereto or required to be delivered in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Lender, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default at the time of the Loan, and shall continue in full force and effect as long as any Loan or any other Obligation shall remain unpaid or unsatisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12 Severability**. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, then, to the fullest extent permitted by Applicable Law, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13 Governing Law; Jurisdiction; Etc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>GOVERNING LAW</u>. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>SUBMISSION TO JURISDICTION</u>. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF NEW YORK, CITY OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING

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RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>WAIVER OF VENUE</u>. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN <u>CLAUSE (B)</u> OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>SERVICE OF PROCESS</u>. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN <u>SECTION 9.02</u>. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14 Waiver of Jury Trial**. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15 Fund Limited Recourse**. Notwithstanding any other provision of this Agreement, the obligations of the Borrower with respect to each Fund hereunder are limited recourse obligations of the Borrower on behalf of itself and such Fund payable solely from the Assets of such Fund; <u>provided</u>, <u>however</u>, that nothing in this Agreement shall limit the right of the Lender to take any legal or other action seeking to preserve its rights with respect to any assets of the Borrower or any Fund or series thereof if the segregation of the assets and liabilities of any Fund or series of the Borrower is disregarded or impaired pursuant to any order, injunction, writ or decree of any Governmental Authority. Any Obligations of the Borrower not reflected in the Loan Value of any Fund shall be allocated at incurrence pro rata among the Funds based on the respective net asset values of such Funds (such Obligations allocated to a Fund together with the Loan Value of such Fund, the "<u>Obligations</u>" of such Fund). The provisions of this <u>Section 9.15</u> shall survive the termination of this Agreement. The accounts or records of the Obligations of each Fund maintained by the Lender in the ordinary course of business shall be conclusive absent manifest error of the amount of the Obligations of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16 USA Patriot Act Notice**. The Lender hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Lender to identify the Borrower in accordance with the PATRIOT Act. The Borrower agrees to provide such information and take such actions as are

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reasonably requested by the Lender in order to assist the Lender in maintaining compliance with its procedures, the PATRIOT Act and any other applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17 Amendment and Restatement; Reaffirmation**. This Agreement is an amendment and restatement of the Existing Credit Agreement, it being acknowledged and agreed that as of the Closing Date all obligations outstanding under or in connection with the Existing Credit Agreement and any of the other Loan Documents (such obligations, collectively, the "<u>Existing Obligations</u>") constitute obligations under this Agreement. This Agreement is in no way intended to constitute a novation of the Existing Credit Agreement or the Existing Obligations. With respect to (i) any date or time period occurring and ending prior to the Closing Date, the Existing Credit Agreement and the other Loan Documents shall govern the respective rights and obligations of any party or parties hereto also party thereto and shall for such purposes remain in full force and effect; and (ii) any date or time period occurring or ending on or after the Closing Date, the rights and obligations of the parties hereto shall be governed by this Agreement (including, without limitation, the exhibits and schedules hereto) and the other Loan Documents. From and after the Closing Date, any reference to the Existing Credit Agreement in any of the other Loan Documents executed or issued by and/or delivered to any one or more parties hereto pursuant to or in connection therewith shall be deemed to be a reference to this Agreement, and the provisions of this Agreement shall prevail in the event of any conflict or inconsistency between such provisions and those of the Existing Credit Agreement.

[Remainder of Page Intentionally Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

**PERPETUAL AMERICAS FUNDS TRUST**, a Massachusetts business trust, for itself and on behalf of each of the following funds:

**Barrow Hanley Floating Rate Fund** 

**Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund** 

**Barrow Hanley Credit Opportunities Fund** 

**Barrow Hanley Emerging Markets Value Fund** 

**Barrow Hanley International Value Fund Barrow Hanley Total Return Bond Fund** 

**Barrow Hanley US Value Opportunities Fund** 

**JOHCM Emerging Markets Discovery Fund JOHCM Emerging Markets Opportunities Fund** 

**JOHCM Global Select Fund** 

**JOHCM International Opportunities Fund JOHCM International Select Fund** 

**Regnan Global Equity Impact Solutions** 

**Trillium ESG Global Equity Fund** 

**Trillium ESG Small/Mid Cap Fund** 

**TSW Core Plus Bond Fund** 

**TSW Emerging Markets Fund** 

**TSW High Yield Bond Fund** 

**TSW Large Cap Value Fund** 

By: *<u>/s/ Jonathan Weitz</u>* 

Name: <u>Jonathan Weitz</u> 

Title: <u>President</u> 

**THE NORTHERN TRUST COMPANY** 

By: *<u>/s/ Ashish S Bhagwat</u>* 

Name: <u>Ashish S Bhagwat</u> <u> </u>

Title: <u>Senior Vice President</u> 

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**<u>SCHEDULE 1</u>** 

**<u>Authorized Signers</u>** 

---

| | |
|:---|:---|
| Jonathan Weitz | President |
| Max Kadis | Vice President |
| Troy Sheets | Treasurer |
| David Lebisky | Chief Compliance Officer |
| Kashif Ahmed | J O Hambro Capital Management Limited Employee |
| Riki Holmes | J O Hambro Capital Management Limited Employee |

---

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**<u>SCHEDULE 2</u>** 

**Advisory Agreements** 

- Amended and Restated Investment Advisory Agreement dated February 1, 2024

- Amended Schedule A to the Amended and Restated Investment Advisory Agreement dated March 28, 2024

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**<u>SCHEDULE 3</u>** 

**Prospectus** 

- Barrow Hanley Funds Prospectus dated May 15, 2024, as revised August 19, 2024

- Barrow Hanley Funds Statement of Additional Information dated May 15, 2024, as revised August 19, 2024

- JOHCM Funds and Regnan Fund Prospectus dated February 1, 2024, as amended

- JOHCM Funds and Regnan Fund Statement of Additional Information dated February 1, 2024, as amended

- TSW Funds Prospectus dated February 1, 2024, as amended

- TSW Funds Statement of Additional Information dated February 1, 2024, as amended

- Trillium Funds Prospectus dated October 30, 2023, as amended

- Trillium Funds Statement of Additional Information dated October 30, 2023, as amended

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

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**<u>SCHEDULE 4</u>** 

**<u>Lending Office, Addresses for Notices</u>** 

To the Borrower:

Perpetual Americas Funds Trust

One Congress Street, 31st Floor

Boston, Massachusetts 02114

Telephone: 617-993-0707

Email: <u>jonathan.weitz@perpetual.com</u>

Attention: Jonathan Weitz

Lending Office:

The Northern Trust Company

50 S. LaSalle St.

Chicago, Illinois 60603

Attention: Francine Durrett

Telephone: 312-444-3352

Fax: 312-630-1566

To the Lender:

The Northern Trust Company

333 S. Wabash, WB-43

Chicago, Illinois 60604

Telephone: 312-444-4812

Email: cmp11@ntrs.com; ASBI@ntrs.com

Attention: Chase M. Palmer; Ashish S. Bhagwat

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<u>EXHIBIT A</u>

<u>Form of Loan Notice</u> 

[Borrower Letterhead]

__________, 20__

The Northern Trust Company

50 S. LaSalle Street

Chicago, Illinois 60603

Attn:__________________

Ladies and Gentlemen:

Perpetual Americas Funds Trust, Massachusetts business trust (the "<u>Borrower</u>"), on behalf of [*Fund*] (the "<u>Borrowing Fund</u>") refers to the Amended and Restated Credit Agreement dated as of October 25, 2024 (as amended from time to time, the "<u>Credit Agreement</u>"), between the Borrower for itself and on behalf of each of the Designated Funds and Non-Designated Funds. Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement.

The Borrower on behalf the Borrowing Fund hereby gives you irrevocable notice, pursuant to Section 2.03 of the Credit Agreement, that it hereby requests to borrow an amount equal to $[_____] (the "<u>Loan</u>"), on [_____], 20[_] (the "<u>Borrowing Date</u>") on behalf of the Borrowing Fund, in accordance with the terms of the Credit Agreement.

The Loan shall be a [Daily Simple SOFR Loan][Federal Funds Rate Loan][Prime-Based Rate Loan].

The Loan shall be a [Committed Loan][Uncommitted Loan].

The undersigned hereby certifies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties of the Borrower contained in <u>Article V</u> of the Credit Agreement and each other Loan Document are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of the Loan, before and after giving effect to the borrowing (except to the extent that such representations and warranties specifically refer to an earlier date, in which case, as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Default shall exist, or would result from the proposed Loan or from the application of the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Immediately after giving effect to such Loan and all other Loans to be made on such date (i) the Borrower and each Fund shall be in full compliance with the Asset Coverage Test and (ii) with respect to the Fund for which such Loan is made, no Asset Shortfall for such Fund shall exist.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Immediately after giving effect to such Loan and all other Loans to be made on such date (i) the Loan Value for the Fund will not exceed the Fund's Available Loan Amount, (ii) the Aggregate [Committed][Uncommitted] Loan Value exceeding the Maximum [Commitment][Uncommitted] Amount (iii) the Aggregate Loan Value exceeding the Maximum Commitment Amount *plus* the Maximum Uncommitted Amount or (iv) the Borrower violating any of its Organization Documents.

The wire instructions for the account to which the proceeds should be sent are: _______________. Please contact the undersigned with any questions regarding this Loan Notice.

Very truly yours,

**PERPETUAL AMERICAS FUNDS TRUST,** for itself and on behalf of the [***FUND***]

By:

Name:

Title:

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<u>EXHIBIT B</u>

<u>Form of Note</u>

[__________], 202_

Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Credit Agreement dated as of October 25, 2024 between Perpetual Americas Funds Trust, a business trust organized under the laws of the State of Massachusetts registered as an open-ended investment company ("<u>Borrower</u>"), for itself and on behalf of each of the Designated Funds and Non-Designated Funds and The Northern Trust Company ("<u>Lender</u>") (as amended from time to time, the "<u>Credit Agreement</u>").

FOR VALUE RECEIVED, the BORROWER ON BEHALF OF THE [*FUND*] hereby promises to pay to the LENDER in lawful money of the United States of America, on the Maturity Date the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower on behalf of the [*Fund*] under the Credit Agreement, as conclusively evidenced on the books and records of the Lender. The Borrower on behalf of the [*Fund*] also promises to pay interest on the outstanding unpaid principal amount hereof in like money, from the date hereof until such unpaid principal is paid in full, at the rates, at the times and in the manner provided in the Credit Agreement (as defined herein) as well as all other amounts payable thereunder by the Borrower on behalf of the [*Fund*]*.*

This Note is a Note referred to in the Credit Agreement and is entitled to the benefits thereof and of the other Loan Documents. This Note is secured as provided in the Loan Documents. This Note is subject to voluntary prepayment under the conditions set forth in Section 2.04 of the Credit Agreement and mandatory prepayment under the conditions set forth in Section 2.05 of the Credit Agreement, in each case, in whole or in part, prior to the Maturity Date on the terms and conditions provided in the Credit Agreement. If an Event of Default shall occur and be continuing, the principal of and accrued interest on and other amounts relating to this Note may become or be declared to be due and payable in the manner and with the effect provided in the Credit Agreement. The Borrower (on behalf of itself and the [*Fund*]*)* hereby waives presentment, demand, protest or notice of any kind in connection with this Note.

**THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.** 

**PERPETUAL AMERICAS FUNDS TRUST,** for itself and on behalf of the [***FUND***]

By:

Name:<u> </u>

Title:<u> </u>

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<u>EXHIBIT C</u>

<u>Form of Compliance Certificate</u>

Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Credit Agreement, dated as of October 25, 2024 (as amended from time to time, the "<u>Credit Agreement</u>"), between **PERPETUAL AMERICAS FUNDS TRUST**, a business trust organized under the laws of the State of Massachusetts ("<u>Borrower</u>"), for itself and on behalf of each of the Designated Funds and Non-Designated Funds, and The Northern Trust Company ("<u>Lender</u>") and related documents (including without limitation any loan, security or pledge agreement), and instruments (such Credit Agreement and related documents and instruments being referred to collectively as the "<u>Loan Documents</u>").

THE UNDERSIGNED HEREBY CERTIFIES THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I am a Responsible Officer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and assets of the Borrower and each Fund and the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The examination described in paragraph (2) above did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default that occurred during the period covered in the financial statements to which this certificate is attached, other than as set forth on an annex attached hereto.

The foregoing certifications are made and delivered this [•] day of [•] pursuant to Section 6.02(e) of the Credit Agreement.

 **[*RESPONSIBLE OFFICER OF THE***

&nbsp;&nbsp;&nbsp;&nbsp;***BORROWER*]**

By:

Name:<u> </u>

Title:<u> </u>

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<u>EXHIBIT D</u>

<u>Form of Quarterly Report</u>

Capitalized terms used but not defined herein shall have the meanings given to them in the Amended and Restated Credit Agreement, dated as of October 25, 2024 (as amended from time to time, the "<u>Credit Agreement</u>"), between **PERPETUAL AMERICAS FUNDS TRUST**, a business trust organized under the laws of the State of Massachusetts ("<u>Borrower</u>"), for itself and on behalf of each of the Designated Funds and Non-Designated Funds, and The Northern Trust Company ("<u>Lender</u>") and related documents (including without limitation any loan, security or pledge agreement), and instruments (such Credit Agreement and related documents and instruments being referred to collectively as the "<u>Loan Documents</u>").

THE UNDERSIGNED HEREBY CERTIFIES THAT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) I am a Responsible Officer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and assets of the Borrower and each Fund and the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Borrower and each Fund, as applicable, is in compliance with the covenants contained in Section 7.14 and Section 7.15(b) of the Credit Agreement, as demonstrated by the calculation of such covenants below[, except as set forth below].

The foregoing certifications are made and delivered this [•] day of [•] pursuant to Section 6.02(f) of the Credit Agreement.

 **[*RESPONSIBLE OFFICER OF THE TRUST*]**

By:

Name:<u> </u>

Title:<u> </u>

[attach calculation for 7.14 and 7.15(b).]

------

<u>EXHIBIT E</u>

<u>Form of Joinder Agreement</u>

------

JOINDER AGREEMENT

THIS JOINDER AGREEMENT (this "***Joinder Agreement***") dated as of [______] is between Perpetual Americas Funds Trust, a business trust organized under the laws of the State of Massachusetts, for itself and on behalf of [NEW FUND] (the "***New Fund***"), and THE NORTHERN TRUST COMPANY, as the Lender (as defined in the Credit Agreement (as defined below)).

Reference is made to the Amended and Restated Credit Agreement dated as of October 25, 2024 (as may have been amended or supplemented prior to the date hereof, the "***Credit Agreement***") between Perpetual Americas Funds Trust, a business trust organized under the laws of the State of Massachusetts ("***Borrower***"), for itself and on behalf of each of the Designated Funds and Non-Designated Funds, and the Lender. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement and the rules of interpretation set forth in Section 1.02 ****of the Credit Agreement shall apply herein as if fully set forth herein, *mutatis mutandis*.

1. The New Fund hereby becomes a party to the Credit Agreement as a [Designated Fund][Non-Designated Fund]. In furtherance of the foregoing, the New Fund agrees (a) to be bound by all of the terms and conditions of the Credit Agreement applicable to a [Designated Fund][Non-Designated Fund] and (b) that it will perform all of the obligations of a ["Designated Fund"]["Non-Designated Fund"] and a
"Fund" under the Credit Agreement.

2. The Borrower hereby makes, as to itself and the New Fund only, each applicable representation and warranty
set forth in Article V of the Credit Agreement as of the date hereof.

3. In addition to (and without limiting) its representations and warranties under the Credit Agreement, the
Borrower represents and warrants, as to itself and the New Fund only, to the Lender that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution, delivery and performance by the Borrower of this Joinder Agreement and the Loan Documents related hereto have been duly authorized by all necessary corporate, limited partnership or other organizational action, and do not and will not (i) contravene the terms of any of the Borrower's Organization Documents; (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any material payment to be made under (x) any Contractual Obligation to which the Borrower is a party or affecting the Borrower or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower is subject; (iii) violate any Law; or (iv) result in any Adverse Claim upon any Asset of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Joinder Agreement and each Loan Document related hereto have been duly executed and delivered by the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery of this Joinder Agreement and the Loan Documents related hereto will result in the obligations hereunder and under the Credit

------

Agreement being valid and legally binding obligations of the Borrower (on behalf of itself and the New Fund) enforceable against the Borrower (and the New Fund) in accordance with their terms, except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors' rights generally or by general equitable principles relating to enforceability.

4. This Joinder Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Joinder Agreement via telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this Joinder Agreement.

5. The provisions of Sections 9.13 (*Governing Law; Jurisdiction; etc.*) and 9.14 (*Waiver of Jury Trial*) of the Credit Agreement are incorporated into this Joinder Agreement by reference as if fully set forth herein, *mutatis mutandis*.

6. This Joinder Agreement is a Loan Document.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

IN WITNESS WHEREOF, the Borrower has duly executed and delivered this Joinder Agreement as of the date and year first above written.

**PERPETUAL AMERICAS FUNDS TRUST,** for itself and on behalf of **[NEW FUND]**

By:<u> </u>

Name:<u> </u>

Title:<u> </u>

Consented to:

THE NORTHERN TRUST COMPANY

By:<u> </u>

Name:<u> </u>

Title:<u> </u>

## Ex-99.(J)(I)

Exhibit (j)(i)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Perpetual Americas Funds Trust of our reports dated November 21, 2025, relating to the financial statements and financial highlights of each of the Funds (as listed in Appendix A), which appear in Perpetual Americas Funds Trust's Certified Shareholder Report on Form N-CSR for the year ended September 30, 2025. We also consent to the references to us under the headings "Financial Statements", "Independent Registered Public Accounting Firm" and "Financial Highlights" in such Registration Statement.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

January 28, 2026

------

**<u>Appendix A</u>**

JOHCM Emerging Markets Discovery Fund

JOHCM Emerging Markets Opportunities Fund

JOHCM International Opportunities Fund

JOHCM International Select Fund

Trillium ESG Global Equity Fund

Trillium ESG Small/Mid Cap Fund

TSW Core Plus Bond Fund

TSW Emerging Markets Fund

TSW High Yield Bond Fund

TSW Large Cap Value Fund

Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund

Barrow Hanley Credit Opportunities Fund

Barrow Hanley Emerging Markets Value Fund

Barrow Hanley Floating Rate Fund

Barrow Hanley International Value Fund

Barrow Hanley Total Return Bond Fund

Barrow Hanley US Value Opportunities Fund

## Ex-99.(O)(I)

Exhibit (o)(i)

<u>POWER OF ATTORNEY</u> 

Each of the undersigned Trustees of Perpetual Americas Funds Trust (the "Trust") and any series thereof (each, a "Fund") hereby constitutes and appoints each of **Christopher Golden, Andrew Jolin, and John Stanziani** and each of them singly, with full powers of substitution and resubstitution, his or her true and lawful attorney, with full power to each of them to sign for him or her, and in his or her name and in the capacities indicated below with respect to the Trust, any one or more Registration Statements on Form N-1A in connection with the registration of the Trust under the Investment Company Act of 1940, as amended (the "1940 Act") and in connection with the registration of any offering of a Fund's shares of beneficial interest under the Securities Act of 1933, as amended (the "1933 Act"), including specifically (but without limiting the generality of the foregoing) all pre-effective and post-effective amendments to any such Registration Statement, any and all supplements or other instruments in connection therewith, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and territories, and generally to do all such things in his or her name and on his or her behalf in connection therewith as said attorney deems necessary or appropriate to comply with the 1933 Act, the 1940 Act, and all requirements of the Securities and Exchange Commission and of the appropriate state and territorial regulators, granting unto said attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
|  **Name** | **Capacity** | **Dated as of** |
| /s/ Beth K. Werths<br> Beth K. Werths | Trustee | December 12, 2025 |
| /s/ Joseph P. Gennaco<br> Joseph P. Gennaco | Trustee | December 12, 2025 |
| /s/ Barbara A. McCann<br> Barbara A. McCann | Trustee | December 12, 2025 |
| /s/ Kevin J. McKenna<br> Kevin J. McKenna | Trustee | December 12, 2025 |

---

## Ex-99.(O)(Ii)

Exhibit (o)(ii)

<u>POWER OF ATTORNEY</u> 

The undersigned officer of Perpetual Americas Funds Trust (the "Trust") and any series thereof (each, a "Fund") hereby constitutes and appoints each of **Andrew Jolin and John Stanziani**, and each of them singly, with full powers of substitution and resubstitution, his true and lawful attorney, with full power to him or her to sign for him, and in his name and in the capacity indicated below with respect to the Trust, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any one or more Registration Statements on Form N-1A in connection with the registration of the Trust under the Investment Company Act of 1940, as amended (the "1940 Act") and in connection with the registration of any offering of a Fund's shares of beneficial interest under the
Securities Act of 1933, as amended (the "1933 Act"), including specifically (but without limiting the generality of the foregoing) all pre-effective and post-effective amendments to any
such Registration Statement and any and all supplements or other instruments in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any other document, report, or other information that the Trust may be required to file with the Securities and
Exchange Commission and/or the securities regulators of any state or U.S. territory from time to time, including but not limited to Form N-PX and Form N-CSR, and any and all amendments or other instruments in connection therewith;

and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and U.S. territories, and generally to do all such things in his name and on his behalf in connection therewith as said attorney deems necessary or appropriate to comply with the 1933 Act, the 1940 Act, and all related requirements of the Securities and Exchange Commission and of the appropriate state and U.S. territorial regulators, granting unto said attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Dated as of** |
| /s/ Christopher Golden<br> Christopher Golden | President (Principal<br> Executive Officer) | December 12, 2025 |

---

## Ex-99.(O)(Iii)

Exhibit (o)(iii)

<u>POWER OF ATTORNEY</u> 

The undersigned officer of Perpetual Americas Funds Trust (the "Trust") and any series thereof (each, a "Fund") hereby constitutes and appoints each of **Christopher Golden and Andrew Jolin,** and each of them singly, with full powers of substitution and resubstitution, his true and lawful attorney, with full power to him or her to sign for him, and in his name and in the capacity indicated below with respect to the Trust, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any one or more Registration Statements on Form N-1A in connection with the registration of the Trust under the Investment Company Act of 1940, as amended (the "1940 Act") and in connection with the registration of any offering of a Fund's shares of beneficial interest under the
Securities Act of 1933, as amended (the "1933 Act"), including specifically (but without limiting the generality of the foregoing) all pre-effective and post-effective amendments to any
such Registration Statement and any and all supplements or other instruments in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any other document, report, or other information that the Trust may be required to file with the Securities and
Exchange Commission and/or the securities regulators of any state or U.S. territory from time to time, including but not limited to Form N-PX and Form N-CSR, and any and all amendments or other instruments in connection therewith;

and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and U.S. territories, and generally to do all such things in his name and on his behalf in connection therewith as said attorney deems necessary or appropriate to comply with the 1933 Act, the 1940 Act, and all related requirements of the Securities and Exchange Commission and of the appropriate state and U.S. territorial regulators, granting unto said attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Dated as of** |
| /s/ John Stanziani<br> John Stanziani | Vice President, Treasurer, Chief<br>Financial Officer, and Principal<br>Accounting Officer | December 12, 2025 |

---

## Ex-99.(O)(Iv)

Exhibit (o)(iv)

<u>POWER OF ATTORNEY</u> 

The undersigned officer of Perpetual Americas Funds Trust (the "Trust") and any series thereof (each, a "Fund") hereby constitutes and appoints each of **Christopher Golden and John Stanziani,** and each of them singly, with full powers of substitution and resubstitution, his true and lawful attorney, with full power to him or her to sign for him, and in his name and in the capacity indicated below with respect to the Trust, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any one or more Registration Statements on Form N-1A in connection with the registration of the Trust under the Investment Company Act of 1940, as amended (the "1940 Act") and in connection with the registration of any offering of a Fund's shares of beneficial interest under the
Securities Act of 1933, as amended (the "1933 Act"), including specifically (but without limiting the generality of the foregoing) all pre-effective and post-effective amendments to any
such Registration Statement and any and all supplements or other instruments in connection therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. any other document, report, or other information that the Trust may be required to file with the Securities and
Exchange Commission and/or the securities regulators of any state or U.S. territory from time to time, including but not limited to Form N-PX and Form N-CSR, and any and all amendments or other instruments in connection therewith;

and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission and the securities regulators of the appropriate states and U.S. territories, and generally to do all such things in his name and on his behalf in connection therewith as said attorney deems necessary or appropriate to comply with the 1933 Act, the 1940 Act, and all related requirements of the Securities and Exchange Commission and of the appropriate state and U.S. territorial regulators, granting unto said attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney or his or her substitute lawfully could do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Dated as of** |
| /s/ Andrew Jolin<br> Andrew Jolin | Vice President and Secretary | December 12, 2025 |

---

## Ex-99.(P)(Ii)

Exhibit (p)(ii)

![LOGO](g13362snap1.jpg)

## Summary Disclosure: JOHCM Group's Code of Ethics
**1.1** **Introduction - Requirements and Standards** 

J O Hambro Capital Management Group's (JOHCM Group\*) Code of Ethics sets out the high standards of ethical and professional conduct expected of all members of Staff in the JOHCM Group in their interactions with clients, investors, prospective clients and investors, market counterparties, service providers and colleagues. It highlights the JOHCM Group policies and procedures that are designed to support and foster these standards, and it explains the relevant requirements of the Financial Conduct Authority (FCA) and Securities and Exchange Commission (SEC) and how they apply to different populations within the JOHCM Group workforce.

All Staff are required to understand their regulatory obligations and be familiar with the particular rules that apply to their area of work, not breach or cause the JOHCM Group to breach the rules, and remain competent for their role. Failure by a member of Staff to fulfil any of these responsibilities may lead to disciplinary action by the FCA, the SEC and/or JOHCM US or JOHCML, as applicable.

JOHCM Group's Code of Ethics is contained within its Compliance Manual, which is provided to all Staff when the join the Group and when any updates are made. The following is a summary of the Code of Ethics.

**1.2** **The Code of Ethics** 

Rule 204A-1 under the Advisers Act requires that investment advisers establish, maintain and enforce a written code of ethics that, at a minimum, includes (1) a standard of business conduct; (2) provisions requiring compliance with applicable US federal securities laws; (3) personal securities transaction reporting; (4) mandatory reporting of code of ethics violations; (5) procedures for the receipt and acknowledgement of the code by the adviser's personnel; and (6) procedures for personnel to obtain the adviser's approval before acquiring beneficial ownership in any security in an initial public offering or in a limited offering.

Unless otherwise stated, the Code applies to all Supervised Persons and covers all activities carried out by JOHCML or JOHCM US in the United States or on behalf of clients that are in the United States. **Supervised Persons** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Directors and officers (or other persons occupying a similar status or performing similar functions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Employees of JOHCML and JOHCM US;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Any other person who provides advice on behalf of JOHCML or JOHCM US and is subject to the respective firm's
supervision and control.

\* For purposes of this document, JOHCM Group includes SEC registrants, J O Hambro Capital Management Limited ("JOHCML") and JOHCM (USA) Inc. ("JOHCM US").

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The Code does not apply to independent directors or officers of JOHCML or JOHCM US, who are not subject to the JOHCM Group's supervision and control.

Some SEC registered firms apply additional requirements to members of staff who are designated as Access Persons. An **Access Person** is typically a Supervised Person who has access to non-public information regarding clients' purchase or sale of securities, is involved in making securities recommendations to clients or who has access to such recommendations that are non-public. Given the scale and structure of the JOHCM Group, the Code does not distinguish between individuals who might be defined as Access Persons and any other member of Staff. All Supervised Persons are equally subject to the Code.

**1.3** **FCA Senior Managers and Certification Regime** 

The FCA must have confidence that those individuals who manage the affairs of the firms it regulates are fit and proper. Its requirements in relation to firms such as JOHCML are set out in the Senior Managers and Certification Regime (**SMCR**), the main objective of which is investor protection by enhancing the individual accountability of Senior Managers, clarifying their responsibilities and improving the culture and conduct within firms. JOHCML is classified as a Core SMCR Firm. Set out below are some of the obligations on JOHCML which flow from that classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1 Senior Managers** 

Senior Managers are those individuals deemed by the FCA to pose the greatest potential risk to consumers or market integrity because of the functions they perform, and who must therefore be approved by the FCA to carry out those functions. The FCA will look at the conduct of Senior Manager(s) who have responsibility for a business area/function in which any regulatory breach may occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.1.1 Duty of Responsibility***

If a firm breaches a regulatory requirement, the Senior Manager with responsibility for the area in which the breach occurred could be held to account by the FCA if they failed to take "reasonable steps" to prevent the breach from occurring or continuing. This duty of responsibility and the requirement to exercise reasonable steps applies to all Senior Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.1.2 Prescribed Responsibilities***

Under the SMCR, each firm must allocate several "prescribed responsibilities" to their Senior Managers. A prescribed responsibility must be allocated to the most senior employee managing the business area to which it is most closely linked, who should be sufficiently senior and credible with sufficient resources and authority to discharge the responsibility effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2 Certification Regime** 

One of the key themes of the SMCR is that the responsibility for ensuring that those individuals meet the requisite standards of conduct is transferred to the firms who employ them. The certification regime means that individuals performing certain functions no longer require regulatory approval, and firms are instead responsible for assessing the fitness and propriety of such Certified Persons.

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The FCA has identified a list of these certification functions. Firms must ensure that anyone performing these roles has been "certified." The HR department maintains a list of those functions for which every member of JOHCML staff is certified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.3 The Conduct Rules** 

The Conduct Rules are a new set of enforceable rules that aim to set basic standards of good personal conduct. They are intended to set minimum standards of behaviour for Senior Managers, Certified Persons, NEDs and, with only limited exceptions, all other employees of regulated firms. Breaches of the Conduct Rules will be a ground for disciplinary action being taken against the individual by the FCA. JOHCML has chosen to apply the Conduct Rules to all of the firm's employees.

There are two tiers of Conduct Rules, as described in the Compliance Manual. The first is a general set of rules to which all JOHCML employees must adhere. The second tier consists of rules that only apply to Senior Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.4 Non-executive directors (NEDs)** 

NEDs are subject to the fit and proper requirements and regulatory reference rules and they are also subject to the individual Conduct Rules, and Senior Manager Conduct Rule 4. JOHCML has appointed an independent NED as a "Consumer Duty Champion" to ensure that the Duty is discussed regularly, including at Board level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.5 Fitness and Propriety** 

Firms are required to make sure that anyone performing a Senior Manager role, a certification function or a NED role is fit and proper to perform their role. The assessment is required both at the start of employment and then on an ongoing basis throughout their time at the firm. Certificates of fitness and propriety must be issued at least once a year and this will be done by JOHCML as part of the annual performance review cycle (NEDs will be reviewed every two years by JOHCML).

Under the revised fitness and propriety requirements, it is now mandatory for all firms to undertake criminal record checks for Senior Managers and to obtain regulatory references for all Senior Manager, certification function and non-approved NED roles covering the past six years.

Further details of the processes to meet these regulatory obligations are available upon request.

**1.4** **Inducements** 

JOHCM Group has a duty to act in clients' interests and manage conflicts of interest properly. This section and the two which follow highlight particular SEC and FCA Rules that Staff should observe in carrying out that duty. While the FCA Rules apply only to JOHCML, they represent best practice and as a policy matter they have therefore also been adopted as a common set of standards for Staff in the rest of the JOHCM Group.

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The JOHCM Group and its Staff must not receive from or pay to a person other than a client in relation to services provided to clients, any fees, commissions or other benefits (monetary or in kind), unless these are clearly disclosed to each client. The JOHCM Group must ensure that any payments or benefits of this nature do not impair compliance with its duty to act honestly, fairly and professionally in the best interests of the client and are designed to enhance the quality of the relevant service to the client.

The JOHCM Group is prohibited from receiving any payments or non-monetary benefits from third parties in respect of portfolio management or independent advice services, apart from acceptable minor non-monetary benefits, as described in the Compliance Manual in accordance with the FCA's Handbook of Rules and Guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1 Personal gifts and entertainment** 

The giving and receipt of gifts and entertainment in a business context is a well-established way of expressing courtesy and hospitality in commercial and professional relationships. However, if not properly controlled, these kinds of activities may give rise to conflicts of interest or even regulatory violation or criminal behaviour. As a starting point, the JOHCM Group must therefore take reasonable steps to ensure that neither it, nor any person acting on its behalf:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepts or offers any inducements, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directs or refers any actual or potential business to another person

if it is likely to conflict with any responsibility to clients.

The JOHCM Group has therefore put systems in place that are designed to meet applicable regulatory requirements by creating transparency on gifts and entertainment practices within the business, imposing restrictions on the nature and value of gifts and entertainment and requiring pre-approval where set limits would be exceeded.

**1.5** **"Pay-to-Play"** 

Rule 206(4)-5 under the Advisers Act, known as **the Pay-to-Play Rule**, applies to investment advisers that provide or seek to provide investment advisory services to US state and local government entities as clients (**Government Entities**). The Pay-to-Play Rule is intended to prevent investment advisory firms and their **Covered Associates** from making political contributions in order to win or retain advisory contracts with Government Entities.

JOHCML and JOHCM US and their respective Employees must comply with the Pay-to-Play Rule because each firm is a registered investment adviser under the Advisers Act and their activities include providing investment advisory services to Government Entities. In practice, the rule tends to have a lower impact on JOHCML and its Employees because of the way Covered Associate is defined.

With a limited exception, only US citizens fall within the definition of Covered Associate and are therefore in scope of the Pay-to-Play Rule. Within that US Employee population, the rule then only applies to those individuals who have certain executive or oversight roles or are in roles that may

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involve them in soliciting investment advisory business from Government Entities. Note that the rule also extends to persons who are connected to the Employee who is a Covered Associate, namely, the Covered Associate's spouse, civil partner and any adult family members sharing the same household.

The JOHCM Group has put systems in place that are designed to comply with the Pay-to-Play Rule by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying those Employees who are in scope;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making disclosure of any political contributions previously given to Government Entities a condition of working for
the JOHCM Group in any Covered Associate role; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring pre-approval to be obtained from Compliance for those political
contributions which are permissible under the rule, and prohibiting those which are not.

In addition, Covered Associates are required to give written confirmation of compliance with the Pay-to-Play Rule on an annual basis.

**1.6** **Anti-Bribery and Corruption** 

The Pay-to-Play Rule is one component of a wider set of requirements with which the JOHCM Group and its Staff must comply in order to ensure that any activities that may involve bribery or corrupt conduct are avoided at all times. There are two key pieces of anti-bribery and corruption legislation that apply to the JOHCM Group, and which Staff must therefore be aware of and comply with as applicable:

**The UK Bribery Act 2010** 

This Act covers offences committed inside the UK by any person (including overseas persons) or outside of the UK, by **a person connected to the UK** (defined as a British national, a UK company or a person ordinarily resident in the UK). In practice therefore, the Act applies to the activities of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JOHCML (regardless of where these are carried out)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any JOHCM Group Staff who are British or ordinarily resident in the UK (regardless of where they are employed within
the JOHCM Group), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseas JOHCM Group entities and non-British/non-UK based Staff, where some part of their conduct amounting to bribery takes place in the UK.

Offences under the Act are summarised below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active offence of bribing anyone working in either the public or private sector, which carries a maximum penalty of
10 years' imprisonment (for individuals) and/or an unlimited fine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A passive offence of anyone in the public or private sector being bribed, with a maximum penalty of 10 years'
imprisonment (for individuals) and/or an unlimited fine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A separate offence of bribing a foreign public official, defined as a person holding a legislative, administrative or
judicial position outside the UK, as well as any person carrying out a public function for any country or public international organisation. This offence also carries a maximum penalty of 10 years' imprisonment (for individuals) and/or an
unlimited fine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Act also creates an offence for commercial organisations which fail to prevent bribery. This applies to any
"relevant commercial organisation" that fails to prevent an "associated person" from bribing another person by intending to obtain or retain business or an advantage for the organisation.

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A **relevant commercial organisation** includes a UK company or partnership which carries on a business anywhere in the world or any other body corporate or partnership which carries on business, or part of a business, in the UK. An **associated person** is defined as a person who performs services for or on behalf of the organisation in any capacity whatever (with a presumption that employees / consultants of the organisation do so). A defence is available if an organisation can prove it had in place adequate procedures designed to prevent persons associated with it from undertaking such conduct.

**The US Foreign Corrupt Practices Act 1977 (FCPA)** 

Under the FCPA, the JOHCM Group and its Staff could face potentially serious civil and/or criminal penalties for offering, promising, paying, or authorising any bribe, kickback or similar improper payment of anything of value to any foreign official, foreign political party or official or candidate for foreign political office in order to assist the JOHCM Group in obtaining, retaining, or directing business, including investments in the JOHCM Funds. **Foreign**, when used in the context of the FCPA, means non-US.

Under the FCPA, a **foreign official** includes any officer or employee of a foreign government or any department, agency or instrumentality thereof. All government employees are covered by this definition, as are employees of government-owned business entities and sovereign wealth funds. The FCPA does permit, by way of narrowly defined exceptions, certain small "facilitating" or "expediting" payments to foreign officials to ensure that they perform routine, non-discretionary governmental duties (e.g. obtaining permits, licences, or other official documents, or processing governmental papers, such as visas and work orders). The FCPA also permits payment or reimbursement of reasonable and bona fide expenses of a foreign official (e.g. travel and lodging expenses) relating to the promotion, demonstration or explanation of a product or service or to the execution or performance of a contract with a foreign government. Note however, that as a matter of policy and given its obligations under the UK Bribery Act, the JOHCM Group does not make or accept facilitation payments of any kind. The FCPA also prohibits payments to third parties, such as a placement agent, with knowledge that all or a portion of the payment will be passed on to a foreign official.

**1.7** **Personal Account Transactions** 

The JOHCM Group has rules in place governing the personal account (**PA**) dealing of all JOHCM Group Staff. They are intended to prevent Staff from using information they have gained, in the course of business, to pursue personal financial gain, including to the detriment of clients and investors. As such, they are a core component of the JOHCM Group's conflicts management framework.

Within 10 days of joining the JOHCM Group, every new member of Staff must provide Compliance with copy statements of all personal investment accounts that are in scope of the PA Rules, and all Staff are required to confirm on a quarterly and annual basis that they have read and understood the PA Rules. All Staff are also required to review and confirm all PAD accounts, holdings and transactions on a quarterly and annual basis. Violation of the PA Rules may result in sanctions or disciplinary action against the Staff member, including, disgorgement of personal gain, suspension or dismissal, depending on the severity of the violation.

The PA Rules primarily aim to prevent any member of Staff from doing any of the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Entering into a transaction which is prohibited under applicable market conduct regulations, and/or which causes a
conflict of interest with a client/any other regulatory obligation of the JOHCM Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Misusing/improperly disclosing confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Procuring/advising another person to perform activities in (a) or (b) above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Advising/disclosing information/an opinion to another person which the Staff member ought reasonably to know would
be acted upon or forwarded on to another recipient.

All Staff must seek **prior** consent from Compliance for all PA transactions except for:

- Investment in any ETFs or authorised funds, including UCITS or '40 Act mutual fund where the JOHCM Group is not involved in its management;

- PA transactions effected under a discretionary portfolio management service where there is no prior communication to the manager;

- Securities that are direct obligations of any government (e.g., UK Gilts or US Treasuries);

- Money market instruments, such as bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments, including repurchase agreements and shares in money market funds;

- Investment in crypto currencies;

- Investment in foreign exchange and FX derivatives; or

- Investment in commodities and commodity derivatives.

Staff are not permitted to participate in any new public or limited issues unless it can be proven, to the satisfaction of Compliance, that the issue is genuinely open to all the public and that the potential allocations to the Staff member would not affect any proposed client orders or otherwise conflict with client interests.

**1.8** **Disciplinary Questionnaire** 

To ensure that the JOHCM Group is able to monitor Employees in a way that will allow it to fulfil its fiduciary responsibilities to clients and investors and make accurate disclosures to the SEC and the FCA, Employees are required to complete a disciplinary questionnaire upon hire and on an annual basis thereafter, and must promptly notify the Chief Compliance Officer if any of their responses to the disciplinary questionnaire change during the course of the year.

**1.9** **Outside Business Interests** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.1 Introduction** 

All Staff are required to obtain approval before taking on any outside business interest, whether or not it is a paid position. Requests for such approval should be sent to the Chief Risk Officer or delegate and any outside business interest that in her view may present a risk of conflict with the interests of clients or the JOHCM Group will require the prior approval of Board of JOHCML or JOHCM US, depending on the location of the individual concerned.

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The approval for outside business interests will not be unreasonably withheld, but it must be clearly understood that any outside employment or business interest should not be carried out on JOHCM Group premises, nor should it conflict or interfere with JOHCM Group business in any way.

Employees must notify the Chief Compliance Officer of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any companies of which they are an officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any partnerships which they are in;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any consultancy roles they carry out, whether paid or unpaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any trusteeships they hold, whether paid or unpaid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other interests which may be considered relevant, such as part-time work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.2 Suppliers** 

Staff are required to disclose to the Chief Risk Officer or delegate any monetary connections which they or any member of their family have with any person or firm which supplies goods or services to the JOHCM Group or which has done so in the last six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.3 Interests in competitors** 

Staff may not participate as an employee, Director, partner, consultant or in any other capacity, in any outside business whose services or products compete, directly or indirectly, with those offered by the JOHCM Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9.4 Publicly-traded companies** 

Staff may not accept a Directorship of a publicly traded company, unless approval has been obtained in advance from the Chief Risk Officer or delegate who will in turn seek approval from the JOHCML Board. Directorships of publicly traded companies that are held by any members of a Staff member's immediate family should be notified to the Chief Risk Officer or delegate.

**1.10** **Training and Competence** 

The FCA and the SEC each require that the firms they regulate ensure their staff have the necessary skills, knowledge and expertise to discharge the responsibilities allocated to them. The JOHCM Group is committed to ensure that Staff:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Possess the necessary knowledge and competence,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remain competent for the work they do,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are appropriately supervised,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have their competence regularly reviewed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have a level of competence that is appropriate to the nature of the JOHCM Group's business and the role they
undertake.

Any knowledge and competence criteria should be designed to ensure that Staff can meet the relevant regulatory and legal requirements and business ethics standards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.1 Overarching Principles which apply to all JOHCML Staff** 

The FCA Handbook defines certain basic standards for all firms in relation to the knowledge and competency of staff. The FCA's overarching requirements are that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A firm must employ personnel with the skills, knowledge and expertise necessary for the discharge of the
responsibilities allocated to them. Competence includes achieving a good standard of ethical behaviour;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A firm's systems and controls should enable it to satisfy itself of the suitability of anyone who acts for it.
This includes assessing an individual's honesty and competence, normally at the recruitment stage, and should take into account the level of responsibility that the individual will assume within the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A firm must ensure that its personnel are aware of the procedures which must be followed for the proper discharge of
their responsibilities.

At a general level, the FCA expects firms to make their own detailed arrangements to meet these standards. Such arrangements should include clear criteria for individuals to be assessed as competent, so all parties involved understand when competence has been reached and should take into account the nature, scale and complexity of the firm's business and the nature and range of financial services and activities undertaken.

The FCA expects firms to review employee competence and training needs regularly, and consider the impact of changes in the marketplace and products, regulation and legislation. The skills, expertise, technical knowledge and behaviour of employees should be considered in practice and firms should ensure that appropriate training is provided so employees remain competent to do their job. The effectiveness of training should be monitored and assessed against its objectives.

*Supervision of employees* 

Firms should ensure that employees are always adequately supervised. The level of supervision will depend on the experience of the individual and whether they have been assessed as competent. The level and intensity of supervision should be significantly greater before competence is achieved than afterwards.

Firms are expected to have clear criteria and procedures to identify the specific point at which an individual becomes competent so they can prove when and why a reduced level of supervision is warranted.

Supervisors are not required to pass any specific exam, but should have the technical knowledge and coaching and assessing skills to be a competent supervisor and assessor. Firms should consider whether they wish their supervisors to hold an appropriate qualification as part of the assessment of their competence and be able to explain to the FCA if they decide that a qualification is unnecessary.

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**1.11** **Whistleblowing** 

The JOHCM Group is committed to maintaining the highest standards of honesty, openness and accountability and recognises that all members of Staff have an important role to play in achieving this goal. Staff members will usually be the first to know when someone inside or connected with an organisation may be doing something improper, but may feel apprehensive about voicing their concerns. This may be because they feel that speaking up would be disloyal to their colleagues or the organisation itself, or it may be because they do not think that their concerns will be taken seriously or because they are afraid that they will be penalised in some way. However, the JOHCM Group does not believe that it is in anyone's interest for Staff members with knowledge of wrongdoing to remain silent.

The JOHCM Group takes all malpractice very seriously, whether it is committed by Senior Managers, Employees or any other member of Staff.

The JOHCM Group's whistleblowing policy and the procedure by which Staff can report their concerns is set out in the JOHCML Policy Handbook, maintained by Human Resources.

It is important to note that nothing in the whistleblowing policy is intended to limit in any way Staff members' rights under applicable laws and regulations to make a whistleblower's report - with or without prior notice to, or approval from, any JOHCM Group affiliate.

## Ex-99.(P)(Iii)

Exhibit (p)(iii)

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CODE OF ETHICS

Thompson, Siegel & Walmsley LLC

I. PREAMBLE

This Code of Ethics ("COE") is adopted in compliance with requirements adopted by the United States Securities and Exchange Commission (the "SEC") under Rule 17j-1 of the Investment Company Act of 1940, as amended (the "Company Act"), and Section 204A and Rules 204-2 and 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), to effectuate the purposes and objectives of the provisions contained therein. Rule 17j-1 of the Company Act requires that investment advisers to mutual funds adopt written codes of ethics; Section 204A of the Advisers Act requires the establishment and enforcement of policies and procedures reasonably designed to prevent the misuse of material non-public information by investment advisers; Rule 204-2 of the Advisers Act imposes recordkeeping requirements with respect to Personal Securities Transactions of Advisory Representatives (Capitalized terms are generally defined in Section IX); and Rule 204A-1 requires SEC registered investment advisers to adopt codes of ethics prescribing ethical standards under which they operate and also imposes recording and recordkeeping requirements with respect to Personal Securities Transactions of Access Persons. This COE of Thompson, Siegel & Walmsley LLC (the "Firm" or "TSW") is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Protect the Firm's clients by deterring misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Educate Supervised Persons regarding the Firm's expectations and the laws governing their conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Remind Supervised Persons that they are in a position of trust and must always act with complete propriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Protect the reputation of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Guard against violation of the Federal Securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Establish procedures for Supervised Persons to follow so that the Firm may determine whether Supervised Persons are
complying with its ethical principles.

II. STANDARDS OF BUSINESS CONDUCT

TSW adopted the COE which sets forth standards of business conduct and fiduciary obligations that the Firm requires of its Supervised Persons. Supervised Persons are required to maintain the highest ethical standards in carrying out the Firm's business activities. The Firm's reputation is one of its most important assets and maintaining the trust and confidence of clients is a vital responsibility. This section sets forth the Firm's business conduct standards.

*Compliance Review: Third Quarter 2025* 

*Last Update: September 15, 2025* 

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CODE OF ETHICS

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General Principles

Our principles and philosophy regarding ethics stress the Firm's fiduciary duty to its clients and the obligation of Firm personnel to uphold that fundamental duty. In recognition of the trust and confidence placed in the Firm by its clients and to give effect to the belief that the Firm's operations should be directed to benefit its clients, the Firm has adopted the following general principles to guide the actions of its Supervised Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The interests of clients are paramount. All Supervised Persons must conduct themselves and their operations to
always give maximum effect to this belief by placing the interests of clients before their own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All personal transactions in Securities by Supervised Persons must be accomplished to avoid even the appearance of a
conflict of interest on the part of such Supervised Persons with the interests of any client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All Supervised Persons must avoid actions or activities that allow (or appear to allow) a Person to profit or
benefit from his or her position with respect to a client, or that otherwise bring into question the Supervised Person's independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All information concerning the specific Security holdings and financial circumstances of any client is strictly
confidential. Supervised Persons are expected to maintain such confidentiality, secure such information and disclose it only to other Supervised Persons with a need to know that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All Supervised Persons will conduct themselves honestly, with integrity and in a professional manner to preserve and
protect the Firm's reputation.

Supervised Persons must comply with applicable Federal Securities laws and are prohibited from engaging in any of the following actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ a device, scheme or artifice to defraud a client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make to a client or prospective client any untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made, in light of the circumstances in which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of conduct which operates or would operate as a fraud or deceit upon a
client or prospective client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To act as principal for his/her own account, knowingly to sell any Security to or purchase any Security from a
client, or acting as a broker for a Person other than such client, knowingly to effect any sale or purchase of any Security for the account of such client, without disclosing to such client in writing before the

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completion of such transaction the capacity in which he/she is acting and obtaining the consent of the client to such transaction. The prohibitions of this paragraph shall not apply to any transaction with a customer of a bank, broker or dealer if such broker or dealer is not acting as an investment adviser in relation to such transaction; <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To engage in any act, practice or course of business which is fraudulent, deceptive or manipulative, including with
respect to Securities (i.e., price manipulation); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To originate or circulate, except as permitted below, in any manner a false or misleading rumor about a security or
its issuer for the purpose of influencing the market price of the security. Where a legitimate business reason exists for discussing a rumor, for example, where a client is seeking an explanation for an irregular share price movement which could be
explained by the rumor, care should be taken to ensure that the rumor is communicated in a manner that:

◾ Sources the origin of the information (where possible);

◾ Gives it no additional credibility or embellishment;

◾ Makes clear that the information is a rumor; and

◾ Makes clear that the information has not been verified.

This formulation has the benefit of allowing discussions of a rumor for legitimate purposes while including some safeguards against building to the rumor's credibility and effect on the market. These guidelines would permit, for example, a money manager to call an analyst or trader at another firm to report a rumor that the manager thinks are untrue and to ask if the analyst or trader has heard the rumor and has any relevant information. These conversations should be conducted with care, in a professional manner and without exaggeration.

This COE contains provisions reasonably necessary to prevent Supervised Persons of the Firm from engaging in acts in violation of the above standards and procedures reasonably necessary to prevent violations of the COE.

Federal law requires that this COE not only be adopted but that it will also be enforced with reasonable diligence. Failure to comply with the COE may result in disciplinary action, including termination of employment. Noncompliance with the COE has severe ramifications, including enforcement actions by regulatory authorities, criminal fines, civil injunctions and penalties, disgorgement of profits and sanctions on your ability to be employed in an investment advisory business or in a related capacity. This COE is based upon the principle that the Supervised Persons of the Firm, and certain Affiliated Persons of the Firm, owe a fiduciary duty to, among others, the clients of the Firm to conduct their affairs, including their Personal Securities Transactions, in such a manner as to avoid: (i) serving their own personal interests ahead of clients; (ii) taking inappropriate advantage of their position with the Firm; and (iii) any actual or potential conflicts of interest or any abuse of their position of trust and responsibility. This fiduciary duty includes the duty of the Review Officer of the Firm to report material violations of this COE to the TSW Executive Committee and to the Board of Directors

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Thompson, Siegel & Walmsley LLC

of any U.S. registered investment company client advised or sub-advised by the Firm and of the actions taken as a result of such violations.

III. INSIDER TRADING

The Firm forbids any Supervised Person from trading, either personally or on behalf of others, including accounts managed by the Firm, on material non-public information or communicating material non-public information to others in violation of the law. This conduct is frequently referred to as "insider trading." The Firm's policy applies to every Supervised Person and extends to activities within and outside their duties at the Firm. Any questions regarding the Firm's policy and procedures should be referred to the Review Officer. Trading Securities while in possession of material non-public information or improperly communicating that information to others may expose you to severe penalties. Any person who engages in insider trading or tipping can face a substantial jail term (up to 20 years), civil penalties of up to three times the profit gained (or loss avoided) by that person and/or his or her "tippee", and criminal fines of up to $5,000,000. In addition, if it is found that TSW failed to take appropriate steps to prevent insider trading, TSW or Perpetual Limited ("Perpetual") may be subject to significant criminal fines and civil penalties not to exceed the greater of $1,000,000 or three times the profit gained (or loss avoided) from the insider trading. Regardless of whether a government inquiry occurs, the Firm views seriously any violation of its insider trading policies, and such violations constitute grounds for disciplinary sanctions, including immediate dismissal.

The term "material non-public information" relates not only to issuers but also to the Firm's Securities recommendations and client Securities holdings and transactions. The term "insider trading" is not defined in the Federal Securities laws, but generally is used to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider") or to communications of material non-public information to others. Information about a significant order to purchase or sell Securities may, in some contexts, be deemed material. Similarly, prepublication information regarding reports in the financial press also may be deemed material.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider while in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider, while in possession of material non-public information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material non-public information to others.

The concept of "insider" is broad. It includes officers, directors and associated persons of a company. In addition, a Person can be a "temporary insider" if they enter a special confidential relationship in the conduct of a company's affairs and as a result is given

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Thompson, Siegel & Walmsley LLC

access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers and the associated persons of such entities. The Firm's Review Officer will make the determination if a Person is to be deemed a "temporary insider." In addition, the Firm may become a temporary insider of a company it advises or for which it performs other services. For that to occur the company must expect the Firm to keep the disclosed non-public information confidential and the relationship must at least imply such a duty before the Firm will be considered an insider.

Trading on inside information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's Securities. Information that officers, directors and associated persons should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, and extraordinary management developments.

Information is non-public until it has been effectively communicated to the marketplace. Tangible evidence of such dissemination is the best indication that the information is public. One must be able to point to some publicly available fact to show that the information is generally public. For example, information found in a report filed with the SEC or some other governmental agency, The Wall Street Journal and other publications of general circulation, media broadcasts, over public internet websites and after sufficient time has passed so that the information has been disseminated widely would be considered public.

Before trading for yourself or others in the Securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor would consider important in making his or her
investment decisions? Is this information that would substantially affect the market price of the Securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information non-public? To whom has this information been provided?
Has the information been effectively communicated to the marketplace?

If, after consideration of the above, you believe that the information is material and non-public, or if you have questions as to whether the information is material and non-public, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to a member of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the Securities on behalf of yourself or others, including clients.

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CODE OF ETHICS

Thompson, Siegel & Walmsley LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information inside or outside the Firm, other than to the Firm's Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After the Firm's Review Officer has reviewed the issue, you will be instructed to continue the prohibitions
against trading and communication, or you will be allowed to trade and communicate the information.

Information in your possession that you identify as material and non-public may not be communicated to anyone, including Supervised Persons within the Firm, except as provided above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed, access to computer files containing material non-public information should be restricted and conversations containing or related to such information, if appropriate at all, should be conducted in private to avoid potential interception.

The role of the Firm's Review Officer is critical to the implementation and maintenance of the Firm's policy and procedures against insider trading. The Firm enforces prevention of insider trading and detection of insider trading.

To prevent insider trading, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide, an educational program to familiarize Supervised Persons with the Firm's policy and procedures, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When it has been determined that a Supervised Person of the Firm has material non-public information, the Firm will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) implement measures to prevent dissemination of such information, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) if necessary, restrict Supervised Persons from trading the Securities.

To detect insider trading, the Compliance Department will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review the trading activity reports filed by each Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Review the trading activity of accounts managed by the Firm.

IV. PAY-TO-PLAY RULE

TSW requires pre-approval by Compliance of all Political Contributions, political fundraising activities, and political volunteer activities by all Firm employees. However, many such activities may be approved if they are allowable or represent exemptions under the Pay-to-Play Rule as described below, and in the related policy in the Firm's Policies & Procedures Manual or "PPM" under the policies for Solicitor Arrangements (in the ***Marketing*** policy) and Pay-to-Play Rule. This policy is necessary to prevent the result of the Firm not being compensated for certain investment

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Thompson, Siegel & Walmsley LLC

advisory services for two years if such rules are violated. See Appendix for definitions and further clarifications under the Pay-to-Play Rule.

Notwithstanding this policy, it is never permitted for TSW and its employees to make, or direct or solicit any other person to make, any Political Contribution or provide anything else of value for the purpose of influencing or inducing the obtaining or retaining of investment advisory services business.

TSW has adopted various procedures and internal controls to review, monitor and ensure the Firm's Third-Party Promotor Arrangements (in the ***Marketing*** policy) and ***Pay-to-Play*** policy are observed, implemented properly and amended or updated, as appropriate, which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Political Contributions: All associates are required to obtain approval from Compliance prior to making any
Political Contribution of any value. Associates may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" or "Political
Volunteering/Solicitation/Fundraising Form" via StarCompliance ("STAR"), the Firm's automated personal trading and compliance system. Compliance will review and evaluate each completed and submitted form to determine whether
the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Associates will be notified in writing and/or via the STAR system of Compliance's final determination..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinating or Soliciting Political Contributions, and Political Fundraising: In addition, all associates need to
obtain approval from Compliance prior to engaging in Coordinating or Soliciting Political Contributions or engaging in any other political fundraising efforts. Employees should use the "Political Volunteering/Solicitation/Fundraising
Form" via STAR to request pre-approval for such activities. Coordinating or Soliciting Political Contributions, or political fundraising, may even include, for example, merely having one's name
appear in the letterhead or any other portion of a political fundraising letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Indirect Political Contributions: Employees are forbidden from performing any act which would result in a violation
of Rule 206(4)-5 and/or the provisions of the Code, whether directly or indirectly, or through or by any other person or means. Employees may not use other persons or entities, including family members or
friends or any other conduits to circumvent Rule 206(4)-5 and/or the Code. Activities conducted at the direction or suggestion of a Firm employee are considered to be made by the employee in the context of
political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Annual Political Contributions Certification Form: At the end of each year, Compliance will distribute to all Firm
associates an Annual Political Contributions Certification Form also via STAR. This Form is intended to capture information regarding any Political Contribution made by each such associate, both directly and indirectly, during that calendar year.

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Employees return the forms either (1) acknowledging that no Political Contributions were made, or (2) disclosing all Political Contributions made, including Contributions for which the employee received pre-clearance. To protect the privacy of employees, the records shall be treated as confidential and may only be accessed and/or reviewed by person(s) with a "need to know" or for purposes of making necessary disclosures to the SEC, if required.

In addition, a question is included on the quarterly reporting forms via STAR to be certain all such contributions and fundraising efforts are properly pre-cleared and reported.

Please consult TSW's PPM for definitions or more details on this issue.

V. PROHIBITED TRANSACTIONS AND ACTIVITIES

The following prohibitions apply to all Access Persons, unless indicated otherwise and unless exempted under Section VI. In addition to these prohibitions, the Review Officer may prohibit transactions other than those specifically indicated below if they determine that a proposed transaction presents a potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Persons are prohibited from directly or indirectly using any act, device, scheme, artifice, practice or
course of conduct to defraud, mislead or manipulate a client in connection with the Purchase or Sale of a Security held or to be acquired by the client. Access Persons are also prohibited from making any untrue statement of material fact to a client
and from omitting to state a material fact necessary to make the statement made to the client, under the circumstances, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Access Persons are generally prohibited from purchasing or selling, directly or indirectly, any Security (excluding
ETFs and other Securities excluded from pre- clearance under the Firm's COE) in which he/she has, or by reason of time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) is on the Restricted List;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) is being purchased or sold by any Portfolio (Firm managed accounts, including WPS strategies, but excluding any WPS
limit orders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) was purchased or sold by any Portfolio during the previous trading day or the day following (thus violating the 3-day black-out period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) is less than $3.0 billion in market capitalization and held in a TSW Primary Product (or Primary Strategy which
includes any long-only equity strategy and fixed income strategies (and thus excludes long/short strategies) offered to outside clients and described in TSW's Form ADV).

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Exemptions from the black-out period may be permitted in certain circumstances where the Chief Compliance Officer or their designee has determined there is no conflict of interest or appearance of impropriety. In such cases, this will not be considered a violation of the Firm's COE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless exempted under Section VI or otherwise above, Access Persons are prohibited from purchasing or selling a
Reportable Security without prior approval through the STAR automated system. However, even if exempted for prior approval/pre-clearance, all Securities will be reported on transactions statements or otherwise
as dictated under Section VIII Reporting Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Access Persons are prohibited from acquiring a beneficial interest in any Securities in a Limited Offering commonly
referred to as a private placement, without prior approval of the CCO. The CCO (or designee) will maintain a record of any decision, and the reasons supporting the decision to approve the Access Person's acquisition of a private placement.

Before granting such approval, the CCO (or designee) should carefully evaluate such investment to determine that the investment could create no material conflict between the Access Person and any Portfolio. The Review Officer may make such determination by looking at, among other things, the nature of the offering and the particular facts surrounding the purchase. For example, the CCO may consider approving the transaction if he or she can determine that: (i) the investment did not result from directing Portfolio or Firm business to the underwriter or issuer of the Security; (ii) the Access Person is not misappropriating an opportunity that should have been offered to any Portfolio; and (iii) the Access Person's investment decisions for a Portfolio would not be unduly influenced by his or her personal holdings, and investment decisions are based solely on the best interests of that Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Access Persons are prohibited from acquiring Beneficial Ownership of a Security, excluding new issues of tax-exempt Securities or corporate bonds, as part of an Initial Public Offering. However, such new issues of tax-exempt Securities or corporate bonds, if purchased, should be pre-cleared and reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Access Persons and their family members are discouraged from accepting or giving any gift, favor, service, special
accommodation or other thing of more than de minimis material value from or to any Person or entity that does business with or seeks to do business with or on behalf of the Firm. Such gifts may be prohibited where they could be viewed as overly
generous or reasonably could be expected to compromise an Access Person's or another's independence and objectivity. For Gifts and Entertainment purposes under this COE, "de minimis" shall be the annual receipt/provision of
gifts from or to the same source valued at $100 or less per individual recipient/source, when the gifts are in relation to the Firm's business. Gifts do not include business

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entertainment; however, entertainment, and the pre-clearance process for gifts and business entertainment, is addressed in more detail below in the next section. Any exceptions to this policy need to be approved by the Firm's Review Officer or Chair of the Executive Committee. Access Persons will acknowledge, quarterly, the receipt or gift of any business-related gifts, services or other things of material value via the STAR system. In addition, a gift log for all gifts, even those of de minimis value, will be maintained by the Review Officer or their designee via STAR. Finally, Political Contributions, discussed separately, are not considered gifts.

**<u>Exception</u>: Promotional gifts of little intrinsic value such as coffee mugs, calendars, plaques, trophies or similar items solely for the purpose of presentation and display of a company's logo, where the estimated value of the item is under $10, are not required to be logged or reported quarterly, as such items are not included in the calculation of the aggregate value of gifts required to be reported by the DOL.** That said, this exception does not cover a gift that clearly has a value in excess of $10—for example, a $400 golf club embossed with a company logo would likely be prohibited but should be pre-cleared and reported; a pen valued at $75 and embossed with a company logo would likely not be prohibited, but should be reported.

For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for gifts to elected officials, any gifts considered at all value levels need to be pre-approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access Persons may host or attend a business entertainment event of reasonable value, such as a dinner or sporting
event that serves a legitimate and appropriate business purpose. Such business entertainment may be prohibited where it could be viewed as overly generous or reasonably could be expected to compromise an Access Person's or another's
independence and objectivity. Access Persons should seek prior approval or pre-clearance from the Firm's Review Officer or a member of the TSW Executive Committee in cases where they are unsure of
whether the entertainment (or a gift as described above) may be viewed as overly generous, or in any case where a proposed gift is over $100 or business entertainment is over $250 in estimated value. What may constitute "overly generous"
gifts or entertainment may be determined on a case-by-case basis by the Review Officer or Chair of the Executive Committee. In cases where pre-approval is necessary, it will occur automatically via the STAR system.

It is acknowledged that such pre-clearances (as described above) will only be submitted and reviewed in cases where the entertainment event or gift is prospective in nature, quantifiable, and can be properly analyzed. In other

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cases, an approval may be obtained and reported after the gift is received or the event has taken place. **<u>Exceptions</u>: Where an entertainment event or gift is included as part of an educational conference, seminar, research conference or similar event which may entail multiple meals and entertainment events. In such cases, the associate will log the event and it must always be approved, but it is not necessary to include the value or estimated cost—just a description of the event and other details.** 

**Business entertainment of little intrinsic value, such as group lunches where the estimated value of the expense is under $10 per person does not need to be reported. However, this exception does not apply in cases involving ERISA plans or Taft-Hartley plans where any gifts or entertainment provided at all value levels need to be pre-approved, logged and reported.** 

Except for the exemptions described above, all business entertainment events (either hosted or attended by Access Persons) will be acknowledged and reported quarterly via the STAR system. Finally, an entertainment log for all business entertainment events (either hosted or attended) will also be maintained by the Review Officer or their designee via STAR.

For accounts related to ERISA plans (involving increased fiduciary responsibility) or Taft-Hartley plans (involving union officials or labor unions) or for business entertainment provided to elected officials, any entertainment considered at all value levels must be pre-approved, logged and reported. Access persons should bear in mind that for Taft-Hartley plans, the DOL has established a $250 per person annual aggregate limit which should not be exceeded. This limit will be applied to ERISA plans as well due to the increased fiduciary responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Access Persons are prohibited from profiting in the purchase and sale, or sale and purchase, of the same (or
equivalent) Reportable Securities, including Firm Managed Funds, within 30 calendar days. Trades made in violation of this prohibition should be unwound, if possible.

**<u>Exception</u>:** The Review Officer may allow exceptions to this policy on a case- by-case basis when the abusive practices that the policy is designed to prevent, such as front running or conflicts of interest, are not present and the equity of the situation strongly supports an exemption. An example is the involuntary sale of Securities due to unforeseen corporate activity such as a merger. The ban on short-term trading profits is specifically designed to deter potential conflicts of interest and front running transactions, which typically involve a quick trading pattern to capitalize on a short-lived market impact of a trade by one of the Portfolios. The Review Officer shall consider the policy reasons for the ban on short-term trades, as stated herein, in determining when an exception to the prohibition is permissible. The Review Officer may consider granting an exception to this prohibition if the Securities involved in the

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transaction are not being considered for purchase or sale by a Portfolio. The Review Officer shall retain a record in STAR of any exceptions granted and the reasons supporting the decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Access Persons are prohibited from serving on the Board of Directors of any publicly traded company without prior
authorization of the Review Officer of the Firm. Any such authorization shall be based upon a determination that the board service would be consistent with the interests of the Firm and any Portfolios. Authorization of board service shall be subject
to the implementation by the Firm of "Chinese Wall" or other procedures to isolate such Access Persons from making decisions about trading in that company's Securities.

VI. EXEMPTED TRANSACTIONS

Prohibited transactions described in Section V above, which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio may be permitted within the discretion of the Review Officer on a case-by-case basis. Such exempted transactions may include the following, and even if not required to be pre-cleared, should be reported as dictated under Section VIII Reporting Requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchases or sales of securities which are not held by a Portfolio and which are not related economically to
Reportable Securities held by a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other exemptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) purchase or sale that is non-volitional on the part of the Access Person,
including (i) a purchase or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed by an independent financial
professional acting with sole discretion and performed pursuant to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) purchase that is part of an automatic dividend reinvestment plan or other similar program, including any sale
through a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of the Security, to the
extent such rights were acquired from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) an acquisition of a Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a disposition of Security through gift.

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The CCO may, on a case-by-case basis, exempt Reportable Accounts which appear upon reasonable inquiry and investigation to present no reasonable likelihood of harm to a Portfolio from pre-clearance requirements.

VII. COMPLIANCE PROCEDURES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Pre-Clearance Procedures for Personal Trading** 

Unless exempted under Section VI above or otherwise, all Access Persons need to receive prior approval from the Firm's Review Officer via STAR before purchasing or selling Reportable Securities in an account for which such Access Person has Beneficial Ownership. The Access Person should request pre- clearance by completing and submitting a personal trading Pre-Clearance Form via the STAR system to the Review Officer.

Pre-clearance approval will expire at the close of business on the trading date on which authorization is received. If the trade is not completed before such pre-clearance expires, the Access Person is required to again obtain pre- clearance for the trade. No Review Officer may pre-clear their own trades. In addition, if an Access Person becomes aware of any additional information with respect to a transaction that was pre-cleared, such Person is obligated to disclose such information to the Review Officer prior to executing the pre- cleared transaction.

Access Persons are excluded from pre-clearing Reportable Securities purchased, sold, acquired or disposed in the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchase or sale that is non-volitional on the part of the Access Person,
including (i) a purchase or sale upon the exercise of puts or calls written by the Access Person, (ii) sales from a margin account, pursuant to a bona fide margin call and (iii) a purchase or sale performed by an independent financial
professional acting with sole discretion and performed pursuant to an arrangement previously approved by the Review Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchase that is part of an automatic dividend reinvestment plan or other similar program, including any sale
through a systematic withdrawal plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchase effected upon the exercise of rights issued by an issuer pro rata to all holders of the Reportable
Security, to the extent such rights were acquired from the issuer, and sales of such rights so acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. an acquisition of a Reportable Security through a gift or bequest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a disposition of Reportable Security through a gift;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. purchase or sale of Exchange Traded Funds ("ETFs"), options on ETFs, indexes, commodities and
currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. entry into futures contracts on ETFs, indexes, commodities and currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. purchase or sale of tax-exempt and corporate bonds (unless they are new
issues);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. purchase or sale of shares of foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. purchase or sale of shares of open- and/or closed-end funds except Firm
Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Pre-Clearance Procedures for Political Contributions, Fundraising Efforts, and Other Similar Actions** 

Political Contributions or Fundraising Efforts: All associates are required to obtain approval from Compliance prior to making any Political Contribution of any value or prior to participating in any fundraising efforts or similar actions.

Associates may obtain such pre-approval from Compliance by completing and submitting a "Political Contribution Request Form" or "Political Volunteering/Solicitation/Fundraising Form" via the STAR system. Compliance will review and evaluate each completed and submitted form to determine whether the Contribution is permissible based upon the requirements of Rule 206(4)-5 and Firm policy. Associates will be notified in writing and/or via the STAR system of Compliance's final determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Logging and Pre-Clearance Procedures for Gifts and Entertainment** 

All associates are required to obtain approval from the Firm's CCO prior to giving/receiving a gift valued at more than $100 or business entertainment valued at more than $250 per person (unless it is exempted from approval or reporting as described above). Associates may obtain pre-approval by completing and submitting a "Gift Request" or "Entertainment Request" via STAR. Associates will be notified of the final determination. Please note that for virtual events, consumable items provided or received in advance for use/consumption during the virtual event may, if used/consumed during the virtual event, be considered as part of a 'virtual' entertainment event. Non-consumable items provided or received in connection with a virtual event are deemed gifts. TSW Associates are encouraged to reach out to members of the Compliance Department with questions concerning virtual events.

All associates are required to log all gifts (except those described as promotional gifts under $10 as described above) and all business entertainment (except that which is exempted as described above), either given or received.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Excessive Trading/Market Timing** 

The Firm understands that it is appropriate for Access Persons to participate in the public Securities markets as part of their overall personal investment programs. As in other areas, however, this should be done in a way that minimizes potential conflicts with the interests of any Portfolio. Further, it is important to recognize that otherwise appropriate trading, if excessive (measured in terms of frequency, complexity of trading programs, numbers of trades or other measures, as deemed appropriate by the Review Officer or senior management at the Firm, may compromise the best interests of any Portfolios if such excessive trading is conducted during business hours or using Firm resources. Accordingly, if personal trading rises to such a level as to create an environment that is not consistent with the COE, such personal transactions may not be approved or may be limited by the Review Officer of the Firm.

Each Firm Managed Fund is intended for long-term investment purposes only and does not permit "market timing" or other types of excessive short-term trading by Access Persons and other shareholders. Excessive short-term trading into and out of the Firm Managed Funds can disrupt Portfolio investment strategies and may increase fund expenses for all shareholders, including long- term shareholders who do not generate these costs. Each Firm Managed Fund reserves the right to reject any purchase request (including purchases by exchange) by any investor or group of investors for any reason without prior notice, including if the fund reasonably believes that the trading activity would be disruptive to the fund. Access Persons shall not be permitted to make a "round trip" trade in any Firm Managed Fund within 30 calendar days without the direct approval of the Review Officer of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Conflicts of Interest** 

Every Supervised Person shall notify the Review Officer of the Firm of any personal conflict of interest relationship which may involve a Portfolio, such as the existence of any economic relationship between their transactions and Securities held or to be acquired by any Portfolio. Such notification shall occur in the pre-clearance process.

VIII. REPORTING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Disclosure of Personal Holdings & Outside Business Activities** 

All Access Persons shall submit to the Review Officer:

A holdings report that includes: (1) information regarding all holdings in Securities in which Access Persons have Beneficial Ownership; and (2) the name of any broker, dealer, bank or other entity for any Reportable Account. All Securities accounts which hold or could hold Securities should be reported—

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those are all considered Reportable Accounts. New associates should submit these reports within 10 days of employment with the Firm. Information contained in the initial reports should be current as of a date not more than 45 days before the associate became an Access Person or prior to the date the report is submitted for annual reports.

In addition to reporting Securities holdings, every Access Person shall certify in their initial report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. They have received, read, and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. They have no knowledge of the existence of any personal conflict of interest relationship which may involve a
Portfolio, such as any economic relationship between their transactions and Securities held or to be acquired by a Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. They do not serve on the Board of Directors of any publicly traded company.

The initial report shall be made through affirmations via the STAR system and shall be delivered to the Review Officer/Compliance via STAR.

**Outside Business Activities** 

In accordance with Firm policy, associates must disclose and provide prior written notice of reportable Outside Business Activities ("OBAs"). An outside business activity is defined as any business activity outside the scope of the relationship with TSW. These include any activities that a Supervised Person may be engaged in outside of their employment with the Firm, including, but not limited to, service as an officer, director, partner, employee, consultant or independent contractor with any for profit or non-profit organization. A person may be engaged in an OBA if they are a) employed by any other person or entity; b) receiving compensation from any other person or entity; c) serving as an officer, director, or partner of another entity; or d) serving in a fiduciary capacity (e.g. trustee, executor or power of attorney) for someone other than a family member.

Prior approval from the CCO or designee is required prior to engaging in the activity. Associates are not permitted to participate in an OBA that would interfere with or otherwise compromise their responsibilities to TSW. No OBA will be allowed unless approved by the CCO. The Firm expects associates to devote their business day to the work of the Firm, and associates are expected to avoid any outside activity, employment, position, or association that might interfere or appear to interfere with the independent exercise of the associate's judgment regarding the best interests of the Firm and its clients. Violations of OBA protocols will result in disciplinary action which may include termination.

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The initial and subsequent disclosure(s) shall be made through STAR and shall be delivered to the Review Officer/Compliance via STAR for review and pre-approval. In the event an existing activity changes or ceases, an updated disclosure is required in STAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Quarterly Reporting Requirements** 

All Access Person shall disclose to the Review Officer/Compliance all transactions in Reportable Securities conducted during the period as of the calendar quarter ended within 30 calendar days after quarter-end. Access Persons do not need to pre-clear Personal Securities Transactions effected in any account over which the Access Person has no direct or indirect influence or Control; however, custodian statements in any such accounts must be sent to the Review Officer via STAR not less than quarterly.

In addition, on a quarterly basis via STAR, with respect to all Reportable Accounts, the Access Person must provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. not less than quarterly, a custodian statement disclosing the transactions for any Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of the broker, dealer, bank or other entity that acts as custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. if a new Reportable Account, the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the date the report is submitted by the Access Person.

This quarterly report shall be made through affirmations via the STAR system and shall be delivered to the Review Officer/Compliance via STAR. This quarterly affirmation also includes a section for Pay-to-Play Rule reporting and Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Report Certification of Compliance with Code of Ethics** 

All Access Persons shall disclose to the Review Officer via the STAR system all holdings in Reportable Securities as of the calendar year ended within 30 calendar days after year end. In addition to reporting Reportable Securities holdings, every Access Person shall certify annually via STAR that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. they have read and understand the COE and recognize that they are subject thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. they have complied with the requirements of the COE and that they have reported all Personal Securities Transactions
required to be reported pursuant to the requirements of the COE;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. they do not serve on the Board of Directors of any publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. they have not disclosed pending "buy" or "sell" orders for a Portfolio to any associate of
any other Management Company, except where the disclosure occurred subsequent to the execution or withdrawal of an order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. they have disclosed all Reportable Accounts-all Securities accounts which
hold or could hold Securities should be reported—those are all considered Reportable Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. they have no knowledge of the existence of any personal conflict of interest relationship which may involve any
Portfolio, such as any economic relationship between their transactions and Securities held or to be acquired by a Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. they have not received any gift or other thing valued at more than $100 or $250 for business entertainment (de
minimis amount) in relation to the Firm's business and have disclosed all gifts and entertainment both given and received via the Firm's Gift and Entertainment Log; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. they have or have not made or previously pre-cleared any political
contributions or fundraising activities.

These annual reports shall be made via affirmations on the STAR system and shall be delivered to the Review Officer/Compliance via STAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Confidentiality of Reports** 

Reports submitted pursuant to this COE shall be confidential and shall be provided only to those Supervised Persons of the Firm with a need to know and, upon appropriate request, Compliance Departments of Perpetual Limited ("Perpetual", TSW's parent company) and any registered investment company the Firm advises or sub-advises, counsel, and/or regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Acknowledgement of Receipt of Code of Ethics** 

Each Supervised Person shall be provided with a copy of this COE or access to it, and any amendments, and Supervised Persons shall submit a written acknowledgment of their receipt of this Code and any amendments to this COE. Written acknowledgement of the Code will be made via affirmations on the STAR system, both initially and annually.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Review of Reports** 

The Review Officer shall review reports submitted under this COE. The Review Officer shall not review his/her own reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Duplicate Confirmation and Statements** 

The Review Officer of the Firm may require Access Persons to provide duplicate copies of confirmation of each disclosable transaction in their accounts and will require duplicate copies of account statements, all provided via the STAR system where possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Reporting of Violations to the TSW Executive Committee and Sanctions** 

Supervised Persons are required to report any violations of this COE promptly to the Review Officer. The Review Officer of the Firm shall report all violations (including non-material, technical violations) to the Compliance Committee and shall report material violations of this COE to the TSW Executive Committee. The TSW Executive Committee, and outside counsel, if deemed appropriate, shall consider reports made to it and shall determine whether there has been a violation of the Firm's COE and what sanctions, if any, should be imposed, including, among other things, a letter of censure or suspension, fines, or termination of the employment of the violator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Annual Reporting** 

The Review Officer of the Firm shall prepare an annual report relating to this COE to TSW Executive Committee and of any U.S. registered investment company client advised or sub-advised by the Firm that request such reporting. Such annual report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. summarize existing procedures concerning personal investing and any changes in the procedures made during the past
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. identify any violations during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. identify any recommended changes in the existing restrictions or procedures based upon the Firm's experience
under its COE, evolving industry practices or developments in applicable laws or regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. state that the Firm had adopted procedures reasonably necessary to prevent Access Persons from violating the Code of
Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Retention of Records** 

The Firm shall maintain the following records as required under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a copy of any Code of Ethics in effect within the most recent five years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a list of all Supervised Persons required to make reports hereunder within the most recent five years and a list of
all Supervised Persons who were responsible for reviewing the reports, as shall be updated by the Review Officer of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. a copy of each report made by an Access Person hereunder and submitted to the Firm's Review Officer for a
period of five years from the end of the fiscal year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. each memorandum made by the Review Officer of the Firm hereunder for a period of five years from the end of the
fiscal year in which it was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. a record of any violation under the Code of Ethics and any action taken as a result of such violation for a period
of five years following the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. a record of all written acknowledgements as required by Rule 204A- 1(a)(5) for each Person who is currently, or in
the past five years was, a Supervised Person of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. a record of any decision, and the reasons supporting the decision, to approve the acquisition of securities by
Access Persons under Rule 204A-1(c), for at least five years after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. a copy of any reports which describe any issues arising under the Code of Ethics and certifies that the Firm has
adopted procedures reasonably necessary to prevent Access Persons from violating the Code of Ethics.

IX. DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *"Access Person"* means any Manager, officer, general partner or Advisory Representative of the
Firm. As the nature and philosophy of the Firm tends to expose a large range of Supervised Persons to client information, all Supervised Persons are treated as Access Persons. Supervised Persons that are subject to another code of ethics that has
been reviewed and approved by the Review Officer are not subject to the Access Person requirements of this Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *"Advisory Representative "*  means any Supervised Person, who in connection with his
or her regular functions or duties, normally makes, participates in, or otherwise obtains current information regarding the Purchase or Sale of a Security by the Firm, or whose functions relate to the making of any recommendations with respect to
such purchases or sales, and any natural Person in a Control relationship to the Firm who obtains information concerning recommendations made concerning a Purchase or Sale of a Security. This definition includes but is not limited to the following:
partner, officer, Manager, investment person, Portfolio Manager and any other Supervised Person of the Firm designated as an "Advisory Representative" from time to time by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *"Affiliated Person"* of another Person means (a) any Person directly or indirectly owning,
Controlling, or holding with power to vote, five percent (5%) or more of the outstanding voting securities of such other person; (b) any Person five percent (5%) or more of whose outstanding voting securities are directly or indirectly owned,
Controlled, or held with power to vote, by such other person; (c) any Person directly or indirectly Controlling, Controlled by, or under common Control with, such other person; (d) any officer, director, partner, copartner, or associate of
such other person; (e) if such other Person is an investment company, any investment adviser thereof or any member of an advisory board thereof; and (f) if such other Person is an unincorporated investment company not having a board of
directors, the depositor thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *" Affiliated Fund "*  means any investment vehicle registered under the
Investment Company Act which the Firm or an Affiliated Person acts as manager, adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *"Beneficial Ownership"* shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, as amended (the "1934 Act"), in determining whether a Person is the beneficial owner of a Security for purposes of Section 16 of the 1934 Act and
the rules and regulations thereunder, that, generally speaking, encompasses those situations where the beneficial owner has the right to enjoy a direct or indirect economic benefit from the ownership of the Security. A Person is normally regarded as
the beneficial owner of securities held in (i) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household; (ii) a trust, estate or other account in which he/she has a present or
future interest in the income, principal or right to obtain title to the securities; or (iii) the name of another Person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains
benefits substantially equivalent to those of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *"Control"* means the power to exercise a Controlling influence over the management or policies of
a company, unless such power is solely the result of an official position with such company. Any Person who owns beneficially, either directly or through one or more Controlled companies, more than twenty-five

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percent (25%) of the voting securities of a company shall be presumed to Control such company. Any Person who does not so own more than twenty-five percent (25%) of the voting securities of any company shall be presumed not to Control such company. A natural Person shall be presumed not to be a Control person. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *" Exchange Traded Fund (" ETF ") " means a portfolio of securities that trades throughout the day on an exchange. A closed-end fund* is not an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *" Firm " means* TSW, an investment adviser registered with the SEC under the
Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *" Firm Managed Fund "*  means any investment company registered under the
Investment Company Act or pooled investment vehicle for which the Firm acts as investment adviser or sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *"Initial Public Offering"* means an offering of securities registered under the Securities Act of
1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *"Investment Personnel"* means (a) any Portfolio Manager of the Firm; (b) any associate
of the Firm (or of any company in a Control relationship to a fund or the Firm) who, in connection with his regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Firm,
including securities analysts, traders and marketing Supervised Persons; or (c) any Person who Controls a fund or the Firm and who obtains information concerning recommendations made to any Portfolio regarding the purchase or sale of securities
by the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *"Limited Offering"* means an offering that is exempt from registration under the Securities Act
pursuant to Section 4(2) or Section 4(6) or Rules 504, 505 or 506 under the Securities Act. Limited offerings are commonly referred to as private placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *" Maintenance Trades "*  (also called
" *Non-Rotational Trades*") refer to any trades effected by Portfolio Managers for specific accounts including those in "SMA" accounts. Maintenance trades typically occur to get
Portfolios in line with guidelines, raise cash for specific purposes, etc. These are not to be confused with Firm-wide block trades (also called "Rotational Trades" which affect large numbers of accounts at one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *" Management Company "*  refers to investment advisers that are subsidiaries of,
or organizations otherwise affiliated with, Perpetual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. *" Manager "*  refers to individual member of the TSW Executive Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. *"Person"* means a natural Person or a company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. *"Personal Securities Transactions"* means any transaction in a Security pursuant to which an
Access Person would have a Beneficial Ownership interest with the exception of obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, money market fund shares, commercial paper, high quality short-term debt
instruments and registered open-end investment companies, none of which are funds advised or sub- advised by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. *" Portfolio "*  means any account, trust or other investment vehicle over which
the Firm has investment management discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. *"Portfolio Manager"* means an associate of the Firm entrusted with the direct responsibility and
authority to make investment decisions affecting the Portfolios or Firm Managed Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. *" Primary Product "*  or *" Primary Strategy "* means any long-only equity strategy and fixed income strategy (and thus excludes long/short strategies) offered to outside clients and described in TSW's Form ADV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. *"Purchase or Sale of a Security"* includes, among other things, the writing of an option to
purchase or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. *" Reportable Account "*  means any account held at a broker, dealer or bank with
which an Access Person maintains Beneficial Ownership in any Security and for any account held at a broker, dealer, bank or other entity for which an Access Person has the ability to obtain Beneficial Ownership of any Security. All Securities
accounts which hold or could hold Securities should be reported— those are all considered Reportable Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. *"Reportable Security"* shall include any Firm Managed Fund and commodities contracts as defined in
Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes but is not limited to futures contracts on equity indices.

*"Reportable Security"* means any stock, bond, future, investment contract or any other instrument that is considered a "Reportable Security" or "Covered Security" under the Investment Company Act. The term "Reportable Security" is very broad and includes items you might not ordinarily think of as "Reportable Securities," including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options on securities, on indexes and on currencies (options on securities defined as one option contract covering 100
shares of stock);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All kinds of limited partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Foreign unit trusts and foreign mutual funds;

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Thompson, Siegel & Walmsley LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment funds, hedge funds, and investment clubs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ETF's, iShares and unit investment trusts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed-end Funds.

*"Reportable Security"* specifically does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the U.S. Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
obligations (including repurchase agreements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of open-end funds, none of which are Affiliated Funds or Firm Managed
Funds.

Any question as to whether a particular investment constitutes a "Reportable Security" should be referred to the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. *" Restricted List "*  is an actively monitored list of Securities being
considered for purchase or sale by any equity and/or international Portfolios or funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. *" Review Officer "*  refers to the personnel, appointed and approved by the TSW
Executive Committee to oversee its COE, or a designee appointed by the Chief Compliance Officer. In most cases, the Review Officer will be the CCO or a designee but will vary based on the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. "*Security(ies)*" means a security as defined in Section 2(a)(36) of the Investment Company
Act and includes any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or
subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security
(including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to
foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to
subscribe to or purchase, any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. "*Supervised Person "*  means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Manager or officer of the Firm (or other Person occupying a similar status or performing a similar function);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other associate of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any other Person who provides advice on behalf of the Firm and is subject to the Firm's supervision and Control;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any temporary worker, consultant, independent contractor, certain Supervised Persons of affiliates of the Firm or any
particular Person designated by the Review Officer.

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## Ex-99.(P)(Iv)

Exhibit (p)(iv)

**<u>Attachment A – Code of Ethics</u>** 

**INTRODUCTION** 

This Code of Ethics (the "Code") was originally adopted by **Trillium Asset Management, LLC ("Trillium" or the "Company")** effective November 28, 2005, and has been updated to deal with changing circumstances. The most recent revision to this Code was on March 31, 2025, Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), requires an investment adviser registered with the U.S. Securities and Exchange Commission ("**SEC**") to establish, maintain and enforce a written code of ethics. Rule 17j-1 under the Investment Company Act of 1940, as amended (the "**Company Act**") also requires certain persons to be subject to a code of ethics. This Code pertains to Trillium's investment advisory and sub-advisory services and is intended to meet the requirements of the Advisers Act and the requirements of Section 17(j) of the Company Act and Rule 17j-1 thereunder. This Code establishes standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of a Client may abuse their fiduciary duties to the Client and addresses other types of conflict of interest situations. Definitions of <u>underlined</u> terms are included in Appendix A.

**Nothing in this Code prohibits employees or Access Persons from reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **WHO IS COVERED BY THIS CODE** 

**This Code applies to all Access Persons (collectively the "Access Persons" and each an "Access Person" of Trillium (See Attachment A). "Access Person(s)" includes all Trillium full-time and part-time employees, manager trainees, interns, officers and directors.** 

**Access Persons and their <u>Immediate Family</u> are required to strictly adhere to personal securities policies and procedures of this Code.** 

**Directors who are not employees of Trillium and do not have access to confidential information regarding client securities transactions or recommendations are exempt from certain reporting provisions of this Code.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **POLICY STATEMENT** 

The purpose of this Code of Ethics is to set forth certain key guidelines that have been adopted pursuant to Rule 204A-1 under the of the Advisers Act and Rule 17j-1 under the Company Act by Trillium as office policy for the guidance of all personnel and to specify the responsibility of all Access Persons of the Company to act in accordance with their fiduciary duty to Company clients and to comply with applicable federal and state laws and regulations, including, but not limited to, securities laws, governing their conduct. In particular, Access Persons should be aware of the applicable requirements of the Advisers Act and Company Act. Careful adherence is essential to safeguard the interests of the Company and its clients. The Company expects that all Access Persons will conduct themselves in accordance with high ethical standards, which should be premised on the concepts of integrity, honesty and trust.

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As noted, all Access Persons of the Company must conduct themselves in full compliance with all applicable federal and state laws and regulations concerning the securities industry. In particular, Access Persons should be familiar with those laws and regulations governing "insider trading" and fiduciary duties. It is the responsibility of every Access Person to know these laws and regulations and to comply with them. Please consult Compliance for copies of any laws and regulations concerning the securities business or for any questions about the legality of any transaction.

Although our fiduciary duties require more than simply avoiding illegal and inappropriate behavior, at a minimum all Employees should be aware that, as a matter of policy and the terms of their employment with the Company, the following types of activities are strictly prohibited, in connection with the <u>Purchase</u> or <u>sale</u>, directly or indirectly, of a <u>Security held or to be acquired</u> by a client or prospective client or the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Using any device, scheme or artifice to defraud a client or prospective client or the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Making any untrue statement of a material fact to a client or prospective client or the Funds or omitting to
state a material fact necessary in order to make the statements made to a client or prospective client or the Funds, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engaging in any act, practice, or course of business that operates or would operate as a fraud or deceit on
a client or prospective client or the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engaging in any manipulative practice with respect to a client or prospective client or the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Causing the Company, acting as principal for its own account or for any account in which the Company or any
person associated with the Company is a <u>beneficial owner</u>, to sell any security to or purchase any security from a client or the Funds in violation of any applicable law, rule or regulation of a governmental agency.

In addition, Employees and Access Persons are prohibited from, among other things, engaging in any activities or conduct prohibited under the Company's Compliance Manual, and the Compliance Manual is incorporated herein by reference.

Trillium has always held itself and its Access Persons to the highest ethical standards. While this Code is only one manifestation of those standards, compliance with its provisions is essential. Failure to comply with this Code is a very serious matter and may result in disciplinary action being taken. Such action can include, among other things, private reprimand, disgorgement of profits, suspension or even termination of employment. *Failure to submit personal security transactions report on a timely basis is a violation of this Code.*

Access Persons must promptly report any suspected violations of the Code of Ethics to Compliance or an <u>Officer</u>. To the extent practicable, Trillium will protect the identity of an Access Person who reports a suspected violation. However, the Company remains responsible for satisfying the regulatory reporting, investigative and other obligations that may follow the reporting of a potential violation.

Retaliation against any Access Person who reports a violation of the Code of Ethics is strictly prohibited and will be cause for corrective action, up to and including dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **PROHIBITED TRANSACTIONS** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Prohibition against Fraudulent Conduct**. It is unlawful for Access Persons to use any information
concerning a <u>Security held or to be acquired</u> by a Client, or their ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Blackout Periods**. *Directors who are not employees of Trillium and do not have access to confidential information regarding client securities transactions or recommendations are exempt from this Section 3. (b).* 

**Pending Client Orders.** Access Persons shall not <u>Purchase</u> or <u>Sell</u> a <u>Covered Security</u> in an account over which they have direct or indirect influence or <u>Control</u> on a day during which they know or should have known *a <u>Portfolio Manager</u> has initiated a Client "buy" or "sell" order* in that same security unless that order is withdrawn or until that order has been executed.

Client orders not initiated by a <u>Portfolio Manager</u> are exempt from this blackout period. Examples of exempt orders are "buy" or "sell" orders due to client cash flows including funding of new accounts.

**Approved List Change Recommendations.** Access Persons shall not <u>Purchase</u> or <u>Sell</u> a <u>Covered</u> <u>Security</u> within ten (10) trading days after an Employee becomes aware of a recommendation to add that security to, or delete it from, Trillium's approved list (also known as the buy list).

As part of the personal transaction pre-clearance process described in Section 4(b), it is imperative that the Access Persons attests accurately to their knowledge of any approved list changes and to avoid any trade involving any such approved list change issuer. Any profits realized on <u>Purchases or</u> <u>Sales</u> of that security within this proscribed period are subject to being disgorged to a charity.

**Trillium Sub-Advised Mutual Fund Shares.** Access Persons shall follow the guidelines to sell or otherwise transfer, directly or indirectly, shares of any <u>Reportable Fund</u> (sub-advised, or underwritten by Trillium or an affiliate) in accordance with the Reportable Fund offering documents..

**Perpetual Securities.** Access Persons shall not be permitted to <u>Purchase</u> or <u>Sell</u> or otherwise transfer, directly or indirectly, shares of any <u>Perpetual Security</u> in an account over which they have direct or indirect influence or <u>Control</u> during the periods defined by Perpetual and communicated to the CCO.

**Restricted List.** Trillium may periodically restrict securities of a particular issuer due to circumstances such as, but not limited to, identified conflicts of interests, receipt of confidential information, or <u>Covered Security</u> illiquidity. Access Persons shall not be permitted to Purchase or Sell or otherwise transfer, directly or indirectly, shares of any restricted security in an account over which they have direct or indirect influence or Control during the restricted period. Compliance will maintain the restricted list and any such proposed transactions will be denied.

Restrictions are confidential and will not be published. Compliance will maintain discretion on the application of restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Blackout Period Exclusions and Definitions**. The following transactions shall not be prohibited by
this Code and are not subject to the limitations of Sections 3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) effected pursuant to an automatic investment plan (however, any transaction that overrides or changes the
preset contribution schedule or allocations requires pre-approval)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to securities held in accounts over which the Access Person has no direct influence or control
(such as a blind trust)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in direct obligations of the U.S. Government

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in money market instruments, bankers' acceptances, bank certificates of deposit, commercial paper,
repurchase agreements and other high quality short term debt instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in shares of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in shares of open-ended mutual funds that are not <u>Reportable Funds</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated open-end mutual funds.

NOTE: For purposes of Sections 3(b), and subject to Section 3(d) below, the (i) common stock and any fixed income security of an issuer shall not be deemed to be the same security and (ii) non-convertible preferred stock of an issuer shall be deemed to be the same security as the fixed income securities of that issuer; and (iii) convertible preferred stock shall be deemed to be the same security as both the common stock and fixed income securities of that issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Other Prohibited Transactions**. *Directors who are not employees of Trillium and do not have access to confidential information regarding client securities transactions or recommendations are exempt from Section 3. (d).*

Employees shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) induce or cause a Client to take action or to fail to take action, for personal benefit rather than for the
benefit of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) accept anything other than items of *de minimis* value or any other preferential treatment from any
broker-dealer or other entity with which a Client does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) establish or maintain an account at a broker-dealer, bank or other entity through which securities
transactions may be effected without written notice to Compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) use knowledge of portfolio transactions of a Client for one's personal benefit or the personal benefit
of others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) violate the anti-fraud provisions of the federal or state securities laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) serve on the boards of directors of publicly traded companies (that are not affiliates of Trillium); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) directly or indirectly acquire securities in an initial public offering for which no public market in the
same or similar securities of the issue has previously existed without prior approval of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Corporate Opportunities**. *Directors who are not employees of Trillium and do not have access to confidential information regarding client securities transactions or recommendations are exempt from Section 3. (e).* 

Access Persons shall not take personal advantage of any opportunity properly belonging to a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Confidentiality**. Except as required in the normal course of carrying out their business
responsibilities, Access Persons shall not reveal information relating to the investment intentions or activities of any Client, or securities that are being considered for <u>Purchase</u> or <u>Sale</u> on behalf of any Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **PERSONAL TRANSACTION PROCEDURES** 

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*Directors (who are not employees of Trillium and do not have access to confidential information regarding client securities transactions or recommendations) and their <u>Immediate Family</u> are exempt from the Pre-clearance Requirements of this section 4.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Requirement for Pre-clearance**. Access Persons must obtain
written pre-clearance from Compliance for the following types of transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any securities transaction involving a <u>Limited Offering</u> or an initial public offering (IPO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any securities transaction involving an Initial Coin Offering (ICO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any <u>Perpetual Security</u> transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction in <u>Covered Securities</u>, **including Exchange Traded Funds "ETFs"**.

Compliance will not grant pre-clearance if the security transaction is not consistent with the provisions of the Code.

NOTE: Any Access Person who has taken a personal position through a <u>Limited Offering</u> or private placement will be under an affirmative obligation to disclose that position in writing to Compliance if they play a material role in Trillium's subsequent investment decision regarding the same issuer; this separate disclosure must be made even though the Access Person has previously disclosed the ownership of the privately placed security in compliance with the pre-clearance requirements of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Pre-Trade Compliance Process**. It is the responsibility of
Access Persons wishing to trade in a <u>Covered Security</u> to follow the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Complete a written or electronic pre-approval form indicating the
name of the <u>Covered Security</u>, its symbol and exchange on which it is traded, purchase or sale, the date, approximate current price, brokerage firm to be used, and the relationship of the personnel with the end beneficiary of the proposed
transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Obtain written or electronic approval from Compliance. (Individual Compliance team members may not approve
their own transactions.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Approvals shall only be granted if not subject to Trade Blackout Period provisions specified in
Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Approved transactions must be executed within two trading days of approval, or the subject personnel must
repeat the procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If approval is obtained using a paper form, copies of the pre-approval forms containing all signatures must be submitted to Compliance for review in accordance with the process proscribed in Section 5(d) and Section 7(a) (iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **REPORTING REQUIREMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Reporting**. Access Persons must report to Compliance the information described in this Section with
respect to transactions in any <u>Covered Security</u> or <u>Reportable Fund</u> in which they have, or because of such transaction acquire, any direct or indirect <u>Beneficial Ownership</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Exclusions from Reporting**. Access Persons must report all holdings and transactions, except for
holdings and transactions in the securities listed in Section 3(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Initial Holding Reports**. No later than ten (10) days after a person becomes an Access Person
subject to this Code as set forth in Section 1, he or she must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and/or principal amount, and CUSIP number or ticker symbol of each <u>Covered Security</u> and <u>Reportable Fund</u> (whether or not publicly traded) in which the person has any direct or indirect <u>Beneficial</u> <u>Ownership</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the holdings reports must be current as of a date not more than forty-five (45) days prior to the
individual becoming subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the name of any broker, dealer, bank, or other intermediary with whom he or she maintained an account in
which <u>any securities</u> were held for his or her direct or indirect benefit as of the date he or she became subject to this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Quarterly Transaction Reports<sup>1</sup>**. Access Persons
must submit a list of transactions in <u>Covered Securities</u> and <u>Reportable Funds</u> (whether or not publicly traded) in which the person has, or because of such transaction acquired, any direct or indirect <u>Beneficial Ownership</u> or
confirm there were no such transactions. The report is due no later than 30 days after quarter end. In lieu of a list of all quarterly transactions, duplicate copies of all trade confirmations or statements may be submitted (as long as they contain
all the below required information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of
shares and/or the principal amount of each <u>Covered Security</u> and <u>Reportable Fund</u> involved and the CUSIP number or ticker symbol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the nature of the transaction (i.e., <u>Purchase</u>, <u>Sale</u> or any other type of acquisition or
disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the price of the <u>Covered Security</u> and <u>Reportable Fund</u> at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the name of the broker, dealer, bank, or other intermediary with or through which the transaction was
effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the date that the report is submitted.

NOTE: Any transactions relating to <u>Reportable Funds</u> and the Green Century Balanced Fund (the "Fund") that result from **active 401(k) plan Fund allocation choices** made during the three-month period must be reported on the quarterly form provided by Compliance. This does not include routine investments in the Fund made from payroll deductions over which Access Persons have no control of the timing. **Additionally, any transactions other than periodic automatic dividend and/or capital gain reinvestments in any <u>Reportable Fund</u> must be included in the Quarterly Transaction Report**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Quarterly New Account Reports.** Access Persons must report any account established in which any
securities were held during the quarter for the direct or

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indirect benefit of the Access Person. The report must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any broker, dealer, bank or other intermediary with whom the Access Person established the
account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date the report is submitted.

Quarterly New Account Reports must be submitted to Compliance no later than thirty (30) days after the end of the calendar quarter<sup>21</sup> in which the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Annual Holdings Reports**. Access Persons must report the following information (which information must
be current as of a date no more than forty-five (45) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title, number of shares and/or principal amount of each <u>Covered Security</u> (whether or not publicly
traded) and/or the Green Century Balanced Fund or any <u>Reportable Fund</u> in which such person had any direct or indirect <u>Beneficial Ownership</u> and the CUSIP number or ticker symbol;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the name of any broker, dealer, bank or other intermediary with whom such person maintains an account in
which <u>any securities</u> are held for such person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Certification of Compliance**. The Company will supply a copy of this Code and any amendments to each
Access Person. Access Persons are required to certify annually that they have read and understood the Code and recognize that they are subject to the Code. Further, they are required to certify annually that they have complied with all the
requirements of the Code and they have disclosed or reported all personal securities transactions pursuant to the requirements of the Code. Access Persons are required to promptly report to Compliance or an <u>Officer</u> any violations of this Code
of which they become aware, including violations by other Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Account Opening Procedures**. Access Persons shall provide written notice to Compliance of any new
personal account with any entity through which <u>any Covered</u> <u>Securities</u> or Reportable Fund transaction may be effected. (Please see Quarterly New Account Reports, section 5 (e)). In addition, he or she must promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide full access to Trillium of all records and documents which Trillium considers relevant to any
securities transactions or other matters subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cooperate with Trillium in investigating any securities transactions or other matter subject to the Code;

<sup>21</sup> Trillium will accept duplicate copies of statements or an electronic feed if sent directly to Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide Trillium with an explanation (in writing if requested) of the facts and circumstances surrounding
any securities transaction or other matter subject to the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly notify the CCO or such other individual as Trillium may direct, in writing, from time to time, of
any incident of noncompliance with the Code by anyone subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **VIOLATIONS OF THE CODE OF ETHICS** 

Trillium must implement reasonable measures to encourage compliance with the Code and, when necessary, actively discourage violations of the Code. Trillium expects to achieve this through periodic communication, training and enforcement.

Failure to comply with this Code is a very serious matter and will result in disciplinary measures. The minimum disciplinary measures are listed below, item 6. (b). Further disciplinary actions may be taken based on the failure and can include disgorgement of profits, negative job performance reviews, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Communication and Training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Access Persons are required to attend Initial Compliance and Code of Ethics training within 10 days of
becoming an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All Access Persons are required to attend Annual Compliance training which includes key information and
reminders with regard to the employees' Code obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Disciplinary Measures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First Violation. Access Person will be issued a Written Violation Memorandum that describes the violation
and the required Remediation steps. The Access Person's Manager will receive a copy of the memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Second Violation. Access Person will fined $100 (US).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Third Violation. Access Person will be fined $500 (US).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fourth Violation. Access Person annual incentive compensation will be negatively impacted.

Disciplinary measures will reset after 24 months with no violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **ADMINISTRATION OF THE CODE OF ETHICS** 

Trillium must use reasonable diligence and institute procedures reasonably necessary to prevent violations of the Code and to prevent Access Persons from engaging in unlawful actions.

Additionally, with respect to sub-advisory relationships with mutual fund advisers and advisory relationships with Registered Investment Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Trillium must submit no less frequently than annually to the board of trustees of the investment company a
written report that describes any issues arising under the Code since the previous report to the board of trustees that

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Describes any issues arising under the Code or procedures since the last report to the board of trustees including, but not limited to, information about material violations of the Code and sanctions imposed in response to any material violations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) certifies that Trillium has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Access Persons must report any violations of this Code promptly to Trillium's CCO or a Trillium
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **COMPLIANCE OFFICER** 

Trillium's Board of Directors appointed a CCO. A designated Compliance team member will act in the CCOs absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Duties of Compliance Officers**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the CCO or their designee will review all securities transaction reports and document the reviewer
responsible for reviewing such reports. The CCO may not review their own reports, therefore, another Compliance team member will review such reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify all Access Persons subject to this Code who are required to make these reports and promptly inform
each Access Person of the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) approve or disapprove personal transaction requests submitted by Access Persons in accordance with the
procedures stipulated in Section 4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) compare all personal <u>Covered Securities</u> transactions with each security pre-approval form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) compare initial holdings reports, quarterly reports (or statements) and annual holdings report for accuracy
and completeness

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) maintain an acknowledgment by each person who is then subject to this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) review at least annually the adequacy of the Code and the effectiveness of its implementation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) inform Access Persons of their requirements to obtain prior written approval from Compliance prior to
entering into a personal securities transaction, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Potential Trade Conflict**. When there appears to be a transaction that conflicts with the Code,
Compliance shall request a written explanation of the person's transaction. If after post-trade review, it is determined that there has been a violation of the Code, the CCO will report the violation to an <u>Officer</u> and the Chief Risk
Officer of Perpetual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Required Records**. The CCO or their designee shall maintain and cause to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any code of ethics adopted by Trillium which has been in effect during the previous six
(6) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a record of any violation of any code of ethics, and of any action taken as a result of such violation, for
at least five (5) years after the end of the fiscal year in which the violation occurs in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of each report made by anyone subject to this Code as required by Section 4 for at least five
(5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a list of all persons who are, or within the past five years have been, required to make reports or who were
responsible for reviewing these reports pursuant to any code of ethics adopted by Trillium, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a record of any decision, and the reasons supporting the decision, approving the acquisition by Access
Persons of Limited Offerings, IPOs or ICOs for at least five (5) years after the end of the fiscal year in which the approval is granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a copy of each annual written report that is required to be furnished to the board of trustees, under
Section 6(a) of this Code, must be maintained for at least five (5) years after the end of the fiscal year in which the report is made, the first two (2) years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a copy of each Employee's annual acknowledgment that he or she has received and reviewed this Code.

**Appendix A - Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Beneficial Owner</u> shall have the meaning as that set forth in Rule 16a-1(a) (2) under the Securities Exchange Act of 1934, as amended, except that the determination of direct or indirect beneficial ownership shall apply to all Covered Securities which an Access Person
owns or acquires. A <u>Beneficial Owner</u> of a security is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a <u>direct or indirect pecuniary interest</u> (the
opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities) in a security.

<u>Indirect pecuniary interest</u> in a security includes securities held by a person's immediate family sharing the same household. <u>Immediate Family</u> means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, life partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Control</u> means the power to exercise a controlling influence over the management or policies of a
company, unless this power is solely the result of an official position with the company. Ownership of 25% or more of a company's outstanding voting securities is presumed to give the holder thereof Control over the company. This presumption
may be rebutted based upon the facts and circumstances of a given situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Covered Security</u> means any security, including an Initial Coin Offering (ICO), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) securities acquired pursuant to an automatic investment plan (however, any transaction that overrides or changes the preset contribution schedule or allocations requires pre-approval)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) securities held in accounts over which the Access Person has no direct influence or control (such as a blind trust)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) direct obligations of the U.S. Government,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) money market instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short term debt instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares of money market funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares of open-ended mutual funds for which the Company or an affiliate does not serve as investment adviser, sub adviser or underwriter, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Limited Offering</u> means an offering that is exempt from registration under the Securities Act of 1933
pursuant to section 4(2) or section 4(5) or pursuant to rule 504, rule 505, or rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Officer</u> means the CEO, Chief Operating Officer or the Chief Investment Officer for purposes of this
Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Perpetual Securities</u> means securities issued by Perpetual Limited, the parent company of Trillium
Asset Management, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Portfolio Manager</u> means all Trillium investment personnel responsible for management of a Trillium
strategy or <u>Reportable Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Purchase</u> or <u>sale</u> includes, among other things, the writing of an option to purchase or sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Reportable Fund</u> – Any Registered Investment Company sub advised or underwritten by Trillium or
an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Security held or to be acquired by</u> a Client means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Covered Security which has been held by the applicable Client or is being or has been considered by the
applicable Client or its investment adviser for <u>Purchase</u> by the applicable Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any option to <u>Purchase</u> or <u>sell</u>, and any security convertible into or exchangeable for, a
Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Accounts over which the Access Person has <u>no direct or indirect influence or control</u> means the Access
Person does not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) suggest purchases or sales of investment for the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) direct purchases or sales of investment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consult with the trustee or third-party discretionary manager as to the particular allocation of investment
to be made in the account.

## Ex-99.(P)(V)

Exhibit (p)(v)

![LOGO](g13362dsp138.jpg)

BARROW HANLEY GLOBAL INVESTORS 2200 Ross Avenue, 31st Floor \| Dallas, TX 75201 \| (214) 665-1900 DALLAS \| HONG KONG \| LONDON \| SINGAPORE \| SYDNEYRevised February 14, 2025

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![LOGO](g13362dsp139.jpg)

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

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

**CODE OF ETHICS AND CONDUCT** 

**Table of Contents** 

---

| | | |
|:---|:---|:---|
|  **Introduction** | **Introduction** | **1** |
|  **Definitions** | **Definitions** | **2** |
| **1.** | **Policy for Possession of Material Non-Public Information** | **6** |
| **2.** | **Duty of Confidentiality** | **9** |
| **3.** | **Procedures for Access Persons** | **10** |
| **4.** | **Exempted Transactions** | **14** |
| **5.** | **Compliance Procedures** | **14** |
| **6.** | **CCO's Authority and Duties** | **19** |
| **7.** | **Reporting of Violations** | **19** |
| **8.** | **Reporting to the Board of Managers** | **19** |
| **9.** | **Sanctions** | **20** |
| **10.** | **Retention of Records** | **20** |
|  **Exhibits** | **Exhibits** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Initial Report of Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp; **Initial Report of Access Persons** | **A** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Annual Report of Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp; **Annual Report of Access Persons** | **B** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Quarterly Transactions Report of Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp; **Quarterly Transactions Report of Access Persons** | **C** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp; **Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** | **D** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Personal Political Contribution Pre-Clearance Form of Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp; **Personal Political Contribution Pre-Clearance Form of Access Persons** | **E** |
| &nbsp;&nbsp;&nbsp;&nbsp; **List of Reportable Funds of Access Persons** | &nbsp;&nbsp;&nbsp;&nbsp; **List of Reportable Funds of Access Persons** | **F** |

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**Introduction** 

Barrow Hanley Global Investors ("Barrow Hanley" or "the Firm") has adopted this Code of Ethics and Conduct (the "Code") in its current form in compliance with the requirements of Section 204A-1 of the Investment Advisers Act of 1940 (the "Advisers Act") and Section 17(j) of the Investment Company Act of 1940. This Code was last amended on February 14, 2025. The Code requires the Firm's Access Persons to comply with the federal securities laws and the Firm's policies and procedures, sets standards of business conduct required of the Firm's supervised persons, and addresses conflicts that arise from personal transactions and other activity by Access Persons. The policies and procedures outlined in the Code are intended to promote compliance with fiduciary standards by the Firm and its Access Persons. As a fiduciary, the Firm and its employees: (i) have the responsibility to render professional, continuous, and unbiased investment advice, (ii) owe its clients a duty of honesty, good faith, and fair dealing, (iii) must act at all times in the best interests of clients, and (iv) must avoid or disclose conflicts of interest.

A. Barrow Hanley's Code of Ethics and Conduct is designed to:

1. Set standards for ethical conduct based on the fundamental principles of openness, integrity, honesty, and
trust.

2. Protect the Firm's clients by deterring misconduct.

3. Educate employees regarding the Firm's expectations and the laws governing their conduct.

4. Remind employees that they are in a position of trust and must act with complete propriety at all times.

5. Protect the reputation of the Firm.

6. Guard against violations of the securities laws.

7. Establish procedures for employees to monitor the Firm's business and uphold its ethical principles,
and

8. Discourage excessive risk-taking in employees' personal investments and/or in a client's
account.

B. This Code is based upon the principle that the directors, officers, and employees of the Firm owe a
fiduciary duty to the Firm's clients to conduct their affairs, including their personal transactions, in such a manner as to avoid:

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1. Serving their own personal interests ahead of a client's interest.

2. Taking inappropriate advantage of their position with the Firm.

3. Actual or potential conflicts of interest, and/or

4. Abuse of their position of trust and responsibility.

C. As a fiduciary, employees should avoid conflicts of interest where possible. This Code requires disclosure
and reporting of any unavoidable conflicts of interest.

D. This Code is designed to implement controls that discourage employees from taking excessive risk in a
client's account and/or in the employee's personal investments and Reportable Account(s).

E. Barrow Hanley's fiduciary duty includes the duty of the Chief Compliance Officer ("CCO")
of the Firm to maintain, monitor, and enforce the Code, periodically review and amend the Code, and to report material violations of the Code to the Firm's Board of Managers and clients.

F. This Code contains requirements necessary to prevent Access Persons from violating the Firm's
standards and procedures designed to prevent violations of the Code. Each Access Person at the commencement of their employment must certify to their understanding of the Code's requirements and acknowledge to abide by all of the Code's
provisions and prohibitions. Each Access Person must re-certify their understanding and acknowledgement of the Code annually, and any time the Code is amended.

**Definitions** 

The following terms are used throughout this Code and are defined here to describe and explain their use and purpose for the Code's provisions and prohibitions.

A. **"Access Person"** means supervised persons of the Firm including any director, officer,
general partner, Advisory Person, Investment Personnel, Portfolio Manager, or employee of the Firm. The CCO may, in her discretion, designate other individuals (e.g., affiliates, consultants, interns and temporary employees) that have access to
client information as Access Persons of the Firm. The CCO may exempt certain Access Person(s) and/or Members of its Board of Managers from certain provisions and prohibitions of this Code who are subject to another code of ethics that has been
approved by the CCO.

B. **"Advisory Person"** means any person in a Control relationship to the Firm who obtains
information concerning recommendations made to the Firm with regard to the purchase or sale of a security by the Firm.

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C. **"Affiliate" or "Affiliated Company"** means a company which is an affiliate of
the Firm through a corporate relationship, including the Firm's parent company, Perpetual Limited ("Perpetual Group") (ASX ticker: PPT), a global financial services firm operating a multi-boutique asset management business, as well
as wealth management and trustee services businesses.

D. **"Beneficial Ownership"** means any person who, directly or indirectly, through any
contract, arrangement, understanding, relationship, or otherwise, has or shares a direct or indirect beneficial interest in an account or security. Such relationships may include but are not limited to an employee's spouse, children, parents,
guardians, or person for whom the employee has control or owes a duty of care.

E. **"Black-out Period"** means the time period
designated by the CCO whereby an Access Person and/or Family Members must not trade a Reportable Security, see Trading Restriction for Access Persons, Section 3.D.

F. **"Business Entertainment"** means an Access Person's participation, whether as a guest
or host, in lunches, dinners, cocktail parties, sporting activities or similar business gatherings conducted for business purposes. Business Entertainment is not a Gift.

G. **"Control"** means the power to exercise a controlling influence over the management or
policies of a company or person unless such power is solely the result of an official position with such company. Any Person or entity who owns beneficially, either directly or through one or more controlled companies or relationships, more than 25%
of the voting securities of a company shall generally be presumed to control such company. Any Person who does not own more than 25% of the voting securities of any company shall not be presumed to control such company.

H. **"Covered Associate"** means any general partner, managing member, executive officer, or
other individual with a similar status or function, any employee who solicits a government entity for the investment adviser and any person who supervises, directly or indirectly, such employee.

I. **"Direct Beneficial Interest"** means a Person has a direct interest as an owner of
something or receives a direct benefit from an investment in a Reportable Security. A direct benefit may derive from an indirect interest in, among other things, something owned by a Person's spouse, domestic partner, or Family Trust.

J. **"Exchange Traded Fund" or ("ETF")** means an investment fund that holds a
collection of assets, such as stocks, bonds, or commodities, and trades on stock exchanges.

K. **"Family Member"** means any person sharing the same household with an Access Person
(including spouses, domestic partners, children (including those who may be temporarily living away for college/boarding school), grandchildren, siblings, parents, grandparents, relatives-in-law,

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step relatives, adoptive relatives, and legal guardians), or any other person for which an Access Person has "Beneficial Ownership" of their accounts or securities.

L. **"Firm"** means Barrow Hanley Global Investors, BH Credit Management, LLC, and their related
general partner entities.

M. **"Gift"** means cash or any item of value.

N. **"Government Entity"** means any state or local government agency, authority, or
instrumentality of a state or local government, any pool of assets sponsored by a state or local government (i.e., defined benefit pension plan, separate account or general fund), and any participant-directed government plan.

O. **"Indirect Beneficial Interest"** means a Person, who is not an owner, receives an indirect
benefit from an investment in a Reportable Security. An Indirect Beneficial Interest may be derived from any number of sources, as noted above.

P. **"Investment Personnel"** means: any Portfolio Manager of the Firm, Research Analysts,
Traders, Client Portfolio Managers, and other personnel who provide information and advice to the Portfolio Manager, or who help execute the Portfolio Manager's investment selection.

Q. **"Managed Fund"** means any Reportable Fund for which the Firm serves as an Investment
Adviser or Sub-Adviser.

R. **"Person"** means natural person or company.

S. **"Political Action Committee"** ("PAC") means an organization whose purpose is
to solicit and make Political Contributions.

T. **"Political Contribution"** means any Gift, subscription, loan, advance, or deposit of money
(such as gift certificates or merchandise), or anything of value given to a candidate or PAC for:

1. The purpose of influencing any election.

2. The payment of debt incurred in connection with any such election.

3. Transition or inaugural expenses of the successful candidate for office, and

4. Coordinating contributions through bundling or facilitating the contributions of other persons or PACs,
including acting as a host to solicit contributions.

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Examples of contributions include, (i) the cost of attending or hosting fundraising events; (ii) payments to bond ballot campaigns; (iii) expenses incurred in connection with fundraising; or (iv) expenses incurred from other volunteer activities (e.g., hosting a reception).

U. **"Political Fundraising Activities"** include, but are not limited to, the following
activities on behalf of a state or local candidate or official:

1. Coordinating contributions (generally, bundling, pooling, or otherwise facilitating the contributions made
by other persons, including hosting events),

2. Soliciting contributions (generally, communicating, directly or indirectly, for the purpose of obtaining or
arranging a Political Contribution), or

3. Directing fundraising efforts.

V. **"Portfolio Directional Trade"** means a trade directed by a Portfolio Manager intended to
increase or decrease a security's investment weighting in a client(s) account. This is a separate type of trade from a trade required to satisfy a client's cash-flow request.

W. **"Portfolio Manager"** means an employee of the Firm entrusted with the direct
responsibility and authority to make investment selection decisions for a client's account.

X. **"Reportable Account"** means any account maintained with a bank, broker, or other entity in
which an Access Person or Family Member owns Reportable Securities or has the ability to transact in Reportable Securities or has discretion over trading Reportable Securities on behalf of another.

Y. **"Reportable Fund"** means any Fund or Trust where the Firm or an Affiliate acts as the
investment adviser, sub-adviser or principal underwriter for the fund. A list of Reportable Funds is attached as Exhibit F, and is available on StarCompliance, or from the Compliance Department.

Z. **"Reportable Security"** means a Security that is subject to the requirements of this Code,
including any note, stock, treasury stock, corporate or municipal bond, foreign government bond, debenture, exchange-traded fund ("ETF"), evidence of indebtedness, bank loan, certificate of interest or participation in any profit-sharing
agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional
undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, future, swap, convertible, or privilege on any security, group, or index of Reportable Securities on a national securities exchange, relating to foreign
currency, or, in general, any interest or instrument commonly known as a security, or instrument for trading speculation, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant
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investing, private placement, or hedge fund investment. Reportable Security does not mean direct obligations of the Government of the United States, high quality short-term debt instruments, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, crypto currencies and other blockchain technologies. <br>

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| AA. | **"Solicit a Government Entity for Investment Advisory Services"** means a direct or indirect communication with a state or local Government Entity for the purpose of obtaining or retaining investment advisory services business including, but not limited to, the following:  |

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1. Leading, participating in, or attending a sales/solicitation meeting with a state or local Government
Entity, such as a government pension plan or general fund.

2. Otherwise holding oneself out as part of the Barrow Hanley's representative or sales/solicitation
effort with a state or local Government Entity.

3. Signing a submission to an RFP in connection with Barrow Hanley's business.

4. Making introductions between government officials and Barrow Hanley.

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| BB. | **"State or Local Official(s)"** means any person, including any election committee for such person, who was, at the time of a Political Contribution, an official, incumbent, candidate, or successful candidate for elective office of a state or local government, including, but not limited to, any state or local agency, authority, or instrumentality, limited exceptions may apply depending on the nature of the office, as identified by the Firm's CCO.  |

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1. **Policy for Possession of Material Non-Public Information** 

The Firm's Policy for possession of material non-public information ("MNPI") applies to every Person subject to this Code, including Access Persons and their Family Members, and extends to each individual's activities within and outside of their duties at the Firm. Any questions regarding this policy and procedures should be referred to the Firm's CCO.

A. In compliance with Section 204A of the Advisers Act, the Firm forbids any officer, director, Access
Person or Family Member, from acting on and/or trading, either personally, on behalf of clients, or others, including accounts managed by the Firm, on material non-public information, or communicating material non-public information to others in violation of the law, frequently referred to as "insider trading".

B. The term "material non-public information means information
that is material to a company, a government policy, or other regulatory entity or policy that is not known to the public and is material to the value of such company, or related industry or entity, and if made public would affect

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the value of such company's shares, or impact the investment market(s), and investments of a Person, or client.

C. The term "insider trading" is not defined in the federal securities laws, but generally is used
to refer to the use of material non-public information to trade in Securities (whether or not one is an "insider"), or to communicate material non-public information to others. The term "insider information" includes non-public facts about a publicly traded company that may be used to a Person's financial advantage when trading shares of the
Company and includes information about the firm's securities recommendation(s), and client holdings and transactions. While the law concerning insider trading is not static, it is generally understood that the law prohibits:

1. Trading by a Person while in possession of material non-public information MNPI, (i) whether the Person is an insider or not; (ii) whether the information was disclosed to the Person in violation of an insider's duty to keep it confidential; whether the information was misappropriated or
received inadvertently; or whether the trade was profitable or not.

2. Communicating material non-public information to others in a breach
of fiduciary duty, or for another's intent to trade on the information.

D. Information is material if or when there is a substantial likelihood that a reasonable investor would
consider it important in making their investment decisions(s), or information that is reasonably certain to have a substantial effect on the price of a company's securities (shares or bonds) whether it is determined factual or a rumor.
Information that a Person subject to this Code should consider material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or
agreements, major litigation, debt service and liquidation problems, extraordinary management developments, write-downs or write-offs of assets, additions to reserves for bad debts, new product/services announcements, criminal, civil, and government
investigations and indictments. Material information does not have to relate to a company's business. For example, material information about the contents of any upcoming press release, media column, or blog that may affect the price of a
security, and therefore, may be considered material. Disclosure of a mutual fund client's trades or holdings, or any client's holdings that are not publicly available, may be considered material information and must be kept confidential.
All employees of Barrow Hanley are subject to this Policy and to the Duty of Confidentiality of this Code.

E. Information is non-public until it has been effectively communicated
to the marketplace. A Person must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in the media, internet, or other publications of general
circulation would be considered public. A Person should be particularly careful with information received from contacts at public companies or received through their position with Barrow Hanley. Under certain circumstances, the Firm may seek or
agree to receive non-public information (some of which is likely to be material) with respect to borrowers under

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bank loans ("Bank Loan Issuer") on which the Firm has actively gone private. Generally, such nonpublic information regarding Bank Loan Issuers is made available through information services such as, but not limited to, Intralinks, Debt Domain or SyndTrak. In instances where such a Bank Loan Issuer is also an issuer of public securities, such public securities are placed on the Firm's Restricted List to the extent the Firm has accessed material non-public information that has not been otherwise disseminated to the market. As a general matter, the CCO shall be responsible for the determination to add or remove an issuer from the Restricted List and may consult with internal or external counsel as needed in making such determination. <br>

F. Each Person must consider the following before trading for themselves or others in the Reportable Securities
of a company about which that Person has potential inside information:

1. Is the information material? Is this information that an investor would consider important in making their
investment decisions? Is this information that would affect the market price of the Reportable Security if generally disclosed?

2. Is the information non-public? To whom has this information been
provided? Has the information been effectively communicated to the marketplace?

G. The role of the Firm's CCO is critical to the implementation and maintenance of the Firm's
policy and procedures against insider trading. If, after consideration of the above, a Person believes that the information is material and non-public, or if a Person has questions as to whether the
information is material and non-public, that Person should take the following steps:

1. Report the matter immediately to the Firm's CCO. After the CCO has reviewed the issue, a determination
will be made as to trading or restricting the security, and the employee will be instructed to continue the prohibition against communication or will be allowed to trade and communicate the information.

2. Do not purchase or sell the securities on behalf of him/herself or others. The Firm may determine to
restrict trading in the security for Access Persons, for the clients' portfolios or both.

3. Do not communicate the information to anyone inside or outside the Firm, other than to the Firm's CCO
as required under this Policy.

H. The CCO may communicate potential insider information to outside counsel and compliance/legal personnel at
Perpetual, for consultative purposes. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be sealed; access to computer
files containing material non-public information should be restricted. The CCO will review and appropriately document each circumstance where the possibility of

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insider information has been reported. Further actions to restrict trading in the security, to release a restriction against trading, or to limit trading, are based on the facts and circumstances of the information.

I. The Firm's clients include (i) private funds sponsored by the Firm that invest in the equity and
mezzanine tranches of collateralized loan obligations ("CLOs") and (ii) CLOs. Desktop procedures are maintained by the CLO portfolio managers and the Firm's Compliance Department, subject to oversight by the Firm's CLO
Governance Committee with respect to MNPI considerations in the trading of CLO equity or debt tranches.

2. **Duty of Confidentiality** 

Any Person subject to this Code must keep confidential at all times any non-public information they may obtain. This information includes but is not limited to:

A. Information about a client's account, including account holdings, recent or pending securities
transactions, investment recommendations, and/or activities of the Portfolio Managers and Research Analysts for clients' accounts.

B. Information about the Firm's clients and prospective clients' investments and account
transactions.

C. Information about the Firm's personnel, including private personally identifiable information (PII),
pay, salary, bonus, equity interest, benefits, position level, performance rating, discipline history, non-business information obtained in the course of the employee's job, and other things; and

D. Information about the Firm's financial information, business activities, including new investment
strategies, services, products, technologies, business initiatives, client gains/losses, and negotiated fee details.

The Firm's personnel have the highest fiduciary obligation to keep confidential information relating to Perpetual Group to any party that does not have a clear and compelling need to know such information, and to safeguard all confidential information about the Firm and its clients. Barrow Hanley's Privacy Policy for safeguarding clients' personal information, account information, and transactions is provided in the Firm's Compliance Policies and Procedures (the "Compliance Manual"). The information for data security and systems are provided in the Firm's Employee Handbook.

Nothing in this Code precludes any Access Person from contacting, filing a complaint with, providing information to, or cooperating with an investigation conducted by the U.S. Securities and Exchange Commission or any other governmental agency.

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**3.** **Procedures for Access Persons** 

In an effort to comply with federal securities regulations and the high standards Barrow Hanley has set to avoid potential conflicts of interest, the following procedures have been adopted:

**Who Must Comply with these Procedures?** 

All employees of Barrow Hanley and their Family Members are subject to, and must comply with, the requirements of this Code. (In general, you must report all securities-related accounts for yourself, household members, and/or any person whose investments you may direct, see Section B., Personal Trading Procedures for Access Persons and Family Members, below.) In addition to employees, under certain circumstances, other individuals who work for or with Barrow Hanley may also be required to comply with this Code (e.g., affiliates, interns, temporary workers, and consultants). A member of Barrow Hanley's Compliance team will notify such individuals when, and if, they are required to comply.

A. **General Procedures for Access Persons.** As defined by this Code, all employees of the Firm are
identified as Access Persons and are subject to the following restrictions:

1. Restriction on Accepting and Giving Gifts of More than de Minimis Value. Without pre-approval of the CCO, Access Persons are restricted from accepting or giving any Gift(s) of more than de minimis value under this Code from/to any Person or entity/organization when the Gift(s) is related to
conducting the Firm's business. Gifts must be reported monthly, or at the time a Gift is accepted or given. Reports should be made in StarCompliance or the Gift and Entertainment Form available on the Firm's shared file network at: <u>S:\BHMS_Shared\Compliance\Forms</u> 

Questions about this Gift policy should be directed to the CCO. A Gift does not include Business Entertainment.

a. The de minimis amount for accepting a Gift(s) is USD $100 (in total) per Person and is considered to be the
annual receipt of Gift(s) from the same source valued at up to USD $100.

b. The de minimis amount for Gift(s) giving by the Firm or its employees is USD $250 (in total) per Person, and
is considered to be the annual giving of Gift(s) to the same Person valued at up to USD $250.

c. ERISA and Taft Hartley regulations have specific limitations for Gifts and Entertainment and reporting
requirements when Gifts are given. To ensure proper reporting the CCO should be notified when an employee intends to give a Gift to an ERISA or Taft Hartley client.

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2. **Reporting Business Entertainment.** Access Persons, whether the employee is the provider or
participant, must report Business Entertainment activity monthly, or at the time it occurs. Extravagant or excessive entertainment is prohibited. Questions about what may be considered extravagant or excessive should be directed to the CCO. Any
exceptions to this policy must be approved by the CCO. Business Entertainment should be reported in StarCompliance or on the Gift and Entertainment Form available on the Firm's shared file network at: <u>S:\BHMS_Shared\Compliance\Forms</u> 

3. **Prohibition on Service as a Director or Public Official.** Due to the obvious conflict of interest,
Access Persons, including Investment Personnel, are prohibited from serving on the board of directors of any publicly traded company, or for-profit company, without prior authorization of the Firm's CCO.
Any such authorization shall be based upon a determination that the board service would be consistent with and not detract from the interests of the Firm's clients. Authorization of board service shall be subject to a review of such service
and implementation of procedures to identify and isolate such a Person from making decisions about investments or trading in that company's securities, or advising about investing the company's assets, and adequate disclosure of any
conflicts of interest must be provided to the CCO and may be disclosed in the Firm's Form ADV, and/or other documentation.

B. **Personal Trading Procedures for Access Persons and Family Members.** The policies of this Code apply to
all employees of the Firm identified as Access Persons and the procedures extend to accounts of which the Access Person is the beneficial owner, or accounts in which the individual has any financial interest, or ability to exercise control or
influence over its investments or trading. The procedures <u>also</u> extend to any account belonging to immediate Family Members (including any relative by blood or marriage) living in the Access Person's household or dependent on the Access
Person for financial support. Thus, a Person subject to this Code is required to abide by the following procedures:

1. **Prohibition on Initial Public Offerings ("IPO").** Persons subject to this Code are
prohibited from acquiring securities in an initial public offering or secondary offerings.

2. **Prohibition on Initial Coin Offerings.** Persons subject to this Code are prohibited from securities
transactions involving an initial coin offering.

3. **Restriction on Private Placements.** Persons subject to this Code are restricted from acquiring
securities in a private placement without prior approval from the Firm's CCO. In the event that an Access Person receives approval to purchase securities in a private placement, the Access Person must disclose that investment if/when the
company intends to offer shares to the public in an IPO and/or if the individual plays any part in the Firm's later consideration of an investment in the issuer.

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4. **Prohibition on purchasing Perpetual Group securities.** Persons subject to this Code are prohibited
from acquiring securities issued by the Firm's parent company, Perpetual Group Limited (ASX: PPT), or any publicly traded securities of other related or Affiliated Company(s) in their own account or in a client's account.

5. **Restriction on Options, Swaps, Futures, or Derivatives.** Persons subject to this Code are restricted
from purchasing or selling any option, swap, future, or derivative on any Security.

6. **Prohibition on Naked Options.** Persons subject to this Code are prohibited from trading Options,
Swaps, Futures or Derivatives on any Security or instrument that the Access Person does not have previously set-aside shares, Securities, or cash to fulfill the obligation of the transaction.

7. **Prohibition on Short selling.** Persons subject to this Code are prohibited from selling any Security
that the Access Person does not own, or otherwise engaging in "short selling" activities.

8. **Prohibition on Short-term Trading Profits.** Persons subject to this Code are prohibited from profiting
in the purchase and sale, or sale and purchase, of the same (or related) Reportable Securities within 60 calendar days. Profits realized on such short-term trades are generally subject to disgorgement, as determined by the Firm's CCO.

9. **Prohibition on Short-term Trading of Managed Funds.** Persons subject to this Code are prohibited from
short-term trading of any Managed Fund shares. For the purpose of this Code, short-term trading is defined as a purchase and redemption/sell of a Managed Fund's shares within 30 calendar days. This prohibition does not cover purchases and
redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) purchases effected on a regular periodic basis by automated means, such as 401(k) purchases, or Voluntary Deferral Plan "VDP" contributions
("automated means" are pre-selected investment allocations; 401(k) or VDP trades that are not automated are subject to at least a 30-day holding period).

C. **Political Contribution and Charitable Contribution Procedures for Access Persons and Family Members.** The Firm is prohibited from making political contributions. Employees of Barrow Hanley are prohibited from making Political Contributions in the name of the Firm. As defined by this Code, all employees of the Firm are identified as Access Persons
and are subject to the following restrictions:

1. **Personal Political Contributions to Candidates.** All Access Persons and their Family Members are
limited in the amount of any political contribution to any state or local office holder or candidate to the following: (i) if the Access Person or their Family Member is

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Eligible to Vote for such candidate, contributions are limited to the di minimis amount of USD $350; (ii) if the Access Person or their Family Member is not entitled to vote for such candidate, contributions are limited to the di minimis amount of USD $150. Certain exceptions to this policy based on the Pay-to-Play Rule may be permitted by the CCO. <br>

2. **Pre-Clearance of Personal Political Contributions and Fundraising Activities.** All Access Persons and their Family Members must obtain approval in advance from the CCO before: (i) making any Political Contribution to any state, or local candidate, or official running for state or local office, or candidate
for a federal office who is currently a State or Local Official, and (ii) participating in any Political Fundraising Activities. Political Contributions and Political Fundraising Activity will be approved on a case-by-case basis. Pre-clearance should be obtained prior to making a Political Contribution or participating in a Political Fundraising Activity by completing and
submitting a Personal Political Contribution Pre-Clearance Form for fundraising activity in StarCompliance or Exhibit E. The CCO will review each request to determine whether the Political Contribution or
Political Fundraising Activity is permitted under applicable law and is consistent with this policy.

3. **Prohibition on Certain Political Contributions.** Access Persons may not make personal Political
Contributions for the purpose of obtaining or retaining advisory contracts with government entities, clients, or for any other business-related purpose. Access Persons also may not consider any of the Firm's current or anticipated business
relationships as a factor in soliciting or making Political Contributions.

4. **Prohibition on Certain Charitable Contributions.** Access Persons may not consider any of the
Firm's current or anticipated business relationships as a factor in soliciting or making charitable contributions and may not make charitable contributions for the purpose of obtaining or retaining advisory contracts with government entities
or clients. The Firm may make charitable contributions as part of its formal charitable efforts and not for the purpose of obtaining or retaining advisory contracts with government entities or clients and must be made in the name of Barrow Hanley
and payable directly to the tax-exempt charitable organization.

5. **Indirect Action by an Access Person.** Access Persons are prohibited from doing anything indirectly
that, if done directly, would result in a violation of applicable law or this policy. For example, it is a violation of this policy for an Access Person to direct someone on their behalf to make a Political Contribution in excess of applicable
limits.

D. **Trading Restriction for Access Persons and Family Members on the Same Day as a Portfolio Directional Trade.** Access Persons and Family Members are restricted from purchasing or selling any Reportable Security on the same day the Firm executes a Portfolio Directional Trade in that same

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security for a client(s) account. Reasonable exceptions may be granted by the CCO when the trade does not appear to affect or harm any client(s).

**4.** **Exempted Transactions** 

Certain prohibitions and restrictions for Access Persons and Family Members in Section 3, B. and D. above, do not apply to:

A. Purchases or sales of a Reportable Security made on the same day that a cash flow trade is executed in that
same security for a client account, as determined and authorized by the Firm's CCO or her representative.

B. Purchases which are part of an automatic dividend reinvestment plan, or an automatic investment plan, or
automated means of 401(k) purchases, or VDP contributions.

C. Purchases effected upon the exercise of rights issued by an issuer pro-rata to all holders of a class of its Reportable Securities, to the extent such rights were acquired from such issuer; or sales of such rights so acquired, or sales occurring simultaneously with the
exercise of such rights.

D. Purchases and sales in shares of unaffiliated mutual funds, or ETFs, or Options on ETFs. Holdings in
unaffiliated mutual funds, ETFs, and Options on ETFs must be reported annually, and transactions must be reported quarterly; however, generally trades in unaffiliated mutual funds, ETFs, and Options on ETFs do not require pre-clearance and are exempt from the 60-day holding for realizing a profit. Exceptions to this exemption may apply when an ETF is purchased for a client's account or
for single-stock ETFs (including leveraged single-stock ETFs), the purchase and sale of which are not exempted transactions and require pre-clearance.

E. In addition to the above exemptions, the CCO may make exceptions to the restrictions imposed upon persons
subject to the Code on a case-by-case basis, as deemed appropriate by the CCO, and which appear upon inquiry and investigation to present no reasonable likelihood of
harm to any client.

**5.** **Compliance Procedures** 

All access persons are subject to the following procedures:

A. **StarCompliance Application.** Access Persons should use the StarCompliance Application for pre-clearance and reporting requirements under this Code. Certain transactions may require written pre-clearance and reporting on Reports identified as Code Exhibits A, B, C,
D, or E, and these forms are available on the Firm's shared drive at: <u>S:\BHMS_Shared\Compliance\Policies.</u> 

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B. **Records of Reportable Securities Transactions.** Access Persons must notify the Firm's CCO if
they or a Family Member have opened a Reportable Account during the quarter. Access Persons must direct their brokers to report into StarCompliance via a data feed or provide the Firm's CCO with duplicate brokerage confirmations of their
Reportable Securities transactions and duplicate statements of their Reportable Account(s).

C. **Pre-Clearance of Reportable Securities Transactions.** Access
Persons and Family Members must receive prior approval from a designated member of compliance, before purchasing or selling Reportable Securities. Exclusions to this are:

1. Managed Funds in the Firm's 401K Plan or VDP Plan

2. Exchange Traded Funds (ETFs) (excluding single-stock ETFs)

3. Purchases and sales over which a Person subject to the Code has no direct or indirect influence or control,
such as automatic investments in 401K or VDP accounts, Family Trust Funds, or other accounts

4. Purchases or sales pursuant to an automatic action under an automated investment plan

5. Purchases effected upon exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuers, and sales of such rights so acquired or sales occurring simultaneously with the exercise of such rights, acquisition of securities through stock dividends, dividend
reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, and other similar corporate reorganizations, or distributions generally applicable to all holders of the same class of securities;

D. **Open-End Investment Company Shares Other Than Managed Funds.** This Code provides a limited exception on Reportable Securities from pre-clearance and short-term trading profit requirements; securities under this exception include ETFs. (Reportable Funds must be held 30
days).

E. **Pre-Clearance for Reportable Securities is Valid for That Trading Day.** Personal Reportable Securities transactions should be pre-cleared using the StarCompliance or Exhibit D, *Personal Reportable Securities Transaction(s) Pre-Clearance Form.* The CCO or another authorized member of the compliance team may approve transactions which appear upon inquiry and investigation to present no reasonable likelihood of harm to any
client. Exceptions to this requirement may include the CCO's approval of a pre-clearance request(s) for a calendar week for trades in Reportable Securities that are not held in a client's account,
do not fit the Firm's investment strategies, and are thinly traded such that a trade order will not likely be filled on the day of the pre-clearance.

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F. **Pre-Clearance of Any Transaction in a Managed Fund.** All
Access Persons and Family Members must receive prior written approval from a designated member of compliance before purchasing or selling any Managed Fund. Pre-clearance for Managed Funds is valid for that
trading day. This pre-clearance requirement does not cover purchases and redemptions/sales: (i) into or out of money market funds or short-term bond funds; (ii) effected on a regular periodic basis
by automated means, such as 401(k) purchases and VDP transactions, or (iii) 401(k) investment reallocation.

G. **Disclosure of Personal Holdings, and Certification of Compliance with the Code of Ethics and Conduct.** All Access Persons must disclose to the Firm's CCO all personal Reportable Securities holdings at commencement of employment, and annually thereafter as of December 31. Every Access Person must certify on Exhibit A, Initial Report of Access
Persons, or Exhibit B, Annual Report of Access Persons, or through StarCompliance:

1. The employee and their family member(s) recognize that they are subject to all provisions and prohibitions
of this Code, and has read, understands, and will follow the Code's requirements.

2. The employee and family member(s) have complied with the requirements of this Code, and have reported all
personal Reportable Securities, Reportable Accounts, holdings in Managed Funds, and Personal Transactions.

3. Initial holdings report must be made within ten days of hire.

H. **Reporting Requirements.** The CCO of the Firm will notify each Access Person that each individual is
subject to these reporting requirements, will deliver a copy of this Code to each Access Person prior to, or upon, their date of employment, and at any time the Code is amended, and will train each Access Person on appropriate compliance matters. A
member of the compliance team will train employees to use StarCompliance for personal reporting.

1. Reportable Securities managed by a third-party in a discretionary advisory account are subject to the annual
reporting requirements contained in this Section and are excluded from certain other provisions and prohibitions of the Code. (IPOs and private placements are not excluded.)

2. Reports, personal trades and holdings, and other information submitted pursuant to this Code shall be
reviewed periodically by the CCO, kept confidential, and when necessary, provided to the Chief Executive Officer ("CEO") of the Firm, Perpetual Group, the Firm's legal counsel, regulatory authorities, or auditors upon appropriate
request. The designated backup to the CCO is responsible for reviewing and monitoring the personal securities transactions of the CCO, and for assuming the responsibilities of the CCO in her absence.

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3. Every Access Person must report to the CCO all Reportable Accounts currently open at the time of the
individual's initial employment, and any new Reportable Account (this includes any account belonging to Family Members) opened, including the name of the bank or brokerage, the account number, and date the account was opened, and must disclose
the new Reportable Account with the individual's quarterly transaction report. Information reported in StarCompliance or on Exhibit A must be current within at least 45 days of the date of their employment.

4. Every Access Person must report to the CCO of the Firm any/all Reportable Account(s) and any/all personal
Securities holdings (this includes any account(s) or holdings belonging to Family Members) at the time of an individual's initial employment with the Firm. A report must be made through StarCompliance or the designated form, Exhibit A, Initial
Report of Access Persons, with account statements attached containing the following information:

a. Name and principal amount of the Reportable Security, ticker or CUSIP, share quantity, bond quantity,
interest rate, and/or maturity date.

b. Name and account number of the Reportable Account where the Reportable Security is held.

c. Name of any broker, dealer, or bank with which the Access Person maintains an account in which any
Reportable Securities are held for the Access Person's direct or indirect benefit (account statements may be attached); and

d. The date the Access Person submits the report.

5. Every Access Person must report to the CCO of the Firm the information described in Paragraph 4 of this
Section with respect to transactions in any Reportable Security in which such Access Person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Reportable Security.

6. Quarterly transaction reports must be made no later than thirty days after the end of the calendar quarter
in which the transaction was executed. Every Access Person is required to submit a report for all periods, including those periods in which no Reportable Securities transactions were executed. A report should be made through StarCompliance, or the
designated form, Exhibit C, Quarterly Report of Access Persons, account statements may be attached to the form for reporting purposes, containing the following information:

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a. The Reportable Security name, ticker and/or CUSIP, interest rate, maturity date, share quantity, bond
quantity, and the principal amount of each Reportable Security transacted.

b. The nature of the transaction (i.e., purchase or sale).

c. The price at which the transaction was executed.

d. The name of the broker, dealer or bank with or through whom the transaction was executed. Trade
confirmations of all personal transactions and copies of periodic Reportable Account statements may be attached to Exhibit C to fulfill the reporting requirement.

e. The name of the broker, dealer, or bank with whom the Access Person established a new Reportable Account
during the period and the date the account was established.

f. The date of the transaction(s) and, if different, the date that the report is submitted by the Access
Person.

7. Every Access Person must report to the CCO all Political Contributions (this includes contributions made by
Family Members) described in Section 3.C. of this Code, Restrictions for Access Persons. made during the quarter. A report should be made using StarCompliance or Exhibit E, Political Contribution Pre-Clearance Form.

8. Every Access Person should report Gifts accepted or given, and/or Business Entertainment as a provider or
participant, using StarCompliance or the Gift & Entertainment Report. Gifts and Entertainment must be reported monthly or upon each occurrence.

9. A member of the compliance team or the CCO shall periodically review the reports provided by the
Firm's Access Persons. Review will include personal transactions and brokerage activity in StarCompliance, personal brokerage statements and holdings, and Political Contributions, among other things.

I. **Conflict of Interest.** Every Access Person must notify the CCO of any personal conflict of interest
relationship which may involve the Firm's clients, such as the existence of any economic relationship between their transactions and Reportable Securities held or to be acquired by any client's account. Such notification shall occur in
the pre-clearance process or immediately upon becoming aware of the conflict.

J. The CCO must implement and enforce this Code, maintain copies of the Code, keep records of Code violations,
and maintain records of Access Persons' reports as required by the Code.

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K. A designated member of the firm serves as the backup to the CCO. The designated member reviews and signs-off on the CCO's personal reports required under the Code and Compliance Manual. Other compliance personnel may be designated to perform certain functions of the CCO. In the absence of the CCO, the
designated backup to the CCO may perform all duties of the CCO as defined in the Code and must report to the CCO any disclosed conflicts or violations that may have occurred in her absence.

**6.** **CCO's Authority and Duties** 

The Firm's CCO has a fiduciary duty to the Firm's clients and to Barrow Hanley and is responsible for enforcing and monitoring this Code. The CCO is authorized to grant reasonable exceptions to the provisions and prohibitions of this Code, as permitted by law, and when such exceptions do not conflict with a client's interests.

**7.** **Reporting of Violations** 

A. Any Access Person of the Firm who becomes aware of a violation of (i) this Code of Ethics and Conduct,
(ii) the Compliance Policies and Procedures, (iii) the Employee Handbook, or (iv) any other internal policies or procedures, must promptly report such violation to the Firm's CCO or the CEO. This reporting requirement includes
self-reporting when an employee discovers the individual has violated an internal policy.

B. The Firm's CCO must report to the Firm's Board of Managers all material violations of this Code,
the Compliance Policies and Procedures, the Employee Handbook, or other internal controls. Material violations may be reported to the CCO of any Managed Fund client, as required.

C. The CCO and CEO will consider reports made to the Board and determine what sanctions, if any, should be
imposed.

**8.** **Reporting to the Board of Managers** 

Upon request, the Firm's CCO will prepare an annual report relating to this Code to the Boards of Managed Funds. Such annual report will:

A. Summarize existing procedures concerning personal investing and any changes in the procedures made during
the past year.

B. Identify any violations requiring significant remedial action during the past year; and

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C. Identify any recommended changes in the existing restrictions or procedures based upon the Firm's
experience under the Code, evolving industry practices, or developments in applicable laws or regulations.

**9.** **Sanctions** 

This Code provides disciplinary measures for violations, as follows:

A. Upon discovering a violation of this Code by an Access Person or Family Member, the CCO may impose sanctions
as deemed appropriate, including, among other things:

1. Disgorgement: The Firm generally requires that profits realized on transactions made in violation of the
Code's procedures be disgorged. A charity shall be selected by the Firm to receive any disgorged or relinquished amounts.

2. Extended Holding Period: Any security purchased during the black-out period may be prohibited from being sold for six months.

3. Unwinding the transaction: Purchases or sales made during a blackout period may be required to be reversed
and any profit may be disgorged.

B. The Pay-to-Play Rule imposes
a two-year ban on an adviser's ability to receive compensation for advisory services if the Firm or certain of its Covered Associates makes certain Political Contributions to a State or Local Official
over the de minimus amount.

C. For sanctions imposed, a memo of correction, suspension, or termination of employment will be retained
according to the Code's records retention requirement. This includes violations committed by a Family Member.

**10.** **Retention of Records** 

This Code and the Firm's Compliance Policies and Procedures require all books and records related to this Code to be retained, including:

A. Code of Ethics and Conduct Records. This Code (and prior versions in effect during the past seven years), a
copy of the reports made by each Access Person, each memorandum made by the Firm's CCO, and a record of any violation and actions taken as a result of such violation, must be maintained by the Firm for a minimum of seven years.

B. Political Contribution Records. A list of: (i) all Access Persons; (ii) all government entities to
which the Firm provides or has provided investment advisory services or which are or were

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investors in any covered investment pool to which the Firm has provided services in the past five years; (iii) all direct or indirect Political Contributions made by any Access Person to an official of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or to a PAC; and (iv) the name and business address of each regulated Person to whom the Firm provides or agrees to provide, directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf. Records relating to Political Contributions must be listed in chronological order and must indicate: (i) the name and title of each contributor; (ii) the name and title of each recipient; (iii) the amount and date of each Political Contribution; and (iv) whether any such Political Contribution was the subject of the exception for returned Political Contributions. <br>

**Exhibits** 

*Exhibit A* **– Initial Report of Access Persons** 

*Exhibit B* **– Annual Report of Access Persons** 

*Exhibit C* **– Quarterly Transactions Report of Access Persons** 

*Exhibit D* **– Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

*Exhibit E* **– Personal Political Contribution Pre-Clearance Form of Access Persons** 

*Exhibit F* **– List of Reportable Funds of Access Persons** 

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors ("Barrow Hanley"), I certify:

1. I acknowledge receipt of the Code of Ethics and Conduct for Barrow Hanley.

2. I recognize that I am subject to Barrow Hanley's Code as an Access Person and have read, understood,
and will follow the Code.

3. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and Securities held or to be acquired by Barrow Hanley or any of its portfolios.

4. As of the date below I and/or a Family Member had a direct or indirect ownership in the following Reportable
Securities (brokerage or financial statements may be attached):

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br>**INTEREST RATE & MATURITY DATE** | **NUMBER OF** <br>**SHARES**  | **PRINCIPAL** <br>**VALUE**  | **TYPE OF** <br>**INTEREST** <br>**(DIRECT OR** <br>**INDIRECT)**  |

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Exhibit A

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Initial Report of Access Person** 

*(Continued)* 

5. I and/or a Family Member have the following Reportable Accounts open and have directed the bank or brokerage
to send duplicate confirmations and statements to Barrow Hanley:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF FIRM** | **TYPE OF INTEREST**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(DIRECT OR INDIRECT)**  |

---

6. I and/or a Family Member have made the following Political Contributions in the previous 2 years:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **DATE OF** <br>**CONTRIBUTION**  | **TYPE OF** <br>**POLITICAL** <br>**ACTIVITY/** <br>**CONTRIBUTION**  |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

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Exhibit A

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

1. That I am subject to the Code as an Access Person, I have read, understood, and agree to follow the Code.

2. During the year ended December 31, 20___, I have complied with the reporting requirements of the Code
regarding personal transactions that I, and/or a Family Member, have executed.

3. I have not disclosed confidential information of the Firm to any Persons outside, or inside, Barrow Hanley
or PPT, except where it was required for the execution of the Firm's business.

4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by Barrow Hanley or any of its portfolios.

5. During the year I have abided by the requirements of Barrow Hanley's Code of Ethics and Conduct.

6. As of December 31, 20___, I and/or a Family Member had a direct or indirect Beneficial Ownership in the
following Reportable Securities:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br>**INTEREST RATE & MATURITY DATE** | **NUMBER OF** <br>**SHARES**  | **PRINCIPAL** <br>**VALUE**  | **TYPE OF** <br>**INTEREST** <br>**(DIRECT OR** <br>**INDIRECT)**  |

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Exhibit B

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Annual Report of Access Persons** 

*(Continued)* 

7. I and/or a Family Member have the following Reportable Accounts open, and I have directed the bank or
brokerage firm to send duplicate confirmations and statements to Barrow Hanley:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF FIRM** | **TYPE OF INTEREST**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(DIRECT OR INDIRECT)**  |

---

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| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

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Exhibit B

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended: ______________** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

1. During the quarter identified above, the following transactions were made in Reportable Securities and are
required to be reported under the Barrow Hanley Code of Ethics and Conduct (the "Code"):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br>**INTEREST RATE & MATURITY DATE** | **DATE OF** <br>**TRANS-** <br>**ACTION**  | **NUMBER** <br>**OF**<br>**SHARES**  | **DOLLAR**<br>**AMOUNT OF**<br>**TRANSACTION**  | **NATURE OF**<br>**TRANSACTION** <br>(Purchase, Sale,<br>Other) | **PRICE** | **BROKER/** <br>**DEALER OR** <br>**BANK NAME**  |

---

2. During the quarter identified above, the following Reportable Accounts were opened with direct or indirect
beneficial ownership and are required to be reported under the Code.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF FIRM** | **TYPE OF INTEREST** <br>**(DIRECT OR INDIRECT)**  | **DATE ACCOUNT OPENED** |

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Exhibit C

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**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Quarterly Transactions Report of Access Persons** 

**For the Calendar Quarter Ended: ______________** 

*(Continued)* 

3. During the quarter identified above, the following Political Contributions were made and are required to be
reported under the Code.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **DATE OF** <br>**CONTRIBUTION**  | **TYPE OF POLITICAL** <br>**ACTIVITY/** <br>**CONTRIBUTION**  |

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4. Except as noted below, I have no knowledge of the existence of any personal conflict of interest
relationship which may involve the Firm, such as any economic relationship between my transactions and securities held or to be acquired by the Firm or any of its portfolios.

5. During the quarter identified above, I have abided by the requirements of Barrow Hanley's Code.

6. During the quarter identified above, all potential Conflicts of Interest were reported to Compliance.

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| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

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![LOGO](g13362dsp161b.jpg)

Exhibit C

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![LOGO](g13362dsp161.jpg)

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

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Reportable Securities Transaction Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section C.)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed transactions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **SECURITY NAME/TYPE/TICKER/CUSIP**<br>**INTEREST RATE & MATURITY DATE** | **NUMBER** <br>**OF** <br>**SHARES**  | **DOLLAR**<br>**AMOUNT**<br>**OF**<br>**TRANSACTION**  | **NATURE**<br>**OF**<br>**TRANSACTION** <br>(Purchase, Sale,<br>Other) | **PRICE**<br>(or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proposed <br>Price) | **BROKER**<br>**/DEALER**<br>**OR BANK**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THROUGH** <br>**WHOM**<br>**EFFECTED** | **AUTHORIZED** <br>**YES NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

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

![LOGO](g13362dsp161b.jpg)

Exhibit D

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![LOGO](g13362dsp161.jpg)

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

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**Personal Political Contribution Pre-Clearance Form of Access Persons** 

**(See Code of Ethics and Conduct, 3. Procedures for Access Persons, Section C.2)** 

To the Chief Compliance Officer of Barrow Hanley Global Investors, ("Barrow Hanley"), I certify:

Pre-clearance is requested for the following proposed Political Contribution(s):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF CANDIDATE** | **AMOUNT** | **STATE AND COUNTY** <br>**OF ELECTION** | **WHAT OFFICE IS** <br>**CANDIDATE**<br>**SEEKING?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IS COVERED** <br>**PERSON**<br>**ELIGIBLE TO**<br>**VOTE FOR**<br>**CANDIDATE?** | **AUTHORIZED** <br>**YES NO** |

---

---

| | | |
|:---|:---|:---|
| Date: | Signature: |  |
|  | Print Name: |  |
|  | Title: |  |
|  | Employer: | **BARROW HANLEY GLOBAL INVESTORS** |
| Date: | Signature: |  |
|  |  | Firm's CCO |

---

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

![LOGO](g13362dsp161b.jpg)

Exhibit E

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![LOGO](g13362dsp161.jpg)

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

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

---

| | |
|:---|:---|
| **U.S. Registered Funds – 25** | **Non-U.S. Registered Funds – 18** |
|  | *Australia* |
| American Beacon Balanced Fund | Barrow Hanley Concentrated Global Share Fund |
| American Beacon Diversified Fund | (unhedged) |
| American Beacon Large Cap Value Fund | Barrow Hanley Concentrated Global Share Fund |
| American Beacon Small Cap Value Fund | (hedged) |
| Barrow Hanley Concentrated Emerging Markets | Barrow Hanley Emerging Markets Fund |
| ESG Opportunities Fund | Barrow Hanley Global Equity Trust |
| Barrow Hanley Credit Opportunities Fund | Colonial First State Investments Ltd - |
| Barrow Hanley Emerging Markets Value Fund | Commonwealth Global Shares Fund 5 |
| Barrow Hanley Floating Rate Fund | Commonwealth Global Shares Fund 8 |
| Barrow Hanley International Value Fund | Hostplus Pooled Superannuation Trust |
| Barrow Hanley Total Return Bond Fund | Mercer Emerging Market Shares Fund |
| Barrow Hanley US Value Opportunities Fund | Perpetual Global Share Fund |
| Brinker - Destinations International Equity Fund | Perpetual Private RI International Shares Fund |
| Edward D. Jones - Bridge Builder Large Value Fund | Perpetual Select International Share Fund |
| Equitable - 1290 VT Equity Income Portfolio |  |
| GuideStone Value Equity Fund | *Canada* |
| MassMutual Small Cap Value Equity Fund | Leith Wheeler Emerging Markets Equity Fund |
| Mercer Emerging Markets Equity Fund | Leith Wheeler International Equity Plus Fund |
| MML Income & Growth Fund | Leith Wheeler International Equity Plus Fund |
| Principal LargeCap Value III Fund |  |
| Principal Overseas Fund | *Ireland* |
| Timothy Plan Defensive Strategies Fund | Barrow Hanley Global ESG Value Equity Fund |
| Timothy Plan Fixed Income Fund | Barrow Hanley Concentrated Emerging Markets |
| Timothy Plan Growth & Income Fund | ESG Fund |
| Timothy Plan High Yield Bond Fund | Barrow Hanley US ESG Value Opportunities |
| Touchstone Value Fund | Fund |
|  | MGI Emerging Markets Equity Fund |
| **Non-Registered Funds – 3** | Old Mutual Value Global Equity Fund |
| Cayman Islands |  |
| EQ Offshore Aggressive Multimanager Fund | *United Kingdom* |
| EQ Offshore Conservative Multimanager Fund | F&C Investment Trust plc |
| EQ Offshore Moderate Multimanager Fund |  |
|  | *As of January 1, 2025* |

---

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

![LOGO](g13362dsp161b.jpg)

Exhibit F

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![LOGO](g13362dsp161.jpg)

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

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

*(Continued)* 

**Trillium Advised and Sub-Advised Registered Funds** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; Green Century Balanced Fund | Retail | GCBLX | Sub-Advisor |
| &nbsp;&nbsp; Green Century Balanced Fund | Institutional | GCBUX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | A | JHJAX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | C | JHJCX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | I | JHJIX | Sub-Advisor |
| &nbsp;&nbsp; JHF ESG Large Cap Core Fund | R6 | JHJRX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Investor | PORTX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Global Equity Fund | Institutional | PORIX | Sub-Advisor |
| &nbsp;&nbsp; Trillium ESG Small/Mid Cap Fund | Institutional | TSMDX | Sub-Advisor |

---

**TSW Advised and Sub-Advised Registered Funds** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp; TSW High Yield Bond Fund | I | TSWHX | Sub-Adviser |
| &nbsp;&nbsp; TSW Large Cap Value Fund | I | TSWEX | Sub-Adviser |
| &nbsp;&nbsp; TSW Emerging Markets Fund | I | TSWMX | Sub-Adviser |
| &nbsp;&nbsp; MassMutual Mid Cap Value Fund | I | MLUZX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | I | TSWIX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | A | TRWAZ | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Equity | C | TRWCX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica International Small Cap | I | TISVX | Sub-Adviser |
| &nbsp;&nbsp; Transamerica Mid Cap Value Opportunities | I | MVTIX | Sub-Adviser |
| &nbsp;&nbsp;&nbsp;Transamerica Mid Cap Value Opportunities | A | MCVAX | Sub-Adviser |

---

*As of January 1, 2025* 

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

![LOGO](g13362dsp161b.jpg)

Exhibit F

------

![LOGO](g13362dsp161.jpg)

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

**BARROW HANLEY GLOBAL INVESTORS** 

**CODE OF ETHICS AND CONDUCT** 

**List of Reportable Funds of Access Persons** 

**(See Code of Ethics and Conduct, 5. Compliance Procedures, Section F.)** 

*(Continued)* 

**JOHCM (USA) Advised Registered Funds\*** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fund Name** | **Share Class** | **Symbol** | **Role** |
| &nbsp;&nbsp;&nbsp;JOHCM Emerging Markets Opportunities Fund | Institutional; Advisor; Investor | JOEMX; JOEIX; JOEAX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM Emerging Markets Discovery Fund | Institutional; Advisor | JOMMX; JOMEX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM International Opportunities Fund | Institutional | JOPSX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM International Select Fund | Institutional; Investor | JOHIX; JOHAX | Advisor |
| &nbsp;&nbsp;&nbsp;JOHCM Global Select Fund | Institutional; Advisor | JOGIX; JOGEX | Advisor |
| &nbsp;&nbsp;&nbsp;Regnan Global Equity Impact Solutions | Institutional | REGIX | Advisor |
| &nbsp;&nbsp;&nbsp;SEI Institutional International Trust – Emerging Markets Equity Fund | Class F; Class Y | SIEMX; SEQFX | Sub-Advisor |

---

*As of January 1, 2025* 

*\*Excludes funds on the Perpetual Americas Funds Trust that are advised by affiliated sub-advisers, which are included above.* 

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

![LOGO](g13362dsp161b.jpg)

Exhibit F