# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-000492
**Filing Date:** 2026-2
**Character Count:** 88718
**Document Hash:** b535fde45cb30f5e16979d4ff76f5d98
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000492.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000492

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 26679091

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 51.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boeing (The) Co.<br> 6.26%, 05/01/27<br>|  | $500000 | &nbsp;&nbsp; $513061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 508808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 157652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 641311 |
|  |  |  | &nbsp;&nbsp; 1820832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp.<br> 7.00%, 01/15/27<br>|  | 150000 | &nbsp;&nbsp; 153711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp.<br> (Variable, U.S. SOFR + 2.21%)<br> 5.64%, 05/19/29<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 181635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 330000 | &nbsp;&nbsp; 350825 |
|  |  |  | &nbsp;&nbsp; 686171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.<br> 7.75%, 10/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 509506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co.<br> 5.40%, 10/15/29<br>|  | 100000 | &nbsp;&nbsp; 103641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc.<br> 5.35%, 07/15/27<br>|  | 450000 | &nbsp;&nbsp; 457874 |
|  |  |  | &nbsp;&nbsp; 1071021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp.<br> (Variable, U.S. SOFR + 1.91%)<br> 5.43%, 08/15/35<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 76790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp.<br> (Variable, U.S. SOFR Compounded Index + 1.93%)<br> 5.72%, 12/11/30<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 745508 |
|  |  |  | &nbsp;&nbsp; 822298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & Pharmaceuticals | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.<br> 8.63%, 09/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Goods | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc.<br> 5.00%, 10/03/34<br>|  | 500000 | &nbsp;&nbsp; 505360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co.<br> 4.60%, 09/01/29<br>|  | 400000 | &nbsp;&nbsp; 403441 |
|  |  |  | &nbsp;&nbsp; 908801 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brink's (The) Co.<br> 6.75%, 06/15/32<sup>(a)</sup> <br>|  | $250000 | &nbsp;&nbsp; $260659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp.<br> 8.00%, 06/01/29<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 763906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 250000 | &nbsp;&nbsp; 262951 |
|  |  |  | &nbsp;&nbsp; 1287516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 450000 | &nbsp;&nbsp; 468405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 247018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S.<br> 6.13%, 02/01/28<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 609950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Industrials | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br> 4.20%, 11/21/34<br>|  | 200000 | &nbsp;&nbsp; 194344 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Commerce Discretionary | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair LLC<br> 6.75%, 11/15/32<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 642673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC<br> 4.85%, 01/15/34<br>|  | 250000 | &nbsp;&nbsp; 253469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/35 |  | 500000 | &nbsp;&nbsp; 506525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/15/36 |  | 1000000 | &nbsp;&nbsp; 1027618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co.<br> 3.70%, 04/30/30<br>|  | 400000 | &nbsp;&nbsp; 390856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br> 5.70%, 12/30/34<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co.<br> 4.60%, 10/01/34<br>|  | 200000 | &nbsp;&nbsp; 198598 |
|  |  |  | &nbsp;&nbsp; 2635176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc.<br> 3.15%, 08/15/27<br>|  | 150000 | &nbsp;&nbsp; 148137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<br> 4.95%, 10/15/34<br>|  | 500000 | &nbsp;&nbsp; 504562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp.<br> 5.13%, 11/19/31<br>|  | 475000 | &nbsp;&nbsp; 493123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156631 |
|  |  |  | &nbsp;&nbsp; 1560620 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/27 |  | $200000 | &nbsp;&nbsp; $202459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/09/34 |  | 165000 | &nbsp;&nbsp; 169533 |
|  |  |  | &nbsp;&nbsp; 371992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment Content | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<br> 4.90%, 08/15/34<br>|  | 400000 | &nbsp;&nbsp; 409896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 0.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 303100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas & Water Utilities | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp.<br> 2.95%, 09/01/27<br>|  | 200000 | &nbsp;&nbsp; 196930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp.<br> 5.20%, 08/15/35<br>|  | 410000 | &nbsp;&nbsp; 423299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co.<br> 5.95%, 03/15/35<br>|  | 500000 | &nbsp;&nbsp; 523620 |
|  |  |  | &nbsp;&nbsp; 1143849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 4.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc.<br> 4.95%, 11/01/31<br>|  | 1000000 | &nbsp;&nbsp; 1022859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc.<br> 7.38%, 10/01/32<sup>(a)</sup> <br>|  | 550000 | &nbsp;&nbsp; 571656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Mutual Holdings, Inc.<br> 6.20%, 11/15/34<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 484651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings<br> 4.80%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 248176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.<br> 5.00%, 12/15/34<br>|  | 200000 | &nbsp;&nbsp; 202661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br> 5.15%, 07/15/34<br>|  | 730000 | &nbsp;&nbsp; 749045 |
|  |  |  | &nbsp;&nbsp; 3383135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 479493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Support Services | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br> 7.25%, 06/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 531253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc.<br> 6.00%, 12/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 513681 |
|  |  |  | &nbsp;&nbsp; 1044934 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc.<br> 3.85%, 01/26/27<br>|  | $900000 | &nbsp;&nbsp; $899286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley<br> 3.95%, 04/23/27<br>|  | 200000 | &nbsp;&nbsp; 199879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 53118 |
|  |  |  | &nbsp;&nbsp; 1152283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc.<br> 5.13%, 03/27/33<br>|  | 900000 | &nbsp;&nbsp; 927242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding<br> 5.00%, 03/27/30<sup>(a)</sup> <br>|  | 700000 | &nbsp;&nbsp; 716121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis North America, Inc.<br> 4.55%, 03/15/31<br>|  | 1190000 | &nbsp;&nbsp; 1193008 |
|  |  |  | &nbsp;&nbsp; 2836371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Media & Services | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc.<br> 3.25%, 02/15/30<br>|  | 75000 | &nbsp;&nbsp; 71987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC<br> 6.13%, 09/15/33<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 607185 |
|  |  |  | &nbsp;&nbsp; 679172 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.<br> 5.70%, 02/10/55<br>|  | 750000 | &nbsp;&nbsp; 742053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc.<br> 5.50%, 03/15/35<br>|  | 1000000 | &nbsp;&nbsp; 1041762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp.<br> 5.88%, 11/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126717 |
|  |  |  | &nbsp;&nbsp; 1910532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC<br> 7.00%, 09/15/30<sup>(a)</sup> <br>|  | 350000 | &nbsp;&nbsp; 365121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp.<br> 3.50%, 03/01/27<br>|  | 400000 | &nbsp;&nbsp; 398193 |
|  |  |  | &nbsp;&nbsp; 763314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acushnet Co.<br> 5.63%, 12/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc.<br> 5.70%, 08/14/33<br>|  | 400000 | &nbsp;&nbsp; 424451 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Supply Chain | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | $325000 | &nbsp;&nbsp; $336110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc.<br> 5.85%, 06/01/35<br>|  | 500000 | &nbsp;&nbsp; 530237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P.<br> 5.40%, 04/01/35<br>|  | 750000 | &nbsp;&nbsp; 756150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 500000 | &nbsp;&nbsp; 499489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 225000 | &nbsp;&nbsp; 248977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P.<br> 7.25%, 05/01/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 422934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257879 |
|  |  |  | &nbsp;&nbsp; 3257555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | 825000 | &nbsp;&nbsp; 819102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust L.P.<br> 6.15%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 253993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.<br> 4.85%, 03/15/30<br>|  | 250000 | &nbsp;&nbsp; 256922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty L.P.<br> 3.00%, 01/15/30<br>|  | 100000 | &nbsp;&nbsp; 95214 |
|  |  |  | &nbsp;&nbsp; 606129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 306740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/01/35 |  | 455000 | &nbsp;&nbsp; 460309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co.<br> 4.95%, 08/15/29<br>|  | 275000 | &nbsp;&nbsp; 280192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.<br> 3.10%, 05/03/27<br>|  | 400000 | &nbsp;&nbsp; 395608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC<br> 7.38%, 08/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 158996 |
|  |  |  | &nbsp;&nbsp; 1601845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.<br> 4.55%, 02/15/32<br>|  | 500000 | &nbsp;&nbsp; 502061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 139466 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp.<br> 4.90%, 02/06/33<br>|  | $400000 | &nbsp;&nbsp; $386201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.<br> 4.50%, 10/15/29<br>|  | 400000 | &nbsp;&nbsp; 404182 |
|  |  |  | &nbsp;&nbsp; 929849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 205947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 420525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp.<br> 4.00%, 06/30/30<br>|  | 200000 | &nbsp;&nbsp; 197285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 306799 |
|  |  |  | &nbsp;&nbsp; 1130556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/01/30 |  | 660000 | &nbsp;&nbsp; 660990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 |  | 700000 | &nbsp;&nbsp; 699656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 54267 |
|  |  |  | &nbsp;&nbsp; 1414913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br> 2.25%, 11/15/31<br>|  | 1000000 | &nbsp;&nbsp; 886803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale - Consumer Staples | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc.<br> 6.13%, 09/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154639 |
| TOTAL CORPORATE BONDS (Cost $38,971,791) |  |  | &nbsp;&nbsp; 39549785 |
| MORTGAGE-BACKED SECURITIES | 8.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies | 8.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Pool #SD8276,<br> 5.00%, 12/01/52<br>|  | 178821 | &nbsp;&nbsp; 179279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Pool #SD8233,<br> 5.00%, 07/01/52<br>|  | 1447845 | &nbsp;&nbsp; 1453270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #BM4854,<br> 4.50%, 08/01/44<br>|  | 433419 | &nbsp;&nbsp; 436950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #MA5313,<br> 5.50%, 03/01/44<br>|  | 2453273 | &nbsp;&nbsp; 2523870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #MA5498,<br> 6.00%, 10/01/54<br>|  | 1599264 | &nbsp;&nbsp; 1642675 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,131,437) |  |  | &nbsp;&nbsp; 6236044 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| U.S. GOVERNMENT OBLIGATIONS | 38.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.38%, 08/15/43<br>|  | $250000 | &nbsp;&nbsp; $239658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.13%, 08/15/44<br>|  | 2350000 | &nbsp;&nbsp; 2164754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.25%, 02/15/54<br>|  | 750000 | &nbsp;&nbsp; 681035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.63%, 05/15/54<br>|  | 750000 | &nbsp;&nbsp; 725449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.25%, 08/15/54<br>|  | 1000000 | &nbsp;&nbsp; 908125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 02/29/28<br>|  | 450000 | &nbsp;&nbsp; 454781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.50%, 04/30/28<br>|  | 400000 | &nbsp;&nbsp; 400016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 12/31/28<br>|  | 1000000 | &nbsp;&nbsp; 1006055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.63%, 08/31/29<br>|  | 250000 | &nbsp;&nbsp; 250107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.50%, 09/30/29<br>|  | 1000000 | &nbsp;&nbsp; 995938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 09/30/29<br>|  | 250000 | &nbsp;&nbsp; 252305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 12/31/29<br>|  | 1000000 | &nbsp;&nbsp; 1009180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 03/31/30<br>|  | 2500000 | &nbsp;&nbsp; 2533691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 05/31/30<br>|  | 450000 | &nbsp;&nbsp; 456100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 07/31/30<br>|  | 300000 | &nbsp;&nbsp; 304066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.38%, 11/30/30<br>|  | 1050000 | &nbsp;&nbsp; 1081254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 05/31/31<br>|  | 250000 | &nbsp;&nbsp; 260498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 08/31/31<br>|  | 350000 | &nbsp;&nbsp; 349248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.63%, 09/30/31<br>|  | 1000000 | &nbsp;&nbsp; 991211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 10/31/31<br>|  | 1600000 | &nbsp;&nbsp; 1626625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 11/15/32<br>|  | 2600000 | &nbsp;&nbsp; 2633719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 11/30/32<br>|  | 1500000 | &nbsp;&nbsp; 1485000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.50%, 11/15/33<br>|  | 500000 | &nbsp;&nbsp; 517168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 02/15/34<br>|  | 250000 | &nbsp;&nbsp; 249678 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 08/15/34<br>|  | $3250000 | &nbsp;&nbsp; $3206201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 02/15/35<br>|  | 1250000 | &nbsp;&nbsp; 1300146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.25%, 08/15/35<br>|  | 3250000 | &nbsp;&nbsp; 3280469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 11/15/35<br>|  | 750000 | &nbsp;&nbsp; 740859 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $30,354,764) |  |  | &nbsp;&nbsp; 30103336 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class) 3.63%<sup>(c)</sup> <br>|  | 857402 | &nbsp;&nbsp; 857402 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $857,402) |  |  | &nbsp;&nbsp; 857402 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $76,315,394)<br>| 99.1<br> %<br>|  | &nbsp;&nbsp; 76746567 |
| NET OTHER ASSETS (LIABILITIES) | 0.9<br> %<br>|  | &nbsp;&nbsp; 719394 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $77465961 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $14,867,972 or 19% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at December 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

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

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

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

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 46.9% |
| A  | &nbsp;&nbsp; 8.4  |
| BBB  | 25.3  |
| BB  | 11.3  |
| B  | &nbsp;&nbsp; 5.8  |
| B-  | &nbsp;&nbsp; 0.3  |
| Cash equivalents  | &nbsp;&nbsp; 1.1  |
| Total | 99.1% |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 98.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. - Class A |  | 6500 | &nbsp;&nbsp; $47710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 6900 | &nbsp;&nbsp; 66101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. |  | 4600 | &nbsp;&nbsp; 60063 |
|  |  |  | &nbsp;&nbsp; 173874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax India Holdings Corp.<sup>(a)(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 86450 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 19.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. - Class W |  | 10700 | &nbsp;&nbsp; 196328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fu Shou Yuan International Group Ltd. |  | 64400 | &nbsp;&nbsp; 23252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 24800 | &nbsp;&nbsp; 42349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd. - Class A |  | 400 | &nbsp;&nbsp; 78969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. |  | 3600 | &nbsp;&nbsp; 99266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SITC International Holdings Co. Ltd. |  | 19700 | &nbsp;&nbsp; 70521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. |  | 3000 | &nbsp;&nbsp; 230896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group Ltd. |  | 500 | &nbsp;&nbsp; 35592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. - Class H |  | 28500 | &nbsp;&nbsp; 130586 |
|  |  |  | &nbsp;&nbsp; 907759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Oil Hellas Corinth Refineries S.A. |  | 1500 | &nbsp;&nbsp; 55352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. |  | 2100 | &nbsp;&nbsp; 47137 |
|  |  |  | &nbsp;&nbsp; 102489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. |  | 1050 | &nbsp;&nbsp; 58212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. |  | 8800 | &nbsp;&nbsp; 90344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. |  | 32000 | &nbsp;&nbsp; 38074 |
|  |  |  | &nbsp;&nbsp; 128418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt |  | 1500 | &nbsp;&nbsp; 45345 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 9.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 ONE WAM Ltd. |  | 5000 | &nbsp;&nbsp; 66200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. |  | 9800 | &nbsp;&nbsp; 43505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. |  | 8600 | &nbsp;&nbsp; 94842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEG Ltd. |  | 8700 | &nbsp;&nbsp; 60386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. - ADR |  | 3300 | &nbsp;&nbsp; 98340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. - GDR<sup>(b)</sup> <br>|  | 1100 | &nbsp;&nbsp; 77000 |
|  |  |  | &nbsp;&nbsp; 440273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of Kazakhstan JSC - GDR - REG |  | 2400 | &nbsp;&nbsp; 71880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 5.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. |  | 34800 | &nbsp;&nbsp; 52159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. de C.V. |  | 6100 | &nbsp;&nbsp; 61605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L |  | 4600 | &nbsp;&nbsp; 50551 |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Energy S.A.B. de C.V. - ADR<sup>(a)</sup> <br>|  | 1000 | &nbsp;&nbsp; $48660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. |  | 13400 | &nbsp;&nbsp; 41768 |
|  |  |  | &nbsp;&nbsp; 254743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. |  | 7300 | &nbsp;&nbsp; 70053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro.eu S.A.<sup>(a)(b)</sup> <br>|  | 6000 | &nbsp;&nbsp; 51486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank |  | 5600 | &nbsp;&nbsp; 48344 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd. - Class N |  | 2500 | &nbsp;&nbsp; 166744 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 16.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hugel, Inc.<sup>(a)</sup> <br>|  | 200 | &nbsp;&nbsp; 31979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. |  | 600 | &nbsp;&nbsp; 123905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KINX, Inc. |  | 1000 | &nbsp;&nbsp; 83944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krafton, Inc.<sup>(a)</sup> <br>|  | 500 | &nbsp;&nbsp; 85194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Systems Corp. |  | 400 | &nbsp;&nbsp; 58086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. |  | 3100 | &nbsp;&nbsp; 259826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. |  | 2300 | &nbsp;&nbsp; 122475 |
|  |  |  | &nbsp;&nbsp; 765409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 15.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. |  | 2000 | &nbsp;&nbsp; 75428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acter Group Corp. Ltd. |  | 3100 | &nbsp;&nbsp; 77055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. |  | 11000 | &nbsp;&nbsp; 69318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fusheng Precision Co. Ltd. |  | 200 | &nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. |  | 10200 | &nbsp;&nbsp; 503175 |
|  |  |  | &nbsp;&nbsp; 726602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A.S. |  | 34600 | &nbsp;&nbsp; 47399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A.S. |  | 10500 | &nbsp;&nbsp; 41294 |
|  |  |  | &nbsp;&nbsp; 88693 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC |  | 15400 | &nbsp;&nbsp; 58912 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 5.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC |  | 1700 | &nbsp;&nbsp; 70693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Capital PLC<sup>(a)</sup> <br>|  | 3200 | &nbsp;&nbsp; 133717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investec PLC |  | 9000 | &nbsp;&nbsp; 66905 |
|  |  |  | &nbsp;&nbsp; 271315 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 3.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. - Class A<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 78900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 30 | &nbsp;&nbsp; 60428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tecnoglass, Inc. |  | 900 | &nbsp;&nbsp; 45288 |
|  |  |  | &nbsp;&nbsp; 184616 |
| TOTAL COMMON STOCKS (Cost $3,382,504) |  |  | &nbsp;&nbsp; 4701617 |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(c)</sup> <br>|  | 100141 | &nbsp;&nbsp; $100141 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $100,141) |  |  | &nbsp;&nbsp; 100141 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $3,482,645)<br>| 100.4<br> %<br>|  | &nbsp;&nbsp; 4801758 |
| NET OTHER ASSETS (LIABILITIES) | (0.4<br> %)<br>|  | &nbsp;&nbsp; (19941)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $4781817 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $214,936 or 4% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 23.6% |
| Financials  | 19.8  |
| Consumer Discretionary  | 15.8  |
| Communication Services  | 11.6  |
| Industrials  | &nbsp;&nbsp; 8.7  |
| Materials  | &nbsp;&nbsp; 5.4  |
| Consumer Staples  | &nbsp;&nbsp; 4.9  |
| Energy  | &nbsp;&nbsp; 4.6  |
| Real Estate  | &nbsp;&nbsp; 2.3  |
| Health Care  | &nbsp;&nbsp; 1.6  |
| Total | &nbsp;&nbsp; 98.3% |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 96.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc.<br> 6.38%, 05/31/33<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $128262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 106311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.<br> 7.75%, 10/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l.<br> 7.75%, 05/31/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 159430 |
|  |  |  | &nbsp;&nbsp; 414183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.73%)<br> 6.95%, 02/15/30<sup>(b)(c)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & Pharmaceuticals | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harrow, Inc.<br> 8.63%, 09/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 131380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable & Satellite | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br> 4.50%, 05/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 89754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 4.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<br> 8.25%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 157691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp.<br> 8.00%, 06/01/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 152781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 157770 |
|  |  |  | &nbsp;&nbsp; 468242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148114 |
|  |  |  | &nbsp;&nbsp; 246921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 2.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC<br> 6.38%, 07/15/32<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254658 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Commerce Discretionary | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayfair LLC<br> 6.75%, 11/15/32<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 179948 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc.<br> 7.50%, 02/01/32<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $204160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc.<br> 5.75%, 02/01/28<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 200134 |
|  |  |  | &nbsp;&nbsp; 404294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 2.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Medical Response, Inc.<br> 7.38%, 10/01/32<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207875 |
|  |  |  | &nbsp;&nbsp; 233897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.<br> 5.50%, 06/01/28<sup>(a)</sup> <br>|  | 183000 | &nbsp;&nbsp; 183192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 143848 |
|  |  |  | &nbsp;&nbsp; 327040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Support Services | 2.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br> 7.25%, 06/15/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 212501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 2.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 239033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Media & Services | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group Holdings II LLC<br> 6.13%, 09/15/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snap, Inc.<br> 6.88%, 03/15/34<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154447 |
|  |  |  | &nbsp;&nbsp; 306243 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp.<br> 5.88%, 11/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 4.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc.<br> 7.50%, 09/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions LLC<br> 7.00%, 09/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.<br> 4.75%, 01/15/28<br>|  | 150000 | &nbsp;&nbsp; 147754 |
|  |  |  | &nbsp;&nbsp; 460756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<br> 6.30%, 02/15/30<br>|  | 150000 | &nbsp;&nbsp; 159097 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Supply Chain | 9.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $129273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 150000 | &nbsp;&nbsp; 149847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 128612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC<br> 9.88%, 07/15/31<sup>(a)</sup> <br>|  | 147000 | &nbsp;&nbsp; 157981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC<br> 8.63%, 10/31/29<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 181454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154727 |
|  |  |  | &nbsp;&nbsp; 901894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 173749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 252091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance Corp.<br> 7.25%, 07/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154684 |
|  |  |  | &nbsp;&nbsp; 406775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 9.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd.<br> 6.00%, 11/15/27<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | 300000 | &nbsp;&nbsp; 303500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 146975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc.<br> 7.75%, 07/15/26<br>|  | 175000 | &nbsp;&nbsp; 177277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC<br> 7.38%, 08/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 158996 |
|  |  |  | &nbsp;&nbsp; 886822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 139466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.<br> 6.25%, 04/01/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257812 |
|  |  |  | &nbsp;&nbsp; 397278 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 7.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc.<br> 7.38%, 04/01/32<sup>(a)</sup> <br>|  | $150000 | &nbsp;&nbsp; $159143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 315394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I<br> 6.35%, 12/21/65<sup>(a)(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 125411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153399 |
|  |  |  | &nbsp;&nbsp; 753347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co.<br> 6.00%, 12/15/35<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 130000 | &nbsp;&nbsp; 141094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate HDD Cayman<br> 8.50%, 07/15/31<br>|  | 150000 | &nbsp;&nbsp; 159474 |
|  |  |  | &nbsp;&nbsp; 300568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 235358 |
|  |  |  | &nbsp;&nbsp; 337588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 209495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale - Consumer Staples | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.<br> 6.75%, 10/15/28<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 75071 |
| TOTAL CORPORATE BONDS (Cost $9,271,145) |  |  | &nbsp;&nbsp; 9443458 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(d)</sup> <br>|  | 189197 | &nbsp;&nbsp; 189197 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $189,197) |  |  | &nbsp;&nbsp; 189197 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $9,460,342)<br>| 98.4<br> %<br>|  | &nbsp;&nbsp; 9632655 |
| NET OTHER ASSETS (LIABILITIES) | 1.6<br> %<br>|  | &nbsp;&nbsp; 160560 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $9793215 |

---

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

---

| |
|:---|
| <sup>(a)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of December 31, 2025, these securities had a total value of $7,979,505 or 81% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at December 31, 2025, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(d)</sup>7-day current yield as of December 31, 2025 is disclosed. |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB  | &nbsp;&nbsp; 3.7% |
| BB  | 53.4  |
| B  | 35.6  |
| B-  | &nbsp;&nbsp; 1.3  |
| CCC  | &nbsp;&nbsp; 0.8  |
| Cash equivalents  | &nbsp;&nbsp; 2.0  |
| Not Rated  | &nbsp;&nbsp; 1.6  |
| Total | 98.4% |

---

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 92.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. - ADR |  | 25000 | &nbsp;&nbsp; $1601000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curacao | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. |  | 24000 | &nbsp;&nbsp; 921120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denmark | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S - ADR |  | 8000 | &nbsp;&nbsp; 407040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 2.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayer A.G. - ADR |  | 87500 | &nbsp;&nbsp; 946750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC |  | 2400 | &nbsp;&nbsp; 788640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. |  | 6000 | &nbsp;&nbsp; 862560 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 77.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(a)</sup> <br>|  | 1200 | &nbsp;&nbsp; 419988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. |  | 1400 | &nbsp;&nbsp; 359786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. |  | 2000 | &nbsp;&nbsp; 388140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> <br>|  | 2100 | &nbsp;&nbsp; 1055565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> <br>|  | 1800 | &nbsp;&nbsp; 545382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. |  | 3596 | &nbsp;&nbsp; 871526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A<sup>(a)</sup> <br>|  | 6300 | &nbsp;&nbsp; 1315125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. |  | 8200 | &nbsp;&nbsp; 1249762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna (The) Group |  | 2709 | &nbsp;&nbsp; 745598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  | 9000 | &nbsp;&nbsp; 1050210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>(a)</sup> <br>|  | 2200 | &nbsp;&nbsp; 662046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. |  | 10000 | &nbsp;&nbsp; 888700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. |  | 13200 | &nbsp;&nbsp; 1047552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  | 25000 | &nbsp;&nbsp; 1464750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. |  | 3200 | &nbsp;&nbsp; 1121760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. |  | 18100 | &nbsp;&nbsp; 1312069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. |  | 2000 | &nbsp;&nbsp; 577720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. - Class A |  | 300 | &nbsp;&nbsp; 643854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.<sup>(a)</sup> <br>|  | 13000 | &nbsp;&nbsp; 873210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. |  | 11800 | &nbsp;&nbsp; 913320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. |  | 18000 | &nbsp;&nbsp; 829440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp.<sup>(a)</sup> <br>|  | 12000 | &nbsp;&nbsp; 442800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. |  | 3000 | &nbsp;&nbsp; 397380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. |  | 35600 | &nbsp;&nbsp; 978644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz (The) Co. |  | 65800 | &nbsp;&nbsp; 1595650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. |  | 1500 | &nbsp;&nbsp; 725505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. |  | 500 | &nbsp;&nbsp; 410145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. |  | 11000 | &nbsp;&nbsp; 1157860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. |  | 32700 | &nbsp;&nbsp; 814230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. |  | 2900 | &nbsp;&nbsp; 660388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. |  | 1400 | &nbsp;&nbsp; 1080618 |

---

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. |  | 27633 | &nbsp;&nbsp; $552522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. |  | 8000 | &nbsp;&nbsp; 699360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos. (The), Inc. |  | 15225 | &nbsp;&nbsp; 915175 |
|  |  |  | &nbsp;&nbsp; 28765780 |
| TOTAL COMMON STOCKS (Cost $28,204,481) |  |  | &nbsp;&nbsp; 34292890 |
| SHORT-TERM INVESTMENTS | 9.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(b)</sup> <br>|  | 3586973 | &nbsp;&nbsp; 3586973 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,586,973) |  |  | &nbsp;&nbsp; 3586973 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $31,791,454)<br>| 101.8<br> %<br>|  | &nbsp;&nbsp; 37879863 |
| NET OTHER ASSETS (LIABILITIES) | (1.8<br> %)<br>|  | &nbsp;&nbsp; (684915)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $37194948 |

---

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

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

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

Abbreviations: <br> ADR – American Depositary Receipt

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Health Care  | 23.3% |
| Financials  | 20.1  |
| Energy  | 13.2  |
| Industrials  | &nbsp;&nbsp; 8.9  |
| Consumer Staples  | &nbsp;&nbsp; 8.6  |
| Utilities  | &nbsp;&nbsp; 7.4  |
| Communication Services  | &nbsp;&nbsp; 5.0  |
| Information Technology  | &nbsp;&nbsp; 3.3  |
| Real Estate  | &nbsp;&nbsp; 2.4  |
| Total | &nbsp;&nbsp; 92.2% |

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

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

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

- **a. Name of Series:** TSW Emerging Markets Fund

- **b. EDGAR series identifier (if any):** S000074041

- **c. LEI of Series:** 549300ENRS84S80TKD07

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4804191.44

**Total Liabilities:** $22374.32

**Net Assets:** $4781817.12

**Cash Not Reported:** $4509.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231392 | 1.97%                | -3.28%               | 4.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24109.21                | $64154.92                                  |
| Month 2  | $14470.01                | $-156659.69                                |
| Month 3  | $81870.72                | $129462.76                                 |

### Schedule of Portfolio Investments

| Name                                           | Title                                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Coal India Ltd.                                | Coal India Ltd. INR10                                                             | CUSIP: Y1668L107<br>LEI: 335800NLJQZNHM9LBB31 | Long             | EC               | CORP              | IN        |      9800 | NS      | $43504.96     | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA             | Millicom International Cellular SA COM USD1.50                                    | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |      1050 | NS      | $58212.00     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                       | AIA Group Ltd, Hong Kong NPV                                                      | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |      8800 | NS      | $90343.97     | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdee International Software Group Co Ltd.   | Kingdee International Software Group Co Ltd. HKD0.025                             | CUSIP: G52568147<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | KY        |     24800 | NS      | $42349.31     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Motor Oil Refineries SA                        | Motor Oil Refineries SA EUR0.75                                                   | CUSIP: X55904100<br>LEI: 213800U3Y9UL7Y4QVM11 | Long             | EC               | CORP              | GR        |      1500 | NS      | $55351.93     | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KOC Holdings AG                                | KOC Holdings AG TRY1 (B SHARES)                                                   | CUSIP: M63751107<br>LEI: 7890005U0H950VH19H45 | Long             | EC               | CORP              | TR        |     10500 | NS      | $41293.51     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Actinver SA                              | Banco Actinver SA CBFI (FIBRA UNO ADMINISTRACION SA DE CV)                        | CUSIP: P3515D163<br>LEI: 4469000001BLWI4LQJ08 | Long             | EC               | CORP              | MX        |     34800 | NS      | $52158.93     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American PLC                             | Anglo American PLC ORD USD0.623855311355311                                       | CUSIP: G03764142<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      1700 | NS      | $70693.25     | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd.                          | Tencent Holdings Ltd. HKD0.00002                                                  | CUSIP: G87572163<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      3000 | NS      | $230896.73    | 4.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Fu Shou Yuan International Group Ltd.          | Fu Shou Yuan International Group Ltd. USD0.01                                     | CUSIP: G37109108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     64400 | NS      | $23252.08     | 0.49%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Wal-Mart De Mexico                             | Wal-Mart De Mexico COM NPV                                                        | CUSIP: P98180188<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     13400 | NS      | $41768.26     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Limited                                | Naspers Limited NPV(POST SPLT)                                                    | CUSIP: S53435129<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      2500 | NS      | $166743.66    | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd.                        | Kweichow Moutai Co Ltd. 'A'CNY1                                                   | CUSIP: Y5070V116<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       400 | NS      | $78969.01     | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co Ltd.            | SITC International Holdings Co Ltd. HKD0.10                                       | CUSIP: G8187G105<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |     19700 | NS      | $70520.77     | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                          | Emaar Properties PJSC AED1                                                        | CUSIP: M4025S107<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     15400 | NS      | $58912.26     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax India Holdings Corporation             | Fairfax India Holdings Corporation COM SUB VTG SHS                                | CUSIP: 303897102<br>LEI: 549300K2JHXU7AX7CV78 | Long             | EC               | CORP              | CA        |      5000 | NS      | $86450.00     | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Opap SA                                        | Opap SA EUR0.30 (CR)                                                              | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |      2100 | NS      | $47137.28     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcos Dorados Holdings Inc                     | Arcos Dorados Holdings Inc COM NPV CL 'A'                                         | CUSIP: G0457F107<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | VG        |      6500 | NS      | $47710.00     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Investec PLC                                   | Investec PLC ORD GBP0.0002                                                        | CUSIP: G49188116<br>LEI: 2138007Z3U5GWDN3MY22 | Long             | EC               | CORP              | GB        |      9000 | NS      | $66905.51     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd.                       | Reliance Industries Ltd. GDR (REPR 2 ORD INR10 LEVEL1)(REG S-UP)                  | CUSIP: 759470107<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      1100 | NS      | $77000.00     | 1.61%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Halyk Savings Bank Of Kazakhstan JSC Almaty    | Halyk Savings Bank Of Kazakhstan JSC Almaty GDR EACH REPR 40 ORD SHS'REGS' (SPON) | CUSIP: 46627J302<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               | CORP              | KZ        |      2400 | NS      | $71880.00     | 1.50%             |  |  |  | Yes           |                  1 | On Loan: No      |
| HEG Limited                                    | HEG Limited INR2(POST SUBD)                                                       | CUSIP: Y3119F150<br>LEI: 335800E4LMUNWK4CCM21 | Long             | EC               | CORP              | IN        |      8700 | NS      | $60386.42     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Acm Research Inc                               | Acm Research Inc COM USD0.0001 CL A                                               | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |      2000 | NS      | $78900.00     | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Georgia Capital Plc                            | Georgia Capital Plc ORD GBP0.01                                                   | CUSIP: G9687A101<br>LEI: 213800Q65T5GNBOW7H65 | Long             | EC               | CORP              | GB        |      3200 | NS      | $133716.65    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                                  | Allegro.eu SA PLN0.01                                                             | CUSIP: L0R67D109<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | LU        |      6000 | NS      | $51485.80     | 1.08%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Northern Institutional Funds                   | Northern Institutional Funds TREAS PRT PRMR                                       | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    100141 | NS      | $100141.16    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale S.A.                                      | Vale S.A. COM NPV                                                                 | CUSIP: P9661Q155<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      4600 | NS      | $60062.57     | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Fomento Economico Mexicano S A B de C V        | Fomento Economico Mexicano S A B de C V UNITS (REP 1 SER 'B' SHS & 4 SER'D')      | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |      6100 | NS      | $61604.66     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd.                                | ICICI Bank Ltd. SPON ADR EACH REP 2 ORD SHS                                       | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      3300 | NS      | $98340.00     | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Acter Group Corporation Ltd                    | Acter Group Corporation Ltd TWD5                                                  | CUSIP: Y00113103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3100 | NS      | $77054.79     | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Systems Corp                              | Park Systems Corp KRW500                                                          | CUSIP: Y6S06Q106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       400 | NS      | $58086.24     | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| KRAFTON Inc.                                   | KRAFTON Inc. KRW100                                                               | CUSIP: Y0929C104<br>LEI: 988400CE024EWSCICK17 | Long             | EC               | CORP              | KR        |       500 | NS      | $85193.86     | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                 | HDFC Bank Ltd. INR1                                                               | CUSIP: Y3119P190<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      8600 | NS      | $94841.75     | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Icecek AS                            | Coca-Cola Icecek AS TRY1 (C SHARES)                                               | CUSIP: M2R39A121<br>LEI: 789000WT80VVLUWJDK41 | Long             | EC               | CORP              | TR        |     34600 | NS      | $47399.47     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual S.A.                         | Banco BTG Pactual S.A. UNITS(1COM & 2PRF A) 02/17                                 | CUSIP: P1R8ZJ253<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |      6900 | NS      | $66101.10     | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp.                        | Accton Technology Corp. TWD10                                                     | CUSIP: Y0002S109<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      2000 | NS      | $75428.46     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Lenovo Group Ltd.                              | Lenovo Group Ltd. NPV                                                             | CUSIP: Y5257Y107<br>LEI: 254900VUZRGD5U73RE46 | Long             | EC               | CORP              | HK        |     32000 | NS      | $38074.19     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                | Shinhan Financial Group Co Ltd. KRW5000                                           | CUSIP: Y7749X101<br>LEI: 988400EB8A6G49E5KO54 | Long             | EC               | CORP              | KR        |      2300 | NS      | $122474.49    | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Zijin Mining Group Co Ltd.                     | Zijin Mining Group Co Ltd. 'H'CNY0.1                                              | CUSIP: Y9892H107<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |     28500 | NS      | $130585.79    | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| E Ink Holdings Inc.                            | E Ink Holdings Inc. TWD10                                                         | CUSIP: Y2266Z100<br>LEI: 529900UOR451FJJYL571 | Long             | EC               | CORP              | TW        |     11000 | NS      | $69317.80     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Motor Co.                              | Hyundai Motor Co. KRW5000                                                         | CUSIP: Y38472109<br>LEI: 9884004RQX8PRBXQ8S60 | Long             | EC               | CORP              | KR        |       600 | NS      | $123904.78    | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |
| International Container Terminal Services Inc. | International Container Terminal Services Inc. PHP1                               | CUSIP: Y41157101<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |      7300 | NS      | $70052.74     | 1.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd.                    | Samsung Electronics Co Ltd. KRW100                                                | CUSIP: Y74718100<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      3100 | NS      | $259826.18    | 5.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercadolibre Inc                               | Mercadolibre Inc COM USD0.001                                                     | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |        30 | NS      | $60427.80     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.   | Taiwan Semiconductor Manufacturing Co., Ltd. TWD10                                | CUSIP: Y84629107<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     10200 | NS      | $503174.68    | 10.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Vista Energy S.A.B. de C.V.                    | Vista Energy S.A.B. de C.V. SPON ADS EA REP 1 ORD SHS                             | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |      1000 | NS      | $48660.00     | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc.                                   | NetEase Inc. USD0.0001                                                            | CUSIP: G6427A102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | KY        |      3600 | NS      | $99266.32     | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| 360 One Wam Ltd.                               | 360 One Wam Ltd. INR1(POST SUBD)                                                  | CUSIP: Y8R01R106<br>LEI: 335800DDYMCDBO5OLL32 | Long             | EC               | CORP              | IN        |      5000 | NS      | $66199.82     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Awwal Bank                               | Saudi Awwal Bank SAR10                                                            | CUSIP: M8234F111<br>LEI: 558600TQS0WENZUC5190 | Long             | EC               | CORP              | SA        |      5600 | NS      | $48343.82     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecnoglass Inc                                 | Tecnoglass Inc COM USD0.0001                                                      | CUSIP: G87264100<br>LEI: 529900YRWTPOC2E6IO67 | Long             | EC               | CORP              | KY        |       900 | NS      | $45288.00     | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hugel Inc                                      | Hugel Inc KRW500                                                                  | CUSIP: Y3R47A100<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       200 | NS      | $31979.25     | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Kinx Inc                                       | Kinx Inc KRW500                                                                   | CUSIP: Y4791X105<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1000 | NS      | $83944.25     | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Fusheng Precision Co Ltd                       | Fusheng Precision Co Ltd TWD10                                                    | CUSIP: Y2676J100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |       200 | NS      | $1626.33      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd.                     | Alibaba Group Holding Ltd. USD0.000003125                                         | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |     10700 | NS      | $196327.75    | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemical Works Of Gedeon Richter               | Chemical Works Of Gedeon Richter HUF100                                           | CUSIP: X3124S107<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |      1500 | NS      | $45344.89     | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Promotora y Operadora de Infraestructura SA    | Promotora y Operadora de Infraestructura SA COM NPV 'L'                           | CUSIP: P7925L111<br>LEI: 52990035X6RK8DBUWA73 | Long             | EC               | CORP              | MX        |      4600 | NS      | $50550.83     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd.                            | Trip.com Group Ltd. USD0.00125                                                    | CUSIP: G9066F101<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | KY        |       500 | NS      | $35591.76     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer