# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-002017
**Filing Date:** 2026-6
**Character Count:** 998370
**Document Hash:** 60010b69157f4019ba0e675d920a91aa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-002017.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0002066578-26-002017

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 261071586

**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   |
|:---|:---|:---|
| 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   |
|:---|:---|:---|
| C000224748 | Advisor Shares       | JOMEX           |
| C000224749 | Institutional Shares | JOMMX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224756 | Institutional Shares | JOPSX           |

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

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

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231392 | Institutional Shares | TSWMX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231395 | Institutional Shares | TSWHX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231400 | Institutional Shares | TSWEX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244332 | Institutional Shares | PORIX           |
| C000244333 | Investor Shares      | PORTX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000244336 | Institutional Shares | TSMDX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249635 | Institutional Shares | BEOIX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249640 | Institutional Shares | BTRIX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249645 | Institutional Shares | BCONX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249648 | Institutional Shares | BFRNX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249651 | Institutional Shares | BVOIX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249656 | Institutional Shares | BEMVX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249661 | Institutional Shares | BNIVX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000249810 | Institutional Shares | TSWFX           |

?xml version='1.0' encoding='ASCII'? 783ebe6c-1a89-455a-a852-86586a78d635

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23615

#### 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) (Zip code)

Andrew Jolin

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(617) 933-0716

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2026

#### Item 1. Reports to Stockholders.
(a) The Report to Shareholders is attached herewith.

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM Emerging Markets Discovery Fund

Advisor Shares/JOMEX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Discovery Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Discovery Fund<br>(Advisor Shares) | $68 | 1.34% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78687931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;82.71% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Vital Components Co. Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco del Bajio S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Yingliu Electromechanical Co. Ltd. - Class A | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diagnostyka S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;LandMark Optoelectronics Corp. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Circuit Electronics Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fositek Corp. | 1.3% |

---

SECTOR ALLOCATION

![](chartimages_3361016.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361021.jpg)

#### Material Fund Cha nges
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/

or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM Emerging Markets Discovery Fund

Institutional Shares/JOMMX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Discovery Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/

. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Discovery Fund<br>(Institutional Shares) | $63 | 1.24% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$78687931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;82.71% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Vital Components Co. Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco del Bajio S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anhui Yingliu Electromechanical Co. Ltd. - Class A | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diagnostyka S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;LandMark Optoelectronics Corp. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gold Circuit Electronics Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fositek Corp. | 1.3% |

---

SECTOR ALLOCATION

![](chartimages_3361058.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361053.jpg)

#### Material Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/

or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM Emerging Markets Opportunities Fund

Advisor Shares/JOEIX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Opportunities Fund<br>(Advisor Shares) | $58 | 1.13% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1430641077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.00% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual S.A. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V., Series O | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361132.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361127.jpg)

#### Material Fund Cha ng es
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM Emerging Markets Opportunities Fund

Institutional Shares/JOEMX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Opportunities Fund<br>(Institutional Shares) | $54 | 1.04% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1430641077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.00% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual S.A. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V., Series O | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361164.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361169.jpg)

#### Material Fund Ch an ges
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM Emerging Markets Opportunities Fund

Investor Shares/JOEAX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Opportunities Fund<br>(Investor Shares) | $66 | 1.28% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1430641077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.00% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco BTG Pactual S.A. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Life Insurance Co. Ltd. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Financiero Banorte S.A.B. de C.V., Series O | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361206.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361201.jpg)

#### Material Fund C hang es
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM International Opportunities Fund

Institutional Shares/JOPSX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM International Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM International Opportunities Fund<br>(Institutional Shares) | $25 | 0.50% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$466228953 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42.39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse A.G. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;QBE Insurance Group Ltd. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Leonardo S.p.A. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thales S.A. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Heidelberg Materials A.G. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;SoftBank Corp. | 3.1% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361312.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361317.jpg)

#### Material Fund Cha n ges
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM International Select Fund

Institutional Shares/JOHIX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM International Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM International Select Fund<br>(Institutional Shares) | $48 | 0.95% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2614015849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29.59% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Centrica PLC | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;E.ON S.E. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding A.G. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandoz Group A.G. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandvik AB | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UCB S.A. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galderma Group A.G. | 2.3% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361386.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361391.jpg)

#### Material Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - JO Hambro](images_8234.jpg)

JOHCM International Select Fund

Investor Shares/JOHAX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the JOHCM International Select Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM International Select Fund<br>(Investor Shares) | $59 | 1.18% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$2614015849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29.59% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Centrica PLC | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Millicom International Cellular S.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;E.ON S.E. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Roche Holding A.G. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandoz Group A.G. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sandvik AB | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UCB S.A. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore Exchange Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Galderma Group A.G. | 2.3% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361428.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361423.jpg)

#### Material Fund C ha nges
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

![TSR - Fund Logo - Trillium](images_8270.jpg)

Trillium ESG Small/Mid Cap Fund

Institutional Shares/TSMDX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the Trillium ESG Small/Mid Cap Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/Trillium/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Trillium ESG Small/Mid Cap Fund<br>(Institutional Shares) | $49 | 0.98% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$29793696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.89% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Times (The) Co. - Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MYR Group, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;SiTime Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361534.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361539.jpg)

#### Material Fund C han ges
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/Trillium/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/Trillium/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Trillium](images_8293.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/Trillium/.

TRILLIUM

![TSR - Fund Logo - Trillium](images_8270.jpg)

Trillium ESG Global Equity Fund

Institutional Shares/PORIX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the Trillium ESG Global Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/Trillium/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Trillium ESG Global Equity Fund<br>(Institutional Shares) | $49 | 0.99% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$695340387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10.77% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon (The) Corp. | 1.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361502.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361497.jpg)

#### Material Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/Trillium/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/Trillium/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Trillium](images_8293.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/Trillium/.

TRILLIUM

![TSR - Fund Logo - Trillium](images_8270.jpg)

Trillium ESG Global Equity Fund

Investor Shares/PORTX

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026

This semi-annual shareholder report contains important information about the Trillium ESG Global Equity Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/Trillium/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Trillium ESG Global Equity Fund<br>(Investor Shares) | $61 | 1.23% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$695340387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10.77% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;AstraZeneca PLC | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASML Holding N.V. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon (The) Corp. | 1.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361460.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361465.jpg)

#### Material Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/Trillium/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/Trillium/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Trillium](images_8293.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/Trillium/.

TRILLIUM

![TSR - Fund Logo - TSW](images_8288.jpg)

### TSW Emerging Markets Fund

### Institutional Shares/TSWMX

#### SEMI- ANNU AL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the TSW Emerging Markets Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW Emerging Markets Fund<br>(Institutional Shares) | $51 | 0.99% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$6011712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.77% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co. Ltd. | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shinhan Financial Group Co. Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Naspers Ltd. - Class N | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - Class W | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Georgia Capital PLC | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co. Ltd. - Class H | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Krafton, Inc. | 2.0% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361608.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361613.jpg)

#### Material Fund Ch ang es
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

TSW

![TSR - Fund Logo - TSW](images_8288.jpg)

### TSW High Yield Bond Fund

### Institutional Shares/TSWHX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the TSW High Yield Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW High Yield Bond Fund<br>(Institutional Shares) | $33 | 0.65% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$9128731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23.66% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fortress Transportation and Infrastructure Investors LLC, 7.00%, 06/15/32 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc., 6.88%, 11/01/35 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc., 6.25%, 01/15/33 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging International LLC, 6.38%, 07/15/32 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc., 7.75%, 10/15/33 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc., 6.25%, 04/01/33 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc., 7.88%, 03/01/31 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc., 7.25%, 06/15/33 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Poindexter & Co., Inc., 8.75%, 12/15/31 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brundage-Bone Concrete Pumping Holdings, Inc., 7.50%, 02/01/32 | 2.2% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361650.jpg)

#### Material Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

TSW

![TSR - Fund Logo - TSW](images_8288.jpg)

### TSW Large Cap Value Fund

### Institutional Shares/TSWEX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the TSW Large Cap Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW Large Cap Value Fund<br>(Institutional Shares) | $37 | 0.73% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$36037207 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.82% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz (The) Co. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A./N.V. - ADR | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 2.8% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361682.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361687.jpg)

#### Material Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

TSW

![TSR - Fund Logo - TSW](images_8288.jpg)

### TSW Core Plus Bond Fund

### Institutional Shares/TSWFX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the TSW Core Plus Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

#### This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| TSW Core Plus Bond Fund<br>(Institutional Shares) | $25 | 0.50% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$80406779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17.09% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.25%, 08/15/35 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.88%, 08/15/34 | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.00%, 03/31/30 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #MA5313, 5.50%, 03/01/44 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.13%, 08/15/44 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.63%, 09/30/31 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 10/31/31 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #MA5498, 6.00%, 10/01/54 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.75%, 11/30/32 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool #SD8233, 5.00%, 07/01/52 | 1.8% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361576.jpg)

#### Material Fund Ch ang es
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_8294.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/JOHCM/.

TSW

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley US Value Opportunities Fund

### Institutional Shares/BVOIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley US Value Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley US Value Opportunities Fund<br>(Institutional Shares) | $36 | 0.71% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$88832652 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32.91% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. | 1.8% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361871.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361866.jpg)

#### M ateria l Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley Total Return Bond Fund

### Institutional Shares/BTRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley Total Return Bond Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Total Return Bond Fund<br>(Institutional Shares) | $18 | 0.35% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$174356893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;231 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33.72% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.88%, 04/30/26 | 12.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.13%, 02/15/36 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CaixaBank S.A., 5.58%, 07/03/36 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.75%, 08/15/55 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #FM8787, 2.50%, 10/01/51 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 3.50%, 02/28/31 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Pool #SL1016, 5.50%, 05/01/55 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;NRTH Commercial Mortgage Trust, Series 2025-PARK - Class A, 5.07%, 10/15/40 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #FS3744, 2.00%, 07/01/51 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fannie Mae Pool #BV8017, 4.50%, 08/01/52 | 1.2% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361756.jpg)

#### Material Fu nd Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley International Value Fund

### Institutional Shares/BNIVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley International Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley International Value Fund<br>(Institutional Shares) | $47 | 0.89% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$12233106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23.28% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Equinor ASA | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aker BP ASA | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Julius Baer Group Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTO Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Snam S.p.A. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;MISUMI Group, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Omron Corp. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SCOR S.E. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas S.A. | 2.1% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361904.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361909.jpg)

#### M at erial Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley Floating Rate Fund

### Institutional Shares/BFRNX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley Floating Rate Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Floating Rate Fund<br>(Institutional Shares) | $31 | 0.61% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$102210603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36.39% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Koppers, Inc., Term B-2 Loan, 6.17%, 04/10/30 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chemours (The) Co., Tranche B-4 US$ Term Loan, 7.17%, 10/15/32 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Magnite, Inc., Amendment No. 2 Initial Term Loan, 6.67%, 02/06/31 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Global IID Parent LLC, 2025 Refinancing Term B Loan, 8.21%, 12/16/28 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan, 6.92%, 12/11/30 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;MED ParentCo L.P., Eleventh Amendment Refinancing Term Loan, 6.67%, 04/15/31 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agiliti Health, Inc., Term Loan, 6.58%, 05/01/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC, 2025 Term B Loan, 6.92%, 06/21/32 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MH Sub I LLC, 2023 May Incremental Term Loan, 7.92%, 05/03/28 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greystone Select Financial LLC, Initial Term Loan, 8.93%, 06/16/28 | 1.2% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361830.jpg)

#### M ate rial Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley Emerging Markets Value Fund

### Institutional Shares/BEMVX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley Emerging Markets Value Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Emerging Markets Value Fund<br>(Institutional Shares) | $52 | 0.98% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$4052322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;66 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21.49% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG Electronics, Inc. | 1.9% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361945.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361940.jpg)

#### Ma ter ial Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley Credit Opportunities Fund

### Institutional Shares/BCONX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley Credit Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Credit Opportunities Fund<br>(Institutional Shares) | $33 | 0.65% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$113155210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13.61% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Barrow Hanley Floating Rate Fund, 0.00%, | 20.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc., 8.38%, 06/15/35 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;PROG Holdings, Inc., 6.00%, 11/15/29 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;ILFC E-Capital Trust I, 6.38%, 12/21/65 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mativ Holdings, Inc., 8.00%, 10/01/29 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT Holdings LLC, 6.50%, 08/01/29 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc., 8.00%, 09/15/28 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc., 6.75%, 07/01/32 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;MPT Operating Partnership L.P./MPT Finance Corp., 8.50%, 02/15/32 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc., 7.88%, 07/15/30 | 1.6% |

---

ASSET TYPE ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361797.jpg)

#### M at erial Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

![Fund Logo - Barrow Hanley](images_8287.jpg)

### Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund

### Institutional Shares/BEOIX

#### SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund (the "Fund") for the period of October 1, 2025 to March 31, 2026. You can find additional information about the Fund at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

This report describes changes to the Fund that occurred during the reporting period.

#### Fund Expenses for the Last Six Months
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Cost of a $10,000 Investment** | **Costs paid as a percentage of a $10,000 investment** |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund<br>(Institutional Shares) | $56 | 1.04% |

---

#### Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$7579155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16.27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, excluding short-term investments, represented as a percentage of the total net assets of the Fund.

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;SK hynix, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics Co. Ltd. | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bizlink Holding, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;B3 S.A. - Brasil Bolsa Balcao | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China Ltd. - Class H | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amorepacific Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Saudi National Bank (The) | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ASMPT Ltd. | 2.6% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_3361724.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_3361719.jpg)

#### Ma terial Fund Changes
Effective February 1, 2026, the Fund added the risks summarized below to the "ADDITIONAL INFORMATION ABOUT PRINCIPAL STRATEGIES AND RISKS OF THE FUNDS – Summary of Principal and Non-Principal Risks" section of the Fund's Prospectus. For the complete risk disclosure, you may review the Fund's Prospectus dated February 1, 2026, at

connect.rightprospectus.com/BarrowHanley/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

**Large Transactions Risk.** Large shareholder purchases or redemptions may cause a Fund to trade at unfavorable times, potentially hurting performance, increasing expenses, and creating taxable distributions for remaining shareholders. Large transactions may also raise a Fund's expense ratio and disrupt portfolio management, especially when redemptions shrink the Fund's asset base.

**Withholding Tax Reclaims Risk.** Where a Fund expects to recover foreign withholding tax, the net asset value of the Fund generally includes accruals for such tax refunds. A Fund's net asset value can rise or fall depending on whether foreign tax authorities ultimately approve or deny expected withholding tax refunds. Shareholders at the time of a write-down of withholding tax accruals bear the loss, while only current shareholders benefit if an unaccrued withholding tax refund is received.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at

connect.rightprospectus.com/BarrowHanley. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - Barrow Hanley](images_8292.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at

connect.rightprospectus.com/BarrowHanley.

BARROW HANLEY

------

(b) Not Applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable - only for annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable - only for annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable - only for annual reports.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) The Schedule of Investments in securities of unaffiliated issuers is included in the Financial Statements filed under Item 7 of this Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img07122a421.gif)

------

---

| |
|:---|
| JOHCM EMERGING MARKETS DISCOVERY FUND |
| JOHCM EMERGING MARKETS OPPORTUNITIES FUND |
| JOHCM INTERNATIONAL OPPORTUNITIES FUND |
| JOHCM INTERNATIONAL SELECT FUND |

---

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2026 (Unaudited)

------

**PERPETUAL AMERICAS FUNDS TRUST**

**TABLE OF CONTENTS**

**March 31, 2026 (Unaudited)**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets & Liabilities](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_FS-FundBookHeader2_1)** | **14** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_FS-FundBookHeader2_3)** | **16** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_FS-FundBookHeader2_5)** | **18** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_FS-FundBookHeader2_7)** | **20** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_NTF-NotestoFinancialStatements_1)** | **28** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_CAD-CAD-TOC_1)** | **52** |
| **[PROXY DISCLOSURES](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_PD-PD-TOC_1)** | **53** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_RPDOO-RPDOO-TOC_1)** | **54** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_a91b71d7-8aaa-4cc4-8315-753f6e56de80_SRBA-BA-TOC_1)** | **55** |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 92.8<br> %<br>|  |  |
| Brazil | 5.0<br> %<br>|  |  |
| AGI, Inc. - Class A<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; $545250 |
| Cogna Educacao S.A. |  | 450000 | &nbsp;&nbsp; 274525 |
| Construtora Tenda S.A. |  | 120000 | &nbsp;&nbsp; 722801 |
| Embraer S.A. - ADR |  | 10500 | &nbsp;&nbsp; 623070 |
| Pagseguro Digital Ltd. - Class A |  | 85000 | &nbsp;&nbsp; 851700 |
| Raia Drogasil S.A. |  | 159000 | &nbsp;&nbsp; 722255 |
| Rumo S.A. |  | 69000 | &nbsp;&nbsp; 216464 |
|  |  |  | &nbsp;&nbsp; 3956065 |
| Canada | 1.2<br> %<br>|  |  |
| Capstone Copper Corp.<sup>(a)</sup> <br>|  | 59000 | &nbsp;&nbsp; 444907 |
| Pan American Silver Corp. |  | 3300 | &nbsp;&nbsp; 180279 |
| Parex Resources, Inc. |  | 17000 | &nbsp;&nbsp; 334110 |
|  |  |  | &nbsp;&nbsp; 959296 |
| Chile | 0.3<br> %<br>|  |  |
| Enel Chile S.A. - ADR |  | 61000 | &nbsp;&nbsp; 240340 |
| China | 12.8<br> %<br>|  |  |
| Anhui Yingliu Electromechanical Co. Ltd. - Class A |  | 119621 | &nbsp;&nbsp; 1087579 |
| Bethel Automotive Safety Systems Co. Ltd. - Class A |  | 80879 | &nbsp;&nbsp; 523427 |
| China Conch Venture Holdings Ltd. |  | 331600 | &nbsp;&nbsp; 485572 |
| China National Building Material Co. Ltd. - Class H |  | 1429727 | &nbsp;&nbsp; 877099 |
| CIMC Enric Holdings Ltd. |  | 410821 | &nbsp;&nbsp; 528215 |
| Dongfang Electric Corp. Ltd. - Class H |  | 127586 | &nbsp;&nbsp; 562131 |
| GDS Holdings Ltd. - Class A<sup>(a)</sup> <br>|  | 130753 | &nbsp;&nbsp; 661636 |
| Henan Pinggao Electric Co. Ltd. - Class A |  | 176400 | &nbsp;&nbsp; 526128 |
| Huaming Power Equipment Co. Ltd. - Class A |  | 177414 | &nbsp;&nbsp; 703959 |
| Leader Harmonious Drive Systems Co. Ltd. - Class A |  | 23449 | &nbsp;&nbsp; 649586 |
| Lee & Man Paper Manufacturing Ltd. |  | 592000 | &nbsp;&nbsp; 262543 |
| Minth Group Ltd. |  | 208207 | &nbsp;&nbsp; 869795 |
| Nexteer Automotive Group Ltd. |  | 877782 | &nbsp;&nbsp; 573740 |
| Sinotruk Jinan Truck Co. Ltd. - Class A |  | 170500 | &nbsp;&nbsp; 556215 |
| TCL Electronics Holdings Ltd.<sup>(a)</sup> <br>|  | 187867 | &nbsp;&nbsp; 305716 |
| Thunder Software Technology Co. Ltd. - Class A |  | 32700 | &nbsp;&nbsp; 282152 |
| Tongcheng Travel Holdings Ltd. |  | 280567 | &nbsp;&nbsp; 649121 |
|  |  |  | &nbsp;&nbsp; 10104614 |
| Cyprus | 0.6<br> %<br>|  |  |
| Theon International PLC |  | 12000 | &nbsp;&nbsp; 433787 |
| Germany | 1.2<br> %<br>|  |  |
| AIXTRON S.E. |  | 6700 | &nbsp;&nbsp; 261437 |
| PVA TePla A.G.<sup>(a)</sup> <br>|  | 19900 | &nbsp;&nbsp; 688680 |
|  |  |  | &nbsp;&nbsp; 950117 |
| Greece | 0.5<br> %<br>|  |  |
| Piraeus Bank S.A.<sup>(a)</sup> <br>|  | 51000 | &nbsp;&nbsp; 419016 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Hungary | 1.1<br> %<br>|  |  |
| Richter Gedeon Nyrt. |  | 24000 | &nbsp;&nbsp; $855077 |
| India | 12.5<br> %<br>|  |  |
| Avalon Technologies Ltd.<sup>(a)(b)</sup> <br>|  | 59881 | &nbsp;&nbsp; 597797 |
| Bajaj Consumer Care Ltd.<sup>(a)</sup> <br>|  | 172963 | &nbsp;&nbsp; 638524 |
| Biocon Ltd. |  | 133680 | &nbsp;&nbsp; 513821 |
| Ceat Ltd. |  | 15241 | &nbsp;&nbsp; 525902 |
| Cholamandalam Financial Holdings Ltd. |  | 40374 | &nbsp;&nbsp; 585896 |
| Coromandel International Ltd. |  | 12675 | &nbsp;&nbsp; 258118 |
| Data Patterns India Ltd. |  | 22801 | &nbsp;&nbsp; 737669 |
| Genus Power Infrastructures Ltd. |  | 181390 | &nbsp;&nbsp; 416919 |
| Genus Prime Infra Ltd.<sup>(a)</sup> <br>|  | 35256 | &nbsp;&nbsp; 7713 |
| MTAR Technologies Ltd.<sup>(a)</sup> <br>|  | 16539 | &nbsp;&nbsp; 608811 |
| Narayana Hrudayalaya Ltd. |  | 46691 | &nbsp;&nbsp; 797885 |
| Netweb Technologies India Ltd. |  | 12992 | &nbsp;&nbsp; 428928 |
| PB Fintech Ltd.<sup>(a)</sup> <br>|  | 33212 | &nbsp;&nbsp; 504840 |
| Phoenix Mills (The) Ltd. |  | 39704 | &nbsp;&nbsp; 636363 |
| PNB Housing Finance Ltd.<sup>(b)</sup> <br>|  | 75579 | &nbsp;&nbsp; 608277 |
| PVR Inox Ltd.<sup>(a)</sup> <br>|  | 53753 | &nbsp;&nbsp; 522644 |
| Shriram Finance Ltd. |  | 79953 | &nbsp;&nbsp; 743869 |
| Syrma SGS Technology Ltd. |  | 44523 | &nbsp;&nbsp; 368343 |
| Thyrocare Technologies Ltd.<sup>(b)</sup> <br>|  | 94930 | &nbsp;&nbsp; 351677 |
|  |  |  | &nbsp;&nbsp; 9853996 |
| Indonesia | 1.8<br> %<br>|  |  |
| Aneka Tambang Tbk |  | 2375758 | &nbsp;&nbsp; 497159 |
| Cisarua Mountain Dairy PT TBK |  | 1270628 | &nbsp;&nbsp; 324337 |
| Vale Indonesia Tbk PT |  | 1814204 | &nbsp;&nbsp; 575276 |
|  |  |  | &nbsp;&nbsp; 1396772 |
| Italy | 0.7<br> %<br>|  |  |
| Danieli & C Officine Meccaniche S.p.A. (RSP) |  | 10500 | &nbsp;&nbsp; 519153 |
| Malaysia | 2.5<br> %<br>|  |  |
| 99 Speed Mart Retail Holdings Bhd. |  | 676426 | &nbsp;&nbsp; 572940 |
| Malayan Cement Bhd. |  | 360854 | &nbsp;&nbsp; 541359 |
| Velesto Energy Bhd. |  | 10239308 | &nbsp;&nbsp; 865377 |
|  |  |  | &nbsp;&nbsp; 1979676 |
| Mexico | 3.7<br> %<br>|  |  |
| Alsea S.A.B. de C.V. |  | 305000 | &nbsp;&nbsp; 984448 |
| Banco del Bajio S.A.<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 1116777 |
| Vista Energy S.A.B. de C.V. - ADR<sup>(a)</sup> <br>|  | 11000 | &nbsp;&nbsp; 830170 |
|  |  |  | &nbsp;&nbsp; 2931395 |
| Netherlands | 1.2<br> %<br>|  |  |
| SBM Offshore N.V. |  | 23637 | &nbsp;&nbsp; 942592 |
| Peru | 1.3<br> %<br>|  |  |
| Intercorp Financial Services, Inc. |  | 19500 | &nbsp;&nbsp; 978900 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Philippines | 0.6<br> %<br>|  |  |
| Century Pacific Food, Inc. |  | 840264 | &nbsp;&nbsp; $484999 |
| Poland | 4.1<br> %<br>|  |  |
| Alior Bank S.A. |  | 31000 | &nbsp;&nbsp; 928644 |
| Allegro.eu S.A.<sup>(a)(b)</sup> <br>|  | 110000 | &nbsp;&nbsp; 789576 |
| Benefit Systems S.A.<sup>(a)</sup> <br>|  | 440 | &nbsp;&nbsp; 417095 |
| Diagnostyka S.A. |  | 23000 | &nbsp;&nbsp; 1062995 |
|  |  |  | &nbsp;&nbsp; 3198310 |
| Russia | 0.0<br> %<br>|  |  |
| Ozon Holdings PLC - ADR<sup>(a)(c)</sup> <br>|  | 7516 | &nbsp;&nbsp; — |
| Saudi Arabia | 1.1<br> %<br>|  |  |
| Riyadh Cables Group Co. |  | 15000 | &nbsp;&nbsp; 478235 |
| Savola Group (The)<sup>(a)</sup> <br>|  | 59000 | &nbsp;&nbsp; 412715 |
|  |  |  | &nbsp;&nbsp; 890950 |
| South Africa | 2.7<br> %<br>|  |  |
| Aspen Pharmacare Holdings Ltd. |  | 99000 | &nbsp;&nbsp; 774198 |
| Nedbank Group Ltd. |  | 51000 | &nbsp;&nbsp; 806970 |
| Old Mutual Ltd. |  | 650000 | &nbsp;&nbsp; 527086 |
|  |  |  | &nbsp;&nbsp; 2108254 |
| South Korea | 14.4<br> %<br>|  |  |
| APR Corp. |  | 3528 | &nbsp;&nbsp; 804981 |
| BNK Financial Group, Inc. |  | 79670 | &nbsp;&nbsp; 966218 |
| Classys, Inc. |  | 16247 | &nbsp;&nbsp; 552095 |
| Doosan Bobcat, Inc. |  | 14815 | &nbsp;&nbsp; 578715 |
| Duk San Neolux Co. Ltd.<sup>(a)</sup> <br>|  | 19341 | &nbsp;&nbsp; 669308 |
| Eo Technics Co. Ltd. |  | 2716 | &nbsp;&nbsp; 718385 |
| HAESUNG DS Co. Ltd. |  | 14312 | &nbsp;&nbsp; 464972 |
| Hana Materials, Inc. |  | 16618 | &nbsp;&nbsp; 694058 |
| Handsome Co. Ltd. |  | 49432 | &nbsp;&nbsp; 766380 |
| Hanmi Pharm Co. Ltd. |  | 2602 | &nbsp;&nbsp; 929018 |
| Hansol Chemical Co. Ltd. |  | 3990 | &nbsp;&nbsp; 684370 |
| Hyundai Wia Corp. |  | 10030 | &nbsp;&nbsp; 529371 |
| Intellian Technologies, Inc. |  | 5193 | &nbsp;&nbsp; 392863 |
| ISC Co. Ltd. |  | 5907 | &nbsp;&nbsp; 949091 |
| Misto Holdings Corp. |  | 21407 | &nbsp;&nbsp; 591903 |
| NH Investment & Securities Co. Ltd. |  | 30474 | &nbsp;&nbsp; 619939 |
| Sanil Electric Co. Ltd. |  | 4168 | &nbsp;&nbsp; 384665 |
|  |  |  | &nbsp;&nbsp; 11296332 |
| Taiwan | 19.7<br> %<br>|  |  |
| Arcadyan Technology Corp. |  | 58162 | &nbsp;&nbsp; 282022 |
| Asia Vital Components Co. Ltd. |  | 17221 | &nbsp;&nbsp; 1137438 |
| ASPEED Technology, Inc. |  | 3454 | &nbsp;&nbsp; 1190576 |
| Bizlink Holding, Inc. |  | 17765 | &nbsp;&nbsp; 1020094 |
| Elan Microelectronics Corp. |  | 154847 | &nbsp;&nbsp; 603438 |
| Elite Material Co. Ltd. |  | 12481 | &nbsp;&nbsp; 1065209 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Fositek Corp. |  | 17373 | &nbsp;&nbsp; $1006978 |
| Gold Circuit Electronics Ltd. |  | 37239 | &nbsp;&nbsp; 1050061 |
| Innodisk Corp. |  | 20600 | &nbsp;&nbsp; 566226 |
| Kaori Heat Treatment Co. Ltd. |  | 18952 | &nbsp;&nbsp; 530634 |
| King Slide Works Co. Ltd. |  | 5066 | &nbsp;&nbsp; 524914 |
| King Yuan Electronics Co. Ltd. |  | 91495 | &nbsp;&nbsp; 782666 |
| Kinik Co. |  | 58741 | &nbsp;&nbsp; 814300 |
| Kinsus Interconnect Technology Corp. |  | 86554 | &nbsp;&nbsp; 891340 |
| LandMark Optoelectronics Corp.<sup>(a)</sup> <br>|  | 20106 | &nbsp;&nbsp; 1055560 |
| Makalot Industrial Co. Ltd. |  | 72207 | &nbsp;&nbsp; 525077 |
| Poya International Co. Ltd. |  | 41000 | &nbsp;&nbsp; 636808 |
| Taiwan Speciality Chemicals Corp. |  | 42846 | &nbsp;&nbsp; 382128 |
| Universal Microwave Technology, Inc. |  | 11796 | &nbsp;&nbsp; 547594 |
| Visual Photonics Epitaxy Co. Ltd. |  | 110273 | &nbsp;&nbsp; 896819 |
|  |  |  | &nbsp;&nbsp; 15509882 |
| Thailand | 1.7<br> %<br>|  |  |
| Bangkok Life Assurance PCL - NVDR |  | 400300 | &nbsp;&nbsp; 248396 |
| Ichitan Group PCL - NVDR |  | 1775500 | &nbsp;&nbsp; 666891 |
| Muangthai Capital PCL - NVDR |  | 200900 | &nbsp;&nbsp; 179183 |
| Quality Houses PCL - NVDR |  | 6439600 | &nbsp;&nbsp; 270058 |
|  |  |  | &nbsp;&nbsp; 1364528 |
| Turkey | 1.8<br> %<br>|  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret A.S. |  | 120000 | &nbsp;&nbsp; 528829 |
| MLP Saglik Hizmetleri A.S.<sup>(a)(b)</sup> <br>|  | 49000 | &nbsp;&nbsp; 473277 |
| Turk Traktor ve Ziraat Makineleri A.S. |  | 39000 | &nbsp;&nbsp; 391699 |
|  |  |  | &nbsp;&nbsp; 1393805 |
| United Kingdom | 0.3<br> %<br>|  |  |
| Metlen Energy & Metals PLC<sup>(a)</sup> <br>|  | 5900 | &nbsp;&nbsp; 231970 |
| TOTAL COMMON STOCKS (Cost $66,811,202) |  |  | &nbsp;&nbsp; 72999826 |
| EQUITY-LINKED SECURITIES | 1.1<br> %<br>|  |  |
| Singapore | 1.1<br> %<br>|  |  |
| Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date <br> 10/25/27<sup>(a)</sup> <br>|  | 313184 | &nbsp;&nbsp; 865159 |
| TOTAL EQUITY-LINKED SECURITIES (Cost $740,802) |  |  | &nbsp;&nbsp; 865159 |
| PREFERRED STOCKS | 0.8<br> %<br>|  |  |
| Brazil | 0.8<br> %<br>|  |  |
| Alpargatas S.A., 3.04%<sup>(d)</sup> <br>|  | 272057 | &nbsp;&nbsp; 651275 |
| TOTAL PREFERRED STOCKS (Cost $599,868) |  |  | &nbsp;&nbsp; 651275 |
| SHORT-TERM INVESTMENTS | 5.6<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(e)</sup> <br>|  | 4419738 | &nbsp;&nbsp; 4419738 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,419,738) |  |  | &nbsp;&nbsp; 4419738 |
| TOTAL INVESTMENTS<br> (Cost $72,571,610)<br>| 100.3<br> %<br>|  | &nbsp;&nbsp; 78935998 |
| NET OTHER ASSETS (LIABILITIES) | (0.3<br> %)<br>|  | &nbsp;&nbsp; (248067)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $78687931 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&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 March 31, 2026, these securities had a total value of $3,937,381 or 5% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(e)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

| |
|:---|
| Abbreviations: |
| ADR – American Depositary Receipt |
| NVDR – Non-Voting Depositary Receipt |

---

At March 31, 2026 the industry sectors (excluding short-term investments) for the JOHCM Emerging Markets Discovery Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 24.3% |
| Industrials  | 17.4  |
| Financials  | 14.5  |
| Consumer Discretionary  | 12.6  |
| Health Care  | 8.2  |
| Materials  | 6.0  |
| Consumer Staples  | 5.8  |
| Energy  | 3.8  |
| Real Estate  | 1.1  |
| Communication Services  | 0.7  |
| Utilities  | 0.3  |
| Total | &nbsp;&nbsp; 94.7% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 93.2<br> %<br>|  |  |
| Brazil | 10.2<br> %<br>|  |  |
| Arcos Dorados Holdings, Inc. - Class A |  | 631773 | &nbsp;&nbsp; $5212127 |
| B3 S.A. - Brasil Bolsa Balcao<sup>(a)</sup> <br>|  | 9460157 | &nbsp;&nbsp; 33604619 |
| Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 3730653 | &nbsp;&nbsp; 40541417 |
| Multiplan Empreendimentos Imobiliarios S.A.<sup>(a)</sup> <br>|  | 2794211 | &nbsp;&nbsp; 17159542 |
| Petroleo Brasileiro S.A. - ADR |  | 1449435 | &nbsp;&nbsp; 30075776 |
| Rede D'Or Sao Luiz S.A.<sup>(b)</sup> <br>|  | 1991152 | &nbsp;&nbsp; 14980201 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.<sup>(a)</sup> <br>|  | 6119118 | &nbsp;&nbsp; 4394552 |
|  |  |  | &nbsp;&nbsp; 145968234 |
| Canada | 2.5<br> %<br>|  |  |
| Barrick Mining Corp. |  | 866916 | &nbsp;&nbsp; 35361504 |
| China | 25.4<br> %<br>|  |  |
| Bilibili, Inc. - Class Z<sup>(a)</sup> <br>|  | 510560 | &nbsp;&nbsp; 11508561 |
| China Life Insurance Co. Ltd. - Class H |  | 9148521 | &nbsp;&nbsp; 29185911 |
| China Oilfield Services Ltd. - Class H |  | 9336288 | &nbsp;&nbsp; 10697503 |
| CITIC Securities Co. Ltd. - Class A |  | 7987295 | &nbsp;&nbsp; 28113901 |
| Contemporary Amperex Technology Co. Ltd. - Class A |  | 245704 | &nbsp;&nbsp; 14580712 |
| ENN Energy Holdings Ltd. |  | 2839976 | &nbsp;&nbsp; 23124267 |
| H World Group Ltd. |  | 1567000 | &nbsp;&nbsp; 7927693 |
| Kunlun Energy Co. Ltd. |  | 4556000 | &nbsp;&nbsp; 4163033 |
| NAURA Technology Group Co. Ltd. - Class A |  | 351807 | &nbsp;&nbsp; 23205007 |
| NetEase, Inc. |  | 658100 | &nbsp;&nbsp; 14705122 |
| PetroChina Co. Ltd. - Class H |  | 13304000 | &nbsp;&nbsp; 18251245 |
| Sungrow Power Supply Co. Ltd. - Class A |  | 684794 | &nbsp;&nbsp; 15276769 |
| Tencent Holdings Ltd. |  | 1412584 | &nbsp;&nbsp; 89095036 |
| Tencent Holdings Ltd. - ADR |  | 128000 | &nbsp;&nbsp; 8092160 |
| Tencent Music Entertainment Group - Class A |  | 1483777 | &nbsp;&nbsp; 7112549 |
| Tongcheng Travel Holdings Ltd. |  | 3022824 | &nbsp;&nbsp; 6993619 |
| Trip.com Group Ltd. |  | 684330 | &nbsp;&nbsp; 33818717 |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> <br>|  | 4328400 | &nbsp;&nbsp; 17879157 |
|  |  |  | &nbsp;&nbsp; 363730962 |
| Hong Kong | 3.7<br> %<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. |  | 1043377 | &nbsp;&nbsp; 52636281 |
| India | 3.3<br> %<br>|  |  |
| HCL Technologies Ltd. |  | 351803 | &nbsp;&nbsp; 5063398 |
| HDFC Bank Ltd. - ADR |  | 656612 | &nbsp;&nbsp; 16336506 |
| Infosys Ltd. - ADR |  | 228000 | &nbsp;&nbsp; 3080280 |
| Larsen & Toubro Ltd. |  | 250414 | &nbsp;&nbsp; 9309829 |
| Mahindra & Mahindra Ltd. |  | 117788 | &nbsp;&nbsp; 3694605 |
| Tata Consultancy Services Ltd. |  | 185650 | &nbsp;&nbsp; 4674790 |
| UltraTech Cement Ltd. |  | 49695 | &nbsp;&nbsp; 5676111 |
|  |  |  | &nbsp;&nbsp; 47835519 |
| Indonesia | 2.7<br> %<br>|  |  |
| Bank Mandiri Persero Tbk PT |  | 74789803 | &nbsp;&nbsp; 20993675 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Bank Rakyat Indonesia Persero Tbk PT |  | 38187854 | &nbsp;&nbsp; $7630736 |
| Mitra Adiperkasa Tbk PT |  | 132379909 | &nbsp;&nbsp; 9416137 |
|  |  |  | &nbsp;&nbsp; 38040548 |
| Mexico | 6.4<br> %<br>|  |  |
| Bolsa Mexicana de Valores S.A.B. de C.V. |  | 2762179 | &nbsp;&nbsp; 5843990 |
| Cemex S.A.B. de C.V. - ADR |  | 2402146 | &nbsp;&nbsp; 27480550 |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 3153156 | &nbsp;&nbsp; 34970951 |
| Wal-Mart de Mexico S.A.B. de C.V. |  | 7175746 | &nbsp;&nbsp; 23301256 |
|  |  |  | &nbsp;&nbsp; 91596747 |
| Russia | 0.0<br> %<br>|  |  |
| Gazprom PJSC - ADR<sup>(a)(c)</sup> <br>|  | 306786 | &nbsp;&nbsp; — |
| Globaltrans Investment PLC - REG - GDR<sup>(a)(c)</sup> <br>|  | 757185 | &nbsp;&nbsp; — |
| Singapore | 1.1<br> %<br>|  |  |
| Sea Ltd. - ADR<sup>(a)</sup> <br>|  | 192708 | &nbsp;&nbsp; 15958149 |
| South Africa | 2.8<br> %<br>|  |  |
| FirstRand Ltd. |  | 6056293 | &nbsp;&nbsp; 31004050 |
| Naspers Ltd. - Class N |  | 187981 | &nbsp;&nbsp; 9723695 |
|  |  |  | &nbsp;&nbsp; 40727745 |
| South Korea | 11.5<br> %<br>|  |  |
| Samsung Card Co. Ltd. |  | 11303 | &nbsp;&nbsp; 402189 |
| Samsung Electronics Co. Ltd. |  | 149457 | &nbsp;&nbsp; 17480699 |
| Samsung Electronics Co. Ltd. - REG - GDR |  | 6144 | &nbsp;&nbsp; 17766505 |
| Samsung Life Insurance Co. Ltd. |  | 269482 | &nbsp;&nbsp; 38856026 |
| SK hynix, Inc. |  | 109068 | &nbsp;&nbsp; 61881380 |
| SK Square Co. Ltd.<sup>(a)</sup> <br>|  | 83555 | &nbsp;&nbsp; 27510693 |
|  |  |  | &nbsp;&nbsp; 163897492 |
| Taiwan | 14.6<br> %<br>|  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. |  | 3043816 | &nbsp;&nbsp; 176037652 |
| Yuanta Financial Holding Co. Ltd. |  | 23268101 | &nbsp;&nbsp; 33077115 |
|  |  |  | &nbsp;&nbsp; 209114767 |
| United Arab Emirates | 4.3<br> %<br>|  |  |
| Abu Dhabi Commercial Bank PJSC |  | 3757165 | &nbsp;&nbsp; 12827724 |
| Aldar Properties PJSC |  | 13383309 | &nbsp;&nbsp; 28927010 |
| Emaar Properties PJSC |  | 5906913 | &nbsp;&nbsp; 19330005 |
|  |  |  | &nbsp;&nbsp; 61084739 |
| United Kingdom | 3.0<br> %<br>|  |  |
| Anglogold Ashanti PLC |  | 431833 | &nbsp;&nbsp; 43102116 |
| United States | 1.7<br> %<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 13747 | &nbsp;&nbsp; 23768838 |
| TOTAL COMMON STOCKS (Cost $1,018,614,651) |  |  | &nbsp;&nbsp; 1332823641 |
| PREFERRED STOCKS | 3.4<br> %<br>|  |  |
| Brazil | 3.4<br> %<br>|  |  |
| Itau Unibanco Holding S.A. - ADR, 3.90%<sup>(d)</sup> <br>|  | 5813500 | &nbsp;&nbsp; 48717130 |
| TOTAL PREFERRED STOCKS (Cost $27,077,499) |  |  | &nbsp;&nbsp; 48717130 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 3.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(e)</sup> <br>|  | 46204049 | &nbsp;&nbsp; $46204049 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $46,204,049) |  |  | &nbsp;&nbsp; 46204049 |
| TOTAL INVESTMENTS<br> (Cost $1,091,896,199)<br>| 99.8<br> %<br>|  | &nbsp;&nbsp; 1427744820 |
| NET OTHER ASSETS (LIABILITIES) | 0.2<br> %<br>|  | &nbsp;&nbsp; 2896257 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1430641077 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $32,859,358 or 2% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(e)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

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

---

At March 31, 2026 the industry sectors (excluding short-term investments) for the JOHCM Emerging Markets Opportunities Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 30.4% |
| Information Technology  | 22.8  |
| Communication Services  | 9.1  |
| Consumer Discretionary  | 8.4  |
| Materials  | 7.8  |
| Industrials  | 4.9  |
| Real Estate  | 4.6  |
| Energy  | 4.1  |
| Utilities  | 1.9  |
| Consumer Staples  | 1.6  |
| Health Care  | 1.0  |
| Total | &nbsp;&nbsp; 96.6% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.5<br> %<br>|  |  |
| Australia | 4.2<br> %<br>|  |  |
| QBE Insurance Group Ltd. |  | 1110740 | &nbsp;&nbsp; $16390925 |
| Woodside Energy Group Ltd. |  | 140277 | &nbsp;&nbsp; 3392284 |
|  |  |  | &nbsp;&nbsp; 19783209 |
| Belgium | 2.0<br> %<br>|  |  |
| Elia Group S.A./N.V. |  | 62049 | &nbsp;&nbsp; 9530675 |
| Canada | 5.0<br> %<br>|  |  |
| Alimentation Couche-Tard, Inc. |  | 234987 | &nbsp;&nbsp; 13319477 |
| Teck Resources Ltd. - Class B |  | 189413 | &nbsp;&nbsp; 9817179 |
|  |  |  | &nbsp;&nbsp; 23136656 |
| France | 10.1<br> %<br>|  |  |
| Dassault Systemes S.E. |  | 381529 | &nbsp;&nbsp; 7723769 |
| Publicis Groupe S.A. |  | 186133 | &nbsp;&nbsp; 15406139 |
| Schneider Electric S.E. |  | 28330 | &nbsp;&nbsp; 7716571 |
| Thales S.A. |  | 55090 | &nbsp;&nbsp; 16154878 |
|  |  |  | &nbsp;&nbsp; 47001357 |
| Germany | 19.2<br> %<br>|  |  |
| Brenntag S.E. |  | 119498 | &nbsp;&nbsp; 8094587 |
| Deutsche Boerse A.G. |  | 77588 | &nbsp;&nbsp; 22729048 |
| E.ON S.E. |  | 653383 | &nbsp;&nbsp; 14310049 |
| Heidelberg Materials A.G. |  | 71357 | &nbsp;&nbsp; 15058932 |
| Infineon Technologies A.G. |  | 199741 | &nbsp;&nbsp; 9061478 |
| Merck KGaA |  | 96176 | &nbsp;&nbsp; 12219525 |
| Siemens A.G. - REG |  | 32325 | &nbsp;&nbsp; 7875473 |
|  |  |  | &nbsp;&nbsp; 89349092 |
| Ireland | 3.8<br> %<br>|  |  |
| AIB Group PLC |  | 650660 | &nbsp;&nbsp; 6945870 |
| CRH PLC |  | 100947 | &nbsp;&nbsp; 10561128 |
|  |  |  | &nbsp;&nbsp; 17506998 |
| Italy | 3.5<br> %<br>|  |  |
| Leonardo S.p.A. |  | 238261 | &nbsp;&nbsp; 16206387 |
| Japan | 17.2<br> %<br>|  |  |
| Daifuku Co. Ltd. |  | 234976 | &nbsp;&nbsp; 8296786 |
| Ebara Corp. |  | 452676 | &nbsp;&nbsp; 12814413 |
| Japan Exchange Group, Inc. |  | 1543102 | &nbsp;&nbsp; 18020319 |
| Nippon Sanso Holdings Corp. |  | 404985 | &nbsp;&nbsp; 14360121 |
| Resona Holdings, Inc. |  | 1039784 | &nbsp;&nbsp; 11861593 |
| SoftBank Corp. |  | 10964411 | &nbsp;&nbsp; 14671735 |
|  |  |  | &nbsp;&nbsp; 80024967 |
| Netherlands | 1.2<br> %<br>|  |  |
| Universal Music Group N.V. |  | 294757 | &nbsp;&nbsp; 5721476 |
| Norway | 2.5<br> %<br>|  |  |
| Equinor ASA |  | 272827 | &nbsp;&nbsp; 11623627 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Spain | 2.5<br> %<br>|  |  |
| CaixaBank S.A. |  | 989896 | &nbsp;&nbsp; $11866536 |
| Sweden | 1.7<br> %<br>|  |  |
| Svenska Handelsbanken AB - Class A |  | 620578 | &nbsp;&nbsp; 8181529 |
| Switzerland | 4.2<br> %<br>|  |  |
| Cie Financiere Richemont S.A. - Class A - REG |  | 35817 | &nbsp;&nbsp; 6324069 |
| Roche Holding A.G. |  | 33624 | &nbsp;&nbsp; 13419031 |
|  |  |  | &nbsp;&nbsp; 19743100 |
| United Kingdom | 19.4<br> %<br>|  |  |
| 3i Group PLC |  | 186736 | &nbsp;&nbsp; 6085915 |
| British American Tobacco PLC |  | 215036 | &nbsp;&nbsp; 12484739 |
| Compass Group PLC |  | 485583 | &nbsp;&nbsp; 13548218 |
| London Stock Exchange Group PLC |  | 83195 | &nbsp;&nbsp; 9824312 |
| National Grid PLC |  | 917836 | &nbsp;&nbsp; 15493159 |
| Shell PLC |  | 451837 | &nbsp;&nbsp; 20926852 |
| Smith & Nephew PLC |  | 757959 | &nbsp;&nbsp; 12009113 |
|  |  |  | &nbsp;&nbsp; 90372308 |
| TOTAL COMMON STOCKS (Cost $436,838,972) |  |  | &nbsp;&nbsp; 450047917 |
| SHORT-TERM INVESTMENTS | 2.7<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(a)</sup> <br>|  | 12515030 | &nbsp;&nbsp; 12515030 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $12,515,030) |  |  | &nbsp;&nbsp; 12515030 |
| TOTAL INVESTMENTS<br> (Cost $449,354,002)<br>| 99.2<br> %<br>|  | &nbsp;&nbsp; 462562947 |
| NET OTHER ASSETS (LIABILITIES) | 0.8<br> %<br>|  | &nbsp;&nbsp; 3666006 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $466228953 |

---

<sup>(a)</sup>7-day current yield as of March 31, 2026 is disclosed.<br>

---

| |
|:---|
| Abbreviations: |
| REG – Registered |

---

At March 31, 2026 the industry sectors (excluding short-term investments) for the JOHCM International Opportunities Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 23.9% |
| Industrials  | 16.6  |
| Materials  | 10.7  |
| Utilities  | 8.4  |
| Health Care  | 8.1  |
| Energy  | 7.7  |
| Communication Services  | 7.6  |
| Consumer Staples  | 5.6  |
| Consumer Discretionary  | 4.2  |
| Information Technology  | 3.7  |
| Total | &nbsp;&nbsp; 96.5% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 97.1<br> %<br>|  |  |
| Australia | 3.4<br> %<br>|  |  |
| Northern Star Resources Ltd. |  | 3384809 | &nbsp;&nbsp; $49204275 |
| Orica Ltd. |  | 2818917 | &nbsp;&nbsp; 39618661 |
|  |  |  | &nbsp;&nbsp; 88822936 |
| Belgium | 4.4<br> %<br>|  |  |
| KBC Group N.V. |  | 460618 | &nbsp;&nbsp; 56375961 |
| UCB S.A. |  | 198098 | &nbsp;&nbsp; 59686286 |
|  |  |  | &nbsp;&nbsp; 116062247 |
| Brazil | 1.6<br> %<br>|  |  |
| NU Holdings Ltd. - Class A<sup>(a)</sup> <br>|  | 2940000 | &nbsp;&nbsp; 42247800 |
| Canada | 7.5<br> %<br>|  |  |
| Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> <br>|  | 4213586 | &nbsp;&nbsp; 36014332 |
| Lundin Gold, Inc. |  | 723635 | &nbsp;&nbsp; 55390119 |
| Teck Resources Ltd. - Class B |  | 951030 | &nbsp;&nbsp; 49291398 |
| Wheaton Precious Metals Corp. |  | 416442 | &nbsp;&nbsp; 54663439 |
|  |  |  | &nbsp;&nbsp; 195359288 |
| Denmark | 1.8<br> %<br>|  |  |
| Genmab A/S<sup>(a)</sup> <br>|  | 171046 | &nbsp;&nbsp; 46066366 |
| France | 2.0<br> %<br>|  |  |
| Danone S.A. |  | 647335 | &nbsp;&nbsp; 51726689 |
| Germany | 12.4<br> %<br>|  |  |
| Deutsche Boerse A.G. |  | 200500 | &nbsp;&nbsp; 58735555 |
| E.ON S.E. |  | 2988328 | &nbsp;&nbsp; 65448778 |
| MTU Aero Engines A.G. |  | 116300 | &nbsp;&nbsp; 42428441 |
| RWE A.G. |  | 778923 | &nbsp;&nbsp; 52405045 |
| Siemens A.G. - REG |  | 216996 | &nbsp;&nbsp; 52867627 |
| Siemens Energy A.G. |  | 308967 | &nbsp;&nbsp; 53281231 |
|  |  |  | &nbsp;&nbsp; 325166677 |
| Guatemala | 2.5<br> %<br>|  |  |
| Millicom International Cellular S.A. |  | 873837 | &nbsp;&nbsp; 65485345 |
| Hong Kong | 1.9<br> %<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. |  | 989272 | &nbsp;&nbsp; 49906792 |
| Japan | 23.6<br> %<br>|  |  |
| Advantest Corp. |  | 301859 | &nbsp;&nbsp; 41658556 |
| Anritsu Corp. |  | 2729675 | &nbsp;&nbsp; 49566397 |
| Hitachi Ltd. |  | 1983712 | &nbsp;&nbsp; 58193165 |
| Japan Exchange Group, Inc. |  | 4792508 | &nbsp;&nbsp; 55966827 |
| Japan Steel Works (The) Ltd. |  | 926465 | &nbsp;&nbsp; 51033268 |
| Kajima Corp. |  | 1302867 | &nbsp;&nbsp; 49702646 |
| Mitsui Kinzoku Co. Ltd. |  | 242958 | &nbsp;&nbsp; 46085448 |
| Organo Corp. |  | 525910 | &nbsp;&nbsp; 47497824 |
| Rakuten Bank Ltd.<sup>(a)</sup> <br>|  | 1122010 | &nbsp;&nbsp; 41020343 |
| Resona Holdings, Inc. |  | 3865229 | &nbsp;&nbsp; 44093555 |
| SBI Holdings, Inc. |  | 2417315 | &nbsp;&nbsp; 44759858 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Taisei Corp. |  | 441643 | &nbsp;&nbsp; $45754986 |
| Yokogawa Electric Corp. |  | 1381551 | &nbsp;&nbsp; 42695127 |
|  |  |  | &nbsp;&nbsp; 618028000 |
| Netherlands | 5.6<br> %<br>|  |  |
| Argenx S.E.<sup>(a)</sup> <br>|  | 69244 | &nbsp;&nbsp; 50253081 |
| Euronext N.V.<sup>(b)</sup> <br>|  | 339901 | &nbsp;&nbsp; 54581955 |
| Prosus N.V.<sup>(a)</sup> <br>|  | 867827 | &nbsp;&nbsp; 40176548 |
|  |  |  | &nbsp;&nbsp; 145011584 |
| Portugal | 1.9<br> %<br>|  |  |
| Banco Comercial Portugues S.A. - REG |  | 50654320 | &nbsp;&nbsp; 49335689 |
| Singapore | 4.3<br> %<br>|  |  |
| DBS Group Holdings Ltd. |  | 1212562 | &nbsp;&nbsp; 53959165 |
| Singapore Exchange Ltd. |  | 3908934 | &nbsp;&nbsp; 59631325 |
|  |  |  | &nbsp;&nbsp; 113590490 |
| Sweden | 2.3<br> %<br>|  |  |
| Sandvik AB |  | 1555832 | &nbsp;&nbsp; 59809061 |
| Switzerland | 9.0<br> %<br>|  |  |
| Galderma Group A.G. |  | 298995 | &nbsp;&nbsp; 58762627 |
| Roche Holding A.G. |  | 154527 | &nbsp;&nbsp; 61670311 |
| Sandoz Group A.G. |  | 771057 | &nbsp;&nbsp; 60412999 |
| UBS Group A.G. - REG |  | 1365869 | &nbsp;&nbsp; 53259870 |
|  |  |  | &nbsp;&nbsp; 234105807 |
| United Kingdom | 12.9<br> %<br>|  |  |
| Barclays PLC |  | 9606932 | &nbsp;&nbsp; 50277726 |
| Centrica PLC |  | 23621303 | &nbsp;&nbsp; 66882252 |
| National Grid PLC |  | 3639978 | &nbsp;&nbsp; 61443175 |
| Rio Tinto PLC |  | 584256 | &nbsp;&nbsp; 54203605 |
| Rolls-Royce Holdings PLC |  | 3799590 | &nbsp;&nbsp; 57724990 |
| Unilever PLC |  | 849474 | &nbsp;&nbsp; 46635608 |
|  |  |  | &nbsp;&nbsp; 337167356 |
| TOTAL COMMON STOCKS (Cost $2,071,473,553) |  |  | &nbsp;&nbsp; 2537892127 |
| SHORT-TERM INVESTMENTS | 1.8<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(c)</sup> <br>|  | 48548372 | &nbsp;&nbsp; 48548372 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $48,548,372) |  |  | &nbsp;&nbsp; 48548372 |
| TOTAL INVESTMENTS<br> (Cost $2,120,021,925)<br>| 98.9<br> %<br>|  | &nbsp;&nbsp; 2586440499 |
| NET OTHER ASSETS (LIABILITIES) | 1.1<br> %<br>|  | &nbsp;&nbsp; 27575350 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $2614015849 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $54,581,955 or 2% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

| |
|:---|
| Abbreviations: |
| REG – Registered |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

At March 31, 2026 the industry sectors (excluding short-term investments) for the JOHCM International Select Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 27.2% |
| Industrials  | 19.7  |
| Materials  | 14.8  |
| Health Care  | 13.0  |
| Utilities  | 9.4  |
| Information Technology  | 5.1  |
| Consumer Staples  | 3.8  |
| Communication Services  | 2.5  |
| Consumer Discretionary  | 1.6  |
| Total | &nbsp;&nbsp; 97.1% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund**<br>| **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund**<br>|
| Assets: |  |  |
| Investments, at cost | &nbsp;&nbsp; $72571610 | &nbsp;&nbsp; $1091896199 |
| Investments, at value  | &nbsp;&nbsp; 78935998 | &nbsp;&nbsp; 1427744820 |
| Foreign currencies (Cost: $84,821 and $632,056, respectively) | &nbsp;&nbsp; 84162 | &nbsp;&nbsp; 638560 |
| Receivable for dividends | &nbsp;&nbsp; 207184 | &nbsp;&nbsp; 4051305 |
| Reclaims receivable | &nbsp;&nbsp; 16044 | &nbsp;&nbsp; 239709 |
| Receivable for investments sold | &nbsp;&nbsp; 816360 | &nbsp;&nbsp; 154 |
| Receivables for capital shares sold | &nbsp;&nbsp; 20811 | &nbsp;&nbsp; 559450 |
| Receivable from investment adviser | &nbsp;&nbsp; 14944 | &nbsp;&nbsp; — |
| Prepaid expenses | &nbsp;&nbsp; 23950 | &nbsp;&nbsp; 79119 |
| Total Assets | &nbsp;&nbsp; 80119453 | &nbsp;&nbsp; 1433313117 |
| Liabilities: |  |  |
| Securities purchased payable | &nbsp;&nbsp; 1265891 | &nbsp;&nbsp; — |
| Capital shares redeemed payable | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 1116684 |
| Investment advisory fees payable | &nbsp;&nbsp; 72172 | &nbsp;&nbsp; 1122223 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 42071 | &nbsp;&nbsp; 300425 |
| Shareholder Services fees payable - Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 12427 |
| Distribution (Rule 12b-1) fees payable - Advisor Shares | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 4964 |
| Distribution (Rule 12b-1) fees payable - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 6132 |
| Compliance fees payable | &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 23587 |
| Foreign Tax Agent fees payable | &nbsp;&nbsp; 28829 | &nbsp;&nbsp; 4859 |
| Accrued expenses and other payables | &nbsp;&nbsp; 19562 | &nbsp;&nbsp; 80739 |
| Total Liabilities | &nbsp;&nbsp; 1431522 | &nbsp;&nbsp; 2672040 |
| Net Assets | &nbsp;&nbsp; $78687931 | &nbsp;&nbsp; $1430641077 |
| Net Assets: |  |  |
| Paid in capital | &nbsp;&nbsp; $67750519 | &nbsp;&nbsp; $1063813360 |
| Distributable earnings (loss) | &nbsp;&nbsp; 10937412 | &nbsp;&nbsp; 366827717 |
| Net Assets | &nbsp;&nbsp; $78687931 | &nbsp;&nbsp; $1430641077 |
| Net Assets: |  |  |
| Advisor | &nbsp;&nbsp; $5363634 | &nbsp;&nbsp; $56949984 |
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; 27981140 |
| Institutional Class | &nbsp;&nbsp; 73324297 | &nbsp;&nbsp; 1345709953 |
| Share of Common Stock Outstanding: |  |  |
| Advisor | &nbsp;&nbsp; 364072 | &nbsp;&nbsp; 3781638 |
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; 1859135 |
| Institutional Class | &nbsp;&nbsp; 4984819 | &nbsp;&nbsp; 89158935 |
| Net Asset Value per Share: |  |  |
| Advisor | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $15.06 |
| Investor | &nbsp;&nbsp; — | 15.05 |
| Institutional Class | 14.71 | 15.09 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **International**<br> **Opportunities Fund**<br>| **JOHCM**<br> **International**<br> **Select Fund**<br>|
| Assets: |  |  |
| Investments, at cost | &nbsp;&nbsp; $449354002 | &nbsp;&nbsp; $2120021925 |
| Investments, at value  | &nbsp;&nbsp; 462562947 | &nbsp;&nbsp; 2586440499 |
| Foreign currencies (Cost: $307,008 and $1,382,825, respectively) | &nbsp;&nbsp; 308643 | &nbsp;&nbsp; 1381530 |
| Receivable for dividends | &nbsp;&nbsp; 2950401 | &nbsp;&nbsp; 8034001 |
| Reclaims receivable | &nbsp;&nbsp; 640387 | &nbsp;&nbsp; 21740022 |
| Receivables for capital shares sold | &nbsp;&nbsp; 3703461 | &nbsp;&nbsp; 645649 |
| Receivable from investment adviser | &nbsp;&nbsp; 156193 | &nbsp;&nbsp; 3114 |
| Prepaid expenses | &nbsp;&nbsp; 95932 | &nbsp;&nbsp; 69569 |
| Total Assets | &nbsp;&nbsp; 470417964 | &nbsp;&nbsp; 2618314384 |
| Liabilities: |  |  |
| Securities purchased payable | &nbsp;&nbsp; 3410707 | &nbsp;&nbsp; — |
| Capital shares redeemed payable | &nbsp;&nbsp; 372485 | &nbsp;&nbsp; 1662650 |
| Investment advisory fees payable | &nbsp;&nbsp; 295814 | &nbsp;&nbsp; 1915153 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 69970 | &nbsp;&nbsp; 432838 |
| Shareholder Services fees payable - Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 38889 |
| Distribution (Rule 12b-1) fees payable - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 32235 |
| Compliance fees payable | &nbsp;&nbsp; 7169 | &nbsp;&nbsp; 44094 |
| Foreign Tax Agent fees payable | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 1983 |
| Accrued expenses and other payables | &nbsp;&nbsp; 32704 | &nbsp;&nbsp; 170693 |
| Total Liabilities | &nbsp;&nbsp; 4189011 | &nbsp;&nbsp; 4298535 |
| Net Assets | &nbsp;&nbsp; $466228953 | &nbsp;&nbsp; $2614015849 |
| Net Assets: |  |  |
| Paid in capital | &nbsp;&nbsp; $434233160 | &nbsp;&nbsp; $1963968687 |
| Distributable earnings (loss) | &nbsp;&nbsp; 31995793 | &nbsp;&nbsp; 650047162 |
| Net Assets | &nbsp;&nbsp; $466228953 | &nbsp;&nbsp; $2614015849 |
| Net Assets: |  |  |
| Investor | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149179838 |
| Institutional Class | &nbsp;&nbsp; 466228953 | &nbsp;&nbsp; 2464836011 |
| Share of Common Stock Outstanding: |  |  |
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; 5375202 |
| Institutional Class | &nbsp;&nbsp; 31309755 | &nbsp;&nbsp; 89202017 |
| Net Asset Value per Share: |  |  |
| Investor | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27.75 |
| Institutional Class | 14.89 | 27.63 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund**<br>| **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund**<br>|
| Investment Income: |  |  |
| Dividend income (Net of foreign withholding tax of $57,624 and $1,978,294, <br> respectively)<br>| &nbsp;&nbsp; $535126 | &nbsp;&nbsp; $14564709 |
| Operating expenses: |  |  |
| Investment advisory | &nbsp;&nbsp; 377916 | &nbsp;&nbsp; 6472194 |
| Distribution (Rule 12b-1) fees - Advisor Shares | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 29718 |
| Distribution (Rule 12b-1) fees - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 37146 |
| Accounting and Administration fees | &nbsp;&nbsp; 66301 | &nbsp;&nbsp; 468892 |
| Investment advisory waiver recoupments | &nbsp;&nbsp; — | &nbsp;&nbsp; 53764 |
| Audit fees | &nbsp;&nbsp; 12133 | &nbsp;&nbsp; 50597 |
| Shareholder services - Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 12428 |
| Compliance fees | &nbsp;&nbsp; 2257 | &nbsp;&nbsp; 45069 |
| Trustees | &nbsp;&nbsp; 4244 | &nbsp;&nbsp; 85466 |
| Legal | &nbsp;&nbsp; 6050 | &nbsp;&nbsp; 121707 |
| Registration | &nbsp;&nbsp; 19917 | &nbsp;&nbsp; 42304 |
| Foreign tax agent fees | &nbsp;&nbsp; 28829 | &nbsp;&nbsp; 4859 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 1173 |
| Other | &nbsp;&nbsp; 12696 | &nbsp;&nbsp; 116976 |
| Total expenses before reductions | &nbsp;&nbsp; 532763 | &nbsp;&nbsp; 7542293 |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (84042)<br>| &nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp; 448721 | &nbsp;&nbsp; 7542293 |
| Net investment income | &nbsp;&nbsp; 86405 | &nbsp;&nbsp; 7022416 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 6469340 | &nbsp;&nbsp; 70213680 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (13488)<br>| &nbsp;&nbsp; (892135)<br>|
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (3755800)<br>| &nbsp;&nbsp; 13697283 |
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (5421)<br>| &nbsp;&nbsp; (41092)<br>|
| Net realized and unrealized gains from investment activities | &nbsp;&nbsp; 2694631 | &nbsp;&nbsp; 82977736 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $2781036 | &nbsp;&nbsp; $90000152 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **International**<br> **Opportunities Fund**<br>| **JOHCM**<br> **International**<br> **Select Fund**<br>|
| Investment Income: |  |  |
| Dividend income (Net of foreign withholding tax of $507,349 and $2,317,083, <br> respectively)<br>| &nbsp;&nbsp; $5898867 | &nbsp;&nbsp; $21307765 |
| Operating expenses: |  |  |
| Investment advisory | &nbsp;&nbsp; 1685036 | &nbsp;&nbsp; 12179444 |
| Distribution (Rule 12b-1) fees - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 273394 |
| Accounting and Administration fees | &nbsp;&nbsp; 99898 | &nbsp;&nbsp; 651419 |
| Audit fees | &nbsp;&nbsp; 22809 | &nbsp;&nbsp; 92480 |
| Shareholder services - Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 82831 |
| Compliance fees | &nbsp;&nbsp; 13655 | &nbsp;&nbsp; 92217 |
| Trustees | &nbsp;&nbsp; 26048 | &nbsp;&nbsp; 176526 |
| Legal | &nbsp;&nbsp; 36308 | &nbsp;&nbsp; 254614 |
| Registration | &nbsp;&nbsp; 68966 | &nbsp;&nbsp; 31420 |
| Foreign tax agent fees | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 1983 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 14224 |
| Other | &nbsp;&nbsp; 30297 | &nbsp;&nbsp; 202645 |
| Total expenses before reductions | &nbsp;&nbsp; 1983179 | &nbsp;&nbsp; 14053197 |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (859819)<br>| &nbsp;&nbsp; (13080)<br>|
| Net expenses | &nbsp;&nbsp; 1123360 | &nbsp;&nbsp; 14040117 |
| Net investment income | &nbsp;&nbsp; 4775507 | &nbsp;&nbsp; 7267648 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 21785772 | &nbsp;&nbsp; 265924261 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (111998)<br>| &nbsp;&nbsp; (899047)<br>|
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (6615818)<br>| &nbsp;&nbsp; (211046671)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (3548)<br>| &nbsp;&nbsp; (541704)<br>|
| Net realized and unrealized gains from investment activities | &nbsp;&nbsp; 15054408 | &nbsp;&nbsp; 53436839 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $19829915 | &nbsp;&nbsp; $60704487 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund** | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund** | **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund** | **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $86405 | &nbsp;&nbsp; $557069 | &nbsp;&nbsp; $7022416 | &nbsp;&nbsp; $18506611 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 6455852 | &nbsp;&nbsp; 8227082 | &nbsp;&nbsp; 69321545 | &nbsp;&nbsp; 22286673 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (3761221)<br>| &nbsp;&nbsp; (1454882)<br>| &nbsp;&nbsp; 13656191 | &nbsp;&nbsp; 177972114 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 2781036 | &nbsp;&nbsp; 7329269 | &nbsp;&nbsp; 90000152 | &nbsp;&nbsp; 218765398 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Advisor Shares | &nbsp;&nbsp; (531476)<br>| &nbsp;&nbsp; (417671)<br>| &nbsp;&nbsp; (2252079)<br>| &nbsp;&nbsp; (494463)<br>|
| Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (985247)<br>| &nbsp;&nbsp; (241935)<br>|
| Institutional Shares | &nbsp;&nbsp; (7082967)<br>| &nbsp;&nbsp; (4470860)<br>| &nbsp;&nbsp; (51407125)<br>| &nbsp;&nbsp; (12157253)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (7614443)<br>| &nbsp;&nbsp; (4888531)<br>| &nbsp;&nbsp; (54644451)<br>| &nbsp;&nbsp; (12893651)<br>|
| Net Capital Transactions: |  |  |  |  |
| Advisor Shares | &nbsp;&nbsp; 751230 | &nbsp;&nbsp; (2931034)<br>| &nbsp;&nbsp; (3002948)<br>| &nbsp;&nbsp; 3658289 |
| Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4581999)<br>| &nbsp;&nbsp; (1812124)<br>|
| Institutional Shares | &nbsp;&nbsp; 16417779 | &nbsp;&nbsp; (1607216)<br>| &nbsp;&nbsp; 66550241 | &nbsp;&nbsp; (47447602)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 17169009 | &nbsp;&nbsp; (4538250)<br>| &nbsp;&nbsp; 58965294 | &nbsp;&nbsp; (45601437)<br>|
| Change in net assets | &nbsp;&nbsp; 12335602 | &nbsp;&nbsp; (2097512)<br>| &nbsp;&nbsp; 94320995 | &nbsp;&nbsp; 160270310 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 66352329 | &nbsp;&nbsp; 68449841 | &nbsp;&nbsp; 1336320082 | &nbsp;&nbsp; 1176049772 |
| End of period | &nbsp;&nbsp; $78687931 | &nbsp;&nbsp; $66352329 | &nbsp;&nbsp; $1430641077 | &nbsp;&nbsp; $1336320082 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JOHCM**<br> **International**<br> **Opportunities Fund** | **JOHCM**<br> **International**<br> **Opportunities Fund** | **JOHCM**<br> **International**<br> **Select Fund** | **JOHCM**<br> **International**<br> **Select Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4775507 | &nbsp;&nbsp; $3136231 | &nbsp;&nbsp; $7267648 | &nbsp;&nbsp; $16520281 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 21673774 | &nbsp;&nbsp; 1597830 | &nbsp;&nbsp; 265025214 | &nbsp;&nbsp; 695428741 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (6619366)<br>| &nbsp;&nbsp; 17145120 | &nbsp;&nbsp; (211588375)<br>| &nbsp;&nbsp; (391843148)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 19829915 | &nbsp;&nbsp; 21879181 | &nbsp;&nbsp; 60704487 | &nbsp;&nbsp; 320105874 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7051514)<br>| &nbsp;&nbsp; (5371163)<br>|
| Institutional Shares | &nbsp;&nbsp; (12226344)<br>| &nbsp;&nbsp; (1849483)<br>| &nbsp;&nbsp; (84067520)<br>| &nbsp;&nbsp; (64778338)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (12226344)<br>| &nbsp;&nbsp; (1849483)<br>| &nbsp;&nbsp; (91119034)<br>| &nbsp;&nbsp; (70149501)<br>|
| Net Capital Transactions: |  |  |  |  |
| Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (106206616)<br>| &nbsp;&nbsp; (185661520)<br>|
| Institutional Shares | &nbsp;&nbsp; 69245708 | &nbsp;&nbsp; 334597388 | &nbsp;&nbsp; (262237315)<br>| &nbsp;&nbsp; (2081554894)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 69245708 | &nbsp;&nbsp; 334597388 | &nbsp;&nbsp; (368443931)<br>| &nbsp;&nbsp; (2267216414)<br>|
| Change in net assets | &nbsp;&nbsp; 76849279 | &nbsp;&nbsp; 354627086 | &nbsp;&nbsp; (398858478)<br>| &nbsp;&nbsp; (2017260041)<br>|
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 389379674 | &nbsp;&nbsp; 34752588 | &nbsp;&nbsp; 3012874327 | &nbsp;&nbsp; 5030134368 |
| End of period | &nbsp;&nbsp; $466228953 | &nbsp;&nbsp; $389379674 | &nbsp;&nbsp; $2614015849 | &nbsp;&nbsp; $3012874327 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Emerging Markets Discovery Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $15.92 | &nbsp;&nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $13.40 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.12 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.01 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | 2.68 | 2.29 | &nbsp;&nbsp;&nbsp; (3.22)<br>| 5.00 |
| Total from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | 2.80 | 2.32 | &nbsp;&nbsp;&nbsp; (3.15)<br>| 5.01 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>|
| From net realized gains | (1.76)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; — |
| Total distributions paid | (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (0.06)<br>|
| Change in net asset value | (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 2.70 | 2.21 | &nbsp;&nbsp;&nbsp; (7.97)<br>| 4.95 |
| Net asset value, end of period | $14.73 | &nbsp;&nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $18.35 |
| Total return | 4.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.35<br> %<br>| 22.35<br> %<br>| 22.49 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (23.44<br> %)<br>| 37.50<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $5364 | &nbsp;&nbsp;&nbsp; $4943 | &nbsp;&nbsp; $7826 | &nbsp;&nbsp; $4453 | &nbsp;&nbsp;&nbsp; $8946 | &nbsp;&nbsp; $15209 |
| Ratio of net expenses to average net assets | 1.34 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| 1.45<br> %<br>| 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| 1.63<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.16 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| 0.81<br> %<br>| 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| 0.06<br> %<br>|
| Ratio of gross expenses to average net assets | 1.57 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.70<br> %<br>| 1.75<br> %<br>| 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| 1.94<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | 82.71 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 138.32<br> %<br>| 119.54<br> %<br>| 155.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123.95<br> %<br>| 163.54<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | 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 <br>|
|  | date. |
| (d) | Annualized for periods less than one year. |
| (e) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM Emerging Markets Discovery Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $15.92 | &nbsp;&nbsp;&nbsp; $15.28 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $13.42 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.12 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.03 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | 2.69 | 2.28 | &nbsp;&nbsp;&nbsp; (3.24)<br>| 5.00 |
| Total from investment operations | 0.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | 2.81 | 2.33 | &nbsp;&nbsp;&nbsp; (3.15)<br>| 5.03 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.06)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| From net realized gains | (1.76)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; — |
| Total distributions paid | (1.82)<br>| &nbsp;&nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (0.07)<br>|
| Change in net asset value | (1.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 2.68 | 2.21 | &nbsp;&nbsp;&nbsp; (7.99)<br>| 4.96 |
| Net asset value, end of period | $14.71 | &nbsp;&nbsp;&nbsp; $15.92 | &nbsp;&nbsp; $15.28 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $18.38 |
| Total return | 4.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.55<br> %<br>| 22.44<br> %<br>| 22.58 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (23.44<br> %)<br>| 37.60<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $73324 | &nbsp;&nbsp;&nbsp; $61409 | &nbsp;&nbsp; $60624 | &nbsp;&nbsp; $45886 | &nbsp;&nbsp;&nbsp; $24382 | &nbsp;&nbsp; $32279 |
| Ratio of net expenses to average net assets | 1.24 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| 1.36<br> %<br>| 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| 1.53<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| 0.86<br> %<br>| 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| 0.18<br> %<br>|
| Ratio of gross expenses to average net assets | 1.47 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.61<br> %<br>| 1.65<br> %<br>| 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | 82.71 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 138.32<br> %<br>| 119.54<br> %<br>| 155.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123.95<br> %<br>| 163.54<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | 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 <br>|
|  | date. |
| (d) | Annualized for periods less than one year. |
| (e) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $14.69 | &nbsp;&nbsp;&nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $10.81 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.19 | 0.18 | 0.29 | 0.20 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | 2.05 | 0.77 | &nbsp;&nbsp; (2.87)<br>| 1.81 |
| Total from investment operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.41 | 2.24 | 0.95 | &nbsp;&nbsp; (2.58)<br>| 2.01 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.13)<br>|
| From net realized gains | (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.13)<br>|
| Change in net asset value | 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | 2.06 | 0.74 | &nbsp;&nbsp; (3.08)<br>| 1.88 |
| Net asset value, end of period | $15.06 | &nbsp;&nbsp;&nbsp;&nbsp; $14.69 | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.69 |
| Total return | 6.62 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.65<br> %<br>| 21.95<br> %<br>| 9.83<br> %<br>| &nbsp;&nbsp; (21.18<br> %)<br>| 18.64<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $56950 | &nbsp;&nbsp;&nbsp;&nbsp; $58296 | &nbsp;&nbsp; $45146 | &nbsp;&nbsp; $37590 | &nbsp;&nbsp; $65363 | &nbsp;&nbsp; $81462 |
| Ratio of net expenses to average net assets | 1.13 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.12<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.89 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> %<br>| 1.75<br> %<br>| 1.68<br> %<br>| 2.55<br> %<br>| 1.51<br> %<br>|
| Ratio of gross expenses to average net assets | 1.13 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.13<br> %<br>| 1.14<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.13<br> %<br>|
| Ratio of expense recoupment to average net <br> assets<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(f)</sup> | 21.00 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.12<br> %<br>| 37.00<br> %<br>| 29.34<br> %<br>| 41.23<br> %<br>| 38.60<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Ratios include Interest Expense of $49 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income ratio <br>|
|  | would have been higher by 0.00% excluding this expense.<br>|
| (e) | Amount rounds to less than 0.005%. |
| (f) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $14.67 | &nbsp;&nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $10.80 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 0.18 | 0.17 | 0.28 | 0.19 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | 2.05 | 0.76 | &nbsp;&nbsp; (2.88)<br>| 1.80 |
| Total from investment operations | 0.94 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | 2.23 | 0.93 | &nbsp;&nbsp; (2.60)<br>| 1.99 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.12)<br>|
| From net realized gains | (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.12)<br>|
| Change in net asset value | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | 2.06 | 0.72 | &nbsp;&nbsp; (3.06)<br>| 1.87 |
| Net asset value, end of period | $15.05 | &nbsp;&nbsp;&nbsp;&nbsp; $14.67 | &nbsp;&nbsp; $12.39 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.67 |
| Total return | 6.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.46<br> %<br>| 21.88<br> %<br>| 9.63<br> %<br>| &nbsp;&nbsp; (21.33<br> %)<br>| 18.42<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $27981 | &nbsp;&nbsp;&nbsp;&nbsp; $31456 | &nbsp;&nbsp; $28069 | &nbsp;&nbsp; $24014 | &nbsp;&nbsp; $10044 | &nbsp;&nbsp; $9854 |
| Ratio of net expenses to average net assets | 1.28 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.27<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.70 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| 1.60<br> %<br>| 1.59<br> %<br>| 2.43<br> %<br>| 1.47<br> %<br>|
| Ratio of gross expenses to average net assets | 1.28 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| 1.29<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>|
| Ratio of expense recoupment to average net <br> assets<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(e)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(f)</sup> | 21.00 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.12<br> %<br>| 37.00<br> %<br>| 29.34<br> %<br>| 41.23<br> %<br>| 38.60<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Ratios include Interest Expense of $25 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income ratio <br>|
|  | would have been higher by 0.00% excluding this expense. |
| (e) | Amount rounds to less than 0.005%. |
| (f) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $14.73 | &nbsp;&nbsp;&nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $10.85 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.19 | 0.18 | 0.31 | 0.21 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | 2.07 | 0.77 | &nbsp;&nbsp; (2.88)<br>| 1.81 |
| Total from investment operations | 0.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.42 | 2.26 | 0.95 | &nbsp;&nbsp; (2.57)<br>| 2.02 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.14)<br>|
| From net realized gains | (0.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.14)<br>|
| Change in net asset value | 0.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | 2.07 | 0.74 | &nbsp;&nbsp; (3.09)<br>| 1.88 |
| Net asset value, end of period | $15.09 | &nbsp;&nbsp;&nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $12.73 |
| Total return | 6.63 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.71<br> %<br>| 22.14<br> %<br>| 9.89<br> %<br>| &nbsp;&nbsp; (21.11<br> %)<br>| 18.70<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $1345710 | &nbsp;&nbsp;&nbsp;&nbsp; $1246568 | &nbsp;&nbsp; $1102835 | &nbsp;&nbsp; $858629 | &nbsp;&nbsp; $575508 | &nbsp;&nbsp; $738534 |
| Ratio of net expenses to average net assets | 1.04 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| 1.04<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.99 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| 1.75<br> %<br>| 1.69<br> %<br>| 2.70<br> %<br>| 1.61<br> %<br>|
| Ratio of gross expenses to average net assets | 1.04 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| 1.05<br> %<br>| 1.04<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>|
| Ratio of expense recoupment to average net <br> assets<br>| 0.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(e)</sup> | 21.00 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.12<br> %<br>| 37.00<br> %<br>| 29.34<br> %<br>| 41.23<br> %<br>| 38.60<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Ratios include Interest Expense of $1,099 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income <br>|
|  | ratio would have been higher by 0.00% excluding this expense. |
| (e) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM International Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $14.65 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $11.82 | &nbsp;&nbsp; $10.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 0.39 | 0.21 | 0.17 | 0.22 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | 2.34 | 2.54 | &nbsp;&nbsp; (2.03)<br>| 1.39 |
| Total from investment operations | 0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | 2.73 | 2.75 | &nbsp;&nbsp; (1.86)<br>| 1.61 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.17)<br>|
| From net realized gains | (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.10)<br>|
| Total distributions paid | (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.27)<br>|
| Change in net asset value | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | 2.66 | 2.54 | &nbsp;&nbsp; (3.51)<br>| 1.34 |
| Net asset value, end of period | $14.89 | &nbsp;&nbsp;&nbsp; $14.65 | &nbsp;&nbsp; $13.51 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $11.82 |
| Total return | 4.52 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.49<br> %<br>| 25.30<br> %<br>| 33.32<br> %<br>| &nbsp;&nbsp; (17.89<br> %)<br>| 15.39<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $466229 | &nbsp;&nbsp;&nbsp; $389380 | &nbsp;&nbsp; $34753 | &nbsp;&nbsp; $1973 | &nbsp;&nbsp; $1508 | &nbsp;&nbsp; $3465 |
| Ratio of net expenses to average net assets | 0.50 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| 0.50<br> %<br>| 0.78<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 2.13 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.36<br> %<br>| 3.12<br> %<br>| 2.00<br> %<br>| 1.66<br> %<br>| 1.83<br> %<br>|
| Ratio of gross expenses to average net assets | 0.88 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| 1.42<br> %<br>| 4.20<br> %<br>| 3.34<br> %<br>| 5.73<br> %<br>|
| Portfolio turnover rate | 42.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.00<br> %<br>| 44.16<br> %<br>| 34.88<br> %<br>| 68.19<br> %<br>| 47.85<br> %<br>|

---

(a) Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(b) Not annualized for periods less than one year.

(c) Annualized for periods less than one year.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **JOHCM International Select Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $28.14 | &nbsp;&nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp; $21.39 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $31.07 | &nbsp;&nbsp; $27.53 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.14 | 0.22 | 0.21 | 0.10 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.18 | 4.06 | 3.69 | &nbsp;&nbsp; (10.70)<br>| 4.25 |
| Total from investment operations | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | 4.20 | 3.91 | &nbsp;&nbsp; (10.49)<br>| 4.35 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.04)<br>|
| From net realized gains | (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.77)<br>|
| Total distributions paid | (0.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp; (0.81)<br>|
| Change in net asset value | (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | 3.82 | 3.66 | &nbsp;&nbsp; (13.34)<br>| 3.54 |
| Net asset value, end of period | $27.75 | &nbsp;&nbsp;&nbsp;&nbsp; $28.14 | &nbsp;&nbsp; $25.21 | &nbsp;&nbsp; $21.39 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $31.07 |
| Total return | 1.43 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.16<br> %<br>| 19.88<br> %<br>| 22.13<br> %<br>| &nbsp;&nbsp; (37.43<br> %)<br>| 15.94<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $149180 | &nbsp;&nbsp;&nbsp;&nbsp; $252507 | &nbsp;&nbsp; $412375 | &nbsp;&nbsp; $356041 | &nbsp;&nbsp; $376893 | &nbsp;&nbsp; $800457 |
| Ratio of net expenses to average net assets | 1.18 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.10 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| 0.61<br> %<br>| 1.03<br> %<br>| 0.82<br> %<br>| 0.33<br> %<br>|
| Ratio of gross expenses to average net assets | 1.19 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| 1.24<br> %<br>| 1.23<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>|
| Ratio of expense recoupment to average net <br> assets<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(e)</sup> | 29.59 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 92.83<br> %<br>| 77.73<br> %<br>| 32.29<br> %<br>| 58.91<br> %<br>| 53.34<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Ratios include Interest Expense of $910 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income <br>|
|  | ratio would have been higher by 0.00% excluding this expense. |
| (e) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the years indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM International Select Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>|
| Net asset value, beginning of period | $28.10 | &nbsp;&nbsp;&nbsp;&nbsp; $25.17 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $17.74 | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp; $27.53 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 0.19 | 0.26 | 0.27 | 0.18 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | 4.05 | 3.70 | &nbsp;&nbsp; (10.69)<br>| 4.24 |
| Total from investment operations | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | 4.24 | 3.96 | &nbsp;&nbsp; (10.42)<br>| 4.42 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.10)<br>|
| From net realized gains | (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.77)<br>|
| Total distributions paid | (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (0.87)<br>|
| Change in net asset value | (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.93 | 3.80 | 3.63 | &nbsp;&nbsp; (13.34)<br>| 3.55 |
| Net asset value, end of period | $27.63 | &nbsp;&nbsp;&nbsp;&nbsp; $28.10 | &nbsp;&nbsp; $25.17 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $17.74 | &nbsp;&nbsp; $31.08 |
| Total return | 1.52 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.46<br> %<br>| 20.10<br> %<br>| 22.41<br> %<br>| &nbsp;&nbsp; (37.27<br> %)<br>| 16.24<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $2464836 | &nbsp;&nbsp;&nbsp;&nbsp; $2760367 | &nbsp;&nbsp; $4617759 | &nbsp;&nbsp; $4911162 | &nbsp;&nbsp; $5965713 | &nbsp;&nbsp; $12273819 |
| Ratio of net expenses to average net assets | 0.95 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.53 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| 0.82<br> %<br>| 1.22<br> %<br>| 1.05<br> %<br>| 0.57<br> %<br>|
| Ratio of gross expenses to average net assets | 0.95 %<sup>(c)</sup><sup>, (d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| 0.99<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>|
| Ratio of expense recoupment to average net <br> assets<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(e)</sup> | 29.59 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 92.83<br> %<br>| 77.73<br> %<br>| 32.29<br> %<br>| 58.91<br> %<br>| 53.34<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | Net investment income (loss) for the period ended was calculated using the average shares outstanding method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Ratios include Interest Expense of $13,314 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income <br>|
|  | ratio would have been higher by 0.00% excluding this expense. |
| (e) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Perpetual Americas Funds Trust (the "Trust") (formerly JOHCM Funds Trust) is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). As an open-end registered investment company (as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services - Investment Companies". The JOHCM Emerging Markets Discovery Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund (each, a "Fund" and collectively, the "Funds") are each a diversified fund, a series of the Trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust.

Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2026, the following classes of shares were in operation:

---

| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; Advisor Shares: January 28, 2016<br> Institutional Shares: December 17, 2014<br>| to seek long-term capital appreciation |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; Advisor Shares: November 21, 2012<br> Investor Shares: December 18, 2013<br> Institutional Shares: November 21, 2012<br>| to seek long-term capital appreciation |
| JOHCM International Opportunities Fund  | Institutional Shares: September 29, 2016 | &nbsp;&nbsp; to achieve long-term, risk-adjusted total <br> return by investing in a portfolio of <br> international equity securities<br>|
| JOHCM International Select Fund  | &nbsp;&nbsp; Investor Shares: March 31, 2010<br> Institutional Shares: July 29, 2009<br>| to seek long-term capital appreciation |

---

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

Prior to July 19, 2021, the JOHCM Emerging Markets Discovery Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund were each a series of Advisers Investment Trust (each, an "AIT Predecessor Fund" and together, the "AIT Predecessor Funds"). On July 19, 2021 the AIT Predecessor Funds were reorganized into the Trust.

**A. Significant accounting policies related to investments are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 — quoted prices in active markets for identical assets

• Level 2 — other significant observable inputs (including adjustments made to quoted prices of a security, quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in closed-end investment companies are valued at the last quoted sales prices or official closing prices taken from the primary market or composite in which each security trades. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Trustees have designated JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS"), investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value, in accordance with the Trust's valuation policy, when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. equity securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international equity 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, the Funds generally use a systematic valuation model provided by an approved independent third party pricing service to fair value their international equity securities. International equity securities which are fair valued pursuant to this valuation model or fair valued in connection with local market holidays are deemed to be Level 2 securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2026 in valuing the Funds' investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **JOHCM Emerging Markets Discovery Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $3956065 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3956065 |
| Canada | &nbsp;&nbsp; 959296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 959296 |
| Chile | &nbsp;&nbsp; 240340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 240340 |
| China | &nbsp;&nbsp; 305716 | &nbsp;&nbsp; 9798898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10104614 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| Mexico | &nbsp;&nbsp; $2931395 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2931395 |
| Peru | &nbsp;&nbsp; 978900 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 978900 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 53829216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53829216 |
| Total Common Stocks | &nbsp;&nbsp; $9371712 | &nbsp;&nbsp; $63628114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $72999826 |
| Equity-Linked Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $865159 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $865159 |
| Preferred Stocks | &nbsp;&nbsp; 651275 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 651275 |
| Short-Term Investments | &nbsp;&nbsp; 4419738 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4419738 |
| Total Investments | &nbsp;&nbsp; $14442725 | &nbsp;&nbsp; $64493273 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78935998 |
| **JOHCM Emerging Markets Opportunities Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $145968234 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $145968234 |
| Canada | &nbsp;&nbsp; 35361504 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35361504 |
| China | &nbsp;&nbsp; 8092160 | &nbsp;&nbsp; 355638802 | &nbsp;&nbsp; — | &nbsp;&nbsp; 363730962 |
| India | &nbsp;&nbsp; 19416786 | &nbsp;&nbsp; 28418733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47835519 |
| Mexico | &nbsp;&nbsp; 91596747 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 91596747 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Singapore | &nbsp;&nbsp; 15958149 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15958149 |
| United States | &nbsp;&nbsp; 23768838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23768838 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 608603688 | &nbsp;&nbsp; — | &nbsp;&nbsp; 608603688 |
| Total Common Stocks | &nbsp;&nbsp; $340162418 | &nbsp;&nbsp; $992661223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1332823641 |
| Preferred Stocks | &nbsp;&nbsp; $48717130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48717130 |
| Short-Term Investments | &nbsp;&nbsp; 46204049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46204049 |
| Total Investments | &nbsp;&nbsp; $435083597 | &nbsp;&nbsp; $992661223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1427744820 |
| **JOHCM International Opportunities Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Australia | &nbsp;&nbsp; $3392284 | &nbsp;&nbsp; $16390925 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19783209 |
| Canada | &nbsp;&nbsp; 23136656 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23136656 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 407128052 | &nbsp;&nbsp; — | &nbsp;&nbsp; 407128052 |
| Total Common Stocks | &nbsp;&nbsp; $26528940 | &nbsp;&nbsp; $423518977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $450047917 |
| Short-Term Investments | &nbsp;&nbsp; $12515030 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $12515030 |
| Total Investments | &nbsp;&nbsp; $39043970 | &nbsp;&nbsp; $423518977 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $462562947 |
| **JOHCM International Select Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $42247800 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42247800 |
| Canada | &nbsp;&nbsp; 139969169 | &nbsp;&nbsp; 55390119 | &nbsp;&nbsp; — | &nbsp;&nbsp; 195359288 |
| Guatemala | &nbsp;&nbsp; 65485345 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 65485345 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234799694 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2234799694 |
| Total Common Stocks | &nbsp;&nbsp; $247702314 | &nbsp;&nbsp; $2290189813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2537892127 |
| Short-Term Investments | &nbsp;&nbsp; $48548372 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48548372 |
| Total Investments | &nbsp;&nbsp; $296250686 | &nbsp;&nbsp; $2290189813 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2586440499 |

---

\* See additional categories in the Schedule of Investments.

\*\* Amount is $0.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

As of March 31, 2026, there were Level 3 investments held in certain Funds as noted above and in the corresponding Schedules of Investments. These investments relate to Russian securities held in certain Funds that halted trading in 2022 when United States ("U.S.") sanctions were imposed after the Russian invasion of Ukraine. There was no other Level 3 activity during the period. The value of these securities compared to each Fund's total net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

**EQUITY-LINKED SECURITIES**

The Funds may invest in equity-linked securities, also known as participation notes. The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts. These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.

At March 31, 2026, the Funds held equity-linked securities issued by counterparties as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Value** | **% of**<br> **Net Assets**<br>|
| JOHCM Emerging Markets Discovery Fund | CLSA Global Markets Pte. Ltd. | &nbsp;&nbsp; $865159 | 1.1<br> %<br>|

---

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Funds is the U.S. dollar. The market values of non-U.S. securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in Net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

The Funds may engage in spot currency transactions for the purpose of non-U.S. security settlement and operational processes. Certain Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2026.

**INVESTMENT TRANSACTIONS AND INCOME** 

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from non-U.S. securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Each Fund, as applicable, records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Non-cash dividends are recognized as investment income at the fair value of the asset received.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one Fund are allocated among the applicable Funds in the Trust on a pro-rata basis based on relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

**DIVIDENDS AND DISTRIBUTIONS**

Distributions of dividends from net investment income, if any, are declared and paid as follows:

---

| | |
|:---|:---|
| **Fund** | **Declaration and** <br> **Payment Frequency**<br>|
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; Annually |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; Annually |
| JOHCM International Opportunities Fund | &nbsp;&nbsp; Annually |
| JOHCM International Select Fund | &nbsp;&nbsp; Annually |

---

The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains at least once a year.

Distributions from net investment income and from net realized capital gain are determined in accordance with U.S. federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

**U.S. FEDERAL INCOME TAX INFORMATION**

No provision is made for U.S. federal income taxes as each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds' U.S. federal income tax returns for the tax years ended September 30, 2022 through September 30, 2025, as applicable, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The JOHCM Emerging Markets Discovery Fund and JOHCM Emerging Markets Opportunities Fund paid $12,850 and $326,329, respectively, in capital gain taxes which are netted with any refunds received during the period. This amount is included in the net realized gains (losses) from investment transactions on the Statements of Operations.

**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.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

**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, 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.

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**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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 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

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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. 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

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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.

**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

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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.

**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.

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**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. 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.

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**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 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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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**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 markets. Likewise, natural and environmental disasters and epidemics or pandemics may be highly disruptive to economies and markets.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

**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.

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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 Risk above 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

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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.

**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.

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

**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 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.

**SEGMENT REPORTING**

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of such Fund, as prescribed in its prospectus. The Chief Operating Decision Maker ("CODM") is the Senior Leadership Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment is consistent with that presented within the Fund's financial statements and financial highlights.

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the "Agreement") with PAFS to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into an expense limitation agreement (the "Expense Limitation Agreement") whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets). Additionally, the Trust, on behalf of the JOHCM International Opportunities Fund, has entered into a Second Amended and Restated Supplemental Expense Limitation Agreement (the "Supplemental Expense Limitation Agreement") with PAFS whereby PAFS has contractually agreed

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

to reduce the fees payable under the Advisory Agreement (but not below zero) and/or to reimburse other expenses of the Fund, to the extent necessary to limit the total operating expenses of the Fund (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 accounting principles)), calculated as a percentage of the Fund's average daily net assets, to 0.50%, 0.60%, 0.75%, and 0.50% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively. The waiver/reimbursement under the Supplemental Expense Limitation Agreement is imposed only after the fee waiver and expense reimbursement outlined in the Expense Limitation Agreement has been fully applied.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor | 1.05% | 1.34% |
| JOHCM Emerging Markets Discovery Fund | Institutional | 1.05% | 1.24% |
| JOHCM Emerging Markets Opportunities Fund | Advisor | 0.90% | 1.14% |
| JOHCM Emerging Markets Opportunities Fund | Investor | 0.90% | 1.29% |
| JOHCM Emerging Markets Opportunities Fund | Institutional | 0.90% | 1.04% |
| JOHCM International Opportunities Fund | Institutional | 0.75% | 0.50%<sup>(a)</sup> <br>|
| JOHCM International Select Fund | Investor | 0.84% | 1.18% |
| JOHCM International Select Fund | Institutional | 0.84% | 0.95% |

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<sup>(a)</sup> Represents the overall expense limit pursuant to the Supplemental Expense Limitation Agreement. The limit pursuant to the Expense Limitation Agreement is 0.88%. 

The Expense Limitation Agreement is effective until February 1, 2027 for the Funds, excluding JOHCM International Opportunities Fund. With respect to the JOHCM International Opportunities Fund, the Expense Limitation Agreement and Supplemental Expense Limitation Agreement are effective 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 current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. Amounts waived or reimbursed pursuant to the Supplemental Expense Limitation agreement for the JOHCM International Opportunities Fund are not subject to repayment in future years. 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 Agreement.

For the six months ended March 31, 2026, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| JOHCM Emerging Markets Discovery Fund | $377916 | $84042 | $— |
| JOHCM Emerging Markets Opportunities Fund | 6472194 |  | 53764 |
| JOHCM International Opportunities Fund | 1685036 | 859819 |  |
| JOHCM International Select Fund | 12179444 | 13080 |  |

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The balances of recoverable expenses to PAFS by the Funds at March 31, 2026 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year or period ended:** | **Expiring** | **JOHCM**<br> **Emerging**<br> **Markets**<br> **Discovery**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **Emerging**<br> **Markets**<br> **Opportunities**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **International**<br> **Opportunities**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **International**<br> **Select**<br> **Fund**<br>|
| September 30, 2023 | September 30, 2026 | &nbsp;&nbsp; $165037 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63071 | &nbsp;&nbsp;&nbsp;&nbsp; $20053 |
| September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; 181624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113830 | &nbsp;&nbsp;&nbsp;&nbsp; 105468 |
| September 30, 2025 | September 30, 2028 | &nbsp;&nbsp; 211803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66159 | &nbsp;&nbsp;&nbsp;&nbsp; 67106 |
| Six months ended March 31, 2026 | September 30, 2029 | &nbsp;&nbsp; 84042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6065 | &nbsp;&nbsp;&nbsp;&nbsp; 13080 |
| Balances of Recoverable Expenses to PAFS |  | &nbsp;&nbsp; $642506 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $249125 | &nbsp;&nbsp;&nbsp;&nbsp; $205707 |

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Perpetual Americas Funds Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group ("ACA Group"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. Under a separate Distribution Services and License Agreement, PAFS, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds. Neither the Distributor nor ACA Group is affiliated with the Trust or the Adviser.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services are reflected as "Accounting and Administration" fees on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Institutional Class Shareholder Services, Recordkeeping and Sub-Transfer Agency Agreement (the "Shareholder Services Agreement"). Pursuant to the Shareholder Services Agreement, the Trust, on behalf of each Fund, agrees that Institutional Shares of each Fund shall reimburse PAFS or its designee for any payments PAFS or such designee makes to third-party service providers for personal services, accounting or subaccounting, recordkeeping and/or other administrative services provided to beneficial holders of Institutional Class shares of the Funds. Payments by a Fund pursuant to the Shareholder Services Agreement shall not exceed such amounts as are approved by the Board from time to time. Total fees reimbursed to PAFS pursuant to the Shareholder Services Agreement are reflected as "Shareholder Services - Institutional Shares" fees in the Statements of Operations.

Certain officers of the Trust are affiliated with PAFS and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2026, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds is reflected as "Trustees" expenses on the Statements of Operations.

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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

**C. Rule 12b-1 Plan**

The Funds have adopted an amended plan under Rule 12b-1 that is applicable to Advisor Shares and Investor Shares to pay for certain distribution and promotional activities related to marketing of their shares. Each Fund will pay the Distributor a fee for the principal underwriter's services in connection with the sales and promotion of the Funds, including its expenses in connection therewith at annual rates of 0.10% and 0.25% of the average daily net assets of the outstanding Advisor Shares and Investor Shares, respectively. Total fees paid pursuant to the plan are reflected as "Distribution (Rule 12b-1) fees" on the Statements of Operations.

**D. Credit Agreements**

The Trust, on behalf 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 which permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured Overnight Financing Rate plus 1.30% or the Prime Rate minus 1.50%.

During the six months ended March 31, 2026, the following Funds had borrowings with the average loan, weighted interest rate and interest expense as disclosed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | Dollar Amount | Days Outstanding | Rate | Interest Expense |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; $8550000 | &nbsp;&nbsp; 1 | 4.94<br> %<br>| &nbsp;&nbsp; 1173 |
| JOHCM International Select Fund | &nbsp;&nbsp; 11383333 | &nbsp;&nbsp; 9 | 5.00 | &nbsp;&nbsp; 14224 |

---

The interest expense amounts are included in the "Interest Expense" on the Statements of Operations.

**E. Investment Transactions**

For the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $66137346 | &nbsp;&nbsp; $58107331 |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; 298353525 | &nbsp;&nbsp; 315836820 |
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 286369383 | &nbsp;&nbsp; 182799076 |
| JOHCM International Select Fund | &nbsp;&nbsp; 840526230 | &nbsp;&nbsp; 1311732380 |

---

**F. U.S. Federal Income Tax**

As of March 31, 2026, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $73086679<br>| &nbsp;&nbsp; $10902767<br>| &nbsp;&nbsp; $(5053448) <br>| &nbsp;&nbsp; $5849319<br>|
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; 1116731322<br>| &nbsp;&nbsp; 403870893<br>| &nbsp;&nbsp; (92857395) <br>| &nbsp;&nbsp; 311013498<br>|
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 450119525<br>| &nbsp;&nbsp; 29838220<br>| &nbsp;&nbsp; (17394798) <br>| &nbsp;&nbsp; 12443422<br>|
| JOHCM International Select Fund | &nbsp;&nbsp; 2123889353<br>| &nbsp;&nbsp; 567161696<br>| &nbsp;&nbsp; (104610550) <br>| &nbsp;&nbsp; 462551146<br>|

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2025 and September 30, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From**  | **Distributions From**  | **Distributions From**  | **Distributions From**  |
| **Fund** | **Ordinary**<br> **Income\***<br> **2025**<br>| **Long-Term**<br> **Capital Gains**<br> **2025**<br>| **Ordinary**<br> **Income\***<br> **2024**<br>| **Long-Term**<br> **Capital Gains**<br> **2024**<br>|
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $1073925 | &nbsp;&nbsp; $3,814,606<br> \*\*<br>| &nbsp;&nbsp; $505083 | &nbsp;&nbsp; $—<br> \*\*<br>|
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; 12893651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15976561 | &nbsp;&nbsp; — |
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 1528212 | &nbsp;&nbsp; 321271 | &nbsp;&nbsp; 50314 | &nbsp;&nbsp; — |
| JOHCM International Select Fund | &nbsp;&nbsp; 70149501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 104424830 | &nbsp;&nbsp; — |

---

\* Ordinary income includes short-term capital gains, if any.

\*\* The amounts do not include tax equalization utilized of $179,204 and $310,972 in net long term capital gains for the years 2024 and 2025, respectively, which the Fund designated as being distributed to shareholders on their redemption of shares. 

Primarily as a result of differing book/tax treatment of tax equalization, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2025, the following reclassifications were made to the Funds' Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **Earnings (Loss)**<br>| **Paid-in**<br> **Capital**<br>|
| JOHCM Emerging Markets Discovery Fund  | &nbsp;&nbsp; $(312036) <br>| &nbsp;&nbsp; $312036<br>|

---

As of the latest tax year ended September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Distributions** <br> **Payable**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| JOHCM Emerging Markets <br> Discovery Fund<br>| $2014984 | &nbsp;&nbsp;&nbsp; $4301996 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9453839 | &nbsp;&nbsp;&nbsp; $15770819 |
| JOHCM Emerging Markets <br> Opportunities Fund<br>| 29507077 | &nbsp;&nbsp;&nbsp; 8040545 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 293924394 | &nbsp;&nbsp;&nbsp; 331472016 |
| JOHCM International <br> Opportunities Fund<br>| 2813189 | &nbsp;&nbsp;&nbsp; 2276951 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19302082 | &nbsp;&nbsp;&nbsp; 24392222 |
| JOHCM International <br> Select Fund<br>| 34648184 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22773153)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 668586678 | &nbsp;&nbsp;&nbsp; 680461709 |

---

As of the latest tax year ended September 30, 2025, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| JOHCM International Select Fund | &nbsp;&nbsp; $22773153 | &nbsp;&nbsp; $— |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

During the latest tax year ended September 30, 2025, the JOHCM Emerging Markets Opportunities Fund and JOHCM International Select Fund utilized $15,504,895 and $633,924,147, respectively, in capital loss carry forwards.

**G. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; $1740724  | &nbsp;&nbsp; $495846  | &nbsp;&nbsp; $(1485340)  | &nbsp;&nbsp; $751230  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 15790306  | &nbsp;&nbsp; 6708977  | &nbsp;&nbsp; (6081504)  | &nbsp;&nbsp; 16417779  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 4229085  | &nbsp;&nbsp; 2241346  | &nbsp;&nbsp; (9473380)  | &nbsp;&nbsp; (3002949)  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 5716156  | &nbsp;&nbsp; 952733  | &nbsp;&nbsp; (11250887)  | &nbsp;&nbsp; (4581998)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 218280304  | &nbsp;&nbsp; 39979668  | &nbsp;&nbsp; (191709731)  | &nbsp;&nbsp; 66550241  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 122866139  | &nbsp;&nbsp; 11905060  | &nbsp;&nbsp; (65525491)  | &nbsp;&nbsp; 69245708  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 702371  | &nbsp;&nbsp; 631788  | &nbsp;&nbsp; (107540775)  | &nbsp;&nbsp; (106206616)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 96010796  | &nbsp;&nbsp; 56668461  | &nbsp;&nbsp; (414916572)  | &nbsp;&nbsp; (262237315)  |

---

Transactions in shares for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; 115136  | &nbsp;&nbsp; 35266  | &nbsp;&nbsp; (96722)  | &nbsp;&nbsp; 53680  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 1060799  | &nbsp;&nbsp; 478188  | &nbsp;&nbsp; (412638)  | &nbsp;&nbsp; 1126349  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 273824  | &nbsp;&nbsp; 152784  | &nbsp;&nbsp; (613067)  | &nbsp;&nbsp; (186459)  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 381670  | &nbsp;&nbsp; 64944  | &nbsp;&nbsp; (732118)  | &nbsp;&nbsp; (285504)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 14091485  | &nbsp;&nbsp; 2719706  | &nbsp;&nbsp; (12284982)  | &nbsp;&nbsp; 4526209  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 8359562  | &nbsp;&nbsp; 834272  | &nbsp;&nbsp; (4455855)  | &nbsp;&nbsp; 4737979  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 24514  | &nbsp;&nbsp; 22858  | &nbsp;&nbsp; (3643982)  | &nbsp;&nbsp; (3596610)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 3348728  | &nbsp;&nbsp; 2060671  | &nbsp;&nbsp; (14451905)  | &nbsp;&nbsp; (9042506)  |

---

Transactions in dollars for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; $1029789  | &nbsp;&nbsp; $384989  | &nbsp;&nbsp; $(4345812)  | &nbsp;&nbsp; $(2931034)  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 16724664  | &nbsp;&nbsp; 4198932  | &nbsp;&nbsp; (22530812)  | &nbsp;&nbsp; (1607216)  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 16331518  | &nbsp;&nbsp; 487262  | &nbsp;&nbsp; (13160491)  | &nbsp;&nbsp; 3658289  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 8218269  | &nbsp;&nbsp; 230617  | &nbsp;&nbsp; (10261010)  | &nbsp;&nbsp; (1812124)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 194519962  | &nbsp;&nbsp; 9901380  | &nbsp;&nbsp; (251868944)  | &nbsp;&nbsp; (47447602)  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 355806691  | &nbsp;&nbsp; 1762924  | &nbsp;&nbsp; (22972227)  | &nbsp;&nbsp; 334597388  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 6046554  | &nbsp;&nbsp; 5168911  | &nbsp;&nbsp; (196876985)  | &nbsp;&nbsp; (185661520)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 317574857  | &nbsp;&nbsp; 38740840  | &nbsp;&nbsp; (2437870591)  | &nbsp;&nbsp; (2081554894)  |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Transactions in shares of fund shares for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; 74774  | &nbsp;&nbsp; 28266  | &nbsp;&nbsp; (304491)  | &nbsp;&nbsp; (201451)  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 1259078  | &nbsp;&nbsp; 308745  | &nbsp;&nbsp; (1676993)  | &nbsp;&nbsp; (109170)  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 1332133  | &nbsp;&nbsp; 41575  | &nbsp;&nbsp; (1042346)  | &nbsp;&nbsp; 331362  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 639501  | &nbsp;&nbsp; 19677  | &nbsp;&nbsp; (780323)  | &nbsp;&nbsp; (121145)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 15464916  | &nbsp;&nbsp; 843389  | &nbsp;&nbsp; (20283183)  | &nbsp;&nbsp; (3974878)  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 25517806  | &nbsp;&nbsp; 144621  | &nbsp;&nbsp; (1663222)  | &nbsp;&nbsp; 23999205  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 245552  | &nbsp;&nbsp; 215731  | &nbsp;&nbsp; (7847887)  | &nbsp;&nbsp; (7386604)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 13151591  | &nbsp;&nbsp; 1622993  | &nbsp;&nbsp; (99975729)  | &nbsp;&nbsp; (85201145)  |

---

**H. Concentration of Ownership**

A significant portion of a Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of a Fund's investment strategy.

As of March 31, 2026, PAFS or PAFS affiliates held outstanding shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **%**<br> **Ownership**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | 3.1 |
| JOHCM International Opportunities Fund | Institutional Shares | 3.1 |

---

**I. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**J. Subsequent Events**

Management has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2026 (Unaudited)**

------

Not Applicable.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**PROXY DISCLOSURES**

**March 31, 2026 (Unaudited)**

------

Not Applicable.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**March 31, 2026 (Unaudited)**

------

Included on page 47 in the Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

Prior to and at a meeting of the Board of Trustees (the "Board" or the "Trustees") of Perpetual Americas Funds Trust held on December 11-12, 2025, the Board requested, and JOHCM (USA) Inc. d/b/a Perpetual Americas Funds Services (the "Adviser") provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Adviser to the JOHCM Emerging Markets Discovery Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund (the "Funds"); (ii) the investment performance of the Funds, including the performance of each Fund's predecessor fund, as applicable<sup>1</sup>; (iii) the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds' potential shareholders. The Trustees were assisted in their evaluation of the Investment Advisory Agreement (the "Advisory Agreement") by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from management. In reviewing the Advisory Agreements, the Trustees, including all the Independent Trustees, considered the following and other factors with respect to the Funds:

*Nature, Extent and Quality of the Services*

The Board examined the nature, extent, and quality of services to be provided to each Fund by the Adviser. The Board noted that the Adviser is an indirect wholly owned subsidiary of Perpetual Limited. The Board considered the terms of the Advisory Agreement, information and reports provided by the Adviser on its personnel and operations, and the Adviser's experience with the investment strategy and risks of each Fund. The Board reviewed the Adviser's investment philosophy and portfolio construction processes, compliance program, insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser, there had been no previously undisclosed (i) material compliance issues or concerns raised or encountered since the last approval of the Advisory Agreements or (ii) material compliance issues in the past two years with respect to the Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. The Board expressed satisfaction with the quality, extent, and nature of the services provided by the Adviser.

*Performance and Profits*

The Trustees reviewed performance information for the Funds, including each Fund's one-, three-, five- and ten-year periods (as available) ended on October 31, 2025. The Board considered a report prepared by an industry standard independent service provider, FUSE Research Network LLC (the "FUSE Report"), which presented comparisons of investment performance, expenses and fees of the Funds relative to their investment categories, competitor fund groups and broader benchmarks. The Trustees also reviewed and considered profitability analyses for the Funds prepared by the Adviser. The analyses included details on income, direct expenses, staff costs, overhead, taxes, distribution related expenses and operating profit/loss. As part of the review of the profitability analyses, the Trustees also considered information provided by the Adviser related to its operating margin versus that of other investment advisers. The Trustees noted that, based on the information provided, the profits realized and/or to be realized were not excessive. Finally, the Trustees discussed potential adverse impacts to overall profitability as a result of current market conditions.

With respect to the JOHCM Emerging Markets Discovery Fund, the Board noted that the Fund's Gross Advisory Fee ranked four out of ten among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 1.05% compared to a median Gross Advisory Fee of 1.15% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of ten amongst the Fund's Expense Group and 116 out of 135 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 1.24% compared to a median total expense of 1.26% for the Expense Group and 1.05% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 105 out of 135, 65 out of 128, 12 out of 116, and 4 out of 91 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 21.47%, 19.96%, 13.06%. and 10.94% compared to a median return of the Performance Universe of 26.68%, 19.96%, 6.94%, and 7.47% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

<sup>1</sup> Each of the JOHCM Emerging Markets Discovery Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund has a predecessor fund which was reorganized into Perpetual Americas Funds Trust effective July 19, 2021.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

Turning to the JOHCM Emerging Markets Opportunities Fund, the Board noted that the Fund's Gross Advisory Fee tied with two other funds to rank four out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.90% compared to a median Gross Advisory Fee of 0.97% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked six out of 14 among the Fund's Expense Group and 67 out of 135 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 1.04% compared to a median total expense of 1.11% for the Expense Group and 1.05% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 61 out of 135, 88 out of 128, 36 out of 116, and 49 out of 91 among the Fund's Performance Universe over the one-, three-, five- and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 27.49%, 17.70%, 8.81% and 7.32% compared to a median return of the Performance Universe of 26.93%, 19.90%, 6.94% and 7.46% over the one-, three-, five- and ten-year periods ended October 31, 2025, respectively.

The Board noted that regarding the JOHCM International Opportunities Fund's Gross Advisory Fee, the Fund tied with three other funds to rank four out of 15 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.75% compared to a median Gross Advisory Fee of 0.75% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked one out of 15 among the Fund's Expense Group and four out of 100 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.50% compared to a median total expense of 0.86% for the Expense Group and 0.85% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 83 out of 100, 34 out of 97, and 14 out of 92 among the Fund's Performance Universe over the one-, three-, and five-year periods ended October 31, 2025, respectively. The Fund's returns were 17.64%, 20.62%, and 13.27% compared to a median return of the Performance Universe of 22.97%, 19.76%, and 11.46% over the one-, three-, and five-year periods ended October 31, 2025, respectively.

With respect to the JOHCM International Select Fund, the Board noted that the Fund's Gross Advisory Fee ranked ten out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.84% compared to a median Gross Advisory Fee of 0.79% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked ten out of 14 among the Fund's Expense Group and tied with five other funds to rank 44 out of 65 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.95% compared to a median total expense of 0.90% for the Expense Group and 0.88% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 29 out of 65, 34 out of 65, 44 out of 59, and 26 out of 38 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 17.67%, 16.95%, 4.55%, and 6.79% compared to a median return of the Performance Universe of 16.71%, 17.00%, 6.87%, and 7.52% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

The Board then reviewed the expense caps that were in place for each of the Funds and noted that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses through February 1, 2027 for each of the Funds other than the JOHCM International Opportunities Fund which has a contractual arrangement through February 1, 2028. After considering the comparative data provided, as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

*Economies of Scale*

In considering the economies of scale for the Funds, the Board considered the marketing and distribution plans, capacity, and breakeven points for each of the Funds.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee assigned different weights to various factors considered.

------

**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

PAFT 03/26

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![](imgde700e661.gif)

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|:---|
| TRILLIUM ESG GLOBAL EQUITY FUND |
| TRILLIUM ESG SMALL/MID CAP FUND |

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SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2026 (Unaudited)

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**TRILLIUM MUTUAL FUNDS**

**TABLE OF CONTENTS**

**March 31, 2026 (Unaudited)**

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| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets & Liabilities](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_FS-FundBookHeader2_1)** | **9** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_SOP-StatementofOperations_1)** | **10** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_SOC-JOHCM-StatementofChangesinNetAssets_1)** | **11** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_FIHI-FinancialHighlights-2488_1)** | **12** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_NTF-NotestoFinancialStatements_1)** | **15** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_CAD-CAD-TOC_1)** | **33** |
| **[PROXY DISCLOSURES](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_PD-PD-TOC_1)** | **34** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_RPDOO-RPDOO-TOC_1)** | **35** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_ea1b50ea-d48f-4b75-a9bd-009a93caa2ed_BA-BA-TOC_1)** | **36** |

---

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**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 99.6<br> %<br>|  |  |
| Apparel & Textile Products | 1.1<br> %<br>|  |  |
| LVMH Moet Hennessy Louis Vuitton S.E. |  | 13454 | &nbsp;&nbsp; $7354625 |
| Asset Management | 1.2<br> %<br>|  |  |
| Ares Management Corp. - Class A |  | 36872 | &nbsp;&nbsp; 4022735 |
| LPL Financial Holdings, Inc. |  | 14528 | &nbsp;&nbsp; 4370458 |
|  |  |  | &nbsp;&nbsp; 8393193 |
| Automotive | 1.4<br> %<br>|  |  |
| BYD Co. Ltd. - Class H |  | 434577 | &nbsp;&nbsp; 5941249 |
| Toyota Motor Corp. |  | 174950 | &nbsp;&nbsp; 3636747 |
|  |  |  | &nbsp;&nbsp; 9577996 |
| Banking | 7.6<br> %<br>|  |  |
| Bank of America Corp. |  | 136920 | &nbsp;&nbsp; 6674850 |
| Credicorp Ltd. |  | 22411 | &nbsp;&nbsp; 7601363 |
| DNB Bank ASA |  | 237330 | &nbsp;&nbsp; 7425737 |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 456953 | &nbsp;&nbsp; 5067964 |
| HDFC Bank Ltd. - ADR |  | 167588 | &nbsp;&nbsp; 4169589 |
| KBC Group N.V. |  | 66903 | &nbsp;&nbsp; 8188393 |
| PNC Financial Services Group (The), Inc. |  | 44220 | &nbsp;&nbsp; 9201740 |
| Sumitomo Mitsui Trust Group, Inc. |  | 150955 | &nbsp;&nbsp; 4808919 |
|  |  |  | &nbsp;&nbsp; 53138555 |
| Biotechnology & Pharmaceuticals | 6.9<br> %<br>|  |  |
| AstraZeneca PLC |  | 58541 | &nbsp;&nbsp; 11447108 |
| Gilead Sciences, Inc. |  | 53839 | &nbsp;&nbsp; 7503541 |
| Merck & Co., Inc. |  | 70293 | &nbsp;&nbsp; 8455545 |
| Novo Nordisk A/S - Class B |  | 107407 | &nbsp;&nbsp; 3930505 |
| Roche Holding A.G. |  | 15086 | &nbsp;&nbsp; 6020685 |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>|  | 24206 | &nbsp;&nbsp; 10808947 |
|  |  |  | &nbsp;&nbsp; 48166331 |
| Chemicals | 2.4<br> %<br>|  |  |
| Ecolab, Inc. |  | 29844 | &nbsp;&nbsp; 7939101 |
| Linde PLC |  | 17610 | &nbsp;&nbsp; 8730333 |
|  |  |  | &nbsp;&nbsp; 16669434 |
| Commercial Support Services | 1.8<br> %<br>|  |  |
| Brambles Ltd. |  | 249275 | &nbsp;&nbsp; 3912191 |
| Compass Group PLC |  | 183110 | &nbsp;&nbsp; 5108939 |
| Recruit Holdings Co. Ltd. |  | 72860 | &nbsp;&nbsp; 3174508 |
|  |  |  | &nbsp;&nbsp; 12195638 |
| Construction Materials | 0.5<br> %<br>|  |  |
| Sika A.G. - REG |  | 22411 | &nbsp;&nbsp; 3709430 |
| Diversified Industrials | 1.3<br> %<br>|  |  |
| Siemens A.G. - REG |  | 35530 | &nbsp;&nbsp; 8656320 |
| E-Commerce Discretionary | 1.1<br> %<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 4590 | &nbsp;&nbsp; 7936202 |

---

See Notes to Financial Statements.

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**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Electric Utilities | 0.9<br> %<br>|  |  |
| Terna - Rete Elettrica Nazionale |  | 570205 | &nbsp;&nbsp; $6521670 |
| Electrical Equipment | 4.0<br> %<br>|  |  |
| Assa Abloy AB - Class B |  | 167804 | &nbsp;&nbsp; 6065761 |
| Prysmian S.p.A. |  | 69292 | &nbsp;&nbsp; 8182768 |
| Schneider Electric S.E. |  | 20169 | &nbsp;&nbsp; 5493665 |
| Trane Technologies PLC |  | 18639 | &nbsp;&nbsp; 7767617 |
|  |  |  | &nbsp;&nbsp; 27509811 |
| Engineering & Construction | 0.8<br> %<br>|  |  |
| Quanta Services, Inc. |  | 9961 | &nbsp;&nbsp; 5468788 |
| Entertainment Content | 1.2<br> %<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> <br>|  | 89640 | &nbsp;&nbsp; 8618886 |
| Food | 0.8<br> %<br>|  |  |
| Kerry Group PLC - Class A |  | 71932 | &nbsp;&nbsp; 5727210 |
| Gas & Water Utilities | 1.1<br> %<br>|  |  |
| American Water Works Co., Inc. |  | 57556 | &nbsp;&nbsp; 7832796 |
| Health Care Facilities & Services | 0.9<br> %<br>|  |  |
| Elevance Health, Inc. |  | 21318 | &nbsp;&nbsp; 6240844 |
| Home Construction | 0.5<br> %<br>|  |  |
| Daiwa House Industry Co. Ltd. |  | 115552 | &nbsp;&nbsp; 3625209 |
| Household Products | 3.7<br> %<br>|  |  |
| Haleon PLC |  | 1507844 | &nbsp;&nbsp; 7462313 |
| L'Oreal S.A. |  | 21318 | &nbsp;&nbsp; 8703937 |
| Unilever PLC |  | 166698 | &nbsp;&nbsp; 9411705 |
|  |  |  | &nbsp;&nbsp; 25577955 |
| Industrial Support Services | 0.8<br> %<br>|  |  |
| United Rentals, Inc. |  | 7207 | &nbsp;&nbsp; 5250732 |
| Institutional Financial Services | 2.9<br> %<br>|  |  |
| Bank of New York Mellon (The) Corp. |  | 85521 | &nbsp;&nbsp; 10145356 |
| Intercontinental Exchange, Inc. |  | 62259 | &nbsp;&nbsp; 9792096 |
|  |  |  | &nbsp;&nbsp; 19937452 |
| Insurance | 3.6<br> %<br>|  |  |
| AIA Group Ltd. |  | 571575 | &nbsp;&nbsp; 6350957 |
| Allianz S.E. - REG |  | 22466 | &nbsp;&nbsp; 9487811 |
| Aviva PLC |  | 370591 | &nbsp;&nbsp; 2974137 |
| Travelers (The) Cos., Inc. |  | 21810 | &nbsp;&nbsp; 6361541 |
|  |  |  | &nbsp;&nbsp; 25174446 |
| Internet Media & Services | 6.9<br> %<br>|  |  |
| Alphabet, Inc. - Class A |  | 145507 | &nbsp;&nbsp; 41841993 |
| Spotify Technology S.A.<sup>(a)</sup> <br>|  | 13281 | &nbsp;&nbsp; 6440090 |
|  |  |  | &nbsp;&nbsp; 48282083 |
| Leisure Facilities & Services | 3.0<br> %<br>|  |  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>|  | 127629 | &nbsp;&nbsp; 4085404 |
| Indian Hotels (The) Co. Ltd. |  | 796880 | &nbsp;&nbsp; 4854733 |

---

See Notes to Financial Statements.

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**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Marriott International, Inc. - Class A |  | 23066 | &nbsp;&nbsp; $7544197 |
| Starbucks Corp. |  | 46789 | &nbsp;&nbsp; 4191827 |
|  |  |  | &nbsp;&nbsp; 20676161 |
| Machinery | 3.4<br> %<br>|  |  |
| Atlas Copco AB - Class A |  | 300078 | &nbsp;&nbsp; 5295425 |
| Daifuku Co. Ltd. |  | 158598 | &nbsp;&nbsp; 5599949 |
| Deere & Co. |  | 12298 | &nbsp;&nbsp; 6927463 |
| Kurita Water Industries Ltd. |  | 118667 | &nbsp;&nbsp; 5677185 |
|  |  |  | &nbsp;&nbsp; 23500022 |
| Medical Equipment & Devices | 2.5<br> %<br>|  |  |
| Alcon A.G. |  | 69729 | &nbsp;&nbsp; 5270831 |
| Cochlear Ltd. |  | 27878 | &nbsp;&nbsp; 3280423 |
| Hoya Corp. |  | 26251 | &nbsp;&nbsp; 4550885 |
| Stryker Corp. |  | 13063 | &nbsp;&nbsp; 4292371 |
|  |  |  | &nbsp;&nbsp; 17394510 |
| Real Estate Investment Trusts | 1.7<br> %<br>|  |  |
| American Tower Corp. |  | 22684 | &nbsp;&nbsp; 3914805 |
| Prologis, Inc. |  | 61931 | &nbsp;&nbsp; 8186039 |
|  |  |  | &nbsp;&nbsp; 12100844 |
| Real Estate Services | 0.9<br> %<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>|  | 20115 | &nbsp;&nbsp; 6121397 |
| Renewable Energy | 1.1<br> %<br>|  |  |
| First Solar, Inc.<sup>(a)</sup> <br>|  | 39300 | &nbsp;&nbsp; 7752318 |
| Retail - Consumer Staples | 1.6<br> %<br>|  |  |
| Costco Wholesale Corp. |  | 3389 | &nbsp;&nbsp; 3376901 |
| Target Corp. |  | 65099 | &nbsp;&nbsp; 7889999 |
|  |  |  | &nbsp;&nbsp; 11266900 |
| Retail - Discretionary | 4.4<br> %<br>|  |  |
| Ferguson Enterprises, Inc. |  | 29899 | &nbsp;&nbsp; 6961924 |
| Home Depot (The), Inc. |  | 15998 | &nbsp;&nbsp; 5261582 |
| Industria de Diseno Textil S.A. |  | 105329 | &nbsp;&nbsp; 6131074 |
| Lululemon Athletica, Inc.<sup>(a)</sup> <br>|  | 19131 | &nbsp;&nbsp; 2928956 |
| TJX (The) Cos., Inc. |  | 58039 | &nbsp;&nbsp; 9268829 |
|  |  |  | &nbsp;&nbsp; 30552365 |
| Semiconductors | 11.9<br> %<br>|  |  |
| Applied Materials, Inc. |  | 29188 | &nbsp;&nbsp; 9976167 |
| ASML Holding N.V. |  | 8198 | &nbsp;&nbsp; 10901346 |
| Infineon Technologies A.G. |  | 218101 | &nbsp;&nbsp; 9894400 |
| NVIDIA Corp. |  | 221922 | &nbsp;&nbsp; 38703197 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |  | 38799 | &nbsp;&nbsp; 13112122 |
|  |  |  | &nbsp;&nbsp; 82587232 |
| Software | 8.8<br> %<br>|  |  |
| Cadence Design Systems, Inc.<sup>(a)</sup> <br>|  | 26509 | &nbsp;&nbsp; 7366056 |
| Intuit, Inc. |  | 12130 | &nbsp;&nbsp; 5244769 |
| Microsoft Corp. |  | 82482 | &nbsp;&nbsp; 30532362 |

---

See Notes to Financial Statements.

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**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>|  | 45354 | &nbsp;&nbsp; $7271153 |
| SAP S.E. |  | 18312 | &nbsp;&nbsp; 3121878 |
| ServiceNow, Inc.<sup>(a)</sup> <br>|  | 73219 | &nbsp;&nbsp; 7655047 |
|  |  |  | &nbsp;&nbsp; 61191265 |
| Specialty Finance | 2.1<br> %<br>|  |  |
| Visa, Inc. - Class A |  | 48045 | &nbsp;&nbsp; 14521121 |
| Technology Hardware | 4.1<br> %<br>|  |  |
| Apple, Inc. |  | 92812 | &nbsp;&nbsp; 23554758 |
| Cisco Systems, Inc. |  | 64224 | &nbsp;&nbsp; 4983140 |
|  |  |  | &nbsp;&nbsp; 28537898 |
| Transportation & Logistics | 0.7<br> %<br>|  |  |
| Union Pacific Corp. |  | 20770 | &nbsp;&nbsp; 5039217 |
| TOTAL COMMON STOCKS (Cost $504,356,872) |  |  | &nbsp;&nbsp; 692806856 |
| SHORT-TERM INVESTMENTS | 0.1<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(b)</sup> <br>|  | 355168 | &nbsp;&nbsp; 355168 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $355,168) |  |  | &nbsp;&nbsp; 355168 |
| TOTAL INVESTMENTS<br> (Cost $504,712,040)<br>| 99.7<br> %<br>|  | &nbsp;&nbsp; 693162024 |
| NET OTHER ASSETS (LIABILITIES) | 0.3<br> %<br>|  | &nbsp;&nbsp; 2178363 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $695340387 |

---

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|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>7-day current yield as of March 31, 2026 is disclosed. |

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

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At March 31, 2026 the Fund's investments were concentrated in the following countries:

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| | |
|:---|:---|
| **Country Allocation** | **Percentage**<br> **of Net Assets**<br>|
| United States  | 60.0% |
| United Kingdom  | 5.2  |
| Germany  | 4.5  |
| Japan  | 4.4  |
| Ireland  | 3.2  |
| France  | 3.1  |
| Switzerland  | 2.2  |
| Italy  | 2.1  |
| All other countries less than 2%  | 15.0  |
| Total | &nbsp;&nbsp; 99.7% |

---

See Notes to Financial Statements.

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**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.2<br> %<br>|  |  |
| Aerospace & Defense | 1.7<br> %<br>|  |  |
| Hexcel Corp. |  | 6159 | &nbsp;&nbsp; $498448 |
| Apparel & Textile Products | 1.7<br> %<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> <br>|  | 4964 | &nbsp;&nbsp; 496847 |
| Asset Management | 3.6<br> %<br>|  |  |
| LPL Financial Holdings, Inc. |  | 1318 | &nbsp;&nbsp; 396494 |
| StepStone Group, Inc. - Class A |  | 5812 | &nbsp;&nbsp; 277349 |
| Stifel Financial Corp. |  | 5418 | &nbsp;&nbsp; 400498 |
|  |  |  | &nbsp;&nbsp; 1074341 |
| Banking | 8.0<br> %<br>|  |  |
| East West Bancorp, Inc. |  | 8606 | &nbsp;&nbsp; 918777 |
| Fifth Third Bancorp |  | 5985 | &nbsp;&nbsp; 278063 |
| KeyCorp |  | 14130 | &nbsp;&nbsp; 283306 |
| QCR Holdings, Inc. |  | 3424 | &nbsp;&nbsp; 292581 |
| Webster Financial Corp. |  | 8775 | &nbsp;&nbsp; 609160 |
|  |  |  | &nbsp;&nbsp; 2381887 |
| Chemicals | 4.5<br> %<br>|  |  |
| Avery Dennison Corp. |  | 1605 | &nbsp;&nbsp; 277151 |
| Ingevity Corp.<sup>(a)</sup> <br>|  | 7769 | &nbsp;&nbsp; 553386 |
| Rogers Corp.<sup>(a)</sup> <br>|  | 2358 | &nbsp;&nbsp; 253084 |
| Sensient Technologies Corp. |  | 2933 | &nbsp;&nbsp; 253529 |
|  |  |  | &nbsp;&nbsp; 1337150 |
| Construction Materials | 0.8<br> %<br>|  |  |
| Trex Co., Inc.<sup>(a)</sup> <br>|  | 6535 | &nbsp;&nbsp; 238005 |
| Consumer Services | 1.2<br> %<br>|  |  |
| Bright Horizons Family Solutions, Inc.<sup>(a)</sup> <br>|  | 4370 | &nbsp;&nbsp; 358908 |
| Containers & Packaging | 1.2<br> %<br>|  |  |
| AptarGroup, Inc. |  | 2755 | &nbsp;&nbsp; 347185 |
| E-Commerce Discretionary | 0.9<br> %<br>|  |  |
| Etsy, Inc.<sup>(a)</sup> <br>|  | 5148 | &nbsp;&nbsp; 257297 |
| Electric Utilities | 2.0<br> %<br>|  |  |
| CMS Energy Corp. |  | 4415 | &nbsp;&nbsp; 342516 |
| Ormat Technologies, Inc. |  | 2433 | &nbsp;&nbsp; 272301 |
|  |  |  | &nbsp;&nbsp; 614817 |
| Electrical Equipment | 6.4<br> %<br>|  |  |
| Allegion PLC |  | 3017 | &nbsp;&nbsp; 438340 |
| Badger Meter, Inc. |  | 2140 | &nbsp;&nbsp; 326029 |
| nVent Electric PLC |  | 3914 | &nbsp;&nbsp; 462948 |
| Trimble, Inc.<sup>(a)</sup> <br>|  | 10261 | &nbsp;&nbsp; 669325 |
|  |  |  | &nbsp;&nbsp; 1896642 |
| Engineering & Construction | 4.2<br> %<br>|  |  |
| MYR Group, Inc.<sup>(a)</sup> <br>|  | 2671 | &nbsp;&nbsp; 754076 |
| Tetra Tech, Inc. |  | 16182 | &nbsp;&nbsp; 487402 |
|  |  |  | &nbsp;&nbsp; 1241478 |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Food | 2.0<br> %<br>|  |  |
| Lamb Weston Holdings, Inc. |  | 6208 | &nbsp;&nbsp; $262350 |
| McCormick & Co., Inc. (Non Voting) |  | 6733 | &nbsp;&nbsp; 339612 |
|  |  |  | &nbsp;&nbsp; 601962 |
| Health Care Facilities & Services | 2.8<br> %<br>|  |  |
| Encompass Health Corp. |  | 4831 | &nbsp;&nbsp; 467303 |
| Quest Diagnostics, Inc. |  | 1888 | &nbsp;&nbsp; 370010 |
|  |  |  | &nbsp;&nbsp; 837313 |
| Household Products | 0.6<br> %<br>|  |  |
| elf Beauty, Inc.<sup>(a)</sup> <br>|  | 2988 | &nbsp;&nbsp; 181103 |
| Industrial Intermediate Products | 1.6<br> %<br>|  |  |
| Valmont Industries, Inc. |  | 1239 | &nbsp;&nbsp; 495067 |
| Insurance | 3.2<br> %<br>|  |  |
| Hanover Insurance Group (The), Inc. |  | 2616 | &nbsp;&nbsp; 453484 |
| Palomar Holdings, Inc.<sup>(a)</sup> <br>|  | 2096 | &nbsp;&nbsp; 250472 |
| Reinsurance Group of America, Inc. |  | 1169 | &nbsp;&nbsp; 238663 |
|  |  |  | &nbsp;&nbsp; 942619 |
| Leisure Facilities & Services | 4.8<br> %<br>|  |  |
| Cava Group, Inc.<sup>(a)</sup> <br>|  | 3394 | &nbsp;&nbsp; 274575 |
| Domino's Pizza, Inc. |  | 1244 | &nbsp;&nbsp; 446335 |
| InterContinental Hotels Group PLC - ADR |  | 3379 | &nbsp;&nbsp; 450961 |
| Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> <br>|  | 2918 | &nbsp;&nbsp; 248088 |
|  |  |  | &nbsp;&nbsp; 1419959 |
| Machinery | 5.2<br> %<br>|  |  |
| Lincoln Electric Holdings, Inc. |  | 3022 | &nbsp;&nbsp; 752720 |
| Middleby (The) Corp.<sup>(a)</sup> <br>|  | 1694 | &nbsp;&nbsp; 224590 |
| MSA Safety, Inc. |  | 3424 | &nbsp;&nbsp; 561365 |
|  |  |  | &nbsp;&nbsp; 1538675 |
| Medical Equipment & Devices | 7.1<br> %<br>|  |  |
| IRhythm Holdings, Inc.<sup>(a)</sup> <br>|  | 1566 | &nbsp;&nbsp; 184819 |
| Merit Medical Systems, Inc.<sup>(a)</sup> <br>|  | 7382 | &nbsp;&nbsp; 508841 |
| Omnicell, Inc.<sup>(a)</sup> <br>|  | 9751 | &nbsp;&nbsp; 325489 |
| Penumbra, Inc.<sup>(a)</sup> <br>|  | 1457 | &nbsp;&nbsp; 478435 |
| TransMedics Group, Inc.<sup>(a)</sup> <br>|  | 3488 | &nbsp;&nbsp; 346742 |
| Waters Corp.<sup>(a)</sup> <br>|  | 887 | &nbsp;&nbsp; 264149 |
|  |  |  | &nbsp;&nbsp; 2108475 |
| Publishing & Broadcasting | 2.9<br> %<br>|  |  |
| New York Times (The) Co. - Class A |  | 10494 | &nbsp;&nbsp; 878663 |
| Real Estate Investment Trusts | 4.6<br> %<br>|  |  |
| Camden Property Trust |  | 1977 | &nbsp;&nbsp; 193074 |
| CubeSmart |  | 6218 | &nbsp;&nbsp; 227889 |
| EastGroup Properties, Inc. |  | 2334 | &nbsp;&nbsp; 432000 |
| Federal Realty Investment Trust |  | 2666 | &nbsp;&nbsp; 283156 |
| Lamar Advertising Co. - Class A |  | 1803 | &nbsp;&nbsp; 228368 |
|  |  |  | &nbsp;&nbsp; 1364487 |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Real Estate Services | 1.4<br> %<br>|  |  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>|  | 1427 | &nbsp;&nbsp; $434265 |
| Renewable Energy | 2.8<br> %<br>|  |  |
| First Solar, Inc.<sup>(a)</sup> <br>|  | 2279 | &nbsp;&nbsp; 449555 |
| Nextpower, Inc. - Class A<sup>(a)</sup> <br>|  | 3305 | &nbsp;&nbsp; 398418 |
|  |  |  | &nbsp;&nbsp; 847973 |
| Retail - Consumer Staples | 1.1<br> %<br>|  |  |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>|  | 3295 | &nbsp;&nbsp; 324294 |
| Retail - Discretionary | 4.7<br> %<br>|  |  |
| Burlington Stores, Inc.<sup>(a)</sup> <br>|  | 2155 | &nbsp;&nbsp; 701194 |
| Freshpet, Inc.<sup>(a)</sup> <br>|  | 3220 | &nbsp;&nbsp; 189851 |
| Ulta Beauty, Inc.<sup>(a)</sup> <br>|  | 981 | &nbsp;&nbsp; 512779 |
|  |  |  | &nbsp;&nbsp; 1403824 |
| Semiconductors | 3.6<br> %<br>|  |  |
| Allegro MicroSystems, Inc.<sup>(a)</sup> <br>|  | 11727 | &nbsp;&nbsp; 369752 |
| SiTime Corp.<sup>(a)</sup> <br>|  | 2036 | &nbsp;&nbsp; 703133 |
|  |  |  | &nbsp;&nbsp; 1072885 |
| Software | 5.6<br> %<br>|  |  |
| Dynatrace, Inc.<sup>(a)</sup> <br>|  | 11782 | &nbsp;&nbsp; 435698 |
| Palo Alto Networks, Inc.<sup>(a)</sup> <br>|  | 3357 | &nbsp;&nbsp; 538194 |
| Paylocity Holding Corp.<sup>(a)</sup> <br>|  | 3077 | &nbsp;&nbsp; 332439 |
| PTC, Inc.<sup>(a)</sup> <br>|  | 1481 | &nbsp;&nbsp; 211028 |
| Varonis Systems, Inc.<sup>(a)</sup> <br>|  | 6852 | &nbsp;&nbsp; 147113 |
|  |  |  | &nbsp;&nbsp; 1664472 |
| Specialty Finance | 2.4<br> %<br>|  |  |
| Ally Financial, Inc. |  | 8750 | &nbsp;&nbsp; 343263 |
| Jack Henry & Associates, Inc. |  | 2403 | &nbsp;&nbsp; 379770 |
|  |  |  | &nbsp;&nbsp; 723033 |
| Transportation & Logistics | 2.2<br> %<br>|  |  |
| JB Hunt Transport Services, Inc. |  | 3057 | &nbsp;&nbsp; 647778 |
| Transportation Equipment | 1.4<br> %<br>|  |  |
| Westinghouse Air Brake Technologies Corp. |  | 1739 | &nbsp;&nbsp; 434593 |
| TOTAL COMMON STOCKS (Cost $26,095,726) |  |  | &nbsp;&nbsp; 28664445 |
| SHORT-TERM INVESTMENTS | 3.8<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(b)</sup> <br>|  | 1114921 | &nbsp;&nbsp; 1114921 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,114,921) |  |  | &nbsp;&nbsp; 1114921 |
| TOTAL INVESTMENTS<br> (Cost $27,210,647)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 29779366 |
| NET OTHER ASSETS (LIABILITIES) | 0.0<br> %<br>|  | &nbsp;&nbsp; 14330 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $29793696 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

| |
|:---|
| Abbreviations: |
| ADR – American Depositary Receipt |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

At March 31, 2026 the industry sectors (excluding short-term investments) for the Trillium ESG Small/Mid Cap Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Industrials  | 22.6% |
| Financials  | 17.2  |
| Information Technology  | 13.7  |
| Consumer Discretionary  | 11.8  |
| Health Care  | 9.9  |
| Real Estate  | 6.0  |
| Materials  | 4.9  |
| Consumer Staples  | 4.3  |
| Communication Services  | 3.8  |
| Utilities  | 2.0  |
| Total | &nbsp;&nbsp; 96.2% |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Trillium**<br> **ESG Global**<br> **Equity Fund**<br>| **Trillium**<br> **ESG Small/Mid Cap**<br> **Fund**<br>|
| Assets: |  |  |
| Investments, at cost | &nbsp;&nbsp; $504712040 | &nbsp;&nbsp; $27210647 |
| Investments, at value  | &nbsp;&nbsp; 693162024 | &nbsp;&nbsp; 29779366 |
| Foreign currencies (Cost: $77,885 and 0, respectively) | &nbsp;&nbsp; 77798 | &nbsp;&nbsp; — |
| Receivable for dividends | &nbsp;&nbsp; 744846 | &nbsp;&nbsp; 14747 |
| Reclaims receivable | &nbsp;&nbsp; 2978949 | &nbsp;&nbsp; — |
| Receivable for investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 68670 |
| Receivables for capital shares sold | &nbsp;&nbsp; 455731 | &nbsp;&nbsp; — |
| Receivable from investment adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; 2590 |
| Prepaid expenses | &nbsp;&nbsp; 33194 | &nbsp;&nbsp; 11456 |
| Total Assets | &nbsp;&nbsp; 697452542 | &nbsp;&nbsp; 29876829 |
| Liabilities: |  |  |
| Securities purchased payable | &nbsp;&nbsp; 823 | &nbsp;&nbsp; — |
| Capital shares redeemed payable | &nbsp;&nbsp; 1366956 | &nbsp;&nbsp; 41979 |
| Investment advisory fees payable | &nbsp;&nbsp; 526862 | &nbsp;&nbsp; 19228 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 111634 | &nbsp;&nbsp; 8097 |
| Distribution (Rule 12b-1) fees payable - Investor Shares | &nbsp;&nbsp; 44750 | &nbsp;&nbsp; — |
| Audit fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 11476 |
| Compliance fees payable | &nbsp;&nbsp; 11158 | &nbsp;&nbsp; 479 |
| Trustee fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
| Accrued expenses and other payables | &nbsp;&nbsp; 49972 | &nbsp;&nbsp; 1862 |
| Total Liabilities | &nbsp;&nbsp; 2112155 | &nbsp;&nbsp; 83133 |
| Net Assets | &nbsp;&nbsp; $695340387 | &nbsp;&nbsp; $29793696 |
| Net Assets: |  |  |
| Paid in capital | &nbsp;&nbsp; $457625538 | &nbsp;&nbsp; $26621256 |
| Distributable earnings (loss) | &nbsp;&nbsp; 237714849 | &nbsp;&nbsp; 3172440 |
| Net Assets | &nbsp;&nbsp; $695340387 | &nbsp;&nbsp; $29793696 |
| Net Assets: |  |  |
| Investor Shares | &nbsp;&nbsp; $206814253 | &nbsp;&nbsp; $— |
| Institutional Shares | &nbsp;&nbsp; 488526134 | &nbsp;&nbsp; 29793696 |
| Share of Common Stock Outstanding: |  |  |
| Investor Shares | &nbsp;&nbsp; 3921029 | &nbsp;&nbsp; — |
| Institutional Shares | &nbsp;&nbsp; 9325026 | &nbsp;&nbsp; 1905487 |
| Net Asset Value per Share: |  |  |
| Investor Shares | &nbsp;&nbsp; $52.74 | &nbsp;&nbsp; $— |
| Institutional Shares | 52.39 | 15.64 |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **Trillium**<br> **ESG Global**<br> **Equity Fund**<br>| **Trillium**<br> **ESG Small/Mid Cap**<br> **Fund**<br>|
| Income: |  |  |
| Dividend income (Net of foreign withholding tax of $248,405 and $0, respectively) | &nbsp;&nbsp; $4727332 | &nbsp;&nbsp; $160684 |
| Expenses: |  |  |
| Investment advisory fees | &nbsp;&nbsp; 3266871 | &nbsp;&nbsp; 121067 |
| Distribution (Rule 12b-1) fees - Investor Shares | &nbsp;&nbsp; 279706 | &nbsp;&nbsp; — |
| Accounting and Administration fees | &nbsp;&nbsp; 172471 | &nbsp;&nbsp; 13121 |
| Investment advisory waiver recoupments | &nbsp;&nbsp; 94058 | &nbsp;&nbsp; — |
| Audit fees | &nbsp;&nbsp; 31292 | &nbsp;&nbsp; 10304 |
| Compliance fees | &nbsp;&nbsp; 24008 | &nbsp;&nbsp; 1021 |
| Trustee fees | &nbsp;&nbsp; 46455 | &nbsp;&nbsp; 1978 |
| Legal fees | &nbsp;&nbsp; 66322 | &nbsp;&nbsp; 2821 |
| Registration fees | &nbsp;&nbsp; 25361 | &nbsp;&nbsp; 11340 |
| Interest expense | &nbsp;&nbsp; 4856 | &nbsp;&nbsp; 1639 |
| Foreign Tax Agent fees | &nbsp;&nbsp; 590 | &nbsp;&nbsp; — |
| Other | &nbsp;&nbsp; 70479 | &nbsp;&nbsp; 7522 |
| Expenses before reductions | &nbsp;&nbsp; 4082469 | &nbsp;&nbsp; 170813 |
| Less: Expense reductions by investment advisor | &nbsp;&nbsp; — | &nbsp;&nbsp; (12594)<br>|
| Net expenses | &nbsp;&nbsp; 4082469 | &nbsp;&nbsp; 158219 |
| Net investment income | &nbsp;&nbsp; 644863 | &nbsp;&nbsp; 2465 |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 63283435 | &nbsp;&nbsp; 2018523 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (36504)<br>| &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (78297215)<br>| &nbsp;&nbsp; (2114248)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (51964)<br>| &nbsp;&nbsp; — |
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (15102248)<br>| &nbsp;&nbsp; (95725)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; $(14457385)<br>| &nbsp;&nbsp; $(93260)<br>|

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Trillium**<br> **ESG Global**<br> **Equity Fund** | **Trillium**<br> **ESG Global**<br> **Equity Fund** | **Trillium**<br> **ESG Small/Mid Cap**<br> **Fund** | **Trillium**<br> **ESG Small/Mid Cap**<br> **Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $644863 | &nbsp;&nbsp; $4858899 | &nbsp;&nbsp; $2465 | &nbsp;&nbsp; $1971 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 63246931 | &nbsp;&nbsp; 128450968 | &nbsp;&nbsp; 2018523 | &nbsp;&nbsp; 410660 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (78349179)<br>| &nbsp;&nbsp; (64114592)<br>| &nbsp;&nbsp; (2114248)<br>| &nbsp;&nbsp; 990524 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (14457385)<br>| &nbsp;&nbsp; 69195275 | &nbsp;&nbsp; (93260)<br>| &nbsp;&nbsp; 1403155 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Investor Shares | &nbsp;&nbsp; (31833289)<br>| &nbsp;&nbsp; (26786423)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Shares | &nbsp;&nbsp; (79177769)<br>| &nbsp;&nbsp; (75013895)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2170657)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (111011058)<br>| &nbsp;&nbsp; (101800318)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2170657)<br>|
| Net Capital Transactions: |  |  |  |  |
| Investor Shares | &nbsp;&nbsp; 12584438 | &nbsp;&nbsp; (19472765)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Shares | &nbsp;&nbsp; 1016730 | &nbsp;&nbsp; (99022771)<br>| &nbsp;&nbsp; (4530126)<br>| &nbsp;&nbsp; (3776718)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 13601168 | &nbsp;&nbsp; (118495536)<br>| &nbsp;&nbsp; (4530126)<br>| &nbsp;&nbsp; (3776718)<br>|
| Total Increase (Decrease) in Net Assets | &nbsp;&nbsp; (111867275)<br>| &nbsp;&nbsp; (151100579)<br>| &nbsp;&nbsp; (4623386)<br>| &nbsp;&nbsp; (4544220)<br>|
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 807207662 | &nbsp;&nbsp; 958308241 | &nbsp;&nbsp; 34417082 | &nbsp;&nbsp; 38961302 |
| End of period | &nbsp;&nbsp; $695340387 | &nbsp;&nbsp; $807207662 | &nbsp;&nbsp; $29793696 | &nbsp;&nbsp; $34417082 |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period**

**For the periods indicated**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **Trillium ESG Global Equity** <br> **Fund**<br>| **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Three Months** <br> **Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Year Ended**<br> **June 30,**<br> **2024**<br>| **Year Ended**<br> **June 30,**<br> **2023**<br>| **Year Ended**<br> **June 30,**<br> **2022**<br>| **Year Ended**<br> **June 30,**<br> **2021**<br>|
| Net asset value, beginning <br> of period<br>| $62.61 | &nbsp;&nbsp;&nbsp;&nbsp; $64.31 | &nbsp;&nbsp; $61.44 | &nbsp;&nbsp;&nbsp; $58.42 | &nbsp;&nbsp; $52.71 | &nbsp;&nbsp; $65.97 | &nbsp;&nbsp; $45.99 |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |  |
| Net investment <br> (loss)<sup>(b)</sup><br>| (— )<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.33 | 0.20 | 0.06 |
| Net realized and <br> unrealized gains <br> (losses) from <br> investments and <br> foreign currency<br>| (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;5.97 | 7.93 | &nbsp;&nbsp; (11.64)<br>| 21.00 |
| Total from <br> investment <br> operations<br>| (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.23 | 2.87 | &nbsp;&nbsp;&nbsp;&nbsp;6.36 | 8.26 | &nbsp;&nbsp; (11.44)<br>| 21.06 |
| Less distributions paid: |  |  |  |  |  |  |  |
| From net investment <br> income<br>| (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.07)<br>|
| From net realized <br> gains<br>| (8.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.01)<br>|
| Total distributions <br> paid<br>| (8.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.08)<br>|
| Change in net asset value | (9.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.70)<br>| 2.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | 5.71 | &nbsp;&nbsp; (13.26)<br>| 19.98 |
| Net asset value, end of <br> period<br>| $52.74 | &nbsp;&nbsp;&nbsp;&nbsp; $62.61 | &nbsp;&nbsp; $64.31 | &nbsp;&nbsp;&nbsp; $61.44 | &nbsp;&nbsp; $58.42 | &nbsp;&nbsp; $52.71 | &nbsp;&nbsp; $65.97 |
| Total return | (2.35 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.09<br> %<br>| 4.69 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.45<br> %<br>| 16.36<br> %<br>| &nbsp;&nbsp; (17.94<br> %)<br>| 46.14<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000's)<br>| $206.8 | &nbsp;&nbsp;&nbsp;&nbsp; $230.5 | &nbsp;&nbsp; $258.0 | &nbsp;&nbsp;&nbsp; $250.8 | &nbsp;&nbsp; $248.3 | &nbsp;&nbsp; $232.5 | &nbsp;&nbsp; $297.8 |
| Ratio of net expenses to <br> average net assets<br>| 1.23 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| 1.20 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| 1.31<br> %<br>| 1.30<br> %<br>| 1.30<br> %<br>|
| Ratio of net investment <br> income (loss) to <br> average net assets<br>| (0.01 %)<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| 0.28 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| 0.60<br> %<br>| 0.30<br> %<br>| 0.11<br> %<br>|
| Ratio of gross expenses to <br> average net assets<br>| 1.23 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| 1.31<br> %<br>| 1.30<br> %<br>| 1.30<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | 10.77 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.73<br> %<br>| 5.55 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.31<br> %<br>| 10.00<br> %<br>| 7.00<br> %<br>| 10.00<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | During the period, the fiscal year end changed to September 30 from June 30. |
| (b) | Net investment income (loss) for the 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) | Ratios include Interest Expense of $1,439 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income <br>|
|  | ratio would have been higher by 0.00% excluding this expense. |
| (g) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**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** | **Institutional Shares** |
| **Trillium ESG Global Equity** <br> **Fund**<br>| **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Three Months** <br> **Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Year Ended**<br> **June 30,**<br> **2024**<br>| **Year Ended**<br> **June 30,**<br> **2023**<br>| **Year Ended**<br> **June 30,**<br> **2022**<br>| **Year Ended**<br> **June 30,**<br> **2021**<br>|
| Net asset value, beginning <br> of period<br>| $62.32 | &nbsp;&nbsp;&nbsp;&nbsp; $64.01 | &nbsp;&nbsp; $61.12 | &nbsp;&nbsp;&nbsp; $58.15 | &nbsp;&nbsp; $52.50 | &nbsp;&nbsp; $65.70 | &nbsp;&nbsp; $45.80 |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |  |
| Net investment <br> income<sup>(b)</sup><br>| 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 0.48 | 0.41 | 0.23 |
| Net realized and <br> unrealized gains <br> (losses) from <br> investments and <br> foreign currency<br>| (1.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.97 | 2.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | 7.89 | &nbsp;&nbsp; (11.61)<br>| 20.89 |
| Total from <br> investment <br> operations<br>| (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.35 | 2.89 | &nbsp;&nbsp;&nbsp;&nbsp;6.47 | 8.37 | &nbsp;&nbsp; (11.20)<br>| 21.12 |
| Less distributions paid: |  |  |  |  |  |  |  |
| From net investment <br> income<br>| (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.21)<br>|
| From net realized <br> gains<br>| (8.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (6.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (1.01)<br>|
| Total distributions <br> paid<br>| (8.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.50)<br>| &nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (1.22)<br>|
| Change in net asset value | (9.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.69)<br>| 2.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | 5.65 | &nbsp;&nbsp; (13.20)<br>| 19.90 |
| Net asset value, end of <br> period<br>| $52.39 | &nbsp;&nbsp;&nbsp;&nbsp; $62.32 | &nbsp;&nbsp; $64.01 | &nbsp;&nbsp;&nbsp; $61.12 | &nbsp;&nbsp; $58.15 | &nbsp;&nbsp; $52.50 | &nbsp;&nbsp; $65.70 |
| Total return | (2.21 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.35<br> %<br>| 4.75 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.72<br> %<br>| 16.69<br> %<br>| &nbsp;&nbsp; (17.70<br> %)<br>| 46.52<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000's)<br>| $488.5 | &nbsp;&nbsp;&nbsp;&nbsp; $576.7 | &nbsp;&nbsp; $700.3 | &nbsp;&nbsp;&nbsp; $708.3 | &nbsp;&nbsp; $645.1 | &nbsp;&nbsp; $608.1 | &nbsp;&nbsp; $622.1 |
| Ratio of expenses to <br> average net assets<br>| 0.99 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.99 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Ratio of net investment <br> income to average net <br> assets<br>| 0.24 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| 0.48 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| 0.89<br> %<br>| 0.65<br> %<br>| 0.40<br> %<br>|
| Ratio of gross expenses to <br> average net assets<br>| 0.99 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| 1.03<br> %<br>| 1.01<br> %<br>| 1.02<br> %<br>|
| Portfolio turnover rate<sup>(f)</sup> | 10.77 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.73<br> %<br>| 5.55 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 27.31<br> %<br>| 10.00<br> %<br>| 7.00<br> %<br>| 10.00<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | During the period, the fiscal year end changed to September 30 from June 30. |
| (b) | Net investment income (loss) for the 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) | Ratios include Interest Expense of $3,417 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income <br>|
|  | ratio would have been higher by 0.00% excluding this expense. |
| (f) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**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** | **Institutional Shares** |
| **Trillium ESG** <br> **Small/Mid Cap Fund**<br>| **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Three Months** <br> **Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Year Ended**<br> **June 30,**<br> **2024**<br>| **Year Ended**<br> **June 30,**<br> **2023**<br>| **Year Ended**<br> **June 30,**<br> **2022**<br>| **Year Ended**<br> **June 30,**<br> **2021**<br>|
| Net asset value, beginning <br> of period<br>| $15.76 | &nbsp;&nbsp;&nbsp;&nbsp; $16.04 | &nbsp;&nbsp; $15.20 | &nbsp;&nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $16.96 | &nbsp;&nbsp; $11.01 |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |  |
| Net investment income <br> (loss)<sup>(b)</sup><br>| — <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp; — <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and <br> unrealized gains <br> (losses) from <br> investments and <br> foreign currency<br>| (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 1.78 | &nbsp;&nbsp; (2.82)<br>| 5.99 |
| Total from <br> investment <br> operations<br>| (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.67 | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 1.80 | &nbsp;&nbsp; (2.84)<br>| 5.97 |
| Less distributions paid: |  |  |  |  |  |  |  |
| From net investment <br> income<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| From net realized <br> gains<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — |
| Total distributions <br> paid<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.02)<br>|
| Change in net asset value | (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 1.38 | &nbsp;&nbsp; (3.23)<br>| 5.95 |
| Net asset value, end of <br> period<br>| $15.64 | &nbsp;&nbsp;&nbsp;&nbsp; $15.76 | &nbsp;&nbsp; $16.04 | &nbsp;&nbsp;&nbsp; $15.20 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $16.96 |
| Total return | (0.76 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| 5.53 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| 13.37<br> %<br>| &nbsp;&nbsp; (17.16<br> %)<br>| 54.23<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000's)<br>| $29.8 | &nbsp;&nbsp;&nbsp;&nbsp; $34.4 | &nbsp;&nbsp; $39.0 | &nbsp;&nbsp;&nbsp; $40.2 | &nbsp;&nbsp; $43.8 | &nbsp;&nbsp; $33.2 | &nbsp;&nbsp; $31.7 |
| Ratio of net expenses <br> to average net assets<br>| 0.98 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| 0.97 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>|
| Ratio of net investment <br> income (loss) to <br> average net assets<br>| 0.02 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.01<br> %<br>| &nbsp;&nbsp; (0.02 %)<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| 0.12<br> %<br>| &nbsp;&nbsp; (0.12<br> %)<br>| &nbsp;&nbsp; (0.15<br> %)<br>|
| Ratio of gross expenses to <br> average net assets<br>| 1.06 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| 1.20 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> %<br>| 1.39<br> %<br>| 1.36<br> %<br>| 1.77<br> %<br>|
| Portfolio turnover rate<sup>(g)</sup> | 13.89 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.98<br> %<br>| 6.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.34<br> %<br>| 26.00<br> %<br>| 21.00<br> %<br>| 20.00<br> %<br>|

---

---

| | |
|:---|:---|
| (a) | During the period, the fiscal year end changed to September 30 from June 30. |
| (b) | Net investment income (loss) for the 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) | Ratios include Interest Expense of $1,639 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.01% and Net investment income <br>|
|  | ratio would have been higher by 0.01% excluding this expense. |
| (g) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Perpetual Americas Funds Trust (the "Trust") (formerly JOHCM Funds Trust) is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). As an open-end registered investment company (as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services - Investment Companies." The Trillium ESG Global Equity Fund ("Global Equity Fund") and the Trillium ESG Small/Mid Cap Fund ("SMID Fund") (each, a "Fund" and collectively, the "Funds") are each a diversified fund, a series of the Trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust.

Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2026, the following classes of shares were in operation:

---

| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| Trillium ESG Global Equity Fund | &nbsp;&nbsp; Institutional Shares: March 30, 2007<br> Investor Shares: September 30, 1999<br>| &nbsp;&nbsp; seeks long-term capital appreciation by <br> investing in companies that meet <br> Trillium's Environmental, Social, and <br> Governance ("ESG") criteria<br>|
| Trillium ESG Small/Mid Cap Fund | Institutional Shares: August 31, 2015 | &nbsp;&nbsp; seeks long-term capital appreciation by <br> investing in companies that meet <br> Trillium's Environmental, Social, and <br> Governance ("ESG") criteria<br>|

---

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

Prior to October 30, 2023, each of the Trillium ESG Global Equity Fund and Trillium ESG Small/Mid Cap Fund operated as a series of Professionally Managed Portfolios (each, a "Predecessor Fund," and together, the "Predecessor Funds"). On October 30, 2023, the Predecessor Funds were reorganized into the Trust. Subsequent to June 30, 2024, the Board approved a change in the fiscal year end for each Fund to September 30 to align the fiscal year end with the other series in the Trust.

**A. Significant accounting policies related to investments are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 — quoted prices in active markets for identical assets

• Level 2 — other significant observable inputs (including adjustments made to quoted prices of a security, quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in closed-end investment companies are valued at the last quoted sales prices or official closing prices taken from the primary market or composite in which each security trades. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Trustees have designated JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS"), investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value, in accordance with the Trust's valuation policy, when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. equity securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international equity 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, the Funds generally use a systematic valuation model provided by an approved independent third party pricing service to fair value their international equity securities. International equity securities which are fair valued pursuant to this valuation model or fair valued in connection with local market holidays are deemed to be Level 2 securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The following is a summary of the valuation inputs used as of March 31, 2026 in valuing the Funds' investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Trillium ESG Global Equity Fund** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Apparel & Textile Products | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7354625 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7354625 |
| Automotive | &nbsp;&nbsp; — | &nbsp;&nbsp; 9577996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9577996 |
| Banking | &nbsp;&nbsp; 32715506 | &nbsp;&nbsp; 20423049 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53138555 |
| Biotechnology & Pharmaceuticals | &nbsp;&nbsp; 26768033 | &nbsp;&nbsp; 21398298 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48166331 |
| Commercial Support Services | &nbsp;&nbsp; — | &nbsp;&nbsp; 12195638 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12195638 |
| Construction Materials | &nbsp;&nbsp; — | &nbsp;&nbsp; 3709430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3709430 |
| Diversified Industrials | &nbsp;&nbsp; — | &nbsp;&nbsp; 8656320 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8656320 |
| Electric Utilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 6521670 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6521670 |
| Electrical Equipment | &nbsp;&nbsp; 7767617 | &nbsp;&nbsp; 19742194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27509811 |
| Food | &nbsp;&nbsp; — | &nbsp;&nbsp; 5727210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5727210 |
| Home Construction | &nbsp;&nbsp; — | &nbsp;&nbsp; 3625209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3625209 |
| Household Products | &nbsp;&nbsp; — | &nbsp;&nbsp; 25577955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25577955 |
| Insurance | &nbsp;&nbsp; 6361541 | &nbsp;&nbsp; 18812905 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25174446 |
| Leisure Facilities & Services | &nbsp;&nbsp; 15821428 | &nbsp;&nbsp; 4854733 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20676161 |
| Machinery | &nbsp;&nbsp; 6927463 | &nbsp;&nbsp; 16572559 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23500022 |
| Medical Equipment & Devices | &nbsp;&nbsp; 4292371 | &nbsp;&nbsp; 13102139 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17394510 |
| Retail - Discretionary | &nbsp;&nbsp; 17459367 | &nbsp;&nbsp; 13092998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30552365 |
| Semiconductors | &nbsp;&nbsp; 61791486 | &nbsp;&nbsp; 20795746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82587232 |
| Software | &nbsp;&nbsp; 58069387 | &nbsp;&nbsp; 3121878 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61191265 |
| Other\* | &nbsp;&nbsp; 219970105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 219970105 |
| Total Common Stocks | &nbsp;&nbsp; $457944304 | &nbsp;&nbsp; $234862552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $692806856 |
| Short-Term Investments | &nbsp;&nbsp; $355168 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $355168 |
| Total Investments | &nbsp;&nbsp; $458299472 | &nbsp;&nbsp; $234862552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $693162024 |
| **Trillium ESG Small/Mid Cap Fund** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $28664445 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28664445 |
| Short-Term Investments | &nbsp;&nbsp; 1114921 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1114921 |
| Total Investments | &nbsp;&nbsp; $29779366 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $29779366 |

---

\* See additional categories in the Schedule of Investments.

As of March 31, 2026, there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the period ended March 31, 2026.

There were no Level 3 securities held by the Funds during the period.

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in Net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

The Funds may engage in spot currency transactions for the purpose of foreign security settlement and operational processes. The Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2026.

**INVESTMENT TRANSACTIONS AND INCOME**

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Each Fund, as applicable, records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Non-cash dividends are recognized as investment income at the fair value of the asset received.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one Fund are allocated among the applicable Funds in the Trust on a pro-rata basis based on relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

**DISTRIBUTIONS TO SHAREHOLDERS**

Distributions of dividends from net investment income, if any, are declared and paid on an annual basis.

Distributions from net investment income and from net realized capital gain are determined in accordance with U.S. federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment. Temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**U.S. FEDERAL INCOME TAX INFORMATION**

No provision is made for U.S. federal income taxes as each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds' U.S. federal income tax returns for the tax years ended June 30, 2022 through June 30, 2024 and for the tax period from July 1, 2024 to September 30, 2024, and tax year ended September 30, 2025, as applicable, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The Trillium ESG Global Equity Fund paid $967 in capital gain taxes which are netted with any refunds received during the period. This amount is included in the net realized gains (losses) from investment transactions on the Statements of Operations.

**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)

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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.

**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

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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 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

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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 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

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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 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

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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 TransactionsRisk.** 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. 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

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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 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 Risk above 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.

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**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 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

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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.

**SEGMENT REPORTING**

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of such Fund, as prescribed in its prospectus. The Chief Operating Decision Maker ("CODM") is the Senior Leadership Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment is consistent with that presented within the Fund's financial statements and financial highlights.

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the "Agreement") with PAFS to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into a Third Amended and Restated Expense Limitation Agreement whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets).

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| Trillium ESG Global Equity Fund | Investor | 0.85%<sup>(a)</sup> <br>| 1.24% |
| Trillium ESG Global Equity Fund | Institutional | 0.85%<sup>(a)</sup> <br>| 0.99% |
| Trillium ESG Small/Mid Cap Fund | Institutional | 0.75% | 0.97% |

---

<sup>(a)</sup> 0.72% of average daily net assets in excess of $1 billion.

The Third Amended and Restated Expense Limitation Agreement is effective until February 1, 2027 for the Funds. 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 at the time of repayment 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 at any time and will terminate automatically upon termination of the Agreement. The Trust and Adviser have agreed that the Adviser shall be entitled to collect on behalf of Trillium amounts that would have been recoverable by Trillium from certain Predecessor Funds under the Predecessor Funds' prior expense limitation arrangement with Professionally Managed Portfolios.

Trillium serves as the investment sub-adviser to the Funds. For its services, Trillium is paid a fee of 0.70% for average daily net assets up to $1 billion; 0.57% for average daily net assets greater than $1 billion for Global Equity Fund and 0.60% based on average daily net assets for SMID Fund, respectively, by the Adviser.

For the period ended March 31, 2026, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| Trillium ESG Global Equity Fund | $3266871 | $— | $94058 |
| Trillium ESG Small/Mid Cap Fund | 121067 | 12594 |  |

---

The balances of recoverable expenses to PAFS by the Funds at March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Expiring** | **Trillium**<br> **ESG**<br> **Global**<br> **Equity**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **Trillium**<br> **ESG**<br> **Small/Mid**<br> **Cap**<br> **Fund**<br>|
| Year ended June 30, 2023 | June 30, 2026 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $158734 |
| Year ended June 30, 2024 | June 30, 2027 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80748 |
| Three-month period ended September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21224 |
| Year ended September 30, 2025 | September 30, 2028 | &nbsp;&nbsp; 64472 | &nbsp;&nbsp;&nbsp;&nbsp; 48199 |
| Six months ended March 31, 2026 | September 30, 2029 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12594 |
| Balances of Recoverable Expenses to PAFS |  | &nbsp;&nbsp; $64472 | &nbsp;&nbsp;&nbsp;&nbsp; $321499 |

---

Perpetual Americas Funds Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group ("ACA Group"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. Under a separate Distribution Services and License Agreement, PAFS, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds. Neither the Distributor nor ACA Group is affiliated with the Trust, the Adviser or Trillium.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services are reflected as "Accounting and Administration" fees on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Institutional Class Shareholder Services, Recordkeeping and Sub-Transfer Agency Agreement (the "Shareholder Services Agreement"). Pursuant to the Shareholder Services Agreement, the Trust, on behalf of each Fund, agrees that Institutional Shares of each Fund shall reimburse PAFS or its designee for any payments PAFS or such designee makes to third-party service providers for personal services, accounting or subaccounting, recordkeeping and/or other administrative services provided to beneficial holders of Institutional Class shares of the Funds. Payments by a Fund pursuant to the Shareholder Services Agreement shall not exceed such amounts as are approved by the Board from time to time. Total fees reimbursed to PAFS pursuant to the Shareholder Services Agreement are reflected as "Shareholder Services - Institutional Shares" fees in the Statements of Operations.

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Certain officers of the Trust are affiliated with PAFS and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2026, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds is reflected as "trustee fees" on the Statements of Operations.

**C. Rule 12b-1 Plan**

The Funds have adopted an amended plan under Rule 12b-1 that is applicable to Advisor Shares and Investor Shares to pay for certain distribution and promotional activities related to marketing of their shares. Each Fund will pay the Distributor a fee for the principal underwriter's services in connection with the sales and promotion of the Funds, including its expenses in connection therewith at annual rates of 0.10% and 0.25% of the average daily net assets of the outstanding Advisor Shares and Investor Shares, respectively. Total fees paid pursuant to the plan are reflected as "Distribution (Rule 12b-1) fees" on the Statements of Operations.

**D. Credit Agreements**

The Trust, on behalf 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 which permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured Overnight Financing Rate plus 1.30% or the Prime Rate minus 1.50%.

During the six months ended March 31, 2026, the following Funds had borrowings with the average loan, weighted interest rate and interest expense as disclosed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | Dollar Amount | Days Outstanding | Rate | Interest Expense |
| Trillium ESG Global Equity Fund | &nbsp;&nbsp; $5035714 | &nbsp;&nbsp; 7 | 4.96<br> %<br>| &nbsp;&nbsp; 4856 |
| Trillium ESG Small/Mid Cap Fund | &nbsp;&nbsp; 3790000 | &nbsp;&nbsp; 3 | 5.19 | &nbsp;&nbsp; 1639 |

---

The Interest Expense amounts are included in the "Interest Expense" on the Statements of Operations.

**E. Investment Transactions**

For the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| Trillium ESG Global Equity Fund | &nbsp;&nbsp; $82286907 | &nbsp;&nbsp; $177423971 |
| Trillium ESG Small/Mid Cap Fund | &nbsp;&nbsp; 4435696 | &nbsp;&nbsp; 9586727 |

---

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**F. U.S. Federal Income Tax**

As of March 31, 2026, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Trillium ESG Global Equity Fund | &nbsp;&nbsp; $505385026<br>| &nbsp;&nbsp; $226624637<br>| &nbsp;&nbsp; $(38847639) <br>| &nbsp;&nbsp; $187776998<br>|
| Trillium ESG Small/Mid Cap Fund | &nbsp;&nbsp; 27606949<br>| &nbsp;&nbsp; 4871181<br>| &nbsp;&nbsp; (2698764) <br>| &nbsp;&nbsp; 2172417<br>|

---

The tax character of distributions paid by the Funds during the tax year ended September 30, 2025, latest three-month tax period ended September 30, 2024, and the latest tax year ended June 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** |
| **Fund** | **Ordinary**<br> **Income**<br> **September 30,** <br> **2025**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains\***<br> **September 30,** <br> **2025**<br>| &nbsp;&nbsp; **Ordinary**<br> **Income**<br> **3 months ended**<br> **September 30,** <br> **2024**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains\*\***<br> **3 months ended**<br> **September 30,** <br> **2024**<br>| &nbsp;&nbsp; **Ordinary**<br> **Income**<br> **June 30, 2024**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains\*\*\***<br> **June 30, 2024**<br>|
| Trillium ESG Global <br> Equity Fund<br>| $7351129 | &nbsp;&nbsp;&nbsp; $94449189 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $7365404 | &nbsp;&nbsp;&nbsp; $45455094 |
| Trillium ESG <br> Small/Mid Cap Fund<br>| 51575 | &nbsp;&nbsp;&nbsp; 2119082 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 42401 | &nbsp;&nbsp;&nbsp; 1045846 |

---

\* The amounts do not include tax equalization utilized of $19,603,836 in net long term capital gains in which the Global Equity Fund designated as being distributed to shareholders on their redemption of shares. 

\*\* The amounts do not include tax equalization utilized of $749,585 in net long term capital gains in which the Global Equity Fund designated as being distributed to shareholders on their redemption of shares. 

\*\*\* The amounts do not include tax equalization utilized of $3,368,255 and $284,892 in net long term capital gains in which the Global Equity Fund and SMID Fund, respectively, designated as being distributed to shareholders on their redemption of shares. 

As of the latest year ended September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Distributions** <br> **Payable**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| Trillium ESG Global <br> Equity Fund<br>| $4288422 | &nbsp;&nbsp;&nbsp; $92631084 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 266263786 | &nbsp;&nbsp;&nbsp; 363183292 |
| Trillium ESG <br> Small/Mid Cap Fund<br>|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1026499)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4292199 | &nbsp;&nbsp;&nbsp; 3265700 |

---

As of the latest tax year ended September 30, 2025, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| Trillium ESG Small/Mid Cap Fund | &nbsp;&nbsp; $182492 | &nbsp;&nbsp; $844007 |

---

During the fiscal year ended September 30, 2025, the SMID Fund utilized $470,714 in capital loss carry forwards.

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Primarily as a result of differing book/tax treatment of tax equalization, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2025, the following reclassifications were made to the Funds' Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **Earnings (Loss)**<br>| **Paid-in**<br> **Capital**<br>|
| Trillium ESG Global Equity Fund  | &nbsp;&nbsp; $(19603836) <br>| &nbsp;&nbsp; $19603836<br>|
| Trillium ESG Small/Mid Cap Fund  | &nbsp;&nbsp; 4802<br>| &nbsp;&nbsp; (4802) <br>|

---

**G. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Trillium ESG Global Equity Fund | Investor Shares | &nbsp;&nbsp; $7483110  | &nbsp;&nbsp; $30699922  | &nbsp;&nbsp; $(25598594)  | &nbsp;&nbsp; $12584438  |
| Trillium ESG Global Equity Fund | Institutional Shares | &nbsp;&nbsp; 37548162  | &nbsp;&nbsp; 67618355  | &nbsp;&nbsp; (104149787)  | &nbsp;&nbsp; 1016730  |
| Trillium ESG Small/Mid Cap Fund | Institutional Shares | &nbsp;&nbsp; 2872477  | &nbsp;&nbsp; — | &nbsp;&nbsp; (7402603)  | &nbsp;&nbsp; (4530126)  |

---

Transactions in shares for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Trillium ESG Global Equity Fund | Investor Shares | &nbsp;&nbsp; 128703  | &nbsp;&nbsp; 554651  | &nbsp;&nbsp; (444200)  | &nbsp;&nbsp; 239154  |
| Trillium ESG Global Equity Fund | Institutional Shares | &nbsp;&nbsp; 657599  | &nbsp;&nbsp; 1230767  | &nbsp;&nbsp; (1816673)  | &nbsp;&nbsp; 71693  |
| Trillium ESG Small/Mid Cap Fund | Institutional Shares | &nbsp;&nbsp; 175804  | &nbsp;&nbsp; — | &nbsp;&nbsp; (453965)  | &nbsp;&nbsp; (278161)  |

---

Transactions in dollars for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Trillium ESG Global Equity Fund | Investor Shares | &nbsp;&nbsp; $15076730  | &nbsp;&nbsp; $26249916  | &nbsp;&nbsp; $(60799411)  | &nbsp;&nbsp; $(19472765)  |
| Trillium ESG Global Equity Fund | Institutional Shares | &nbsp;&nbsp; 77518518  | &nbsp;&nbsp; 65203852  | &nbsp;&nbsp; (241745141)  | &nbsp;&nbsp; (99022771)  |
| Trillium ESG Small/Mid Cap Fund | Institutional Shares | &nbsp;&nbsp; 3343433  | &nbsp;&nbsp; 1981647  | &nbsp;&nbsp; (9101798)  | &nbsp;&nbsp; (3776718)  |

---

Transactions in shares of fund shares for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Trillium ESG Global Equity Fund | Investor Shares | &nbsp;&nbsp; 258422  | &nbsp;&nbsp; 456204  | &nbsp;&nbsp; (1044643)  | &nbsp;&nbsp; (330017)  |
| Trillium ESG Global Equity Fund | Institutional Shares | &nbsp;&nbsp; 1351899  | &nbsp;&nbsp; 1140725  | &nbsp;&nbsp; (4179524)  | &nbsp;&nbsp; (1686900)  |
| Trillium ESG Small/Mid Cap Fund | Institutional Shares | &nbsp;&nbsp; 221616  | &nbsp;&nbsp; 122703  | &nbsp;&nbsp; (589804)  | &nbsp;&nbsp; (245485)  |

---

------

**TRILLIUM MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**H. Concentration of Ownership**

A significant portion of a Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of the Fund's investment strategy.

**I. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**J. Subsequent Events**

Management has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

------

**TRILLIUM MUTUAL FUNDS**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2026 (Unaudited)**

------

Not Applicable.

------

**TRILLIUM MUTUAL FUNDS**

**PROXY DISCLOSURES**

**March 31, 2026 (Unaudited)**

------

Not Applicable.

------

**TRILLIUM MUTUAL FUNDS**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**March 31, 2026 (Unaudited)**

------

Included on page 29 in the Notes to Financial Statements.

------

**TRILLIUM MUTUAL FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

Prior to and at a meeting of the Board of Trustees (the "Board" or the "Trustees") of Perpetual Americas Funds Trust held on December 11-12, 2025, the Board requested, and JOHCM (USA) Inc. d/b/a Perpetual Americas Funds Services (the "Adviser") and Trillium Asset Management, LLC ("Trillium" or the "Sub-Adviser") provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Adviser and by Trillium to the Trillium ESG Global Equity Fund and the Trillium ESG Small/Mid Cap Fund (the "Funds"); (ii) the investment performance of the Funds, including the performance of each Fund's predecessor fund, as applicable<sup>1</sup>; (iii) the costs of the services provided and the profits realized by the Adviser and Trillium from its relationship with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds' potential shareholders. The Trustees were assisted in their evaluation of the Investment Advisory Agreement and Investment Subadvisory Agreement (together, the "Advisory Agreements") by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from management. In reviewing the Advisory Agreements, the Trustees, including all the Independent Trustees, considered the following and other factors with respect to the Funds:

*Nature, Extent and Quality of the Services*

The Board examined the nature, extent, and quality of services to be provided to each Fund by the Adviser and Trillium. The Board noted that the Adviser and Sub-Adviser are indirect wholly owned subsidiaries of Perpetual Limited. The Board considered the terms of the Advisory Agreements, information and reports provided by each of the Adviser and the Sub-Adviser on its respective personnel and operations, the Adviser's and Trillium's experience with the investment strategy and risks of each Fund. The Board reviewed the Adviser and the Sub-Adviser's investment philosophy and portfolio construction processes, compliance programs, insurance coverage, business continuity programs, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser and Trillium, there had been no previously undisclosed (i) material compliance issues or concerns raised or encountered since the last approval of the Advisory Agreements or (ii) material compliance issues in the past two years with respect to the Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. The Board expressed satisfaction with the quality, extent, and nature of the services provided by the Adviser and Trillium.

*Performance and Profits*

The Trustees reviewed performance information for the Funds, including each Fund's one-, three-, five- and ten-year periods (as available) ended on October 31, 2025. The Board considered a report prepared by an industry standard independent service provider, FUSE Research Network LLC (the "FUSE Report"), which presented comparisons of investment performance, expenses and fees of the Funds relative to their investment categories, competitor fund groups and broader benchmarks. The Trustees also reviewed and considered profitability analyses for the Funds prepared by the Adviser and Trillium on a consolidated basis. The analyses included details on income, direct expenses, staff costs, overhead, taxes, distribution related expenses and operating profit/loss. As part of the review of the profitability analyses, the Trustees also considered information provided by the Adviser related to its operating margin versus that of other investment advisers. The Trustees noted that, based on the information provided, the profits realized and/or to be realized were not excessive. Finally, the Trustees discussed potential adverse impacts to overall profitability as a result of current market conditions.

With respect to the Trillium ESG Global Equity Fund, the Board noted that the Fund's Gross Advisory Fee ranked ten out of 12 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.85% compared to a median Gross Advisory Fee of 0.79% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and reimbursements, and noted that the Fund ranked eight out of 12 among the Fund's Expense Group and 53 out of 62 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.99% compared to a median total expense of 0.96% for the Expense Group and 0.89% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 42 out of 62, 43 out of 61, 43 out of 61, and 13 out of 43 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 14.55%, 15.74%, 10.80%, and 10.81% compared to a median return of the Performance Universe of 16.41%, 17.51%, 12.20%, and 10.06% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

<sup>1</sup> Each Fund has a predecessor fund which was reorganized into the Trust effective October 30, 2023.

------

**TRILLIUM MUTUAL FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

With respect to the Trillium ESG Small/Mid Cap Fund, the Board noted that the Fund's Gross Advisory Fee tied with two other funds to rank eight out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.75% compared to a median Gross Advisory Fee of 0.75% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and reimbursements, and noted that the Fund ranked 13 out of 14 among the Fund's Expense Group and 54 out of 76 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.97% compared to a median total expense of 0.89% for the Expense Group and 0.90% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 45 out of 77, 67 out of 74, 64 out of 71, and 48 out of 53 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 4.38%, 6.52%, 8.30%, and 7.58% compared to a median return of the Performance Universe of 5.61%, 11.13%, 11.75%, and 9.11% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

The Board then reviewed the expense caps that were in place for each of the Funds and noted that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses through February 1, 2027 for each of the Funds. After considering the comparative data provided, as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

*Economies of Scale*

In considering the economies of scale for the Funds, the Board considered the marketing and distribution plans, capacity, and breakeven points for each of the Funds.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee assigned different weights to various factors considered.

------

**Investment Subadviser**

Trillium Asset Management, LLC

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

**Investment Adviser**

Perpetual Americas Funds Services

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

TRILLIUM 03/26

------

![](img2d33f74a1.gif)

------

TSW CORE PLUS BOND FUND

TSW EMERGING MARKETS FUND

TSW HIGH YIELD BOND FUND

TSW LARGE CAP VALUE FUND

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2026 (Unaudited)

------

**TSW MUTUAL FUNDS**

**TABLE OF CONTENTS**

**March 31, 2026 (Unaudited)**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets & Liabilities](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_FS-FundBookHeader2_1)** | **20** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_FS-FundBookHeader2_2)** | **21** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_FS-FundBookHeader2_3)** | **22** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_FS-FundBookHeader2_5)** | **24** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_NTF-NotestoFinancialStatements_1)** | **28** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_CAD-CAD-TOC_1)** | **51** |
| **[PROXY DISCLOSURES](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_PD-PD-TOC_1)** | **52** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_RPDOO-RPDOO-TOC_1)** | **53** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_0f697742-816a-44fb-bbbc-8888d0f907ba_SRBA-BA-TOC_1)** | **54** |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 54.3<br> %<br>|  |  |
| Aerospace & Defense | 2.2<br> %<br>|  |  |
| Boeing (The) Co.<br> 6.26%, 05/01/27<br>|  | $500000 | &nbsp;&nbsp; $508633 |
| TransDigm, Inc.,  |  |  |  |
| 6.75%, 08/15/28<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 506070 |
| 7.13%, 12/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154823 |
| 6.38%, 05/31/33<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 621668 |
|  |  |  | &nbsp;&nbsp; 1791194 |
| Asset Management | 1.5<br> %<br>|  |  |
| Ares Capital Corp.<br> 7.00%, 01/15/27<br>|  | 150000 | &nbsp;&nbsp; 152025 |
| Charles Schwab (The) Corp.<br> (Variable, U.S. SOFR + 2.21%)<br> 5.64%, 05/19/29<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 179804 |
| Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 330000 | &nbsp;&nbsp; 342025 |
| Osaic Holdings, Inc.<br> 6.75%, 08/01/32<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 500063 |
|  |  |  | &nbsp;&nbsp; 1173917 |
| Automotive | 1.3<br> %<br>|  |  |
| American Axle & Manufacturing, Inc.<br> 7.75%, 10/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 486749 |
| General Motors Co.<br> 5.40%, 10/15/29<br>|  | 100000 | &nbsp;&nbsp; 102252 |
| General Motors Financial Co., Inc.<br> 5.35%, 07/15/27<br>|  | 450000 | &nbsp;&nbsp; 454259 |
|  |  |  | &nbsp;&nbsp; 1043260 |
| Banking | 1.0<br> %<br>|  |  |
| Bank of America Corp.<br> (Variable, U.S. SOFR + 1.91%)<br> 5.43%, 08/15/35<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74825 |
| FNB Corp.<br> (Variable, U.S. SOFR Compounded Index + 1.93%)<br> 5.72%, 12/11/30<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 734533 |
|  |  |  | &nbsp;&nbsp; 809358 |
| Biotechnology & Pharmaceuticals | 0.2<br> %<br>|  |  |
| Harrow, Inc.<br> 8.63%, 09/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202266 |
| Capital Goods | 1.1<br> %<br>|  |  |
| Ferguson Enterprises, Inc.<br> 5.00%, 10/03/34<br>|  | 500000 | &nbsp;&nbsp; 494093 |
| Sonoco Products Co.<br> 4.60%, 09/01/29<br>|  | 400000 | &nbsp;&nbsp; 398842 |
|  |  |  | &nbsp;&nbsp; 892935 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Commercial Support Services | 1.9<br> %<br>|  |  |
| Brink's (The) Co.<br> 6.75%, 06/15/32<sup>(a)</sup> <br>|  | $250000 | &nbsp;&nbsp; $253054 |
| Deluxe Corp.<br> 8.00%, 06/01/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1006510 |
| GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 250000 | &nbsp;&nbsp; 259633 |
|  |  |  | &nbsp;&nbsp; 1519197 |
| Construction Materials | 0.6<br> %<br>|  |  |
| Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 450000 | &nbsp;&nbsp; 456301 |
| Consumer Services | 0.3<br> %<br>|  |  |
| PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 237500 |
| Containers & Packaging | 0.8<br> %<br>|  |  |
| Sealed Air Corp./Sealed Air Corp. U.S.<br> 6.13%, 02/01/28<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 607518 |
| Diversified Industrials | 0.2<br> %<br>|  |  |
| Parker-Hannifin Corp.<br> 4.20%, 11/21/34<br>|  | 200000 | &nbsp;&nbsp; 191393 |
| E-Commerce Discretionary | 0.8<br> %<br>|  |  |
| Wayfair LLC<br> 6.75%, 11/15/32<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 629745 |
| Electric Utilities | 3.2<br> %<br>|  |  |
| Duke Energy Carolinas LLC<br> 4.85%, 01/15/34<br>|  | 250000 | &nbsp;&nbsp; 249671 |
| Public Service Co. of Oklahoma,  |  |  |  |
| 5.20%, 01/15/35 |  | 500000 | &nbsp;&nbsp; 497360 |
| 5.45%, 01/15/36 |  | 1000000 | &nbsp;&nbsp; 1006415 |
| Southern (The) Co.<br> 3.70%, 04/30/30<br>|  | 400000 | &nbsp;&nbsp; 386996 |
| Vistra Operations Co. LLC<br> 5.70%, 12/30/34<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 251503 |
| Wisconsin Electric Power Co.<br> 4.60%, 10/01/34<br>|  | 200000 | &nbsp;&nbsp; 197017 |
|  |  |  | &nbsp;&nbsp; 2588962 |
| Electrical Equipment | 1.9<br> %<br>|  |  |
| Hubbell, Inc.<br> 3.15%, 08/15/27<br>|  | 150000 | &nbsp;&nbsp; 147550 |
| Keysight Technologies, Inc.<br> 4.95%, 10/15/34<br>|  | 500000 | &nbsp;&nbsp; 494769 |
| Otis Worldwide Corp.<br> 5.13%, 11/19/31<br>|  | 475000 | &nbsp;&nbsp; 485909 |
| WESCO Distribution, Inc.,  |  |  |  |
| 6.38%, 03/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254477 |
| 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153530 |
|  |  |  | &nbsp;&nbsp; 1536235 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Engineering & Construction | 0.5<br> %<br>|  |  |
| Quanta Services, Inc.,  |  |  |  |
| 4.75%, 08/09/27 |  | $200000 | &nbsp;&nbsp; $200970 |
| 5.25%, 08/09/34 |  | 165000 | &nbsp;&nbsp; 165988 |
|  |  |  | &nbsp;&nbsp; 366958 |
| Entertainment Content | 0.5<br> %<br>|  |  |
| Netflix, Inc.<br> 4.90%, 08/15/34<br>|  | 400000 | &nbsp;&nbsp; 403109 |
| Food | 0.4<br> %<br>|  |  |
| Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 295543 |
| Gas & Water Utilities | 1.4<br> %<br>|  |  |
| American Water Capital Corp.<br> 2.95%, 09/01/27<br>|  | 200000 | &nbsp;&nbsp; 196466 |
| Atmos Energy Corp.<br> 5.20%, 08/15/35<br>|  | 410000 | &nbsp;&nbsp; 417744 |
| National Fuel Gas Co.<br> 5.95%, 03/15/35<br>|  | 500000 | &nbsp;&nbsp; 517277 |
|  |  |  | &nbsp;&nbsp; 1131487 |
| Health Care Facilities & Services | 3.4<br> %<br>|  |  |
| DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102443 |
| Elevance Health, Inc.<br> 4.95%, 11/01/31<br>|  | 1000000 | &nbsp;&nbsp; 1006195 |
| Horizon Mutual Holdings, Inc.<br> 6.20%, 11/15/34<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 468075 |
| Laboratory Corp. of America Holdings<br> 4.80%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 243413 |
| Quest Diagnostics, Inc.<br> 5.00%, 12/15/34<br>|  | 200000 | &nbsp;&nbsp; 198634 |
| UnitedHealth Group, Inc.<br> 5.15%, 07/15/34<br>|  | 730000 | &nbsp;&nbsp; 736224 |
|  |  |  | &nbsp;&nbsp; 2754984 |
| Household Products | 0.6<br> %<br>|  |  |
| Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 468267 |
| Industrial Support Services | 1.3<br> %<br>|  |  |
| Herc Holdings, Inc.<br> 7.25%, 06/15/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 512371 |
| United Rentals North America, Inc.<br> 6.00%, 12/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 508350 |
|  |  |  | &nbsp;&nbsp; 1020721 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Institutional Financial Services | 2.0<br> %<br>|  |  |
| Goldman Sachs Group (The), Inc.<br> 3.85%, 01/26/27<br>|  | $1400000 | &nbsp;&nbsp; $1395485 |
| Morgan Stanley<br> 3.95%, 04/23/27<br>|  | 200000 | &nbsp;&nbsp; 198815 |
| StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51931 |
|  |  |  | &nbsp;&nbsp; 1646231 |
| Insurance | 3.5<br> %<br>|  |  |
| American International Group, Inc.<br> 5.13%, 03/27/33<br>|  | 900000 | &nbsp;&nbsp; 908674 |
| Equitable Financial Life Global Funding<br> 5.00%, 03/27/30<sup>(a)</sup> <br>|  | 700000 | &nbsp;&nbsp; 705541 |
| Willis North America, Inc.<br> 4.55%, 03/15/31<br>|  | 1190000 | &nbsp;&nbsp; 1172541 |
|  |  |  | &nbsp;&nbsp; 2786756 |
| Internet Media & Services | 2.5<br> %<br>|  |  |
| Alphabet, Inc.<br> 4.10%, 02/15/31<br>|  | 1000000 | &nbsp;&nbsp; 993051 |
| Expedia Group, Inc.<br> 3.25%, 02/15/30<br>|  | 475000 | &nbsp;&nbsp; 448847 |
| Match Group Holdings II LLC<br> 6.13%, 09/15/33<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 583088 |
|  |  |  | &nbsp;&nbsp; 2024986 |
| IT Services | 2.3<br> %<br>|  |  |
| International Business Machines Corp.<br> 5.70%, 02/10/55<br>|  | 750000 | &nbsp;&nbsp; 708198 |
| Leidos, Inc.<br> 5.50%, 03/15/35<br>|  | 1000000 | &nbsp;&nbsp; 1016229 |
| Science Applications International Corp.<br> 5.88%, 11/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 121984 |
|  |  |  | &nbsp;&nbsp; 1846411 |
| Leisure Facilities & Services | 2.2<br> %<br>|  |  |
| Lindblad Expeditions LLC<br> 7.00%, 09/15/30<sup>(a)</sup> <br>|  | 350000 | &nbsp;&nbsp; 357347 |
| McDonald's Corp.<br> 3.50%, 03/01/27<br>|  | 400000 | &nbsp;&nbsp; 397599 |
| Viking Ocean Cruises Ship VII Ltd.<br> 5.63%, 02/15/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 998489 |
|  |  |  | &nbsp;&nbsp; 1753435 |
| Leisure Products | 0.1<br> %<br>|  |  |
| Acushnet Co.<br> 5.63%, 12/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 124033 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Machinery | 0.7<br> %<br>|  |  |
| Ingersoll Rand, Inc.<br> 5.70%, 08/14/33<br>|  | $400000 | &nbsp;&nbsp; $415553 |
| John Deere Capital Corp.<br> 4.95%, 07/14/28<br>|  | 150000 | &nbsp;&nbsp; 152907 |
|  |  |  | &nbsp;&nbsp; 568460 |
| Oil & Gas Supply Chain | 4.0<br> %<br>|  |  |
| Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | 325000 | &nbsp;&nbsp; 331996 |
| Kinder Morgan, Inc.<br> 5.85%, 06/01/35<br>|  | 500000 | &nbsp;&nbsp; 523978 |
| MPLX L.P.<br> 5.40%, 04/01/35<br>|  | 750000 | &nbsp;&nbsp; 749244 |
| Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 500000 | &nbsp;&nbsp; 496610 |
| ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 225000 | &nbsp;&nbsp; 245078 |
| PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 214392 |
| Sunoco L.P.<br> 7.25%, 05/01/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 413867 |
| Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 255073 |
|  |  |  | &nbsp;&nbsp; 3230238 |
| Real Estate Investment Trusts | 0.7<br> %<br>|  |  |
| American Assets Trust L.P.<br> 6.15%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 247936 |
| Realty Income Corp.<br> 4.85%, 03/15/30<br>|  | 250000 | &nbsp;&nbsp; 252976 |
| Ventas Realty L.P.<br> 3.00%, 01/15/30<br>|  | 100000 | &nbsp;&nbsp; 94189 |
|  |  |  | &nbsp;&nbsp; 595101 |
| Retail - Discretionary | 2.0<br> %<br>|  |  |
| Bath & Body Works, Inc.,  |  |  |  |
| 6.63%, 10/01/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 302826 |
| 6.88%, 11/01/35 |  | 455000 | &nbsp;&nbsp; 447571 |
| Genuine Parts Co.<br> 4.95%, 08/15/29<br>|  | 275000 | &nbsp;&nbsp; 274041 |
| Lowe's Cos., Inc.<br> 3.10%, 05/03/27<br>|  | 400000 | &nbsp;&nbsp; 395229 |
| Macy's Retail Holdings LLC<br> 7.38%, 08/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153668 |
|  |  |  | &nbsp;&nbsp; 1573335 |
| Semiconductors | 0.6<br> %<br>|  |  |
| Broadcom, Inc.<br> 4.55%, 02/15/32<br>|  | 500000 | &nbsp;&nbsp; 495653 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Software | 1.7<br> %<br>|  |  |
| CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | $150000 | &nbsp;&nbsp; $145749 |
| Gen Digital, Inc.<br> 6.25%, 04/01/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 486058 |
| Oracle Corp.<br> 4.90%, 02/06/33<br>|  | 400000 | &nbsp;&nbsp; 379075 |
| Roper Technologies, Inc.<br> 4.50%, 10/15/29<br>|  | 400000 | &nbsp;&nbsp; 397681 |
|  |  |  | &nbsp;&nbsp; 1408563 |
| Specialty Finance | 1.3<br> %<br>|  |  |
| Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 180500 |
| Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 410047 |
| GATX Corp.<br> 4.00%, 06/30/30<br>|  | 200000 | &nbsp;&nbsp; 194690 |
| Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 289554 |
|  |  |  | &nbsp;&nbsp; 1074791 |
| Technology Hardware | 3.6<br> %<br>|  |  |
| Arrow Electronics, Inc.<br> 5.88%, 04/10/34<br>|  | 700000 | &nbsp;&nbsp; 717576 |
| Dell International LLC/EMC Corp.,  |  |  |  |
| 4.35%, 02/01/30 |  | 660000 | &nbsp;&nbsp; 653272 |
| 4.50%, 02/15/31 |  | 700000 | &nbsp;&nbsp; 691726 |
| Hewlett Packard Enterprise Co.<br> 4.50%, 03/23/28<br>|  | 750000 | &nbsp;&nbsp; 750046 |
| NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 53522 |
|  |  |  | &nbsp;&nbsp; 2866142 |
| Telecommunications | 1.1<br> %<br>|  |  |
| T-Mobile USA, Inc.<br> 2.25%, 11/15/31<br>|  | 1000000 | &nbsp;&nbsp; 878862 |
| Transportation & Logistics | 0.6<br> %<br>|  |  |
| RXO, Inc.<br> 6.38%, 05/15/31<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 479754 |
| Transportation Equipment | 0.1<br> %<br>|  |  |
| JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 50679 |
| Wholesale - Consumer Staples | 0.2<br> %<br>|  |  |
| Performance Food Group, Inc.<br> 6.13%, 09/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150277 |
| TOTAL CORPORATE BONDS (Cost $43,903,931) |  |  | &nbsp;&nbsp; 43674557 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| MORTGAGE-BACKED SECURITIES | 7.1<br> %<br>|  |  |
| U.S. Government Agencies | 7.1<br> %<br>|  |  |
| Freddie Mac Pool #SD8276,<br> 5.00%, 12/01/52<br>|  | $174532 | &nbsp;&nbsp; $172986 |
| Freddie Mac Pool #SD8233,<br> 5.00%, 07/01/52<br>|  | 1412580 | &nbsp;&nbsp; 1401810 |
| Fannie Mae Pool #BM4854,<br> 4.50%, 08/01/44<br>|  | 415270 | &nbsp;&nbsp; 410978 |
| Fannie Mae Pool #MA5313,<br> 5.50%, 03/01/44<br>|  | 2226166 | &nbsp;&nbsp; 2268122 |
| Fannie Mae Pool #MA5498,<br> 6.00%, 10/01/54<br>|  | 1440319 | &nbsp;&nbsp; 1468815 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,685,251) |  |  | &nbsp;&nbsp; 5722711 |
| U.S. GOVERNMENT OBLIGATIONS | 37.3<br> %<br>|  |  |
| U.S. Treasury Bonds,<br> 4.38%, 08/15/43<br>|  | 250000 | &nbsp;&nbsp; 235967 |
| U.S. Treasury Bonds,<br> 4.13%, 08/15/44<br>|  | 2350000 | &nbsp;&nbsp; 2132074 |
| U.S. Treasury Bonds,<br> 4.25%, 02/15/54<br>|  | 750000 | &nbsp;&nbsp; 671836 |
| U.S. Treasury Bonds,<br> 4.25%, 08/15/54<br>|  | 1000000 | &nbsp;&nbsp; 895625 |
| U.S. Treasury Notes,<br> 4.00%, 02/29/28<br>|  | 950000 | &nbsp;&nbsp; 953117 |
| U.S. Treasury Notes,<br> 3.50%, 04/30/28<br>|  | 400000 | &nbsp;&nbsp; 397469 |
| U.S. Treasury Notes,<br> 3.75%, 12/31/28<br>|  | 1000000 | &nbsp;&nbsp; 998008 |
| U.S. Treasury Notes,<br> 3.63%, 08/31/29<br>|  | 1000000 | &nbsp;&nbsp; 992344 |
| U.S. Treasury Notes,<br> 3.50%, 09/30/29<br>|  | 1000000 | &nbsp;&nbsp; 987969 |
| U.S. Treasury Notes,<br> 3.88%, 09/30/29<br>|  | 250000 | &nbsp;&nbsp; 250020 |
| U.S. Treasury Notes,<br> 3.88%, 12/31/29<br>|  | 1000000 | &nbsp;&nbsp; 999336 |
| U.S. Treasury Notes,<br> 4.00%, 03/31/30<br>|  | 2500000 | &nbsp;&nbsp; 2508984 |
| U.S. Treasury Notes,<br> 4.00%, 05/31/30<br>|  | 250000 | &nbsp;&nbsp; 250850 |
| U.S. Treasury Notes,<br> 4.00%, 07/31/30<br>|  | 300000 | &nbsp;&nbsp; 300949 |
| U.S. Treasury Notes,<br> 4.38%, 11/30/30<br>|  | 1050000 | &nbsp;&nbsp; 1068990 |
| U.S. Treasury Notes,<br> 4.63%, 05/31/31<br>|  | 250000 | &nbsp;&nbsp; 257412 |
| U.S. Treasury Notes,<br> 3.75%, 08/31/31<br>|  | 350000 | &nbsp;&nbsp; 345652 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| U.S. Treasury Notes,<br> 3.63%, 09/30/31<br>|  | $1700000 | &nbsp;&nbsp; $1667793 |
| U.S. Treasury Notes,<br> 4.13%, 10/31/31<br>|  | 1600000 | &nbsp;&nbsp; 1608375 |
| U.S. Treasury Notes,<br> 4.13%, 11/15/32<br>|  | 1000000 | &nbsp;&nbsp; 1000352 |
| U.S. Treasury Notes,<br> 3.75%, 11/30/32<br>|  | 1500000 | &nbsp;&nbsp; 1468066 |
| U.S. Treasury Notes,<br> 4.50%, 11/15/33<br>|  | 1250000 | &nbsp;&nbsp; 1275879 |
| U.S. Treasury Notes,<br> 4.00%, 02/15/34<br>|  | 250000 | &nbsp;&nbsp; 246602 |
| U.S. Treasury Notes,<br> 3.88%, 08/15/34<br>|  | 3250000 | &nbsp;&nbsp; 3167353 |
| U.S. Treasury Notes,<br> 4.63%, 02/15/35<br>|  | 1250000 | &nbsp;&nbsp; 1282519 |
| U.S. Treasury Notes,<br> 4.25%, 08/15/35<br>|  | 3250000 | &nbsp;&nbsp; 3237812 |
| U.S. Treasury Notes,<br> 4.00%, 11/15/35<br>|  | 750000 | &nbsp;&nbsp; 731602 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $30,521,766) |  |  | &nbsp;&nbsp; 29932955 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 0.5<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(c)</sup> <br>|  | 418127 | &nbsp;&nbsp; 418127 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $418,127) |  |  | &nbsp;&nbsp; 418127 |
| TOTAL INVESTMENTS<br> (Cost $80,529,075)<br>| 99.2<br> %<br>|  | &nbsp;&nbsp; 79748350 |
| NET OTHER ASSETS (LIABILITIES) | 0.8<br> %<br>|  | &nbsp;&nbsp; 658429 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $80406779 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $15,879,225 or 20% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2026, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

| |
|:---|
| Abbreviations: |
| SOFR – Secured Overnight Financing Rate |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

At March 31, 2026 the TSW Core Plus Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 44.4% |
| AA  | 1.2  |
| A  | 8.1  |
| BBB  | 27.9  |
| BB  | 11.0  |
| B  | 5.8  |
| B-  | 0.3  |
| Cash equivalents  | 0.5  |
| Total | 99.2% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 94.9<br> %<br>|  |  |
| Brazil | 5.0<br> %<br>|  |  |
| Arcos Dorados Holdings, Inc. - Class A |  | 7900 | &nbsp;&nbsp; $65175 |
| Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 7700 | &nbsp;&nbsp; 83677 |
| Natura Cosmeticos S.A.<sup>(a)</sup> <br>|  | 39700 | &nbsp;&nbsp; 80015 |
| Vale S.A. |  | 4600 | &nbsp;&nbsp; 73247 |
|  |  |  | &nbsp;&nbsp; 302114 |
| Canada | 1.3<br> %<br>|  |  |
| Fairfax India Holdings Corp.<sup>(a)(b)</sup> <br>|  | 5000 | &nbsp;&nbsp; 80250 |
| China | 15.3<br> %<br>|  |  |
| Alibaba Group Holding Ltd. - Class W |  | 9100 | &nbsp;&nbsp; 142638 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 14800 | &nbsp;&nbsp; 16430 |
| Kweichow Moutai Co. Ltd. - Class A |  | 400 | &nbsp;&nbsp; 84485 |
| NetEase, Inc. |  | 4900 | &nbsp;&nbsp; 109490 |
| Shanghai Hanbell Precise Machinery Co. Ltd. - Class A |  | 13600 | &nbsp;&nbsp; 43878 |
| SITC International Holdings Co. Ltd. |  | 24400 | &nbsp;&nbsp; 106836 |
| Tencent Holdings Ltd. |  | 4000 | &nbsp;&nbsp; 252290 |
| Trip.com Group Ltd. |  | 700 | &nbsp;&nbsp; 34593 |
| Zijin Mining Group Co. Ltd. - Class H |  | 28500 | &nbsp;&nbsp; 128207 |
|  |  |  | &nbsp;&nbsp; 918847 |
| Greece | 1.6<br> %<br>|  |  |
| Allwyn A.G. |  | 2100 | &nbsp;&nbsp; 31765 |
| Motor Oil Hellas Corinth Refineries S.A. |  | 1500 | &nbsp;&nbsp; 66044 |
|  |  |  | &nbsp;&nbsp; 97809 |
| Guatemala | 0.9<br> %<br>|  |  |
| Millicom International Cellular S.A. |  | 750 | &nbsp;&nbsp; 56205 |
| Hong Kong | 2.1<br> %<br>|  |  |
| AIA Group Ltd. |  | 5600 | &nbsp;&nbsp; 62223 |
| Lenovo Group Ltd. |  | 50800 | &nbsp;&nbsp; 61098 |
|  |  |  | &nbsp;&nbsp; 123321 |
| Hungary | 1.1<br> %<br>|  |  |
| Richter Gedeon Nyrt. |  | 1900 | &nbsp;&nbsp; 67694 |
| India | 7.9<br> %<br>|  |  |
| 360 ONE WAM Ltd. |  | 6900 | &nbsp;&nbsp; 69707 |
| Coal India Ltd. |  | 13900 | &nbsp;&nbsp; 66457 |
| HDFC Bank Ltd. |  | 10800 | &nbsp;&nbsp; 84597 |
| HEG Ltd. |  | 11700 | &nbsp;&nbsp; 67250 |
| ICICI Bank Ltd. - ADR |  | 3800 | &nbsp;&nbsp; 98420 |
| Reliance Industries Ltd. - GDR<sup>(b)</sup> <br>|  | 1500 | &nbsp;&nbsp; 88188 |
|  |  |  | &nbsp;&nbsp; 474619 |
| Kazakhstan | 1.4<br> %<br>|  |  |
| Halyk Savings Bank of Kazakhstan JSC - GDR - REG |  | 2700 | &nbsp;&nbsp; 84284 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Mexico | 2.8<br> %<br>|  |  |
| Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L |  | 4600 | &nbsp;&nbsp; $52016 |
| Vista Energy S.A.B. de C.V. - ADR<sup>(a)</sup> <br>|  | 1500 | &nbsp;&nbsp; 113205 |
|  |  |  | &nbsp;&nbsp; 165221 |
| Philippines | 1.5<br> %<br>|  |  |
| International Container Terminal Services, Inc. |  | 8200 | &nbsp;&nbsp; 92966 |
| Poland | 1.0<br> %<br>|  |  |
| Allegro.eu S.A.<sup>(a)(b)</sup> <br>|  | 8300 | &nbsp;&nbsp; 59577 |
| Saudi Arabia | 1.3<br> %<br>|  |  |
| Saudi Awwal Bank |  | 7500 | &nbsp;&nbsp; 74960 |
| South Africa | 2.8<br> %<br>|  |  |
| Naspers Ltd. - Class N |  | 3200 | &nbsp;&nbsp; 165526 |
| South Korea | 18.2<br> %<br>|  |  |
| Hugel, Inc.<sup>(a)</sup> <br>|  | 400 | &nbsp;&nbsp; 64465 |
| Hyundai Motor Co. |  | 400 | &nbsp;&nbsp; 123224 |
| KINX, Inc. |  | 800 | &nbsp;&nbsp; 53995 |
| Krafton, Inc.<sup>(a)</sup> <br>|  | 700 | &nbsp;&nbsp; 119670 |
| Meritz Financial Group, Inc.<sup>(a)</sup> <br>|  | 1000 | &nbsp;&nbsp; 75830 |
| Park Systems Corp. |  | 500 | &nbsp;&nbsp; 79258 |
| Samsung Electronics Co. Ltd. |  | 3500 | &nbsp;&nbsp; 409365 |
| Shinhan Financial Group Co. Ltd. |  | 2800 | &nbsp;&nbsp; 166884 |
|  |  |  | &nbsp;&nbsp; 1092691 |
| Taiwan | 17.4<br> %<br>|  |  |
| Accton Technology Corp. |  | 1500 | &nbsp;&nbsp; 74006 |
| Acter Group Corp. Ltd. |  | 3800 | &nbsp;&nbsp; 84739 |
| E Ink Holdings, Inc. |  | 20000 | &nbsp;&nbsp; 87240 |
| Fusheng Precision Co. Ltd. |  | 9600 | &nbsp;&nbsp; 78277 |
| Taiwan Semiconductor Manufacturing Co. Ltd. |  | 12500 | &nbsp;&nbsp; 722932 |
|  |  |  | &nbsp;&nbsp; 1047194 |
| Thailand | 0.8<br> %<br>|  |  |
| Minor International PCL - REG |  | 70900 | &nbsp;&nbsp; 46683 |
| Turkey | 2.5<br> %<br>|  |  |
| Coca-Cola Icecek A.S. |  | 57100 | &nbsp;&nbsp; 90643 |
| KOC Holding A.S. |  | 14000 | &nbsp;&nbsp; 61668 |
|  |  |  | &nbsp;&nbsp; 152311 |
| United Arab Emirates | 2.1<br> %<br>|  |  |
| Emaar Properties PJSC |  | 21900 | &nbsp;&nbsp; 71666 |
| Yalla Group Ltd. - ADR<sup>(a)</sup> <br>|  | 9200 | &nbsp;&nbsp; 57316 |
|  |  |  | &nbsp;&nbsp; 128982 |
| United Kingdom | 5.1<br> %<br>|  |  |
| Anglo American PLC |  | 2100 | &nbsp;&nbsp; 90165 |
| Georgia Capital PLC<sup>(a)</sup> <br>|  | 2700 | &nbsp;&nbsp; 130946 |
| Investec PLC |  | 11300 | &nbsp;&nbsp; 87096 |
|  |  |  | &nbsp;&nbsp; 308207 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| United States | 2.8<br> %<br>|  |  |
| ACM Research, Inc. - Class A<sup>(a)</sup> <br>|  | 1900 | &nbsp;&nbsp; $74765 |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 30 | &nbsp;&nbsp; 51871 |
| Tecnoglass, Inc. |  | 900 | &nbsp;&nbsp; 40095 |
|  |  |  | &nbsp;&nbsp; 166731 |
| TOTAL COMMON STOCKS (Cost $4,373,527) |  |  | &nbsp;&nbsp; 5706192 |
| SHORT-TERM INVESTMENTS | 8.0<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(c)</sup> <br>|  | 478806 | &nbsp;&nbsp; 478806 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $478,806) |  |  | &nbsp;&nbsp; 478806 |
| TOTAL INVESTMENTS<br> (Cost $4,852,333)<br>| 102.9<br> %<br>|  | &nbsp;&nbsp; 6184998 |
| NET OTHER ASSETS (LIABILITIES) | (2.9<br> %)<br>|  | &nbsp;&nbsp; (173286)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $6011712 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $228,015 or 4% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

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

---

At March 31, 2026 the industry sectors (excluding short-term investments) for the TSW Emerging Markets Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 25.3% |
| Financials  | 18.4  |
| Consumer Discretionary  | 13.4  |
| Communication Services  | 10.7  |
| Industrials  | 9.1  |
| Energy  | 5.6  |
| Materials  | 4.8  |
| Consumer Staples  | 4.2  |
| Health Care  | 2.2  |
| Real Estate  | 1.2  |
| Total | &nbsp;&nbsp; 94.9% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 96.3<br> %<br>|  |  |
| Aerospace & Defense | 1.4<br> %<br>|  |  |
| TransDigm, Inc.<br> 6.38%, 05/31/33<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $124334 |
| Asset Management | 1.1<br> %<br>|  |  |
| Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 103644 |
| Automotive | 6.0<br> %<br>|  |  |
| American Axle & Manufacturing, Inc.<br> 7.75%, 10/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 243374 |
| Cyprium Corp./Cyprium Holdings Luxembourg S.a.r.l.<br> 6.13%, 04/15/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 147873 |
| Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l.<br> 7.75%, 05/31/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 155314 |
|  |  |  | &nbsp;&nbsp; 546561 |
| Banking | 0.6<br> %<br>|  |  |
| 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; 50371 |
| Biotechnology & Pharmaceuticals | 1.4<br> %<br>|  |  |
| Harrow, Inc.<br> 8.63%, 09/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126416 |
| Cable & Satellite | 1.0<br> %<br>|  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.<br> 4.50%, 05/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 89327 |
| Commercial Support Services | 5.1<br> %<br>|  |  |
| CoreCivic, Inc.<br> 8.25%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 156590 |
| Deluxe Corp.<br> 8.00%, 06/01/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150976 |
| GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 155780 |
|  |  |  | &nbsp;&nbsp; 463346 |
| Construction Materials | 1.1<br> %<br>|  |  |
| Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101400 |
| Consumer Services | 1.8<br> %<br>|  |  |
| PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 95000 |
| Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 72677 |
|  |  |  | &nbsp;&nbsp; 167677 |
| Containers & Packaging | 2.7<br> %<br>|  |  |
| Graphic Packaging International LLC<br> 6.38%, 07/15/32<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 248821 |
| E-Commerce Discretionary | 1.9<br> %<br>|  |  |
| Wayfair LLC<br> 6.75%, 11/15/32<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 176329 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Electrical Equipment | 2.2<br> %<br>|  |  |
| WESCO Distribution, Inc.<br> 5.50%, 04/15/34<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $196970 |
| Engineering & Construction | 2.2<br> %<br>|  |  |
| Brundage-Bone Concrete Pumping Holdings, Inc.<br> 7.50%, 02/01/32<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202091 |
| Food | 2.2<br> %<br>|  |  |
| Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 197029 |
| Health Care Facilities & Services | 1.4<br> %<br>|  |  |
| DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 25000 | &nbsp;&nbsp; 25611 |
| Global Medical Response, Inc.<br> 7.38%, 10/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 103844 |
|  |  |  | &nbsp;&nbsp; 129455 |
| Household Products | 1.5<br> %<br>|  |  |
| Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 140480 |
| Industrial Support Services | 2.2<br> %<br>|  |  |
| Herc Holdings, Inc.<br> 7.25%, 06/15/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 204948 |
| Institutional Financial Services | 2.6<br> %<br>|  |  |
| StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 233691 |
| Internet Media & Services | 1.6<br> %<br>|  |  |
| Match Group Holdings II LLC<br> 6.13%, 09/15/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 145772 |
| IT Services | 1.3<br> %<br>|  |  |
| Science Applications International Corp.<br> 5.88%, 11/01/33<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 121984 |
| Leisure Facilities & Services | 5.0<br> %<br>|  |  |
| Light & Wonder International, Inc.<br> 7.50%, 09/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153945 |
| Lindblad Expeditions LLC<br> 7.00%, 09/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153149 |
| Marriott Ownership Resorts, Inc.<br> 4.75%, 01/15/28<br>|  | 150000 | &nbsp;&nbsp; 147641 |
|  |  |  | &nbsp;&nbsp; 454735 |
| Machinery | 1.7<br> %<br>|  |  |
| Regal Rexnord Corp.<br> 6.30%, 02/15/30<br>|  | 150000 | &nbsp;&nbsp; 157166 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Oil & Gas Supply Chain | 9.9<br> %<br>|  |  |
| Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $127690 |
| Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 150000 | &nbsp;&nbsp; 148983 |
| PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 133995 |
| Permian Resources Operating LLC<br> 9.88%, 07/15/31<sup>(a)</sup> <br>|  | 147000 | &nbsp;&nbsp; 156010 |
| Summit Midstream Holdings LLC<br> 8.63%, 10/31/29<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 179981 |
| Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153044 |
|  |  |  | &nbsp;&nbsp; 899703 |
| Real Estate Investment Trusts | 5.8<br> %<br>|  |  |
| Iron Mountain, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 249200 |
| RHP Hotel Properties L.P./RHP Finance Corp.,  |  |  |  |
| 7.25%, 07/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153148 |
| 5.75%, 03/15/34<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 123357 |
|  |  |  | &nbsp;&nbsp; 525705 |
| Retail - Discretionary | 9.5<br> %<br>|  |  |
| Academy Ltd.<br> 6.00%, 11/15/27<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100075 |
| Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | 300000 | &nbsp;&nbsp; 295101 |
| BlueLinx Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 145484 |
| Dillard's, Inc.<br> 7.75%, 07/15/26<br>|  | 175000 | &nbsp;&nbsp; 175694 |
| Macy's Retail Holdings LLC<br> 7.38%, 08/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153668 |
|  |  |  | &nbsp;&nbsp; 870022 |
| Software | 4.3<br> %<br>|  |  |
| CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 145749 |
| Gen Digital, Inc.<br> 6.25%, 04/01/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 243029 |
|  |  |  | &nbsp;&nbsp; 388778 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Specialty Finance | 10.0<br> %<br>|  |  |
| Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | $200000 | &nbsp;&nbsp; $180500 |
| EZCORP, Inc.<br> 7.38%, 04/01/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156692 |
| Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 307535 |
| ILFC E-Capital Trust I<br> 6.38%, 12/21/65<sup>(a)(b)</sup> <br>|  | 150000 | &nbsp;&nbsp; 127332 |
| Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 144777 |
|  |  |  | &nbsp;&nbsp; 916836 |
| Steel | 1.6<br> %<br>|  |  |
| Commercial Metals Co.<br> 6.00%, 12/15/35<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 147877 |
| Technology Hardware | 3.3<br> %<br>|  |  |
| NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 130000 | &nbsp;&nbsp; 139157 |
| Seagate HDD Cayman<br> 8.50%, 07/15/31<br>|  | 150000 | &nbsp;&nbsp; 157267 |
|  |  |  | &nbsp;&nbsp; 296424 |
| Transportation & Logistics | 1.1<br> %<br>|  |  |
| American Airlines, Inc.<br> 7.25%, 02/15/28<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100569 |
| Transportation Equipment | 2.2<br> %<br>|  |  |
| JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 202714 |
| Wholesale - Consumer Staples | 0.6<br> %<br>|  |  |
| United Natural Foods, Inc.<br> 6.75%, 10/15/28<sup>(a)</sup> <br>|  | 57000 | &nbsp;&nbsp; 57045 |
| TOTAL CORPORATE BONDS (Cost $8,827,517) |  |  | &nbsp;&nbsp; 8788220 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 2.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(d)</sup> <br>|  | 204605 | &nbsp;&nbsp; 204605 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $204,605) |  |  | &nbsp;&nbsp; 204605 |
| TOTAL INVESTMENTS<br> (Cost $9,032,122)<br>| 98.5<br> %<br>|  | &nbsp;&nbsp; 8992825 |
| NET OTHER ASSETS (LIABILITIES) | 1.5<br> %<br>|  | &nbsp;&nbsp; 135906 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $9128731 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $7,343,627 or 80% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2026, 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 March 31, 2026 is disclosed. |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

At March 31, 2026 the TSW High Yield Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB  | 5.6% |
| BB  | 55.0  |
| B  | 30.1  |
| B-  | 1.4  |
| CCC  | 0.6  |
| Cash equivalents  | 2.2  |
| Not Rated  | 3.6  |
| Total | 98.5% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 90.7<br> %<br>|  |  |
| Belgium | 3.5<br> %<br>|  |  |
| Anheuser-Busch InBev S.A./N.V. - ADR |  | 18000 | &nbsp;&nbsp; $1248660 |
| Curacao | 2.8<br> %<br>|  |  |
| SLB Ltd. |  | 19500 | &nbsp;&nbsp; 1002105 |
| Denmark | 0.8<br> %<br>|  |  |
| Novo Nordisk A/S - ADR |  | 8000 | &nbsp;&nbsp; 294000 |
| Germany | 1.7<br> %<br>|  |  |
| Bayer A.G. - ADR |  | 52500 | &nbsp;&nbsp; 602700 |
| Ireland | 2.1<br> %<br>|  |  |
| Willis Towers Watson PLC |  | 2600 | &nbsp;&nbsp; 755820 |
| Netherlands | 1.5<br> %<br>|  |  |
| AerCap Holdings N.V. |  | 4000 | &nbsp;&nbsp; 548720 |
| United States | 78.3<br> %<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> <br>|  | 1900 | &nbsp;&nbsp; 461852 |
| Applied Materials, Inc. |  | 900 | &nbsp;&nbsp; 307611 |
| Becton Dickinson & Co. |  | 4200 | &nbsp;&nbsp; 660366 |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> <br>|  | 2900 | &nbsp;&nbsp; 1389680 |
| Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> <br>|  | 1200 | &nbsp;&nbsp; 334500 |
| Capital One Financial Corp. |  | 4096 | &nbsp;&nbsp; 747234 |
| Charter Communications, Inc. - Class A<sup>(a)</sup> <br>|  | 7300 | &nbsp;&nbsp; 1575924 |
| Chevron Corp. |  | 7200 | &nbsp;&nbsp; 1489680 |
| Cigna (The) Group |  | 2709 | &nbsp;&nbsp; 722626 |
| Citigroup, Inc. |  | 7000 | &nbsp;&nbsp; 793870 |
| Corpay, Inc.<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 581980 |
| Crown Castle, Inc. |  | 20000 | &nbsp;&nbsp; 1626200 |
| CVS Health Corp. |  | 9200 | &nbsp;&nbsp; 660744 |
| Dominion Energy, Inc. |  | 23000 | &nbsp;&nbsp; 1421860 |
| Elevance Health, Inc. |  | 3300 | &nbsp;&nbsp; 966075 |
| Evergy, Inc. |  | 17100 | &nbsp;&nbsp; 1400832 |
| FedEx Corp. |  | 2000 | &nbsp;&nbsp; 712360 |
| First Citizens BancShares, Inc. - Class A |  | 300 | &nbsp;&nbsp; 565398 |
| Fiserv, Inc.<sup>(a)</sup> <br>|  | 18000 | &nbsp;&nbsp; 1004400 |
| Global Payments, Inc. |  | 12800 | &nbsp;&nbsp; 861440 |
| HF Sinclair Corp. |  | 16000 | &nbsp;&nbsp; 998240 |
| Intel Corp.<sup>(a)</sup> <br>|  | 8000 | &nbsp;&nbsp; 353040 |
| Jacobs Solutions, Inc. |  | 3000 | &nbsp;&nbsp; 381840 |
| Kinder Morgan, Inc. |  | 34600 | &nbsp;&nbsp; 1160138 |
| Kraft Heinz (The) Co. |  | 65800 | &nbsp;&nbsp; 1479842 |
| Lockheed Martin Corp. |  | 700 | &nbsp;&nbsp; 423073 |
| McKesson Corp. |  | 400 | &nbsp;&nbsp; 346144 |
| Merck & Co., Inc. |  | 6000 | &nbsp;&nbsp; 721740 |
| Pfizer, Inc. |  | 20700 | &nbsp;&nbsp; 581256 |
| Progressive (The) Corp. |  | 3500 | &nbsp;&nbsp; 693840 |
| Regeneron Pharmaceuticals, Inc. |  | 1300 | &nbsp;&nbsp; 1004432 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Sirius XM Holdings, Inc. |  | 23633 | &nbsp;&nbsp; $545450 |
| SS&C Technologies Holdings, Inc. |  | 12000 | &nbsp;&nbsp; 810840 |
| Williams Cos. (The), Inc. |  | 6225 | &nbsp;&nbsp; 453055 |
|  |  |  | &nbsp;&nbsp; 28237562 |
| TOTAL COMMON STOCKS (Cost $27,662,724) |  |  | &nbsp;&nbsp; 32689567 |
| SHORT-TERM INVESTMENTS | 9.3<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(b)</sup> <br>|  | 3344112 | &nbsp;&nbsp; 3344112 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,344,112) |  |  | &nbsp;&nbsp; 3344112 |
| TOTAL INVESTMENTS<br> (Cost $31,006,836)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 36033679 |
| NET OTHER ASSETS (LIABILITIES) | 0.0<br> %<br>|  | &nbsp;&nbsp; 3528 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $36037207 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

---

| |
|:---|
| Abbreviations: |
| ADR – American Depositary Receipt |

---

At March 31, 2026 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 20.5% |
| Health Care  | 19.1  |
| Energy  | 14.2  |
| Industrials  | 8.0  |
| Utilities  | 7.8  |
| Consumer Staples  | 7.6  |
| Communication Services  | 5.9  |
| Real Estate  | 4.5  |
| Information Technology  | 3.1  |
| Total | &nbsp;&nbsp; 90.7% |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **Core Plus**<br> **Bond Fund**<br>| **TSW**<br> **Emerging Markets**<br> **Fund**<br>| **TSW**<br> **High Yield**<br> **Bond Fund**<br>| **TSW**<br> **Large Cap**<br> **Value Fund**<br>|
| Assets: |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $80529075 | &nbsp;&nbsp; $4852333 | &nbsp;&nbsp; $9032122 | &nbsp;&nbsp; $31006836 |
| Investments, at value  | &nbsp;&nbsp; 79748350 | &nbsp;&nbsp; 6184998 | &nbsp;&nbsp; 8992825 | &nbsp;&nbsp; 36033679 |
| Foreign currencies (Cost: $0, $3,962, $0 and $0, <br> respectively)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 3826 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for interest | &nbsp;&nbsp; 839437 | &nbsp;&nbsp; — | &nbsp;&nbsp; 158978 | &nbsp;&nbsp; — |
| Receivable for dividends | &nbsp;&nbsp; 2696 | &nbsp;&nbsp; 7449 | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 34234 |
| Reclaims receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16762 |
| Receivable from investment adviser | &nbsp;&nbsp; 5528 | &nbsp;&nbsp; 9999 | &nbsp;&nbsp; 5506 | &nbsp;&nbsp; 3810 |
| Prepaid expenses | &nbsp;&nbsp; 23387 | &nbsp;&nbsp; 28370 | &nbsp;&nbsp; 20460 | &nbsp;&nbsp; 10729 |
| Total Assets | &nbsp;&nbsp; 80619398 | &nbsp;&nbsp; 6234642 | &nbsp;&nbsp; 9178601 | &nbsp;&nbsp; 36099214 |
| Liabilities: |  |  |  |  |
| Securities purchased payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 195385 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares redeemed payable | &nbsp;&nbsp; 11101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24108 | &nbsp;&nbsp; 23100 |
| Distributions payable to shareholders | &nbsp;&nbsp; 22913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3992 | &nbsp;&nbsp; — |
| Investment advisory fees payable | &nbsp;&nbsp; 27489 | &nbsp;&nbsp; 3587 | &nbsp;&nbsp; 3988 | &nbsp;&nbsp; 17765 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 15446 | &nbsp;&nbsp; 7477 | &nbsp;&nbsp; 6168 | &nbsp;&nbsp; 8070 |
| Audit fees payable | &nbsp;&nbsp; 12931 | &nbsp;&nbsp; 9411 | &nbsp;&nbsp; 9920 | &nbsp;&nbsp; 10638 |
| Compliance fees payable | &nbsp;&nbsp; 1234 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 549 |
| Trustee fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
| Deferred foreign capital gains tax payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 4926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued Offering cost payable | &nbsp;&nbsp; 120402 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued expenses and other payables | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 2065 | &nbsp;&nbsp; 1536 | &nbsp;&nbsp; 1885 |
| Total Liabilities | &nbsp;&nbsp; 212619 | &nbsp;&nbsp; 222930 | &nbsp;&nbsp; 49870 | &nbsp;&nbsp; 62007 |
| Net Assets | &nbsp;&nbsp; $80406779 | &nbsp;&nbsp; $6011712 | &nbsp;&nbsp; $9128731 | &nbsp;&nbsp; $36037207 |
| Net Assets: |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $81227836 | &nbsp;&nbsp; $5325448 | &nbsp;&nbsp; $9996149 | &nbsp;&nbsp; $27420652 |
| Distributable earnings (loss) | &nbsp;&nbsp; (821057)<br>| &nbsp;&nbsp; 686264 | &nbsp;&nbsp; (867418)<br>| &nbsp;&nbsp; 8616555 |
| Net Assets | &nbsp;&nbsp; $80406779 | &nbsp;&nbsp; $6011712 | &nbsp;&nbsp; $9128731 | &nbsp;&nbsp; $36037207 |
| Net Assets: |  |  |  |  |
| Institutional | &nbsp;&nbsp; $80406779 | &nbsp;&nbsp; $6011712 | &nbsp;&nbsp; $9128731 | &nbsp;&nbsp; $36037207 |
| Share of Common Stock Outstanding: |  |  |  |  |
| Institutional | &nbsp;&nbsp; 8005187 | &nbsp;&nbsp; 503983 | &nbsp;&nbsp; 993312 | &nbsp;&nbsp; 2693297 |
| Net Asset Value per Share: |  |  |  |  |
| Institutional | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $13.38 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **Core Plus**<br> **Bond Fund**<br>| **TSW**<br> **Emerging Markets**<br> **Fund**<br>| **TSW**<br> **High Yield**<br> **Bond Fund**<br>| **TSW**<br> **Large Cap**<br> **Value Fund**<br>|
| Investment Income: |  |  |  |  |
| Dividend income (Net of foreign withholding tax of <br> $0, $5,610, $0 and $2,109, respectively)<br>| &nbsp;&nbsp; $39924 | &nbsp;&nbsp; $35462 | &nbsp;&nbsp; $5174 | &nbsp;&nbsp; $493034 |
| Interest income | &nbsp;&nbsp; 1861101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 312765 | &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 1901025 | &nbsp;&nbsp; 35462 | &nbsp;&nbsp; 317939 | &nbsp;&nbsp; 493034 |
| Operating expenses: |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 156773 | &nbsp;&nbsp; 18966 | &nbsp;&nbsp; 24083 | &nbsp;&nbsp; 108423 |
| Accounting and Administration fees | &nbsp;&nbsp; 22566 | &nbsp;&nbsp; 10898 | &nbsp;&nbsp; 8743 | &nbsp;&nbsp; 13092 |
| Audit fees | &nbsp;&nbsp; 11587 | &nbsp;&nbsp; 10492 | &nbsp;&nbsp; 10340 | &nbsp;&nbsp; 10746 |
| Compliance fees | &nbsp;&nbsp; 2443 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 1162 |
| Trustees | &nbsp;&nbsp; 4654 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 2235 |
| Legal | &nbsp;&nbsp; 6638 | &nbsp;&nbsp; 2167 | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 3194 |
| Registration | &nbsp;&nbsp; 12205 | &nbsp;&nbsp; 11166 | &nbsp;&nbsp; 11617 | &nbsp;&nbsp; 11734 |
| Printing | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 2432 | &nbsp;&nbsp; 3208 | &nbsp;&nbsp; 2988 |
| Foreign tax agent fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 7409 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other | &nbsp;&nbsp; 6369 | &nbsp;&nbsp; 3496 | &nbsp;&nbsp; 2197 | &nbsp;&nbsp; 4007 |
| Total expenses before reductions | &nbsp;&nbsp; 226635 | &nbsp;&nbsp; 67561 | &nbsp;&nbsp; 62017 | &nbsp;&nbsp; 157581 |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (30669)<br>| &nbsp;&nbsp; (43986)<br>| &nbsp;&nbsp; (30710)<br>| &nbsp;&nbsp; (21117)<br>|
| Net expenses | &nbsp;&nbsp; 195966 | &nbsp;&nbsp; 23575 | &nbsp;&nbsp; 31307 | &nbsp;&nbsp; 136464 |
| Net investment income | &nbsp;&nbsp; 1705059 | &nbsp;&nbsp; 11887 | &nbsp;&nbsp; 286632 | &nbsp;&nbsp; 356570 |
| Realized and Unrealized Gains (Losses) from <br> Investment Activities:<br>|  |  |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 86249 | &nbsp;&nbsp; 271518 | &nbsp;&nbsp; 22822 | &nbsp;&nbsp; 4091780 |
| Net realized losses from foreign currency <br> transactions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (110)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on <br> investments<br>| &nbsp;&nbsp; (1223681)<br>| &nbsp;&nbsp; 59367 | &nbsp;&nbsp; (204068)<br>| &nbsp;&nbsp; (2232290)<br>|
| Change in unrealized appreciation (depreciation) on <br> foreign currency<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (453)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized and unrealized gains (losses) from <br> investment activities<br>| &nbsp;&nbsp; (1137432)<br>| &nbsp;&nbsp; 330322 | &nbsp;&nbsp; (181246)<br>| &nbsp;&nbsp; 1859490 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $567627 | &nbsp;&nbsp; $342209 | &nbsp;&nbsp; $105386 | &nbsp;&nbsp; $2216060 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **Core Plus**<br> **Bond Fund** | **TSW**<br> **Core Plus**<br> **Bond Fund** | **TSW**<br> **Emerging Markets**<br> **Fund** | **TSW**<br> **Emerging Markets**<br> **Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $1705059 | &nbsp;&nbsp; $2715415 | &nbsp;&nbsp; $11887 | &nbsp;&nbsp; $103360 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 86249 | &nbsp;&nbsp; (121972)<br>| &nbsp;&nbsp; 271408 | &nbsp;&nbsp; 722235 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (1223681)<br>| &nbsp;&nbsp; 264984 | &nbsp;&nbsp; 58914 | &nbsp;&nbsp; 279472 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 567627 | &nbsp;&nbsp; 2858427 | &nbsp;&nbsp; 342209 | &nbsp;&nbsp; 1105067 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (1710170)<br>| &nbsp;&nbsp; (2717467)<br>| &nbsp;&nbsp; (207219)<br>| &nbsp;&nbsp; (235056)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (1710170)<br>| &nbsp;&nbsp; (2717467)<br>| &nbsp;&nbsp; (207219)<br>| &nbsp;&nbsp; (235056)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 5832212 | &nbsp;&nbsp; 48660889 | &nbsp;&nbsp; 1311862 | &nbsp;&nbsp; (4441177)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; 5832212 | &nbsp;&nbsp; 48660889 | &nbsp;&nbsp; 1311862 | &nbsp;&nbsp; (4441177)<br>|
| Change in net assets | &nbsp;&nbsp; 4689669 | &nbsp;&nbsp; 48801849 | &nbsp;&nbsp; 1446852 | &nbsp;&nbsp; (3571166)<br>|
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 75717110 | &nbsp;&nbsp; 26915261 | &nbsp;&nbsp; 4564860 | &nbsp;&nbsp; 8136026 |
| End of period | &nbsp;&nbsp; $80406779 | &nbsp;&nbsp; $75717110 | &nbsp;&nbsp; $6011712 | &nbsp;&nbsp; $4564860 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TSW**<br> **High Yield**<br> **Bond Fund** | **TSW**<br> **High Yield**<br> **Bond Fund** | **TSW**<br> **Large Cap**<br> **Value Fund** | **TSW**<br> **Large Cap**<br> **Value Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $286632 | &nbsp;&nbsp; $560991 | &nbsp;&nbsp; $356570 | &nbsp;&nbsp; $598578 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 22822 | &nbsp;&nbsp; 32672 | &nbsp;&nbsp; 4091780 | &nbsp;&nbsp; 5200121 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (204068)<br>| &nbsp;&nbsp; 19610 | &nbsp;&nbsp; (2232290)<br>| &nbsp;&nbsp; (790976)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 105386 | &nbsp;&nbsp; 613273 | &nbsp;&nbsp; 2216060 | &nbsp;&nbsp; 5007723 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (286632)<br>| &nbsp;&nbsp; (578292)<br>| &nbsp;&nbsp; (5400763)<br>| &nbsp;&nbsp; (3064840)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (286632)<br>| &nbsp;&nbsp; (578292)<br>| &nbsp;&nbsp; (5400763)<br>| &nbsp;&nbsp; (3064840)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (558509)<br>| &nbsp;&nbsp; 84213 | &nbsp;&nbsp; (185671)<br>| &nbsp;&nbsp; (192684)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; (558509)<br>| &nbsp;&nbsp; 84213 | &nbsp;&nbsp; (185671)<br>| &nbsp;&nbsp; (192684)<br>|
| Change in net assets | &nbsp;&nbsp; (739755)<br>| &nbsp;&nbsp; 119194 | &nbsp;&nbsp; (3370374)<br>| &nbsp;&nbsp; 1750199 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 9868486 | &nbsp;&nbsp; 9749292 | &nbsp;&nbsp; 39407581 | &nbsp;&nbsp; 37657382 |
| End of period | &nbsp;&nbsp; $9128731 | &nbsp;&nbsp; $9868486 | &nbsp;&nbsp; $36037207 | &nbsp;&nbsp; $39407581 |

---

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period**

**For the periods indicated**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **TSW Core Plus Bond Fund** | **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp;&nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |
| Net investment income<sup>(b)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | 0.17 |
| Net realized and unrealized gains (losses) from investments <br> and foreign currency<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| 0.34 |
| Total from investment operations | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | 0.51 |
| Less distributions paid: |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.17)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.17)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| 0.34 |
| Net asset value, end of period | &nbsp;&nbsp; $10.04 | &nbsp;&nbsp;&nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $10.34 |
| Total return | 0.69 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| 5.19 %<sup>(c)</sup><br>|
| Ratios/Supplemental data: |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $80407 | &nbsp;&nbsp;&nbsp;&nbsp; $75717 | &nbsp;&nbsp; $26915 |
| Ratio of net expenses to average net assets | 0.50 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| 0.50 %<sup>(d)</sup><br>|
| Ratio of net investment income to average net assets | 4.35 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| 4.47 %<sup>(d)</sup><br>|
| Ratio of gross expenses to average net assets | 0.58 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| 3.64 %<sup>(d)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | 17.09 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.15<br> %<br>| 1.44 %<sup>(c)</sup><br>|

---

(a) For the period from May 15, 2024, commencement of operations, to September 30, 2024.

(b) Net investment income (loss) for the 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.

See Notes to Financial Statements.

------

**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** |
| **TSW Emerging Markets Fund** | **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Period Ended**<br> **September 30,**<br> **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of <br> period<br>| &nbsp;&nbsp; $11.66 | &nbsp;&nbsp;&nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $7.25 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 0.14 | 0.14 | 0.13 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | 1.32 | 1.57 | &nbsp;&nbsp; (2.88)<br>|
| Total from investment <br> operations<br>| 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.96 | 1.46 | 1.71 | &nbsp;&nbsp; (2.75)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Change in net asset value | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 1.17 | 1.57 | &nbsp;&nbsp; (2.75)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $11.93 | &nbsp;&nbsp;&nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $9.99 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $7.25 |
| Total return | 7.42 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.44<br> %<br>| 16.98<br> %<br>| 23.63<br> %<br>| &nbsp;&nbsp; (27.50 %)<sup>(c)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $6012 | &nbsp;&nbsp;&nbsp;&nbsp; $4565 | &nbsp;&nbsp; $8136 | &nbsp;&nbsp; $6627 | &nbsp;&nbsp; $7253 |
| Ratio of net expenses to average net <br> assets<br>| 0.99 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99 %<sup>(d)</sup><br>|
| Ratio of net investment income to <br> average net assets<br>| 0.50 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| 1.54<br> %<br>| 1.56<br> %<br>| 1.88 %<sup>(d)</sup><br>|
| Ratio of gross expenses to average <br> net assets<br>| 2.85 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> %<br>| 1.75<br> %<br>| 2.21<br> %<br>| 2.22 %<sup>(d)</sup><br>|
| Portfolio turnover rate<sup>(f)</sup> | 21.77 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 39.77<br> %<br>| 32.29<br> %<br>| 18.44<br> %<br>| 11.47 %<sup>(c)</sup><br>|

---

---

| | |
|:---|:---|
| (a) | For the period from December 21, 2021, commencement of operations, to September 30, 2022. |
| (b) | Net investment income (loss) for the 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) | Ratios include Interest Expense of $105 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.00% and Net investment income <br>|
|  | ratio would have been higher by 0.00% excluding this expense. |
| (f) | Portfolio turnover is calculated at the fund level without regard to each class of shares. |

---

See Notes to Financial Statements.

------

**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** |
| **TSW High Yield Bond Fund** | **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Period Ended**<br> **September 30,**<br> **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | &nbsp;&nbsp; $9.37 | &nbsp;&nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 0.55 | 0.51 | 0.43 |
| Net realized and unrealized gains <br> (losses) from investments and <br> foreign currency<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.04 | 0.63 | 0.39 | &nbsp;&nbsp; (1.67)<br>|
| Total from investment <br> operations<br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | 1.18 | 0.90 | &nbsp;&nbsp; (1.24)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.44)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.44)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.63 | 0.39 | &nbsp;&nbsp; (1.68)<br>|
| Net asset value, end of period | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp;&nbsp; $9.37 | &nbsp;&nbsp; $9.34 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $8.32 |
| Total return | 1.03 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.46<br> %<br>| 13.90<br> %<br>| 10.98<br> %<br>| &nbsp;&nbsp; (12.75 %)<sup>(c)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of period (000's) | &nbsp;&nbsp; $9129 | &nbsp;&nbsp;&nbsp; $9868 | &nbsp;&nbsp; $9749 | &nbsp;&nbsp; $13153 | &nbsp;&nbsp; $11184 |
| Ratio of net expenses to average net <br> assets<br>| 0.65 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.65 %<sup>(d)</sup><br>|
| Ratio of net investment income to <br> average net assets<br>| 5.95 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.79<br> %<br>| 6.07<br> %<br>| 5.87<br> %<br>| 5.01 %<sup>(d)</sup><br>|
| Ratio of gross expenses to average <br> net assets<br>| 1.29 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| 1.28<br> %<br>| 1.31<br> %<br>| 1.90 %<sup>(d)</sup><br>|
| Portfolio turnover rate<sup>(e)</sup> | 23.66 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 43.57<br> %<br>| 36.54<br> %<br>| 74.03<br> %<br>| 31.64 %<sup>(c)</sup><br>|

---

(a) For the period from October 26, 2021, commencement of operations, to September 30, 2022.

(b) Net investment income (loss) for the 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.

See Notes to Financial Statements.

------

**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** | **Institutional Shares** |
| **TSW Large Cap Value Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Period Ended**<br> **September 30,**<br> **2022**<sup>(a)</sup> <br>| &nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2021**<br>| **Year Ended**<br> **October 31,**<br> **2020**<br>|
| Net asset value, beginning of <br> period<br>| $14.68 | &nbsp;&nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $12.50 |
| Income (loss) from <br> investment operations:<br>|  |  |  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 0.20 | 0.20 | 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.08 |
| Net realized and <br> unrealized gains <br> (losses) from <br> investments and <br> foreign currency<br>| 0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 2.19 | 1.37 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp; (0.58)<br>|
| Total from investment <br> operations<br>| 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | 2.39 | 1.57 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp; (0.50)<br>|
| Less distributions paid: |  |  |  |  |  |  |  |
| From net investment <br> income<br>| (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.10)<br>|
| From net realized gains | (1.97)<br>| &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.44)<br>|
| Total distributions paid | (2.10)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.93)<br>| &nbsp;&nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.54)<br>|
| Change in net asset value | (1.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 1.33 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp; (1.04)<br>|
| Net asset value, end of <br> period<br>| $13.38 | &nbsp;&nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $13.99 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp; $15.60 | &nbsp;&nbsp; $11.46 |
| Total return | 5.92 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.12<br> %<br>| 19.99<br> %<br>| 12.28<br> %<br>| &nbsp;&nbsp; (7.11 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.90<br> %<br>| &nbsp;&nbsp; (4.25<br> %)<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |  |
| Net assets, end of period <br> (000's)<br>| $36037 | &nbsp;&nbsp;&nbsp; $39408 | &nbsp;&nbsp; $37657 | &nbsp;&nbsp; $35078 | &nbsp;&nbsp; $35215 | &nbsp;&nbsp;&nbsp; $39445 | &nbsp;&nbsp; $30593 |
| Ratio of net expenses to <br> average net assets<br>| 0.73 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| 0.73<br> %<br>| 0.73<br> %<br>| 0.78 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| 1.20<br> %<br>|
| Ratio of net investment <br> income to average net <br> assets<br>| 1.91 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| 1.55<br> %<br>| 1.51<br> %<br>| 1.03 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| 0.70<br> %<br>|
| Ratio of gross expenses to <br> average net assets<br>| 0.84 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| 0.95<br> %<br>| 0.73<br> %<br>| 0.98 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.77<br> %<br>| 1.88<br> %<br>|
| Ratio of expense recoupment <br> to average net assets<br>|  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(e)</sup> | 13.82 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.07<br> %<br>| 40.50<br> %<br>| 21.24<br> %<br>| 46.37 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.00<br> %<br>| 64.00<br> %<br>|

---

(a) For the period from November 1, 2021 to September 30, 2022.

(b) Net investment income (loss) for the 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.

See Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Perpetual Americas Funds Trust (the "Trust") (formerly JOHCM Funds Trust) is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). As an open-end registered investment company (as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services - Investment Companies". The TSW Core Plus Bond Fund, the TSW Emerging Markets Fund, the TSW High Yield Bond Fund, and the TSW Large Cap Value Fund (each, a "Fund" and collectively, the "Funds") are each a diversified fund, a series of the Trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust.

Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2026, the following classes of shares were in operation:

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| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| TSW Core Plus Bond Fund | Institutional Shares: May 15, 2024 | &nbsp;&nbsp; to seek strong, risk-adjusted total return over a <br> market cycle<br>|
| TSW Emerging Markets Fund | Institutional Shares: December 21, 2021 | to maximize long-term capital appreciation |
| TSW High Yield Bond Fund | Institutional Shares: October 26, 2021 | &nbsp;&nbsp; to seek high current income with a secondary <br> focus on capital appreciation<br>|
| TSW Large Cap Value Fund | Institutional Shares: July 16, 1992 | &nbsp;&nbsp; to seek maximum long-term total return, <br> consistent with reasonable risk to principal<br>|

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Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and Funds. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds.

Prior to December 6, 2021, the TSW Large Cap Value Fund operated as the TS&W Equity Portfolio, a series of Advisors' Inner Circle Fund, which was reorganized into the Trust on December 6, 2021.

**A. Significant accounting policies related to investments are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 — quoted prices in active markets for identical assets

• Level 2 — other significant observable inputs (including adjustments made to quoted prices of a security, quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in closed-end investment companies are valued at the last quoted sales prices or official closing prices taken from the primary market or composite in which each security trades. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Trustees have designated JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS"), investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value, in accordance with the Trust's valuation policy, when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. equity securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international equity 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, the Funds generally use a systematic valuation model provided by an approved independent third party pricing service to fair value their international equity securities. International equity securities which are fair valued pursuant to this valuation model or fair valued in connection with local market holidays are deemed to be Level 2 securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2026 in valuing the Funds' investments based upon the three fair value levels defined above:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **TSW Core Plus Bond Fund** |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43674557 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43674557 |
| Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 5722711 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5722711 |
| Short-Term Investments | &nbsp;&nbsp; 418127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 418127 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 29932955 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29932955 |
| Total Investments | &nbsp;&nbsp; $418127 | &nbsp;&nbsp; $79330223 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $79748350 |
| **TSW Emerging Markets Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $302114 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $302114 |
| Canada | &nbsp;&nbsp; 80250 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80250 |
| Guatemala | &nbsp;&nbsp; 56205 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56205 |

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| India | &nbsp;&nbsp; $98420 | &nbsp;&nbsp; $376199 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $474619 |
| Mexico | &nbsp;&nbsp; 165221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165221 |
| United Arab Emirates | &nbsp;&nbsp; 57316 | &nbsp;&nbsp; 71666 | &nbsp;&nbsp; — | &nbsp;&nbsp; 128982 |
| United States | &nbsp;&nbsp; 166731 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 166731 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4332070 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4332070 |
| Total Common Stocks | &nbsp;&nbsp; $926257 | &nbsp;&nbsp; $4779935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5706192 |
| Short-Term Investments | &nbsp;&nbsp; $478806 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $478806 |
| Total Investments | &nbsp;&nbsp; $1405063 | &nbsp;&nbsp; $4779935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6184998 |
| **TSW High Yield Bond Fund** |  |  |  |  |
| Corporate Bonds\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8788220 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8788220 |
| Short-Term Investments | &nbsp;&nbsp; 204605 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204605 |
| Total Investments | &nbsp;&nbsp; $204605 | &nbsp;&nbsp; $8788220 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8992825 |
| **TSW Large Cap Value Fund** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $32689567 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $32689567 |
| Short-Term Investments | &nbsp;&nbsp; 3344112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3344112 |
| Total Investments | &nbsp;&nbsp; $36033679 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $36033679 |

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\* See additional categories in the Schedule of Investments.

As of March 31, 2026, there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the period ended March 31, 2026.

There were no Level 3 securities held by the Funds during the period.

**EQUITY-LINKED SECURITIES**

The Funds may invest in equity-linked securities, also known as participation notes. The Funds may use these instruments as an alternate means to gain exposure to what is generally an emerging securities market, such as countries in which it does not have local accounts. These instruments represent interests in securities listed on certain foreign exchanges, and thus present similar risks to investing directly in such equity securities. These instruments are generally issued by the associates of foreign-based brokerages and domestic institutional brokerages. Accordingly, the equity-linked securities also expose investors to counterparty risk, which is the risk that the entity issuing the note may not be able to honor its financial commitments.

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Funds is the U.S. dollar. The market values of non-U.S. securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in Net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

The Funds may engage in spot currency transactions for the purpose of non-U.S. security settlement and operational processes. Certain Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2026.

**WHEN-ISSUED/DELAYED DELIVERY SECURITIES**

Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2026, if any, are noted in each Fund's Schedule of Investments and in aggregate as Payable for when-issued securities, in each Fund's Statement of Assets & Liabilities.

**INVESTMENT TRANSACTIONS AND INCOME** 

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from non-U.S. securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Each Fund, as applicable, records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Non-cash dividends are recognized as investment income at the fair value of the asset received.

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**EXPENSE ALLOCATIONS**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one Fund are allocated among the applicable Funds in the Trust on a pro-rata basis based on relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

**DIVIDENDS AND DISTRIBUTIONS**

Distributions of dividends from net investment income, if any, are declared and paid as follows:

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| | |
|:---|:---|
| **Fund** | **Declaration and** <br> **Payment Frequency**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; Daily/Monthly |
| TSW Emerging Markets Fund | &nbsp;&nbsp; Annually |
| TSW High Yield Bond Fund | &nbsp;&nbsp; Daily/Monthly |
| TSW Large Cap Value Fund | &nbsp;&nbsp; Quarterly |

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The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains at least once a year.

Distributions from net investment income and from net realized capital gain are determined in accordance with U.S. federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**U.S. FEDERAL INCOME TAX INFORMATION**

No provision is made for U.S. federal income taxes as each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds', excluding the TSW Large Cap Value Fund, U.S. federal income tax returns for the tax years ended September 30, 2022 through September 30, 2025, as applicable, remain subject to examination by the Internal Revenue Service. The TSW Large Cap Value Fund's U.S. federal income tax returns for the tax years ended September 30, 2023 through September 30, 2025 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The TSW Emerging Markets Fund received $2,068 in capital gain taxes which are netted with any refunds received during the period. This amount is included in the net realized gains (losses) from investment transactions on the Statements of Operations.

**OFFERING COSTS**

Offering costs consist of expenses incurred to establish a Fund, enable it legally to do business, and primarily include certain registration fees, legal fees, and print fees in connection with initial registration statement and offering of the Fund. Offering costs are accounted for as deferred costs and amortized to expense over a Fund's first twelve months of operations on a straight-line basis.

**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

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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 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

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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.

**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.

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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.

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**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.

**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

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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.

**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.

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**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 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.

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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, 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. 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.

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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 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.

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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 Risk above 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 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.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

**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 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

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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.

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.

**SEGMENT REPORTING**

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of such Fund, as prescribed in its prospectus. The Chief Operating

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Decision Maker ("CODM") is the Senior Leadership Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment is consistent with that presented within the Fund's financial statements and financial highlights.

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the "Agreement") with PAFS to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into a Third Amended and Restated Expense Limitation Agreement whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets).

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| TSW Core Plus Bond Fund | Institutional | 0.40% | 0.50% |
| TSW Emerging Markets Fund | Institutional | 0.80% | 0.99% |
| TSW High Yield Bond Fund | Institutional | 0.50% | 0.65% |
| TSW Large Cap Value Fund | Institutional | 0.58% | 0.73% |

---

The Third Amended and Restated Expense Limitation Agreement is effective until February 1, 2027 for the Funds. 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 at the time of repayment 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 at any time and will terminate automatically upon termination of the Agreement.

TSW serves as the investment sub-adviser to the Funds. For its services, the Sub-Adviser is paid a fee of 0.25%, 0.65%, 0.35%, and 0.43%, based on average daily net assets of the TSW Core Plus Bond Fund, TSW Emerging Markets Fund, TSW High Yield Bond Fund and TSW Large Cap Value Fund, respectively, by the Adviser.

For the six months ended March 31, 2026, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| TSW Core Plus Bond Fund | $156773 | $30669 | $— |
| TSW Emerging Markets Fund | 18966 | 43986 |  |
| TSW High Yield Bond Fund | 24083 | 30710 |  |
| TSW Large Cap Value Fund | 108423 | 21117 |  |

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The balances of recoverable expenses to PAFS by the Funds at March 31, 2026 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the year or period ended:** | **Expiring** | **TSW**<br> **Core**<br> **Plus**<br> **Bond**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **TSW**<br> **Emerging**<br> **Markets**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **TSW**<br> **High**<br> **Yield**<br> **Bond**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **TSW**<br> **Large**<br> **Cap**<br> **Value**<br> **Fund**<br>|
| September 30, 2023 | September 30, 2026 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $85549 | &nbsp;&nbsp;&nbsp;&nbsp; $79563 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| September 30, 2024 | September 30, 2027 | &nbsp;&nbsp; 82,052<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 55765 | &nbsp;&nbsp;&nbsp;&nbsp; 63024 | &nbsp;&nbsp;&nbsp;&nbsp; 80022 |
| September 30, 2025 | September 30, 2028 | &nbsp;&nbsp; 180897 | &nbsp;&nbsp;&nbsp;&nbsp; 76381 | &nbsp;&nbsp;&nbsp;&nbsp; 62387 | &nbsp;&nbsp;&nbsp;&nbsp; 82885 |
| Six months ended March 31, 2026 | September 30, 2029 | &nbsp;&nbsp; 30669 | &nbsp;&nbsp;&nbsp;&nbsp; 43986 | &nbsp;&nbsp;&nbsp;&nbsp; 30710 | &nbsp;&nbsp;&nbsp;&nbsp; 21117 |
| Balances of Recoverable Expenses to PAFS |  | &nbsp;&nbsp; $293618 | &nbsp;&nbsp;&nbsp;&nbsp; $261681 | &nbsp;&nbsp;&nbsp;&nbsp; $235684 | &nbsp;&nbsp;&nbsp;&nbsp; $184024 |

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\* For the period from May 15, 2024, commencement of operations, to September 30, 2024.

Perpetual Americas Funds Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group ("ACA Group"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. Under a separate Distribution Services and License Agreement, PAFS, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds. Neither the Distributor nor ACA Group is affiliated with the Trust or the Adviser or TSW.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services are reflected as "Accounting and Administration" fees on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Institutional Class Shareholder Services, Recordkeeping and Sub-Transfer Agency Agreement (the "Shareholder Services Agreement"). Pursuant to the Shareholder Services Agreement, the Trust, on behalf of each Fund, agrees that Institutional Shares of each Fund shall reimburse PAFS or its designee for any payments PAFS or such designee makes to third-party service providers for personal services, accounting or subaccounting, recordkeeping and/or other administrative services provided to beneficial holders of Institutional Class shares of the Funds. Payments by a Fund pursuant to the Shareholder Services Agreement shall not exceed such amounts as are approved by the Board from time to time. The Funds incurred no fees pursuant to the Shareholder Services Agreement during the period ended March 31, 2026.

Certain officers of the Trust are affiliated with PAFS and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2026, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds is reflected as "Trustees" expenses on the Statements of Operations.

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**C. Credit Agreements**

The Trust, on behalf 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 which permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured Overnight Financing Rate plus 1.30% or the Prime Rate minus 1.50%.

During the six months ended March 31, 2026, the following Funds had borrowings with the average loan, weighted interest rate and interest expense as disclosed below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | Dollar Amount | Days Outstanding | Rate | Interest Expense |
| TSW Emerging Markets Fund | &nbsp;&nbsp; $140000 | &nbsp;&nbsp; 5 | 5.39<br> %<br>| &nbsp;&nbsp; 105 |

---

Incurred interest expense related to borrowings under the Credit Agreements during the six months ended March 31, 2026. The amounts are included in the "Interest Expense" on the Statements of Operations.

**D. Investment Transactions**

For the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $12109391 | &nbsp;&nbsp; $7574302 |
| TSW Emerging Markets Fund | &nbsp;&nbsp; 1928158 | &nbsp;&nbsp; 1056653 |
| TSW High Yield Bond Fund | &nbsp;&nbsp; 2204810 | &nbsp;&nbsp; 2949280 |
| TSW Large Cap Value Fund | &nbsp;&nbsp; 4722912 | &nbsp;&nbsp; 9808034 |

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For the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of U.S. government securities (excluding short-term investments) for the Funds were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $9315041 | &nbsp;&nbsp; $5370380 |

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**E. U.S. Federal Income Tax**

As of March 31, 2026, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $80529075<br>| &nbsp;&nbsp; $309247<br>| &nbsp;&nbsp; $(1089972) <br>| &nbsp;&nbsp; $(780725) <br>|
| TSW Emerging Markets Fund | &nbsp;&nbsp; 5038938<br>| &nbsp;&nbsp; 1296457<br>| &nbsp;&nbsp; (150397) <br>| &nbsp;&nbsp; 1146060<br>|
| TSW High Yield Bond Fund | &nbsp;&nbsp; 9046393<br>| &nbsp;&nbsp; 92019<br>| &nbsp;&nbsp; (145587) <br>| &nbsp;&nbsp; (53568) <br>|
| TSW Large Cap Value Fund | &nbsp;&nbsp; 31026890<br>| &nbsp;&nbsp; 7333583<br>| &nbsp;&nbsp; (2326794) <br>| &nbsp;&nbsp; 5006789<br>|

---

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**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2025 and September 30, 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From**  | **Distributions From**  | **Distributions From**  | **Distributions From**  |
| **Fund** | **Ordinary**<br> **Income\***<br> **2025**<br>| **Long-Term**<br> **Capital Gains**<br> **2025**<br>| **Ordinary**<br> **Income**<br> **2024**<br>| **Long-Term**<br> **Capital Gains**<br> **2024**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $2704475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $114889 | &nbsp;&nbsp; $— |
| TSW Emerging Markets Fund | &nbsp;&nbsp; 235056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216019 | &nbsp;&nbsp; — |
| TSW High Yield Bond Fund | &nbsp;&nbsp; 577169 | &nbsp;&nbsp; — | &nbsp;&nbsp; 630387 | &nbsp;&nbsp; — |
| TSW Large Cap Value Fund | &nbsp;&nbsp; 819086 | &nbsp;&nbsp; 2,245,754<br> \*\*<br>| &nbsp;&nbsp; 668234 | &nbsp;&nbsp; 2,234,137<br> \*\*\*<br>|

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\* Ordinary income includes short-term capital gains, if any.

\*\* The amount does not include tax equalization utilized of $338,111 in net long term capital gains in which the TSW Large Cap Value Fund designated as being distributed to shareholders on their redemption of shares. 

\*\*\* The amount does not include tax equalization utilized of $261,855 in net long term capital gains in which the TSW Large Cap Value Fund designated as being distributed to shareholders on their redemption of shares. 

Primarily as a result of differing book/tax treatment of tax equalization, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2025, the following reclassifications were made to the Funds' Statements of Assets and Liabilities:

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| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **Earnings (Loss)**<br>| **Paid-in**<br> **Capital**<br>|
| TSW Large Cap Value Fund  | &nbsp;&nbsp; $(337277) <br>| &nbsp;&nbsp; $337277<br>|

---

As of the latest tax year ended September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Distributions** <br> **Payable**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| TSW Core Plus <br> Bond Fund<br>| $18303 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(124784)<br>| &nbsp;&nbsp;&nbsp; $(14989)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $442956 | &nbsp;&nbsp;&nbsp; $321486 |
| TSW Emerging Markets <br> Fund<br>| 204404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (740799)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1087669 | &nbsp;&nbsp;&nbsp; 551274 |
| TSW High Yield <br> Bond Fund<br>| 5537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (838198)<br>| &nbsp;&nbsp;&nbsp; (4011)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 150500 | &nbsp;&nbsp;&nbsp; (686172)<br>|
| TSW Large Cap <br> Value Fund<br>| 178239 | &nbsp;&nbsp;&nbsp; 4383947 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7239072 | &nbsp;&nbsp;&nbsp; 11801258 |

---

As of the latest tax year ended September 30, 2025, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| TSW Core Plus Bond Fund | &nbsp;&nbsp; $121156 | &nbsp;&nbsp; $3628 |
| TSW Emerging Markets Fund | &nbsp;&nbsp; 740799 | &nbsp;&nbsp; — |
| TSW High Yield Bond Fund | &nbsp;&nbsp; 55374 | &nbsp;&nbsp; 782824 |

---

During the latest tax year ended September 30, 2025, the TSW High Yield Bond Fund and TSW Emerging Markets Fund utilized $30,326 and $563,440, respectively, in capital loss carry forwards.

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**F. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; $6381540  | &nbsp;&nbsp; $1593531  | &nbsp;&nbsp; $(2142859)  | &nbsp;&nbsp; $5832212  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 1589501  | &nbsp;&nbsp; 25625  | &nbsp;&nbsp; (303264)  | &nbsp;&nbsp; 1311862  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 385  | &nbsp;&nbsp; 262891  | &nbsp;&nbsp; (821785)  | &nbsp;&nbsp; (558509)  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 1800368  | &nbsp;&nbsp; 5376173  | &nbsp;&nbsp; (7362212)  | &nbsp;&nbsp; (185671)  |

---

Transactions in shares for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; 626445  | &nbsp;&nbsp; 156551  | &nbsp;&nbsp; (210713)  | &nbsp;&nbsp; 572283  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 135999  | &nbsp;&nbsp; 2256  | &nbsp;&nbsp; (25854)  | &nbsp;&nbsp; 112401  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 41  | &nbsp;&nbsp; 28144  | &nbsp;&nbsp; (88219)  | &nbsp;&nbsp; (60034)  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 134967  | &nbsp;&nbsp; 411776  | &nbsp;&nbsp; (538263)  | &nbsp;&nbsp; 8480  |

---

Transactions in dollars for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; $48695790  | &nbsp;&nbsp; $2595849  | &nbsp;&nbsp; $(2630750)  | &nbsp;&nbsp; $48660889  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 297981  | &nbsp;&nbsp; 11370  | &nbsp;&nbsp; (4750528)  | &nbsp;&nbsp; (4441177)  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 239022  | &nbsp;&nbsp; 529655  | &nbsp;&nbsp; (684464)  | &nbsp;&nbsp; 84213  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 2102395  | &nbsp;&nbsp; 3006059  | &nbsp;&nbsp; (5301138)  | &nbsp;&nbsp; (192684)  |

---

Transactions in shares of fund shares for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | &nbsp;&nbsp; 4833909  | &nbsp;&nbsp; 257650  | &nbsp;&nbsp; (260582)  | &nbsp;&nbsp; 4830977  |
| TSW Emerging Markets Fund | Institutional Shares | &nbsp;&nbsp; 33085  | &nbsp;&nbsp; 1233  | &nbsp;&nbsp; (456906)  | &nbsp;&nbsp; (422588)  |
| TSW High Yield Bond Fund | Institutional Shares | &nbsp;&nbsp; 25942  | &nbsp;&nbsp; 57075  | &nbsp;&nbsp; (73832)  | &nbsp;&nbsp; 9185  |
| TSW Large Cap Value Fund | Institutional Shares | &nbsp;&nbsp; 155265  | &nbsp;&nbsp; 225346  | &nbsp;&nbsp; (388066)  | &nbsp;&nbsp; (7455)  |

---

------

**TSW MUTUAL FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**G. Concentration of Ownership**

A significant portion of a Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of a Fund's investment strategy.

As of March 31, 2026, PAFS or PAFS affiliates held outstanding shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **%**<br> **Ownership**<br>|
| TSW Core Plus Bond Fund | Institutional Shares | 0.1 |
| TSW Emerging Markets Fund | Institutional Shares | 78.4 |
| TSW High Yield Bond Fund | Institutional Shares | 0.6 |
| TSW Large Cap Value Fund | Institutional Shares | 4.8 |

---

**H. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**I. Subsequent Events**

Management has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

------

**TSW MUTUAL FUNDS**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2026 (Unaudited)**

------

Not applicable.

------

**TSW MUTUAL FUNDS**

**PROXY DISCLOSURES**

**March 31, 2026 (Unaudited)**

------

Not applicable.

------

**TSW MUTUAL FUNDS**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**March 31, 2026 (Unaudited)**

------

Included on page 46 in the Notes to Financial Statements.

------

**TSW MUTUAL FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

Prior to and at a meeting of the Board of Trustees (the "Board" or the "Trustees") of Perpetual Americas Funds Trust held on December 11-12, 2025, the Board requested, and JOHCM (USA) Inc. d/b/a Perpetual Americas Funds Services (the "Adviser") and Thompson, Siegel & Walmsley LLC ("TSW" or "Sub-Adviser") provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Adviser and TSW to the TSW Core Plus Bond Fund, the TSW Emerging Markets Fund, the TSW High Yield Bond Fund, and the TSW Large Cap Value Fund (the "Funds"); (ii) the investment performance of the Funds, including the performance of each Fund's predecessor fund, as applicable<sup>1</sup>; (iii) the costs of the services provided and the profits realized by the Adviser and TSW from their relationships with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds' potential shareholders. The Trustees were assisted in their evaluation of the Investment Advisory Agreement and Investment Subadvisory Agreement (together, the "Advisory Agreements") by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from management. In reviewing the Advisory Agreements, the Trustees, including all the Independent Trustees, considered the following and other factors with respect to the Funds:

*Nature, Extent and Quality of the Services*

The Board examined the nature, extent, and quality of services to be provided to each Fund by the Adviser and TSW. The Board noted that the Adviser and Sub-Adviser are indirect wholly owned subsidiaries of Perpetual Limited. The Board considered the terms of the Advisory Agreements, information and reports provided by the Adviser and the Sub-Adviser on its respective personnel and operations, and the Adviser's and TSW's experience with the investment strategy and risks of each Fund. The Board reviewed the Adviser's and the Sub-Adviser's investment philosophy and portfolio construction processes, compliance programs, insurance coverage, business continuity programs, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser and TSW, there had been no previously undisclosed (i) material compliance issues or concerns raised or encountered since the last approval of the Advisory Agreements or (ii) material compliance issues in the past two years with respect to the Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. The Board expressed satisfaction with the quality, extent, and nature of the services provided by the Adviser and TSW.

*Performance and Profits*

The Trustees reviewed performance information for the Funds, including each Fund's one-, three-, five- and ten-year periods (as available) ended on October 31, 2025. The Board considered a report prepared by an industry standard independent service provider, FUSE Research Network LLC (the "FUSE Report"), which presented comparisons of investment performance, expenses and fees of the Funds relative to their investment categories, competitor fund groups and broader benchmarks. The Trustees also reviewed and considered profitability analyses for the Funds prepared by the Adviser and TSW on a consolidated basis. The analyses included details on income, direct expenses, staff costs, overhead, taxes, distribution related expenses and operating profit/loss. As part of the review of the profitability analyses, the Trustees also considered information provided by the Adviser related to its operating margin versus that of other investment advisers. The Trustees noted that, based on the information provided, the profits realized and/or to be realized were not excessive. Finally, the Trustees discussed potential adverse impacts to overall profitability as a result of current market conditions.

The Board noted that the TSW Core Plus Bond Fund's Gross Advisory Fee ranked seven out of 13 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.40% compared to a median Gross Advisory Fee of 0.40% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 13 among the Fund's Expense Group and 55 out of 95 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.50% compared to a median total expense of 0.54% for the Expense Group and 0.49% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 93 out of 95 among the Fund's Performance Universe over the one-year period ended October 31, 2025. The Fund's return was 5.54% compared to a median return of the Performance Universe of 6.57% over the one-year period ended October 31, 2025.

<sup>1</sup> The TSW Large Cap Value Fund has a predecessor fund which was reorganized into the Trust effective December 6, 2021.

------

**TSW MUTUAL FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

With respect to the TSW Emerging Markets Fund, the Board noted that the Fund's Gross Advisory Fee tied with two other funds to rank five out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.80% compared to a median Contractual Management Fee of 0.85% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and reimbursements, and noted that the Fund ranked eight out of 14 among the Fund's Expense Group and 41 out of 135 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.99% compared to a median total expense of 0.98% for the Expense Group and 1.05% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 42 out of 135 and 51 out of 128 among the Fund's Performance Universe over the one- and three-year periods ended October 31, 2025, respectively. The Fund's returns were 29.15% and 20.72% compared to a median return of the Performance Universe of 26.93% and 19.97% over the one- and three-year periods ended October 31, 2025, respectively.

The Board noted that the TSW High Yield Bond Fund's Gross Advisory Fee tied with two other funds to rank two out of 15 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.50% compared to a median Gross Advisory Fee of 0.55% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund tied with two other funds to rank three out of 15 among the Fund's Expense Group and tied with five other funds to rank 33 out of 107 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.65% compared to a median total expense of 0.71% for the Expense Group and 0.71% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 67 out of 107 and 46 out of 104 among the Fund's Performance Universe over the one- and three-year periods ended October 31, 2025. The Fund's returns were 7.16% and 9.64% compared to a median return of the Performance Universe of 7.63% and 9.40% over the one- and three-year periods ended October 31, 2025.

With respect to the TSW Large Cap Value Fund, the Board noted that the Fund's Gross Advisory Fee ranked three out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.58% compared to a median Gross Advisory Fee of 0.72% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and reimbursements, and noted that the Fund ranked four out of 14 among the Fund's Expense Group and tied with five other funds to rank 81 out of 182 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.73% compared to a median total expense of 0.81% for the Expense Group and 0.74% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 51 out of 182, 140 out of 178, 87 out of 170, and 66 out of 148 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 12.44%, 10.83%, 14.78%, and 10.35% compared to a median return of the Performance Universe of 10.53%, 13.24%, 14.81%, and 10.25% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

The Board then reviewed the expense caps that were in place for each of the Funds and noted that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses through February 1, 2027. After considering the comparative data provided, as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

*Economies of Scale*

In considering the economies of scale for the Funds, the Board considered the marketing and distribution plans, capacity, and breakeven points for each of the Funds

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee assigned different weights to various factors considered.

------

**Investment Subadviser**

Thompson, Siegel & Walmsley LLC

6641 West Broad Street

Suite 600

Richmond, Virginia 23230

**Investment Adviser**

Perpetual Americas Funds Services

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

TSW 03/26

------

![](img5ed9c4b61.gif)

------

---

| |
|:---|
| 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 |

---

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2026 (Unaudited)

------

**BARROW HANLEY FUNDS**

**TABLE OF CONTENTS**

**March 31, 2026 (Unaudited)**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Schedules of Investments](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Statements of Assets & Liabilities](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_FS-FundBookHeader2_1)** | **47** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Statements of Operations](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_FS-FundBookHeader2_4)** | **50** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_FS-FundBookHeader2_8)** | **54** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_FS-FundBookHeader2_12)** | **58** |
| **[&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_NTF-NotestoFinancialStatements_1)** | **65** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_CAD-CAD-TOC_1)** | **92** |
| **[PROXY DISCLOSURES](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_PD-PD-TOC_1)** | **93** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_RPDOO-RPDOO-TOC_1)** | **94** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_91ced724-a9c0-4d0d-b579-4fdb1b7efbd9_BA-BA-TOC_1)** | **95** |

---

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 95.2<br> %<br>|  |  |
| Brazil | 5.4<br> %<br>|  |  |
| B3 S.A. - Brasil Bolsa Balcao<sup>(a)</sup> <br>|  | 75739 | &nbsp;&nbsp; $269042 |
| Cosan S.A.<sup>(a)</sup> <br>|  | 135054 | &nbsp;&nbsp; 140273 |
|  |  |  | &nbsp;&nbsp; 409315 |
| China | 20.9<br> %<br>|  |  |
| China Mengniu Dairy Co. Ltd. |  | 84840 | &nbsp;&nbsp; 187437 |
| iQIYI, Inc. - ADR<sup>(a)</sup> <br>|  | 60957 | &nbsp;&nbsp; 82292 |
| JD.com, Inc. - Class A |  | 11299 | &nbsp;&nbsp; 166553 |
| Li Ning Co. Ltd. |  | 70872 | &nbsp;&nbsp; 195807 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> <br>|  | 94018 | &nbsp;&nbsp; 91533 |
| Ping An Insurance Group Co. of China Ltd. - Class H |  | 32498 | &nbsp;&nbsp; 249884 |
| Shandong Weigao Group Medical Polymer Co. Ltd. - Class H |  | 163483 | &nbsp;&nbsp; 78605 |
| Sunny Optical Technology Group Co. Ltd. |  | 23074 | &nbsp;&nbsp; 160878 |
| Xinyi Glass Holdings Ltd. |  | 154625 | &nbsp;&nbsp; 194004 |
| ZTO Express Cayman, Inc. |  | 7285 | &nbsp;&nbsp; 179305 |
|  |  |  | &nbsp;&nbsp; 1586298 |
| Hong Kong | 2.6<br> %<br>|  |  |
| ASMPT Ltd. |  | 15466 | &nbsp;&nbsp; 200188 |
| India | 1.4<br> %<br>|  |  |
| Axis Bank Ltd. |  | 8801 | &nbsp;&nbsp; 109002 |
| Indonesia | 4.7<br> %<br>|  |  |
| Bank Mandiri Persero Tbk PT |  | 633446 | &nbsp;&nbsp; 177810 |
| Telkom Indonesia Persero Tbk PT |  | 979988 | &nbsp;&nbsp; 177184 |
|  |  |  | &nbsp;&nbsp; 354994 |
| Malaysia | 2.1<br> %<br>|  |  |
| Public Bank Bhd. |  | 135542 | &nbsp;&nbsp; 157377 |
| Mexico | 5.8<br> %<br>|  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 14144 | &nbsp;&nbsp; 156868 |
| Kimberly-Clark de Mexico S.A.B. de C.V. - Class A |  | 69050 | &nbsp;&nbsp; 163465 |
| Wal-Mart de Mexico S.A.B. de C.V. |  | 36945 | &nbsp;&nbsp; 119969 |
|  |  |  | &nbsp;&nbsp; 440302 |
| Philippines | 1.5<br> %<br>|  |  |
| Ayala Land, Inc. |  | 409629 | &nbsp;&nbsp; 109535 |
| Saudi Arabia | 2.8<br> %<br>|  |  |
| Saudi National Bank (The) |  | 18491 | &nbsp;&nbsp; 208742 |
| South Africa | 2.6<br> %<br>|  |  |
| Sibanye Stillwater Ltd. |  | 63275 | &nbsp;&nbsp; 194221 |
| South Korea | 21.2<br> %<br>|  |  |
| Amorepacific Corp. |  | 2434 | &nbsp;&nbsp; 224379 |
| Hyundai Motor Co. |  | 925 | &nbsp;&nbsp; 284956 |
| LG Electronics, Inc. |  | 2616 | &nbsp;&nbsp; 189659 |
| Samsung Electro-Mechanics Co. Ltd. |  | 1349 | &nbsp;&nbsp; 386501 |
| SK hynix, Inc. |  | 917 | &nbsp;&nbsp; 520274 |
|  |  |  | &nbsp;&nbsp; 1605769 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Taiwan | 14.2<br> %<br>|  |  |
| Bizlink Holding, Inc. |  | 5767 | &nbsp;&nbsp; $331150 |
| Globalwafers Co. Ltd. |  | 13137 | &nbsp;&nbsp; 179195 |
| Hiwin Technologies Corp. |  | 26439 | &nbsp;&nbsp; 195346 |
| Largan Precision Co. Ltd. |  | 1459 | &nbsp;&nbsp; 100078 |
| MediaTek, Inc. |  | 5641 | &nbsp;&nbsp; 270571 |
|  |  |  | &nbsp;&nbsp; 1076340 |
| Thailand | 5.4<br> %<br>|  |  |
| Kasikornbank PCL - REG |  | 26833 | &nbsp;&nbsp; 155968 |
| Siam Cement (The) PCL - REG |  | 22943 | &nbsp;&nbsp; 144984 |
| Srisawad Corp. PCL - REG |  | 158011 | &nbsp;&nbsp; 106363 |
|  |  |  | &nbsp;&nbsp; 407315 |
| United Arab Emirates | 2.1<br> %<br>|  |  |
| First Abu Dhabi Bank PJSC |  | 33695 | &nbsp;&nbsp; 159877 |
| Vietnam | 2.5<br> %<br>|  |  |
| Vietnam Dairy Products JSC |  | 83487 | &nbsp;&nbsp; 192245 |
| TOTAL COMMON STOCKS (Cost $5,471,733) |  |  | &nbsp;&nbsp; 7211520 |
| PREFERRED STOCKS | 2.4<br> %<br>|  |  |
| Brazil | 2.4<br> %<br>|  |  |
| Banco Bradesco S.A.<sup>(a)</sup> <br>|  | 49274 | &nbsp;&nbsp; 182357 |
| TOTAL PREFERRED STOCKS (Cost $134,107) |  |  | &nbsp;&nbsp; 182357 |
| SHORT-TERM INVESTMENTS | 1.9<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(c)</sup> <br>|  | 145435 | &nbsp;&nbsp; 145435 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $145,435) |  |  | &nbsp;&nbsp; 145435 |
| TOTAL INVESTMENTS<br> (Cost $5,751,275)<br>| 99.5<br> %<br>|  | &nbsp;&nbsp; 7539312 |
| NET OTHER ASSETS (LIABILITIES) | 0.5<br> %<br>|  | &nbsp;&nbsp; 39843 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $7579155 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $91,533 or 1% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

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

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CONCENTRATED EMERGING MARKETS ESG OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

At March 31, 2026 the industry sectors (excluding short-term investments) for the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 25.6% |
| Information Technology  | 23.9  |
| Consumer Discretionary  | 12.9  |
| Industrials  | 11.9  |
| Consumer Staples  | 11.7  |
| Materials  | 4.5  |
| Communication Services  | 3.4  |
| Real Estate  | 2.7  |
| Health Care  | 1.0  |
| Total | &nbsp;&nbsp; 97.6% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 2.8<br> %<br>|  |  |
| Other Asset-Backed Securities | 2.8<br> %<br>|  |  |
| CTM CLO Ltd., Series 2025-2A - Class E<br> (Floating, 3M CME Term SOFR + 5.65%)<br> 9.43%, 10/20/38<sup>(a)(b)</sup> <br>|  | $500000 | &nbsp;&nbsp; $496826 |
| Eldridge CLO Ltd., Series 2025-1A - Class E<br> (Floating, 3M CME Term SOFR + 5.30%)<br> 9.22%, 10/20/38<sup>(a)(b)</sup> <br>|  | 325000 | &nbsp;&nbsp; 324371 |
| Elmwood CLO 29 Ltd., Series 2024-5A - Class ER<br> (Floating, 3M CME Term SOFR + 6.40%, 6.40% Floor)<br> 10.07%, 04/20/37<sup>(a)(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 962967 |
| Empower CLO Ltd., Series 2023-2A - Class ER<br> (Floating, 3M CME Term SOFR + 5.60%)<br> 9.27%, 10/15/38<sup>(a)(b)</sup> <br>|  | 750000 | &nbsp;&nbsp; 728233 |
| Katayma CLO II Ltd., Series 2024-2A - Class E<br> (Floating, 3M CME Term SOFR + 7.33%, 7.33% Floor)<br> 11.00%, 04/20/37<sup>(a)(b)</sup> <br>|  | 250000 | &nbsp;&nbsp; 246826 |
| Market Street CLO Ltd. II, Series 2025-2A - Class E<br> (Floating, 3M CME Term SOFR + 5.85%)<br> 9.73%, 03/20/38<sup>(a)(b)</sup> <br>|  | 450000 | &nbsp;&nbsp; 442349 |
|  |  |  | &nbsp;&nbsp; 3201572 |
| TOTAL ASSET-BACKED SECURITIES (Cost $3,281,900) |  |  | &nbsp;&nbsp; 3201572 |
| CORPORATE BONDS | 70.2<br> %<br>|  |  |
| Aerospace & Defense | 0.3<br> %<br>|  |  |
| Goat Holdco LLC<br> 6.75%, 02/01/32<sup>(a)</sup> <br>|  | 285000 | &nbsp;&nbsp; 286747 |
| Apparel & Textile Products | 0.2<br> %<br>|  |  |
| Beach Acquisition Bidco LLC<br> 10.00%, 07/15/33<sup>(a)</sup> <br>|  | 210809 | &nbsp;&nbsp; 224515 |
| Automotive | 2.5<br> %<br>|  |  |
| Clarios Global L.P./Clarios U.S. Finance Co.<br> 6.75%, 02/15/30<sup>(a)</sup> <br>|  | 865000 | &nbsp;&nbsp; 884463 |
| Goodyear Tire & Rubber (The) Co.<br> 5.63%, 04/30/33<br>|  | 500000 | &nbsp;&nbsp; 438417 |
| Tenneco, Inc.<br> 8.00%, 11/17/28<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1494665 |
|  |  |  | &nbsp;&nbsp; 2817545 |
| Basic Industry | 0.3<br> %<br>|  |  |
| Avient Corp.<br> 6.25%, 11/01/31<sup>(a)</sup> <br>|  | 315000 | &nbsp;&nbsp; 317200 |
| Cable & Satellite | 2.4<br> %<br>|  |  |
| CCO Holdings LLC/CCO Holdings Capital Corp.,  |  |  |  |
| 4.75%, 03/01/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 948874 |
| 7.38%, 03/01/31<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 763480 |
| CSC Holdings LLC,  |  |  |  |
| 11.75%, 01/31/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 180786 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| 4.13%, 12/01/30<sup>(a)</sup> <br>|  | $750000 | &nbsp;&nbsp; $450067 |
| 4.63%, 12/01/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 352868 |
|  |  |  | &nbsp;&nbsp; 2696075 |
| Capital Goods | 0.1<br> %<br>|  |  |
| TransDigm, Inc.<br> 6.25%, 01/31/34<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151655 |
| Chemicals | 7.2<br> %<br>|  |  |
| Chemours (The) Co.,  |  |  |  |
| 4.63%, 11/15/29<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1406633 |
| 8.00%, 01/15/33<sup>(a)</sup> <br>|  | 1610000 | &nbsp;&nbsp; 1618792 |
| Mativ Holdings, Inc.<br> 8.00%, 10/01/29<sup>(a)</sup> <br>|  | 2210000 | &nbsp;&nbsp; 2058353 |
| Qnity Electronics, Inc.,  |  |  |  |
| 5.75%, 08/15/32<sup>(a)</sup> <br>|  | 425000 | &nbsp;&nbsp; 425506 |
| 6.25%, 08/15/33<sup>(a)</sup> <br>|  | 425000 | &nbsp;&nbsp; 429733 |
| Tronox, Inc.,  |  |  |  |
| 4.63%, 03/15/29<sup>(a)</sup> <br>|  | 510000 | &nbsp;&nbsp; 408360 |
| 9.13%, 09/30/30<sup>(a)</sup> <br>|  | 420000 | &nbsp;&nbsp; 419462 |
| WR Grace Holdings LLC,  |  |  |  |
| 5.63%, 08/15/29<sup>(a)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1149649 |
| 6.63%, 08/15/32<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 121795 |
| 7.00%, 08/01/33<sup>(a)</sup> <br>|  | 145000 | &nbsp;&nbsp; 140821 |
|  |  |  | &nbsp;&nbsp; 8179104 |
| Commercial Support Services | 4.9<br> %<br>|  |  |
| Allied Universal Holdco LLC<br> 7.88%, 02/15/31<sup>(a)</sup> <br>|  | 635000 | &nbsp;&nbsp; 654822 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp.<br> 6.88%, 06/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 506841 |
| Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 <br> S.a.r.l.<br> 4.63%, 06/01/28<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 122053 |
| AMN Healthcare, Inc.<br> 6.50%, 01/15/31<sup>(a)</sup> <br>|  | 900000 | &nbsp;&nbsp; 882065 |
| Clarivate Science Holdings Corp.,  |  |  |  |
| 3.88%, 07/01/28<sup>(a)</sup> <br>|  | 240000 | &nbsp;&nbsp; 226492 |
| 4.88%, 07/01/29<sup>(a)</sup> <br>|  | 480000 | &nbsp;&nbsp; 416489 |
| Clean Harbors, Inc.<br> 6.38%, 02/01/31<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 126947 |
| Enviri Corp.<br> 5.75%, 07/31/27<sup>(a)</sup> <br>|  | 1572000 | &nbsp;&nbsp; 1568205 |
| VT Topco, Inc.<br> 8.50%, 08/15/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1016700 |
|  |  |  | &nbsp;&nbsp; 5520614 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Construction Materials | 0.4<br> %<br>|  |  |
| Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | $290000 | &nbsp;&nbsp; $294061 |
| Standard Building Solutions, Inc.<br> 6.50%, 08/15/32<sup>(a)</sup> <br>|  | 145000 | &nbsp;&nbsp; 145075 |
|  |  |  | &nbsp;&nbsp; 439136 |
| Consumer Services | 3.4<br> %<br>|  |  |
| PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 2250000 | &nbsp;&nbsp; 2137500 |
| Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 1750000 | &nbsp;&nbsp; 1695791 |
|  |  |  | &nbsp;&nbsp; 3833291 |
| Containers & Packaging | 1.5<br> %<br>|  |  |
| Graphic Packaging International LLC<br> 3.75%, 02/01/30<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 688324 |
| Mauser Packaging Solutions Holding Co.<br> 7.88%, 04/15/30<sup>(a)</sup> <br>|  | 1050000 | &nbsp;&nbsp; 1050000 |
|  |  |  | &nbsp;&nbsp; 1738324 |
| Electric | 0.1<br> %<br>|  |  |
| Alpha Generation LLC<br> 6.75%, 10/15/32<sup>(a)</sup> <br>|  | 80000 | &nbsp;&nbsp; 81171 |
| Electric Utilities | 0.9<br> %<br>|  |  |
| Vistra Corp.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.74%)<br> 7.00%, 12/15/26<sup>(a)(b)(c)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1001282 |
| Electrical Equipment | 0.6<br> %<br>|  |  |
| WESCO Distribution, Inc.<br> 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 640000 | &nbsp;&nbsp; 655059 |
| Food | 1.8<br> %<br>|  |  |
| B&G Foods, Inc.<br> 8.00%, 09/15/28<sup>(a)</sup> <br>|  | 2010000 | &nbsp;&nbsp; 1979259 |
| Health Care Facilities & Services | 4.5<br> %<br>|  |  |
| Concentra Health Services, Inc.<br> 6.88%, 07/15/32<sup>(a)</sup> <br>|  | 165000 | &nbsp;&nbsp; 170588 |
| HAH Group Holding Co. LLC<br> 9.75%, 10/01/31<sup>(a)</sup> <br>|  | 660000 | &nbsp;&nbsp; 578202 |
| LifePoint Health, Inc.,  |  |  |  |
| 11.00%, 10/15/30<sup>(a)</sup> <br>|  | 375000 | &nbsp;&nbsp; 403301 |
| 8.38%, 02/15/32<sup>(a)</sup> <br>|  | 495000 | &nbsp;&nbsp; 528621 |
| National Mentor Holdings, Inc.<br> 10.50%, 12/15/30<sup>(a)</sup> <br>|  | 1520000 | &nbsp;&nbsp; 1568909 |
| Pediatrix Medical Group, Inc.<br> 5.38%, 02/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 492148 |
| Sotera Health Holdings LLC<br> 7.38%, 06/01/31<sup>(a)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1291216 |
|  |  |  | &nbsp;&nbsp; 5032985 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Home Construction | 2.8<br> %<br>|  |  |
| Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.,  |  |  |  |
| 4.63%, 04/01/30<sup>(a)</sup> <br>|  | $500000 | &nbsp;&nbsp; $464065 |
| 6.88%, 08/01/33<sup>(a)</sup> <br>|  | 380000 | &nbsp;&nbsp; 366600 |
| Dream Finders Homes, Inc.<br> 6.88%, 09/15/30<sup>(a)</sup> <br>|  | 255000 | &nbsp;&nbsp; 243980 |
| STL Holding Co. LLC<br> 8.75%, 02/15/29<sup>(a)</sup> <br>|  | 320000 | &nbsp;&nbsp; 330603 |
| Weekley Homes LLC/Weekley Finance Corp.<br> 6.75%, 01/15/34<sup>(a)</sup> <br>|  | 1800000 | &nbsp;&nbsp; 1723944 |
|  |  |  | &nbsp;&nbsp; 3129192 |
| Household Products | 1.2<br> %<br>|  |  |
| Energizer Holdings, Inc.<br> 6.00%, 09/15/33<sup>(a)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1404800 |
| Institutional Financial Services | 0.6<br> %<br>|  |  |
| Aretec Group, Inc.<br> 10.00%, 08/15/30<sup>(a)</sup> <br>|  | 676000 | &nbsp;&nbsp; 718023 |
| Insurance | 1.9<br> %<br>|  |  |
| Acrisure LLC/Acrisure Finance, Inc.<br> 6.75%, 07/01/32<sup>(a)</sup> <br>|  | 2000000 | &nbsp;&nbsp; 1927246 |
| Asurion LLC/Asurion Co-Issuer, Inc.,  |  |  |  |
| 8.00%, 12/31/32<sup>(a)</sup> <br>|  | 30000 | &nbsp;&nbsp; 31124 |
| 8.38%, 02/01/34<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 145629 |
|  |  |  | &nbsp;&nbsp; 2103999 |
| Leisure Facilities & Services | 0.4<br> %<br>|  |  |
| Caesars Entertainment, Inc.<br> 6.50%, 02/15/32<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 494179 |
| Machinery | 0.4<br> %<br>|  |  |
| Entegris, Inc.<br> 5.95%, 06/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 503154 |
| Medical Equipment & Devices | 0.1<br> %<br>|  |  |
| Insulet Corp.<br> 6.50%, 04/01/33<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153105 |
| Metals & Mining | 0.6<br> %<br>|  |  |
| Arsenal AIC Parent LLC<br> 8.00%, 10/01/30<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 260292 |
| Kaiser Aluminum Corp.<br> 4.50%, 06/01/31<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 472368 |
|  |  |  | &nbsp;&nbsp; 732660 |
| Oil & Gas Supply Chain | 4.3<br> %<br>|  |  |
| CQP Holdco L.P./BIP-V Chinook Holdco LLC<br> 5.50%, 06/15/31<sup>(a)</sup> <br>|  | 873000 | &nbsp;&nbsp; 851387 |
| Genesis Energy L.P./Genesis Energy Finance Corp.<br> 8.88%, 04/15/30<br>|  | 250000 | &nbsp;&nbsp; 261052 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Global Partners L.P./GLP Finance Corp.<br> 8.25%, 01/15/32<sup>(a)</sup> <br>|  | $1750000 | &nbsp;&nbsp; $1808537 |
| ITT Holdings LLC<br> 6.50%, 08/01/29<sup>(a)</sup> <br>|  | 2040000 | &nbsp;&nbsp; 1983570 |
|  |  |  | &nbsp;&nbsp; 4904546 |
| Real Estate Investment Trusts | 3.3<br> %<br>|  |  |
| Iron Mountain, Inc.,  |  |  |  |
| 5.25%, 07/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 485778 |
| 5.63%, 07/15/32<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 242693 |
| MPT Operating Partnership L.P./MPT Finance Corp.,  |  |  |  |
| 4.63%, 08/01/29 |  | 1000000 | &nbsp;&nbsp; 777530 |
| 8.50%, 02/15/32<sup>(a)</sup> <br>|  | 1820000 | &nbsp;&nbsp; 1845138 |
| Service Properties Trust<br> 8.63%, 11/15/31<sup>(a)</sup> <br>|  | 375000 | &nbsp;&nbsp; 391621 |
|  |  |  | &nbsp;&nbsp; 3742760 |
| Real Estate Owners & Developers | 0.9<br> %<br>|  |  |
| Greystar Real Estate Partners LLC<br> 7.75%, 09/01/30<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1040156 |
| Real Estate Services | 1.5<br> %<br>|  |  |
| Cushman & Wakefield U.S. Borrower LLC<br> 8.88%, 09/01/31<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1059275 |
| Newmark Group, Inc.<br> 7.50%, 01/12/29<br>|  | 655000 | &nbsp;&nbsp; 686617 |
|  |  |  | &nbsp;&nbsp; 1745892 |
| Retail - Discretionary | 2.8<br> %<br>|  |  |
| Cougar JV Subsidiary LLC<br> 8.00%, 05/15/32<sup>(a)</sup> <br>|  | 35000 | &nbsp;&nbsp; 36192 |
| Michaels (The) Cos., Inc.,  |  |  |  |
| 8.50%, 03/15/33<sup>(a)</sup> <br>|  | 145000 | &nbsp;&nbsp; 141157 |
| 11.00%, 03/15/34<sup>(a)</sup> <br>|  | 285000 | &nbsp;&nbsp; 265393 |
| Petco Health & Wellness Co., Inc.<br> 8.25%, 02/01/31<sup>(a)</sup> <br>|  | 850000 | &nbsp;&nbsp; 848835 |
| PetSmart LLC/PetSmart Finance Corp.,  |  |  |  |
| 7.50%, 09/15/32<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 753652 |
| 10.00%, 09/15/33<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 748277 |
| QXO Building Products, Inc.<br> 6.75%, 04/30/32<sup>(a)</sup> <br>|  | 345000 | &nbsp;&nbsp; 351897 |
|  |  |  | &nbsp;&nbsp; 3145403 |
| Specialty Finance | 16.5<br> %<br>|  |  |
| Arbor Realty SR, Inc.,  |  |  |  |
| 8.50%, 12/15/28<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 294835 |
| 7.88%, 07/15/30<sup>(a)</sup> <br>|  | 1990000 | &nbsp;&nbsp; 1840210 |
| Bread Financial Holdings, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.30%)<br> 8.38%, 06/15/35<sup>(a)(b)</sup> <br>|  | 2895000 | &nbsp;&nbsp; 2927050 |
| Burford Capital Global Finance LLC,  |  |  |  |
| 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 1140000 | &nbsp;&nbsp; 1028850 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| 7.50%, 07/15/33<sup>(a)</sup> <br>|  | $295000 | &nbsp;&nbsp; $245587 |
| Freedom Mortgage Holdings LLC,  |  |  |  |
| 6.88%, 05/01/31<sup>(a)</sup> <br>|  | 985000 | &nbsp;&nbsp; 920884 |
| 9.13%, 05/15/31<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1016500 |
| 8.38%, 04/01/32<sup>(a)</sup> <br>|  | 145000 | &nbsp;&nbsp; 142636 |
| 7.88%, 04/01/33<sup>(a)</sup> <br>|  | 370000 | &nbsp;&nbsp; 346902 |
| ILFC E-Capital Trust I<br> 6.38%, 12/21/65<sup>(a)(b)</sup> <br>|  | 2455000 | &nbsp;&nbsp; 2084005 |
| ILFC E-Capital Trust II<br> 6.63%, 12/21/65<sup>(a)(b)</sup> <br>|  | 1500000 | &nbsp;&nbsp; 1302115 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp.<br> 6.63%, 10/15/31<sup>(a)</sup> <br>|  | 1330000 | &nbsp;&nbsp; 1268021 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.<br> 7.00%, 07/15/31<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 258431 |
| OneMain Finance Corp.<br> 7.13%, 09/15/32<br>|  | 1500000 | &nbsp;&nbsp; 1477285 |
| Rithm Capital Corp.,  |  |  |  |
| 8.00%, 04/01/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 982431 |
| 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 1250000 | &nbsp;&nbsp; 1206476 |
| Velocity Commercial Capital LLC<br> 9.38%, 02/15/31<sup>(a)</sup> <br>|  | 1030000 | &nbsp;&nbsp; 1029251 |
| Walker & Dunlop, Inc.<br> 6.63%, 04/01/33<sup>(a)</sup> <br>|  | 295000 | &nbsp;&nbsp; 288416 |
|  |  |  | &nbsp;&nbsp; 18659885 |
| Steel | 0.9<br> %<br>|  |  |
| TMS International Corp.<br> 6.25%, 04/15/29<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 965000 |
| Transportation & Logistics | 0.3<br> %<br>|  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd.<br> 5.50%, 04/20/26<sup>(a)</sup> <br>|  | 36417 | &nbsp;&nbsp; 36431 |
| Stonepeak Nile Parent LLC<br> 7.25%, 03/15/32<sup>(a)</sup> <br>|  | 290000 | &nbsp;&nbsp; 301628 |
|  |  |  | &nbsp;&nbsp; 338059 |
| Wholesale - Consumer Staples | 0.6<br> %<br>|  |  |
| KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc.<br> 9.00%, 02/15/29<sup>(a)</sup> <br>|  | 645000 | &nbsp;&nbsp; 671477 |
| TOTAL CORPORATE BONDS (Cost $79,956,919) |  |  | &nbsp;&nbsp; 79406252 |
| FOREIGN ISSUER BONDS | 4.1<br> %<br>|  |  |
| Automotive | 2.3<br> %<br>|  |  |
| Adient Global Holdings Ltd.<br> 7.50%, 02/15/33<sup>(a)</sup> <br>|  | 1495000 | &nbsp;&nbsp; 1511453 |
| Aptiv Swiss Holdings Ltd.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.39%)<br> 6.88%, 12/15/54<sup>(b)</sup> <br>|  | 1045000 | &nbsp;&nbsp; 1054737 |
|  |  |  | &nbsp;&nbsp; 2566190 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Cable & Satellite | 0.6<br> %<br>|  |  |
| LCPR Senior Secured Financing DAC<br> 5.13%, 07/15/29<sup>(a)</sup> <br>|  | $1000000 | &nbsp;&nbsp; $648560 |
| Chemicals | 0.5<br> %<br>|  |  |
| INEOS Finance PLC<br> 7.50%, 04/15/29<sup>(a)</sup> <br>|  | 640000 | &nbsp;&nbsp; 620869 |
| Containers & Packaging | 0.2<br> %<br>|  |  |
| Trivium Packaging Finance B.V.,  |  |  |  |
| 8.25%, 07/15/30<sup>(a)</sup> <br>|  | 19000 | &nbsp;&nbsp; 19879 |
| 12.25%, 01/15/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 216542 |
|  |  |  | &nbsp;&nbsp; 236421 |
| Telecommunications | 0.5<br> %<br>|  |  |
| Total Play Telecomunicaciones S.A. de C.V.<br> 11.13%, 12/31/32<sup>(a)</sup> <br>|  | 675000 | &nbsp;&nbsp; 610439 |
| TOTAL FOREIGN ISSUER BONDS (Cost $4,943,695) |  |  | &nbsp;&nbsp; 4682479 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| INVESTMENT COMPANIES | 20.6<br> %<br>|  |  |
| Barrow Hanley Floating Rate Fund<sup>†</sup> <br>|  | 2472092 | &nbsp;&nbsp; 23335130 |
| TOTAL INVESTMENT COMPANIES (Cost $24,278,128) |  |  | &nbsp;&nbsp; 23335130 |
| SHORT-TERM INVESTMENTS | 1.3<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(d)</sup> <br>|  | 1420511 | &nbsp;&nbsp; 1420511 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,420,511) |  |  | &nbsp;&nbsp; 1420511 |
| TOTAL INVESTMENTS<br> (Cost $113,881,153)<br>| 99.0<br> %<br>|  | &nbsp;&nbsp; 112045944 |
| NET OTHER ASSETS (LIABILITIES) | 1.0<br> %<br>|  | &nbsp;&nbsp; 1109266 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $113155210 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $82,594,665 or 73% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2026, 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 March 31, 2026 is disclosed. |
| <sup>†</sup>Investment in Affiliated Security. |

---

Abbreviations: <br> CLO – Collateralized Loan Obligation <br> SOFR – Secured Overnight Financing Rate

The following is a summary of the Fund's transactions with affiliates for the year ended March 31, 2026.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security**<br> **Description**<br>| &nbsp;&nbsp; **Value**<br> **09/30/2025**<br>| **Purchases**<br> **at Cost**<br>| &nbsp;&nbsp; **Proceeds**<br> **from Sales**<br>| **Realized**<br> **Gain/ (Loss)**<br>| &nbsp;&nbsp; **Change in Net**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| **Value**<br> **03/31/2026**<br>| **Income**<br> **Dividends**<br> **Received**<br>| **Capital Gains**<br> **Dividends**<br> **Received**<br>|
| Barrow Hanley <br> Floating <br> Rate Fund<br>| $21995853 | &nbsp;&nbsp; $1951372 | $— | &nbsp;&nbsp; $— | $(612095) | &nbsp;&nbsp; $23335130 | &nbsp;&nbsp; $951372 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY CREDIT OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

At March 31, 2026 the Barrow Hanley Credit Opportunities Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB-  | 3.0% |
| BB+  | 2.3  |
| BB  | 8.6  |
| BB-  | 15.6  |
| B+  | 30.2  |
| B  | 20.0  |
| B-  | 10.7  |
| CCC+  | 2.5  |
| CCC  | 1.2  |
| CCC-  | 0.3  |
| Cash equivalents  | 1.3  |
| N/A  | 3.3  |
| Total | 99.0% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY EMERGING MARKETS VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.6<br> %<br>|  |  |
| Brazil | 5.7<br> %<br>|  |  |
| B3 S.A. - Brasil Bolsa Balcao<sup>(a)</sup> <br>|  | 17820 | &nbsp;&nbsp; $63301 |
| Cosan S.A.<sup>(a)</sup> <br>|  | 53264 | &nbsp;&nbsp; 55322 |
| Hypera S.A.<sup>(a)</sup> <br>|  | 12037 | &nbsp;&nbsp; 54098 |
| Hypera S.A. (Bovespa)<sup>(a)</sup> <br>|  | 1286 | &nbsp;&nbsp; 6006 |
| Lojas Renner S.A.<sup>(a)</sup> <br>|  | 17486 | &nbsp;&nbsp; 50501 |
|  |  |  | &nbsp;&nbsp; 229228 |
| Canada | 2.4<br> %<br>|  |  |
| Parex Resources, Inc. |  | 5038 | &nbsp;&nbsp; 99015 |
| China | 20.1<br> %<br>|  |  |
| Baidu, Inc. - Class A<sup>(a)</sup> <br>|  | 4725 | &nbsp;&nbsp; 66047 |
| Budweiser Brewing Co. APAC Ltd.<sup>(b)</sup> <br>|  | 51242 | &nbsp;&nbsp; 47366 |
| China International Capital Corp. Ltd. - Class H<sup>(b)</sup> <br>|  | 14268 | &nbsp;&nbsp; 31677 |
| China Mengniu Dairy Co. Ltd. |  | 31875 | &nbsp;&nbsp; 70422 |
| China Merchants Bank Co. Ltd. - Class H |  | 8508 | &nbsp;&nbsp; 54062 |
| Great Wall Motor Co. Ltd. - Class H |  | 25020 | &nbsp;&nbsp; 40507 |
| iQIYI, Inc. - ADR<sup>(a)</sup> <br>|  | 29960 | &nbsp;&nbsp; 40446 |
| JD.com, Inc. - Class A |  | 4615 | &nbsp;&nbsp; 68027 |
| Li Ning Co. Ltd. |  | 23592 | &nbsp;&nbsp; 65181 |
| Longfor Group Holdings Ltd.<sup>(b)</sup> <br>|  | 34578 | &nbsp;&nbsp; 33664 |
| Ping An Insurance Group Co. of China Ltd. - Class H |  | 11933 | &nbsp;&nbsp; 91755 |
| Shandong Weigao Group Medical Polymer Co. Ltd. - Class H |  | 77381 | &nbsp;&nbsp; 37206 |
| Sunny Optical Technology Group Co. Ltd. |  | 5370 | &nbsp;&nbsp; 37441 |
| Xinyi Glass Holdings Ltd. |  | 48980 | &nbsp;&nbsp; 61454 |
| ZTO Express Cayman, Inc. |  | 2787 | &nbsp;&nbsp; 68596 |
|  |  |  | &nbsp;&nbsp; 813851 |
| Hong Kong | 2.6<br> %<br>|  |  |
| ASMPT Ltd. |  | 4744 | &nbsp;&nbsp; 61405 |
| Galaxy Entertainment Group Ltd. |  | 9822 | &nbsp;&nbsp; 44395 |
|  |  |  | &nbsp;&nbsp; 105800 |
| India | 3.9<br> %<br>|  |  |
| Axis Bank Ltd. |  | 4506 | &nbsp;&nbsp; 55808 |
| Petronet LNG Ltd. |  | 16926 | &nbsp;&nbsp; 44451 |
| UPL Ltd. |  | 9856 | &nbsp;&nbsp; 59786 |
|  |  |  | &nbsp;&nbsp; 160045 |
| Indonesia | 5.1<br> %<br>|  |  |
| Astra International Tbk PT |  | 159380 | &nbsp;&nbsp; 58837 |
| Bank Mandiri Persero Tbk PT |  | 309230 | &nbsp;&nbsp; 86802 |
| Telkom Indonesia Persero Tbk PT |  | 336351 | &nbsp;&nbsp; 60813 |
|  |  |  | &nbsp;&nbsp; 206452 |
| Malaysia | 1.1<br> %<br>|  |  |
| Public Bank Bhd. |  | 39323 | &nbsp;&nbsp; 45658 |
| Mexico | 4.6<br> %<br>|  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 6220 | &nbsp;&nbsp; 68985 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY EMERGING MARKETS VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Kimberly-Clark de Mexico S.A.B. de C.V. - Class A |  | 27017 | &nbsp;&nbsp; $63959 |
| Wal-Mart de Mexico S.A.B. de C.V. |  | 16946 | &nbsp;&nbsp; 55027 |
|  |  |  | &nbsp;&nbsp; 187971 |
| Philippines | 1.7<br> %<br>|  |  |
| Ayala Land, Inc. |  | 111031 | &nbsp;&nbsp; 29690 |
| BDO Unibank, Inc. |  | 20308 | &nbsp;&nbsp; 38207 |
|  |  |  | &nbsp;&nbsp; 67897 |
| Russia | 0.0<br> %<br>|  |  |
| Alrosa PJSC<sup>(a)(c)</sup> <br>|  | 12058 | &nbsp;&nbsp; — |
| Moscow Exchange MICEX-RTS PJSC<sup>(a)(c)</sup> <br>|  | 8812 | &nbsp;&nbsp; — |
| Saudi Arabia | 1.7<br> %<br>|  |  |
| Saudi National Bank (The) |  | 5950 | &nbsp;&nbsp; 67169 |
| South Africa | 4.9<br> %<br>|  |  |
| Absa Group Ltd. |  | 3297 | &nbsp;&nbsp; 47493 |
| Bidvest Group Ltd. |  | 3281 | &nbsp;&nbsp; 44121 |
| Gold Fields Ltd. |  | 1308 | &nbsp;&nbsp; 60105 |
| Sibanye Stillwater Ltd. |  | 15496 | &nbsp;&nbsp; 47565 |
|  |  |  | &nbsp;&nbsp; 199284 |
| South Korea | 19.2<br> %<br>|  |  |
| Amorepacific Corp. |  | 771 | &nbsp;&nbsp; 71075 |
| Hyundai Marine & Fire Insurance Co. Ltd.<sup>(a)</sup> <br>|  | 1883 | &nbsp;&nbsp; 38114 |
| Hyundai Motor Co. |  | 424 | &nbsp;&nbsp; 130618 |
| Korea Electric Power Corp. |  | 2722 | &nbsp;&nbsp; 77387 |
| LG Electronics, Inc. |  | 1066 | &nbsp;&nbsp; 77285 |
| Samsung Electro-Mechanics Co. Ltd. |  | 654 | &nbsp;&nbsp; 187377 |
| SK hynix, Inc. |  | 344 | &nbsp;&nbsp; 195173 |
|  |  |  | &nbsp;&nbsp; 777029 |
| Taiwan | 12.9<br> %<br>|  |  |
| Bizlink Holding, Inc. |  | 2495 | &nbsp;&nbsp; 143267 |
| Globalwafers Co. Ltd. |  | 4913 | &nbsp;&nbsp; 67015 |
| Hiwin Technologies Corp. |  | 9208 | &nbsp;&nbsp; 68034 |
| Largan Precision Co. Ltd. |  | 814 | &nbsp;&nbsp; 55835 |
| MediaTek, Inc. |  | 2780 | &nbsp;&nbsp; 133343 |
| Pegatron Corp. |  | 22000 | &nbsp;&nbsp; 53340 |
|  |  |  | &nbsp;&nbsp; 520834 |
| Thailand | 8.1<br> %<br>|  |  |
| CP ALL PCL - REG |  | 29900 | &nbsp;&nbsp; 41153 |
| Kasikornbank PCL - REG |  | 9503 | &nbsp;&nbsp; 55237 |
| PTT Oil & Retail Business PCL - REG |  | 106650 | &nbsp;&nbsp; 42447 |
| PTT PCL - REG |  | 43100 | &nbsp;&nbsp; 45715 |
| Siam Cement (The) PCL - REG |  | 7735 | &nbsp;&nbsp; 48880 |
| Srisawad Corp. PCL - REG |  | 72056 | &nbsp;&nbsp; 48503 |
| Thai Beverage PCL |  | 141302 | &nbsp;&nbsp; 47391 |
|  |  |  | &nbsp;&nbsp; 329326 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY EMERGING MARKETS VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| United Arab Emirates | 1.5<br> %<br>|  |  |
| First Abu Dhabi Bank PJSC |  | 12521 | &nbsp;&nbsp; $59410 |
| United Kingdom | 1.1<br> %<br>|  |  |
| Investec PLC |  | 6019 | &nbsp;&nbsp; 46392 |
| TOTAL COMMON STOCKS (Cost $3,296,464) |  |  | &nbsp;&nbsp; 3915361 |
| PREFERRED STOCKS | 1.1<br> %<br>|  |  |
| Brazil | 1.1<br> %<br>|  |  |
| Banco Bradesco S.A.<sup>(a)</sup> <br>|  | 12232 | &nbsp;&nbsp; 45269 |
| TOTAL PREFERRED STOCKS (Cost $35,102) |  |  | &nbsp;&nbsp; 45269 |
| SHORT-TERM INVESTMENTS | 3.0<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(d)</sup> <br>|  | 118986 | &nbsp;&nbsp; 118986 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $118,986) |  |  | &nbsp;&nbsp; 118986 |
| TOTAL INVESTMENTS<br> (Cost $3,450,552)<br>| 100.7<br> %<br>|  | &nbsp;&nbsp; 4079616 |
| NET OTHER ASSETS (LIABILITIES) | (0.7<br> %)<br>|  | &nbsp;&nbsp; (27294)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $4052322 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $112,707 or 3% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

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

At March 31, 2026 the industry sectors (excluding short-term investments) for the Barrow Hanley Emerging Markets Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 23.4% |
| Information Technology  | 19.5  |
| Consumer Discretionary  | 14.1  |
| Industrials  | 11.0  |
| Consumer Staples  | 9.9  |
| Materials  | 5.3  |
| Energy  | 4.6  |
| Communication Services  | 4.1  |
| Health Care  | 2.4  |
| Utilities  | 1.9  |
| Real Estate  | 1.5  |
| Total | &nbsp;&nbsp; 97.7% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 3.6<br> %<br>|  |  |
| Other Asset-Backed Securities | 3.6<br> %<br>|  |  |
| CTM CLO Ltd., Series 2025-2A - Class E<br> (Floating, 3M CME Term SOFR + 5.65%)<br> 9.43%, 10/20/38<sup>(a)(b)</sup> <br>|  | $500000 | &nbsp;&nbsp; $496826 |
| Eldridge CLO Ltd., Series 2025-1A - Class E<br> (Floating, 3M CME Term SOFR + 5.30%)<br> 9.22%, 10/20/38<sup>(a)(b)</sup> <br>|  | 325000 | &nbsp;&nbsp; 324372 |
| Empower CLO Ltd., Series 2023-2A - Class ER<br> (Floating, 3M CME Term SOFR + 5.60%)<br> 9.27%, 10/15/38<sup>(a)(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 970977 |
| Garnet CLO Ltd., Series 2025-1A - Class E<br> (Floating, 3M CME Term SOFR + 6.25%)<br> 9.92%, 07/20/37<sup>(a)(b)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 983728 |
| Katayma CLO II Ltd., Series 2024-2A - Class E<br> (Floating, 3M CME Term SOFR + 7.33%, 7.33% Floor)<br> 11.00%, 04/20/37<sup>(a)(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 493652 |
| Market Street CLO Ltd. II, Series 2025-2A - Class E<br> (Floating, 3M CME Term SOFR + 5.85%)<br> 9.73%, 03/20/38<sup>(a)(b)</sup> <br>|  | 450000 | &nbsp;&nbsp; 442349 |
|  |  |  | &nbsp;&nbsp; 3711904 |
| TOTAL ASSET-BACKED SECURITIES (Cost $3,770,357) |  |  | &nbsp;&nbsp; 3711904 |
| BANK LOAN OBLIGATIONS<sup>(b)</sup> | 85.7<br> %<br>|  |  |
| Advertising & Marketing | 1.5<br> %<br>|  |  |
| Magnite, Inc., Amendment No. 2 Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 6.67%, 02/06/31<br>|  | 1600716 | &nbsp;&nbsp; 1580707 |
| Aerospace & Defense | 1.6<br> %<br>|  |  |
| Karman Holdings, Inc., Third Amendment Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 6.46%, 04/01/32<br>|  | 831546 | &nbsp;&nbsp; 831031 |
| Peraton Corp., Term B Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%, 0.75% Floor)<br> 7.52%, 02/01/28<br>|  | 918183 | &nbsp;&nbsp; 781988 |
|  |  |  | &nbsp;&nbsp; 1613019 |
| Asset Management | 1.4<br> %<br>|  |  |
| Nexus Buyer LLC, Amendment No. 10 Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%)<br> 7.67%, 07/31/31<br>|  | 248750 | &nbsp;&nbsp; 240390 |
| Nexus Buyer LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.17%, 07/31/31<br>|  | 1274505 | &nbsp;&nbsp; 1222951 |
|  |  |  | &nbsp;&nbsp; 1463341 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Automotive | 1.6<br> %<br>|  |  |
| Adient U.S. LLC, Term B-2 Loan<br> (Floating, CME Term SOFR USD 1M + 2.00%)<br> 5.67%, 01/31/31<br>|  | $601874 | &nbsp;&nbsp; $600273 |
| Clarios Global L.P., Amendment No. 6 Dollar Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.42%, 01/28/32<br>|  | 995000 | &nbsp;&nbsp; 991518 |
|  |  |  | &nbsp;&nbsp; 1591791 |
| Banking | 0.5<br> %<br>|  |  |
| Nouryon Finance B.V., November 2024 B-1 Dollar Term Loan<br> (Floating, CME Term SOFR USD 6M + 3.25%)<br> 7.04%, 04/03/28<br>|  | 479556 | &nbsp;&nbsp; 469365 |
| Basic Industry | 2.5<br> %<br>|  |  |
| Koppers, Inc., Term B-2 Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 1M + 2.50%, 0.50% Floor)<br> 6.17%, 04/10/30<br>|  | 2150161 | &nbsp;&nbsp; 2141195 |
| 04/10/30<sup>(c)</sup> <br>|  | 5457 | &nbsp;&nbsp; 5435 |
| Ranpak Corp., Initial Dutch Borrower Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.50%)<br> 8.17%, 12/19/31<br>|  | 154690 | &nbsp;&nbsp; 153658 |
| Ranpak Corp., Initial U.S. Borrower Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.50%)<br> 8.17%, 12/19/31<br>|  | 241704 | &nbsp;&nbsp; 240092 |
|  |  |  | &nbsp;&nbsp; 2540380 |
| Beverage, Food & Tobacco | 0.1<br> %<br>|  |  |
| Del Monte Foods Corp. II, Inc., First Out Term Loan<br> (Floating, CME Term SOFR USD 1M + 8.00%, 0.50% Floor)<br> 11.77%, 08/02/28<sup>(d)</sup> <br>|  | 124511 | &nbsp;&nbsp; 58832 |
| Del Monte Foods Corp. II, Inc., Second Out Term Loans<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 8.02%, 08/02/28<sup>(d)</sup> <br>|  | 106012 | &nbsp;&nbsp; 3180 |
| Del Monte Foods Corp. II, Inc., Third Out Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.75%, 0.50% Floor)<br> 8.53%, 08/02/28<sup>(d)</sup> <br>|  | 244090 | &nbsp;&nbsp; 2441 |
|  |  |  | &nbsp;&nbsp; 64453 |
| Beverages | 0.2<br> %<br>|  |  |
| Primo Brands Corporation, 2026 Refinancing Term Loan<br> 03/31/31<sup>(c)</sup> <br>|  | 193900 | &nbsp;&nbsp; 194111 |
| Brokerage Assetmanagers Exchanges | 1.7<br> %<br>|  |  |
| DRW Holdings LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.17%, 06/26/31<br>|  | 147061 | &nbsp;&nbsp; 144120 |
| Edelman Financial Engines Center (The) LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 5.25%)<br> 8.92%, 10/06/28<br>|  | 850000 | &nbsp;&nbsp; 840225 |
| Jefferies Finance LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.43%, 10/21/31<br>|  | 776667 | &nbsp;&nbsp; 763075 |
|  |  |  | &nbsp;&nbsp; 1747420 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Buildings & Real Estate | 0.6<br> %<br>|  |  |
| Crown Subsea Communications Holding, Inc., 2026 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.75% Floor)<br> 6.67%, 01/30/31<br>|  | $643500 | &nbsp;&nbsp; $644626 |
| Cable & Satellite | 0.7<br> %<br>|  |  |
| CSC Holdings LLC, September 2019 Initial Term Loan<br> (Floating, PRIME USD 3M + 1.50%, 1.00% Floor)<br> 8.25%, 04/15/27<br>|  | 763599 | &nbsp;&nbsp; 671249 |
| Capital Goods | 2.1<br> %<br>|  |  |
| Form Technologies LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 5.75%, 0.50% Floor)<br> 9.42%, 07/19/30<br>|  | 236075 | &nbsp;&nbsp; 213648 |
| Global IID Parent LLC, 2025 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 8.21%, 12/16/28<br>|  | 1517129 | &nbsp;&nbsp; 1513336 |
| Gulfside Supply, Inc., Initial Term Loan<br> 06/17/31<sup>(c)</sup> <br>|  | 217900 | &nbsp;&nbsp; 198562 |
| MSOF Beacon LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.50%)<br> 6.17%, 12/23/32<br>|  | 237300 | &nbsp;&nbsp; 236904 |
|  |  |  | &nbsp;&nbsp; 2162450 |
| Cargo Transport | 0.4<br> %<br>|  |  |
| Kenan Advantage Group (The), Inc., U.S. Term B-4 Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 01/25/29<br>|  | 373272 | &nbsp;&nbsp; 368420 |
| Chemicals | 4.9<br> %<br>|  |  |
| Chemours (The) Co., Tranche B-4 US$ Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.17%, 10/15/32<br>|  | 1861335 | &nbsp;&nbsp; 1845048 |
| Mativ Holdings, Inc., New Term B Loan<br> 04/04/33<sup>(c)</sup> <br>|  | 750000 | &nbsp;&nbsp; 720000 |
| Mativ Holdings, Inc., Term B Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.75% Floor)<br> 7.53%, 04/20/28<br>|  | 1109339 | &nbsp;&nbsp; 1106566 |
| Tronox Finance LLC, 2024-B Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 1M + 2.50%)<br> 6.17%, 09/30/31<br>|  | 653578 | &nbsp;&nbsp; 495236 |
| (Floating, CME Term SOFR USD 3M + 2.50%)<br> 6.20%, 09/30/31<br>|  | 836366 | &nbsp;&nbsp; 633739 |
| W. R. Grace Holdings LLC, Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.50% Floor)<br> 6.70%, 08/19/32<br>|  | 245765 | &nbsp;&nbsp; 244639 |
|  |  |  | &nbsp;&nbsp; 5045228 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Chemicals, Plastics & Rubber | 1.3<br> %<br>|  |  |
| Ineos U.S. Finance LLC, 2030 Dollar Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 02/19/30<br>|  | $497475 | &nbsp;&nbsp; $431972 |
| Wilsonart LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%)<br> 7.95%, 08/05/31<br>|  | 999775 | &nbsp;&nbsp; 867305 |
|  |  |  | &nbsp;&nbsp; 1299277 |
| Commercial Support Services | 2.6<br> %<br>|  |  |
| BIFM CA Buyer, Inc., 2025 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.50% Floor)<br> 6.92%, 05/31/28<br>|  | 1066796 | &nbsp;&nbsp; 1065793 |
| First Advantage Holdings LLC, Term B-3 Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 6.45%, 10/31/31<br>|  | 488315 | &nbsp;&nbsp; 474584 |
| Raven Acquisition Holdings LLC, 2024 Delayed Draw Term Loan<br> 11/19/31<sup>(e)</sup> <br>|  | 36161 | &nbsp;&nbsp; 35431 |
| Raven Acquisition Holdings LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 6.67%, 11/19/31<br>|  | 501196 | &nbsp;&nbsp; 491082 |
| Xplor T1 LLC, Second Amendment Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.17%, 12/01/32<br>|  | 590334 | &nbsp;&nbsp; 547534 |
|  |  |  | &nbsp;&nbsp; 2614424 |
| Consumer Cyclical | 1.2<br> %<br>|  |  |
| Fleet Midco I Ltd., Facility B2<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 6.42%, 02/21/31<br>|  | 558653 | &nbsp;&nbsp; 558653 |
| Michaels Companies, Inc. The, Term B Loan (2026)<br> (Floating, CME Term SOFR USD 3M + 5.00%)<br> 8.67%, 03/15/33<br>|  | 696459 | &nbsp;&nbsp; 674381 |
|  |  |  | &nbsp;&nbsp; 1233034 |
| Consumer Non-Cyclical | 4.3<br> %<br>|  |  |
| B&G Foods, Inc., Term B-5 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.17%, 10/10/29<br>|  | 993384 | &nbsp;&nbsp; 925089 |
| C&S Wholesale Grocers LLC, Initial Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 5.00%)<br> 8.70%, 09/20/30<br>|  | 407950 | &nbsp;&nbsp; 398090 |
| 09/20/30<sup>(c)</sup> <br>|  | 1025 | &nbsp;&nbsp; 1000 |
| Charlotte Buyer, Inc., Second Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 7.92%, 02/11/28<br>|  | 769398 | &nbsp;&nbsp; 761512 |
| HAH Group Holding Co. LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 5.00%)<br> 8.67%, 09/24/31<br>|  | 746222 | &nbsp;&nbsp; 634661 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Heartland Dental LLC, 2025 Replacement Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%)<br> 7.42%, 08/25/32<br>|  | $1181465 | &nbsp;&nbsp; $1178110 |
| National Mentor Holdings, Inc., Delayed Draw Term Loan Retired 03/31/2026<br> 12/12/30<sup>(e)</sup> <br>|  | 522395 | &nbsp;&nbsp; 519130 |
|  |  |  | &nbsp;&nbsp; 4417592 |
| Consumer Services | 0.4<br> %<br>|  |  |
| ASP Dream Acquisition Co. LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.75% Floor)<br> 8.02%, 12/15/28<br>|  | 494859 | &nbsp;&nbsp; 454033 |
| Containers & Packaging | 2.8<br> %<br>|  |  |
| Clydesdale Acquisition Holdings, Inc., 2025 Incremental Delayed Draw Term B <br> Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.50% Floor)<br> 6.92%, 04/01/32<br>|  | 1090867 | &nbsp;&nbsp; 1016143 |
| Five Star Lower Holding LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 7.92%, 05/05/29<br>|  | 381175 | &nbsp;&nbsp; 373315 |
| Mauser Packaging Solutions Holding Co., 2025 Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.16%, 04/15/30<br>|  | 977312 | &nbsp;&nbsp; 942754 |
| ProAmpac PG Borrower LLC, Initial USD Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%)<br> 7.78%, 03/07/33<br>|  | 500000 | &nbsp;&nbsp; 481625 |
|  |  |  | &nbsp;&nbsp; 2813837 |
| Containers, Packaging & Glass | 0.8<br> %<br>|  |  |
| Pregis TopCo LLC, Tenth Amendment Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%)<br> 7.67%, 02/01/29<br>|  | 866086 | &nbsp;&nbsp; 864353 |
| Diversified/Conglomerate Manufacturing | 1.2<br> %<br>|  |  |
| VT Topco, Inc., Second Amendment Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 6.67%, 08/09/30<br>|  | 1232521 | &nbsp;&nbsp; 1194621 |
| 08/09/30<sup>(c)</sup> <br>|  | 65534 | &nbsp;&nbsp; 63519 |
|  |  |  | &nbsp;&nbsp; 1258140 |
| Diversified/Conglomerate Service | 3.8<br> %<br>|  |  |
| Allied Universal Holdco LLC, Amendment No. 7 Replacement U.S. Dollar Term <br> Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 08/20/32<br>|  | 407950 | &nbsp;&nbsp; 407726 |
| Camelot U.S. Acquisition LLC, Amendment No. 6 Refinancing Term Loan<br> 01/31/31<sup>(c)</sup> <br>|  | 703700 | &nbsp;&nbsp; 605625 |
| DXP Enterprises, Inc., 2025 Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 1.00% Floor)<br> 6.92%, 10/11/30<br>|  | 888514 | &nbsp;&nbsp; 892033 |
| Emerald X, Inc., 2025 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 01/30/32<br>|  | 386157 | &nbsp;&nbsp; 386319 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| National Mentor Holdings, Inc., 2025 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 1M + 6.00%)<br> 9.67%, 12/12/30<br>|  | $1218921 | &nbsp;&nbsp; $1211303 |
| Tempo Acquisition LLC, Seventh Incremental Term Loan<br> 08/31/28<sup>(c)</sup> <br>|  | 478766 | &nbsp;&nbsp; 343366 |
|  |  |  | &nbsp;&nbsp; 3846372 |
| E-Commerce Discretionary | 0.7<br> %<br>|  |  |
| CNT Holdings I Corp., 2025 Replacement Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.50%, 0.75% Floor)<br> 6.17%, 11/08/32<br>|  | 744361 | &nbsp;&nbsp; 743505 |
| Electric | 1.9<br> %<br>|  |  |
| MH Sub I LLC, 2023 May Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 7.92%, 05/03/28<br>|  | 1493381 | &nbsp;&nbsp; 1280036 |
| MH Sub I, LLC, 2024 December New Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%, 0.50% Floor)<br> 7.92%, 12/31/31<br>|  | 1010862 | &nbsp;&nbsp; 669272 |
|  |  |  | &nbsp;&nbsp; 1949308 |
| Electric Utilities | 0.7<br> %<br>|  |  |
| Compass Power Generation LLC, Tranche B-4 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 1.00% Floor)<br> 6.92%, 04/14/29<br>|  | 671391 | &nbsp;&nbsp; 674506 |
| Electrical Equipment | 0.6<br> %<br>|  |  |
| TK Elevator Midco GmbH, Facility B<br> (Floating, CME Term SOFR USD 6M + 2.75%, 0.50% Floor)<br> 6.38%, 04/30/30<br>|  | 626088 | &nbsp;&nbsp; 627090 |
| Electronics | 0.1<br> %<br>|  |  |
| Project Boost Purchaser LLC, 2025-2 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 6.45%, 07/16/31<br>|  | 82377 | &nbsp;&nbsp; 79278 |
| Ultra Clean Holdings, Inc., Eighth Amendment Replacement Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.42%, 02/25/28<br>|  | 40343 | &nbsp;&nbsp; 40318 |
|  |  |  | &nbsp;&nbsp; 119596 |
| Engineering & Construction | 0.7<br> %<br>|  |  |
| Azuria Water Solutions, Inc., 2025 Replacement Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.75% Floor)<br> 6.67%, 05/17/28<br>|  | 755318 | &nbsp;&nbsp; 747009 |
| Finance | 1.7<br> %<br>|  |  |
| Aretec Group, Inc., Term B-4 Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 6.67%, 08/09/30<br>|  | 770664 | &nbsp;&nbsp; 760229 |
| MSP Recovery Law Firm, Tranche 1 Loan<br> 8.10%, 06/16/26<sup>\*\*</sup> <br>|  | 872362 | &nbsp;&nbsp; 84619 |
| Osaic Holdings, Inc., Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 2.50%)<br> 6.20%, 07/30/32<br>|  | 870200 | &nbsp;&nbsp; 853127 |
|  |  |  | &nbsp;&nbsp; 1697975 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Finance Companies | 0.5<br> %<br>|  |  |
| LendingTree, Inc., Initial Term B Loan<br> (Floating, CME Term SOFR USD 1M + 4.25%)<br> 7.92%, 08/21/30<br>|  | $497500 | &nbsp;&nbsp; $487550 |
| Food | 1.2<br> %<br>|  |  |
| Chefs' Warehouse (The), Inc., 2022 Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%, 0.50% Floor)<br> 6.17%, 08/23/29<br>|  | 323242 | &nbsp;&nbsp; 323646 |
| Fiesta Purchaser, Inc., Second Refinancing Term Loan<br> 02/12/31<sup>(c)</sup> <br>|  | 498744 | &nbsp;&nbsp; 485652 |
| Golden State Foods LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.20%, 12/04/31<br>|  | 233006 | &nbsp;&nbsp; 233006 |
| High Liner Foods, Inc., Initial Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 6.90%, 07/31/31<br>|  | 73061 | &nbsp;&nbsp; 73107 |
| (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 6.92%, 07/31/31<br>|  | 13530 | &nbsp;&nbsp; 13538 |
| (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 6.95%, 07/31/31<br>|  | 69666 | &nbsp;&nbsp; 69709 |
|  |  |  | &nbsp;&nbsp; 1198658 |
| Health Care Facilities & Services | 5.6<br> %<br>|  |  |
| Agiliti Health, Inc., Term Loan<br> (Floating, CME Term SOFR USD 6M + 3.00%)<br> 6.58%, 05/01/30<br>|  | 1393762 | &nbsp;&nbsp; 1351949 |
| Bella Holding Co. LLC, 2025 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.75% Floor)<br> 6.67%, 05/10/28<br>|  | 869373 | &nbsp;&nbsp; 866791 |
| Dermatology Intermediate Holdings III, Inc., Closing Date Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.50% Floor)<br> 7.92%, 03/30/29<br>|  | 633708 | &nbsp;&nbsp; 596211 |
| Dermatology Intermediate Holdings III, Inc., Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 5.50%, 0.50% Floor)<br> 9.17%, 03/30/29<br>|  | 793800 | &nbsp;&nbsp; 753118 |
| Sharp Services LLC, Tranche E Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%)<br> 6.70%, 09/29/32<br>|  | 573693 | &nbsp;&nbsp; 573338 |
| Summit Behavioral Healthcare LLC, Second Out Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%, 0.75% Floor)<br> 7.95%, 12/31/29<br>|  | 1463622 | &nbsp;&nbsp; 1256271 |
| Summit Behavioral Healthcare, LLC, First Out Term Loan<br> (Floating, CME Term SOFR USD 3M + 5.75%, 0.75% Floor)<br> 9.45%, 12/31/29<br>|  | 153867 | &nbsp;&nbsp; 158033 |
| U.S. Fertility Enterprises LLC, Delayed Draw Term Loan<br> 12/30/32<sup>(e)</sup> <br>|  | 20816 | &nbsp;&nbsp; 20738 |
| U.S. Fertility Enterprises LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.17%, 12/30/32<br>|  | 137387 | &nbsp;&nbsp; 136872 |
|  |  |  | &nbsp;&nbsp; 5713321 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Healthcare & Pharmaceuticals | 1.7<br> %<br>|  |  |
| Hologic, Inc., USD Initial Term B Loan<br> 04/07/33<sup>(c)</sup> <br>|  | $351200 | &nbsp;&nbsp; $346810 |
| MED ParentCo L.P., Eleventh Amendment Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 6.67%, 04/15/31<br>|  | 1430181 | &nbsp;&nbsp; 1428393 |
|  |  |  | &nbsp;&nbsp; 1775203 |
| Healthcare, Education & Childcare | 0.7<br> %<br>|  |  |
| Zest Acquisition Corp., Term B-1 Loan<br> (Floating, CME Term SOFR USD 3M + 5.25%)<br> 8.92%, 02/08/28<br>|  | 735031 | &nbsp;&nbsp; 711143 |
| Home & Office Products | 0.6<br> %<br>|  |  |
| Osmosis Buyer Limited, 2026 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%, 0.50% Floor)<br> 6.16%, 07/31/28<br>|  | 313480 | &nbsp;&nbsp; 312549 |
| Osmosis Buyer Ltd., 2026 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 3M + 2.50%, 0.50% Floor)<br> 6.16%, 07/31/28<br>|  | 313479 | &nbsp;&nbsp; 312548 |
|  |  |  | &nbsp;&nbsp; 625097 |
| Home Construction | 0.9<br> %<br>|  |  |
| Chariot Buyer LLC, Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.42%, 09/08/32<br>|  | 910503 | &nbsp;&nbsp; 901071 |
| Household Products | 1.0<br> %<br>|  |  |
| KDC/ONE Development Corp., Inc., Dollar Tranche Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%)<br> 7.17%, 08/15/28<br>|  | 500000 | &nbsp;&nbsp; 495105 |
| Lavender Dutch BorrowerCo B.V., Facility B<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 6.95%, 12/30/32<br>|  | 498750 | &nbsp;&nbsp; 490645 |
|  |  |  | &nbsp;&nbsp; 985750 |
| Industrial Intermediate Products | 0.8<br> %<br>|  |  |
| DS Parent, Inc., Term Loan B<br> (Floating, CME Term SOFR USD 3M + 5.50%, 0.75% Floor)<br> 9.20%, 01/31/31<br>|  | 982500 | &nbsp;&nbsp; 862144 |
| Insurance | 5.4<br> %<br>|  |  |
| Acrisure LLC, 2024 Repricing Term B-6 Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%)<br> 6.67%, 11/06/30<br>|  | 619038 | &nbsp;&nbsp; 598765 |
| Acrisure LLC, 2025 Term B Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 06/21/32<br>|  | 1366698 | &nbsp;&nbsp; 1322280 |
| Alliant Holdings Intermediate LLC, 2025 Replacement Term Loan<br> 09/19/31<sup>(c)</sup> <br>|  | 67729 | &nbsp;&nbsp; 67144 |
| Asurion LLC, New B-4 Term Loan<br> (Floating, CME Term SOFR USD 1M + 5.25%)<br> 9.03%, 01/20/29<br>|  | 310094 | &nbsp;&nbsp; 307768 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Asurion LLC, New Term B-14 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%)<br> 7.42%, 02/23/33<br>|  | $1182000 | &nbsp;&nbsp; $1141375 |
| Baldwin Insurance Group Holdings (The) LLC, Refinancing Term B-2 Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%)<br> 6.18%, 05/26/31<br>|  | 236704 | &nbsp;&nbsp; 232365 |
| Broadstreet Partners Group LLC, 2025 Tranche B Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%)<br> 6.17%, 06/13/31<br>|  | 256323 | &nbsp;&nbsp; 249692 |
| OneDigital Borrower LLC, 2025 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.00%, 0.50% Floor)<br> 6.67%, 07/02/31<br>|  | 671080 | &nbsp;&nbsp; 647384 |
| OneDigital Borrower LLC, Initial Loan<br> (Floating, CME Term SOFR USD 1M + 5.25%, 0.50% Floor)<br> 8.92%, 07/02/32<br>|  | 810000 | &nbsp;&nbsp; 789750 |
| Trucordia Insurance Holdings LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 06/17/32<br>|  | 222285 | &nbsp;&nbsp; 204502 |
|  |  |  | &nbsp;&nbsp; 5561025 |
| Leisure Facilities & Services | 0.4<br> %<br>|  |  |
| Oravel Stays Ltd., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 8.00%, 1.00% Floor)<br> 11.71%, 01/08/30<br>|  | 231217 | &nbsp;&nbsp; 234685 |
| Scientific Games Holdings L.P., 2024 Refinancing Dollar Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.50% Floor)<br> 6.65%, 04/04/29<br>|  | 191134 | &nbsp;&nbsp; 188082 |
|  |  |  | &nbsp;&nbsp; 422767 |
| Machinery | 3.2<br> %<br>|  |  |
| Alliance Laundry Systems LLC, Initial Term B Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 2.25%)<br> 5.92%, 08/19/31<br>|  | 449783 | &nbsp;&nbsp; 449172 |
| (Floating, CME Term SOFR USD 1M + 2.25%)<br> 5.92%, 08/19/31<br>|  | 189253 | &nbsp;&nbsp; 188996 |
| CPM Holdings, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.50%, 0.50% Floor)<br> 8.17%, 09/28/28<br>|  | 420853 | &nbsp;&nbsp; 420701 |
| Engineered Machinery Holdings, Inc., 2025 USD Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 6.95%, 11/26/32<br>|  | 633400 | &nbsp;&nbsp; 635141 |
| Engineered Machinery Holdings, Inc., Incremental Amendment No. 3 Term <br> Loan<br> (Floating, CME Term SOFR USD 3M + 6.00%, 0.75% Floor)<br> 9.96%, 05/21/29<br>|  | 395000 | &nbsp;&nbsp; 395000 |
| Indicor LLC, Tranche E Dollar Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.50%)<br> 6.20%, 11/22/29<br>|  | 770427 | &nbsp;&nbsp; 769680 |
| Pro Mach Group, Inc., Amendment No. 6 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.42%, 10/15/32<br>|  | 395010 | &nbsp;&nbsp; 394022 |
|  |  |  | &nbsp;&nbsp; 3252712 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Medical Equipment & Devices | 0.1<br> %<br>|  |  |
| Resonetics LLC, 2026-1 Incremental Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 1M + 2.75%, 0.75% Floor)<br> 6.42%, 06/18/31<br>|  | $96513 | &nbsp;&nbsp; $96001 |
| 06/18/31<sup>(c)</sup> <br>|  | 243 | &nbsp;&nbsp; 242 |
|  |  |  | &nbsp;&nbsp; 96243 |
| Other Financial | 0.8<br> %<br>|  |  |
| Franklin Square Holdings L.P., Term B Loan<br> (Floating, CME Term SOFR USD 1M + 2.25%)<br> 5.92%, 04/25/31<br>|  | 997462 | &nbsp;&nbsp; 832881 |
| Other Industrial | 1.0<br> %<br>|  |  |
| VSE Corp., Term Loan<br> 03/17/33<sup>(c)</sup> <br>|  | 67900 | &nbsp;&nbsp; 67759 |
| WireCo WorldGroup, Inc., 2023 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%)<br> 7.42%, 11/13/28<br>|  | 929933 | &nbsp;&nbsp; 926055 |
|  |  |  | &nbsp;&nbsp; 993814 |
| Real Estate Investment Trusts | 0.4<br> %<br>|  |  |
| OEG Borrower LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.50%)<br> 7.19%, 06/30/31<br>|  | 398925 | &nbsp;&nbsp; 399591 |
| Retail | 0.9<br> %<br>|  |  |
| United Natural Foods, Inc., 2024 Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.75%)<br> 8.42%, 05/01/31<br>|  | 903784 | &nbsp;&nbsp; 906269 |
| Retail - Discretionary | 1.3<br> %<br>|  |  |
| Petco Health and Wellness Co., Inc., 2026 Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.25%)<br> 7.95%, 02/03/31<br>|  | 1000000 | &nbsp;&nbsp; 975340 |
| PetSmart LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 4.00%)<br> 7.68%, 08/18/32<br>|  | 381765 | &nbsp;&nbsp; 378806 |
|  |  |  | &nbsp;&nbsp; 1354146 |
| Retail Stores | 4.3<br> %<br>|  |  |
| BCPE Empire Holdings, Inc., Amendment No. 8 Incremental Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%, 0.50% Floor)<br> 6.92%, 12/11/30<br>|  | 1530234 | &nbsp;&nbsp; 1505368 |
| Dave & Buster's, Inc., 2024 Incremental Term B Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 6.94%, 11/01/31<br>|  | 1007250 | &nbsp;&nbsp; 837458 |
| Dave & Buster's, Inc., 2024 Refinancing Term B Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%, 0.50% Floor)<br> 6.94%, 06/29/29<br>|  | 1065639 | &nbsp;&nbsp; 927990 |
| Upbound Group, Inc., 2025 Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%, 0.50% Floor)<br> 6.42%, 08/13/32<br>|  | 1123023 | &nbsp;&nbsp; 1120687 |
|  |  |  | &nbsp;&nbsp; 4391503 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Software | 4.8<br> %<br>|  |  |
| Adeia, Inc., Initial Term B Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%)<br> 6.17%, 06/08/28<br>|  | $369424 | &nbsp;&nbsp; $368500 |
| Central Parent LLC, 2024 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.25%)<br> 6.95%, 07/06/29<br>|  | 1023614 | &nbsp;&nbsp; 726858 |
| Cotiviti, Inc., Amendment 2 Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.42%, 03/26/32<br>|  | 724217 | &nbsp;&nbsp; 665193 |
| Cotiviti, Inc., Initial Floating Rate Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.75%)<br> 6.42%, 05/01/31<br>|  | 622153 | &nbsp;&nbsp; 571995 |
| Dawn Bidco LLC, Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 3.00%)<br> 6.66%, 02/04/33<br>|  | 159000 | &nbsp;&nbsp; 150211 |
| 02/04/33<sup>(c)</sup> <br>|  | 100000 | &nbsp;&nbsp; 94472 |
| Icon Parent I, Inc., 2025 Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.75%)<br> 6.44%, 11/13/31<br>|  | 232741 | &nbsp;&nbsp; 222899 |
| Proofpoint, Inc., 2025-B Incremental Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.50% Floor)<br> 6.70%, 08/31/28<br>|  | 1253548 | &nbsp;&nbsp; 1211767 |
| Storable, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.25%)<br> 6.92%, 04/16/31<br>|  | 414159 | &nbsp;&nbsp; 395729 |
| UKG Inc., 2024 Refinancing Term Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 2.50%)<br> 6.17%, 02/10/31<br>|  | 498747 | &nbsp;&nbsp; 475869 |
| 02/10/31<sup>(c)</sup> <br>|  | 68983 | &nbsp;&nbsp; 65819 |
|  |  |  | &nbsp;&nbsp; 4949312 |
| Specialty Finance | 1.3<br> %<br>|  |  |
| Blackstone Mortgage Trust, Inc., Term B-9 Loan<br> (Floating, CME Term SOFR USD 1M + 2.50%, 0.50% Floor)<br> 6.17%, 12/10/30<br>|  | 102691 | &nbsp;&nbsp; 102434 |
| Greystone Select Financial LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 5.00%)<br> 8.93%, 06/16/28<br>|  | 1308453 | &nbsp;&nbsp; 1277378 |
|  |  |  | &nbsp;&nbsp; 1379812 |
| Steel | 1.1<br> %<br>|  |  |
| TMS International Corp., Term B-7 Loan,  |  |  |  |
| (Floating, CME Term SOFR USD 3M + 3.50%, 0.50% Floor)<br> 7.17%, 03/04/30<br>|  | 709559 | &nbsp;&nbsp; 707785 |
| (Floating, CME Term SOFR USD 1M + 3.50%, 0.50% Floor)<br> 7.17%, 03/04/30<br>|  | 421315 | &nbsp;&nbsp; 420262 |
|  |  |  | &nbsp;&nbsp; 1128047 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Technology | 1.1<br> %<br>|  |  |
| Disco Parent, Inc., Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%)<br> 6.67%, 08/06/32<br>|  | $341559 | &nbsp;&nbsp; $334728 |
| Priority Holdings LLC, 2025-1 Refinancing Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.75%, 0.50% Floor)<br> 7.42%, 08/02/32<br>|  | 163594 | &nbsp;&nbsp; 158994 |
| Quartz AcquireCo, LLC, Term B-2 Loan<br> 06/28/30<sup>(c)</sup> <br>|  | 99744 | &nbsp;&nbsp; 82788 |
| Tegra118 Wealth Solutions, Inc., Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 4.00%)<br> 7.67%, 01/27/33<br>|  | 500000 | &nbsp;&nbsp; 487085 |
| Tuple Debtco Ltd., Facility B1 (USD)<br> 01/28/33<sup>(c)</sup> <br>|  | 70200 | &nbsp;&nbsp; 67918 |
|  |  |  | &nbsp;&nbsp; 1131513 |
| Technology Hardware | 0.1<br> %<br>|  |  |
| Ingram Micro, Inc., Additional Term B-2 Loan<br> (Floating, CME Term SOFR USD 3M + 2.25%, 0.50% Floor)<br> 5.94%, 09/22/31<br>|  | 118411 | &nbsp;&nbsp; 118559 |
| Telecommunications | 1.4<br> %<br>|  |  |
| Covista, Inc., 2026 Term Loan<br> (Floating, CME Term SOFR USD 1M + 2.25%, 0.75% Floor)<br> 5.92%, 03/02/33<br>|  | 97000 | &nbsp;&nbsp; 97121 |
| Eagle Broadband Investments LLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.00%, 0.75% Floor)<br> 6.96%, 11/12/27<br>|  | 610857 | &nbsp;&nbsp; 580950 |
| Imagine Learning LLC, 2024 Term Loan<br> (Floating, CME Term SOFR USD 1M + 3.50%, 0.50% Floor)<br> 7.17%, 12/21/29<br>|  | 783077 | &nbsp;&nbsp; 723125 |
|  |  |  | &nbsp;&nbsp; 1401196 |
| Transportation & Logistics | 0.5<br> %<br>|  |  |
| Stonepeak Nile Parent LLC, Amendment No. 1 Incremental Term Loan<br> (Floating, CME Term SOFR USD 3M + 2.25%)<br> 5.92%, 04/09/32<br>|  | 355192 | &nbsp;&nbsp; 354240 |
| VistaJet Malta Finance PLC, Initial Term Loan<br> (Floating, CME Term SOFR USD 3M + 3.75%)<br> 7.41%, 04/01/31<br>|  | 147539 | &nbsp;&nbsp; 145788 |
|  |  |  | &nbsp;&nbsp; 500028 |
| TOTAL BANK LOAN OBLIGATIONS (Cost $91,393,355) |  |  | &nbsp;&nbsp; 87595966 |
| CORPORATE BONDS | 7.8<br> %<br>|  |  |
| Automotive | 1.0<br> %<br>|  |  |
| Tenneco, Inc.<br> 8.00%, 11/17/28<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 996443 |
| Cable & Satellite | 0.9<br> %<br>|  |  |
| CSC Holdings LLC<br> 4.13%, 12/01/30<sup>(a)</sup> <br>|  | 1580000 | &nbsp;&nbsp; 948140 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Chemicals | 1.9<br> %<br>|  |  |
| Chemours (The) Co.,  |  |  |  |
| 4.63%, 11/15/29<sup>(a)</sup> <br>|  | $1185000 | &nbsp;&nbsp; $1111240 |
| 8.00%, 01/15/33<sup>(a)</sup> <br>|  | 365000 | &nbsp;&nbsp; 366993 |
| Mativ Holdings, Inc.<br> 8.00%, 10/01/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 465691 |
|  |  |  | &nbsp;&nbsp; 1943924 |
| Health Care Facilities & Services | 0.9<br> %<br>|  |  |
| HAH Group Holding Co. LLC<br> 9.75%, 10/01/31<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 876064 |
| Oil & Gas Supply Chain | 0.5<br> %<br>|  |  |
| ITT Holdings LLC<br> 6.50%, 08/01/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 486169 |
| Specialty Finance | 2.5<br> %<br>|  |  |
| Arbor Realty SR, Inc.<br> 7.88%, 07/15/30<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 462364 |
| ILFC E-Capital Trust I<br> 6.38%, 12/21/65<sup>(a)(b)</sup> <br>|  | 1343000 | &nbsp;&nbsp; 1140049 |
| ILFC E-Capital Trust II<br> 6.63%, 12/21/65<sup>(a)(b)</sup> <br>|  | 1102000 | &nbsp;&nbsp; 956621 |
|  |  |  | &nbsp;&nbsp; 2559034 |
| Steel | 0.1<br> %<br>|  |  |
| TMS International Corp.<br> 6.25%, 04/15/29<sup>(a)</sup> <br>|  | 115000 | &nbsp;&nbsp; 110975 |
| TOTAL CORPORATE BONDS (Cost $8,252,948) |  |  | &nbsp;&nbsp; 7920749 |
| FOREIGN ISSUER BONDS | 1.4<br> %<br>|  |  |
| Automotive | 1.4<br> %<br>|  |  |
| Adient Global Holdings Ltd.<br> 7.50%, 02/15/33<sup>(a)</sup> <br>|  | 750000 | &nbsp;&nbsp; 758254 |
| Aptiv Swiss Holdings Ltd.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 3.39%)<br> 6.88%, 12/15/54<sup>(b)</sup> <br>|  | 625000 | &nbsp;&nbsp; 630823 |
|  |  |  | &nbsp;&nbsp; 1389077 |
| TOTAL FOREIGN ISSUER BONDS (Cost $1,359,599) |  |  | &nbsp;&nbsp; 1389077 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| WARRANTS | 0.0<br> %<br>|  |  |
| Manufacturing | 0.0<br> %<br>|  |  |
| Service King (Carnelian Point),(Exercisable 01/14/23, 1 Share for 1 Warrant, <br> Expires 08/30/30, Strike Price USD 0.00)<sup>(f)\*\*</sup> <br>|  | 2554 | &nbsp;&nbsp; — |
| TOTAL WARRANTS (Cost $—) |  |  | &nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY FLOATING RATE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 4.4<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(g)</sup> <br>|  | 4529966 | &nbsp;&nbsp; $4529966 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,529,966) |  |  | &nbsp;&nbsp; 4529966 |
| TOTAL INVESTMENTS<br> (Cost $109,306,225)<br>| 102.9<br> %<br>|  | &nbsp;&nbsp; 105147662 |
| NET OTHER ASSETS (LIABILITIES) | (2.9<br> %)<br>|  | &nbsp;&nbsp; (2937059)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $102210603 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $12,390,907 or 12% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2026, and the related index and spread are shown parenthetically for each <br> security.<br>|
| <sup>(c)</sup>Position is unsettled. Contract rate was not determined at March 31, 2026 and does not take effect until settlement date. |
| <sup>(d)</sup>Issuer has defaulted on terms of debt obligation. |
| <sup>(e)</sup>Unfunded loan commitment is a contractual obligation for future funding at the option of the Borrower. The Fund receives a stated coupon rate until the borrower <br> draws on the loan commitment, at which time the rate will become the stated rate in the loan agreement.<br>|
| <sup>(f)</sup>Non-income producing security. |
| <sup>(g)</sup>7-day current yield as of March 31, 2026 is disclosed. |
| \*\*Security valued pursuant to Level 3 unobservable inputs. |

---

---

| |
|:---|
| Abbreviations: |
| CLO – Collateralized Loan Obligation |
| SOFR – Secured Overnight Financing Rate |
| USD – United States Dollar |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY INTERNATIONAL VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 95.5<br> %<br>|  |  |
| Australia | 2.9<br> %<br>|  |  |
| ANZ Group Holdings Ltd. |  | 9976 | &nbsp;&nbsp; $250849 |
| Northern Star Resources Ltd. |  | 7193 | &nbsp;&nbsp; 104563 |
|  |  |  | &nbsp;&nbsp; 355412 |
| Canada | 4.6<br> %<br>|  |  |
| Bank of Nova Scotia (The) |  | 2914 | &nbsp;&nbsp; 202080 |
| Barrick Mining Corp. |  | 3018 | &nbsp;&nbsp; 123336 |
| Suncor Energy, Inc. |  | 3613 | &nbsp;&nbsp; 238971 |
|  |  |  | &nbsp;&nbsp; 564387 |
| Denmark | 3.3<br> %<br>|  |  |
| Carlsberg A.S. - Class B |  | 1738 | &nbsp;&nbsp; 216987 |
| Vestas Wind Systems A/S |  | 6051 | &nbsp;&nbsp; 182564 |
|  |  |  | &nbsp;&nbsp; 399551 |
| Finland | 6.8<br> %<br>|  |  |
| Fortum OYJ |  | 9274 | &nbsp;&nbsp; 237161 |
| Nokia OYJ |  | 28219 | &nbsp;&nbsp; 226373 |
| Nordea Bank Abp |  | 10274 | &nbsp;&nbsp; 176910 |
| Stora Enso OYJ - REG |  | 16470 | &nbsp;&nbsp; 193406 |
|  |  |  | &nbsp;&nbsp; 833850 |
| France | 6.8<br> %<br>|  |  |
| Arkema S.A. |  | 2191 | &nbsp;&nbsp; 150429 |
| BNP Paribas S.A. |  | 2653 | &nbsp;&nbsp; 252735 |
| SCOR S.E. |  | 7074 | &nbsp;&nbsp; 252827 |
| Thales S.A. |  | 580 | &nbsp;&nbsp; 170082 |
|  |  |  | &nbsp;&nbsp; 826073 |
| Germany | 6.6<br> %<br>|  |  |
| Aumovio S.E.<sup>(a)</sup> <br>|  | 4407 | &nbsp;&nbsp; 172583 |
| Continental A.G. |  | 2123 | &nbsp;&nbsp; 148201 |
| Deutsche Post A.G. |  | 2443 | &nbsp;&nbsp; 128763 |
| Fraport A.G. Frankfurt Airport Services Worldwide<sup>(a)</sup> <br>|  | 1943 | &nbsp;&nbsp; 169266 |
| Infineon Technologies A.G. |  | 4227 | &nbsp;&nbsp; 191763 |
|  |  |  | &nbsp;&nbsp; 810576 |
| Hong Kong | 1.9<br> %<br>|  |  |
| AIA Group Ltd. |  | 20809 | &nbsp;&nbsp; 231216 |
| Indonesia | 1.5<br> %<br>|  |  |
| Bank Mandiri Persero Tbk PT |  | 659897 | &nbsp;&nbsp; 185235 |
| Italy | 7.3<br> %<br>|  |  |
| Azimut Holding S.p.A. |  | 5567 | &nbsp;&nbsp; 211529 |
| Enel S.p.A. |  | 16808 | &nbsp;&nbsp; 183759 |
| Saipem S.p.A. |  | 47248 | &nbsp;&nbsp; 216176 |
| Snam S.p.A. |  | 36266 | &nbsp;&nbsp; 274731 |
|  |  |  | &nbsp;&nbsp; 886195 |
| Japan | 13.9<br> %<br>|  |  |
| Komatsu Ltd. |  | 4015 | &nbsp;&nbsp; 159880 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY INTERNATIONAL VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| MINEBEA MITSUMI, Inc. |  | 11044 | &nbsp;&nbsp; $183387 |
| MISUMI Group, Inc. |  | 15189 | &nbsp;&nbsp; 260366 |
| Murata Manufacturing Co. Ltd. |  | 8861 | &nbsp;&nbsp; 198816 |
| Nabtesco Corp. |  | 8120 | &nbsp;&nbsp; 203899 |
| Olympus Corp. |  | 16394 | &nbsp;&nbsp; 156191 |
| Omron Corp. |  | 8877 | &nbsp;&nbsp; 255383 |
| TOTO Ltd. |  | 8425 | &nbsp;&nbsp; 278542 |
|  |  |  | &nbsp;&nbsp; 1696464 |
| Jersey | 1.7<br> %<br>|  |  |
| Amcor PLC |  | 5216 | &nbsp;&nbsp; 207336 |
| Mexico | 1.9<br> %<br>|  |  |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 21439 | &nbsp;&nbsp; 237775 |
| Netherlands | 5.9<br> %<br>|  |  |
| ABN AMRO Bank N.V. - C.V.A. |  | 5571 | &nbsp;&nbsp; 176605 |
| Akzo Nobel N.V. |  | 3486 | &nbsp;&nbsp; 200394 |
| CNH Industrial N.V. |  | 14681 | &nbsp;&nbsp; 161491 |
| Signify N.V.<sup>(b)</sup> <br>|  | 8793 | &nbsp;&nbsp; 187284 |
|  |  |  | &nbsp;&nbsp; 725774 |
| Norway | 5.5<br> %<br>|  |  |
| Aker BP ASA |  | 7875 | &nbsp;&nbsp; 291130 |
| Equinor ASA |  | 8989 | &nbsp;&nbsp; 382971 |
|  |  |  | &nbsp;&nbsp; 674101 |
| South Korea | 1.6<br> %<br>|  |  |
| SK hynix, Inc. |  | 353 | &nbsp;&nbsp; 200280 |
| Spain | 1.7<br> %<br>|  |  |
| Enagas S.A. |  | 10749 | &nbsp;&nbsp; 212376 |
| Sweden | 3.8<br> %<br>|  |  |
| Boliden AB<sup>(a)</sup> <br>|  | 3398 | &nbsp;&nbsp; 178129 |
| Elekta AB - Class B |  | 23491 | &nbsp;&nbsp; 138947 |
| Getinge AB - Class B |  | 7013 | &nbsp;&nbsp; 141570 |
|  |  |  | &nbsp;&nbsp; 458646 |
| Switzerland | 2.4<br> %<br>|  |  |
| Julius Baer Group Ltd. |  | 3929 | &nbsp;&nbsp; 288994 |
| United Kingdom | 15.4<br> %<br>|  |  |
| Barclays PLC |  | 26443 | &nbsp;&nbsp; 138389 |
| Centrica PLC |  | 83409 | &nbsp;&nbsp; 236167 |
| Chemring Group PLC |  | 14334 | &nbsp;&nbsp; 97731 |
| CK Hutchison Holdings Ltd. |  | 23006 | &nbsp;&nbsp; 176595 |
| Legal & General Group PLC |  | 49622 | &nbsp;&nbsp; 163074 |
| LondonMetric Property PLC |  | 66968 | &nbsp;&nbsp; 161768 |
| M&G PLC |  | 49990 | &nbsp;&nbsp; 181585 |
| QinetiQ Group PLC |  | 16347 | &nbsp;&nbsp; 99018 |
| Sensata Technologies Holding PLC |  | 7393 | &nbsp;&nbsp; 260382 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY INTERNATIONAL VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| St. James's Place PLC |  | 11435 | &nbsp;&nbsp; $180429 |
| Standard Chartered PLC |  | 9182 | &nbsp;&nbsp; 191351 |
|  |  |  | &nbsp;&nbsp; 1886489 |
| TOTAL COMMON STOCKS (Cost $8,895,177) |  |  | &nbsp;&nbsp; 11680730 |
| PREFERRED STOCKS | 1.2<br> %<br>|  |  |
| Germany | 1.2<br> %<br>|  |  |
| Dr Ing hc F Porsche A.G., 2.59%<sup>(c)</sup> <br>|  | 3288 | &nbsp;&nbsp; 149783 |
| TOTAL PREFERRED STOCKS (Cost $226,379) |  |  | &nbsp;&nbsp; 149783 |
| SHORT-TERM INVESTMENTS | 0.5<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(d)</sup> <br>|  | 60684 | &nbsp;&nbsp; 60684 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $60,684) |  |  | &nbsp;&nbsp; 60684 |
| TOTAL INVESTMENTS<br> (Cost $9,182,240)<br>| 97.2<br> %<br>|  | &nbsp;&nbsp; 11891197 |
| NET OTHER ASSETS (LIABILITIES) | 2.8<br> %<br>|  | &nbsp;&nbsp; 341909 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $12233106 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $187,284 or 2% of net assets.<br>|
| <sup>(c)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(d)</sup>7-day current yield as of March 31, 2026 is disclosed. |

---

Abbreviations: <br> REG – Registered

At March 31, 2026 the industry sectors (excluding short-term investments) for the Barrow Hanley International Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 27.1% |
| Industrials  | 22.2  |
| Materials  | 9.5  |
| Utilities  | 9.3  |
| Energy  | 9.3  |
| Information Technology  | 8.8  |
| Consumer Discretionary  | 3.8  |
| Health Care  | 3.6  |
| Consumer Staples  | 1.8  |
| Real Estate  | 1.3  |
| Total | &nbsp;&nbsp; 96.7% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| ASSET-BACKED SECURITIES | 5.7<br> %<br>|  |  |
| Automotive | 5.2<br> %<br>|  |  |
| AmeriCredit Automobile Receivables Trust, Series 2025-1 - Class A3<br> 4.12%, 05/20/30<sup>(a)</sup> <br>|  | $630000 | &nbsp;&nbsp; $628444 |
| Ford Credit Auto Lease Trust, Series 2025-B - Class A3<br> 4.23%, 12/15/28<br>|  | 1025000 | &nbsp;&nbsp; 1027299 |
| Ford Credit Auto Owner Trust, Series 2021-2 - Class A<br> 1.53%, 05/15/34<sup>(a)</sup> <br>|  | 205000 | &nbsp;&nbsp; 201798 |
| Ford Credit Auto Owner Trust, Series 2023-A - Class A3<br> 4.65%, 02/15/28<br>|  | 67635 | &nbsp;&nbsp; 67746 |
| GM Financial Automobile Leasing Trust, Series 2025-1 - Class A3<br> 4.66%, 02/21/28<br>|  | 865000 | &nbsp;&nbsp; 868582 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1 - <br> Class A3<br> 4.62%, 12/17/29<br>|  | 710000 | &nbsp;&nbsp; 713926 |
| GM Financial Revolving Receivables Trust, Series 2021-1 - Class A<br> 1.17%, 06/12/34<sup>(a)</sup> <br>|  | 155000 | &nbsp;&nbsp; 152914 |
| Honda Auto Receivables Owner Trust, Series 2025-1 - Class A3<br> 4.57%, 09/21/29<br>|  | 705000 | &nbsp;&nbsp; 709661 |
| Mercedes-Benz Auto Lease Trust, Series 2024-B - Class A3<br> 4.23%, 02/15/28<br>|  | 452749 | &nbsp;&nbsp; 452921 |
| Porsche Financial Auto Securitization Trust, Series 2024-1 - Class A3<br> 4.44%, 01/22/30<sup>(a)</sup> <br>|  | 1144429 | &nbsp;&nbsp; 1146546 |
| Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-AA - <br> Class A2<br> 4.63%, 07/20/27<sup>(a)</sup> <br>|  | 327353 | &nbsp;&nbsp; 327883 |
| Toyota Auto Loan Extended Note Trust, Series 2023-1A - Class A<br> 4.93%, 06/25/36<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101511 |
| Volkswagen Auto Lease Trust, Series 2025-B - Class A3<br> 4.01%, 01/22/29<br>|  | 910000 | &nbsp;&nbsp; 908716 |
| Volkswagen Auto Lease Trust, Series 2026-A - Class A3<br> 4.17%, 03/20/29<br>|  | 1250000 | &nbsp;&nbsp; 1247507 |
| World Omni Automobile Lease Securitization Trust, Series 2025-A - <br> Class A3<br> 4.42%, 04/17/28<br>|  | 495000 | &nbsp;&nbsp; 496481 |
|  |  |  | &nbsp;&nbsp; 9051935 |
| Other Asset-Backed Securities | 0.5<br> %<br>|  |  |
| CNH Equipment Trust, Series 2023-A - Class A3<br> 4.81%, 08/15/28<br>|  | 102909 | &nbsp;&nbsp; 103288 |
| Compass Datacenters Issuer III LLC, Series 2025-1A - Class A2<br> 5.66%, 02/25/50<sup>(a)</sup> <br>|  | 590000 | &nbsp;&nbsp; 592907 |
| John Deere Owner Trust, Series 2022-B - Class A3<br> 3.74%, 02/16/27<br>|  | 128 | &nbsp;&nbsp; 128 |
| Taco Bell Funding LLC, Series 2021-1A - Class A2II<br> 2.29%, 08/25/51<sup>(a)</sup> <br>|  | 176850 | &nbsp;&nbsp; 163607 |
|  |  |  | &nbsp;&nbsp; 859930 |
| TOTAL ASSET-BACKED SECURITIES (Cost $9,890,417) |  |  | &nbsp;&nbsp; 9911865 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 25.3<br> %<br>|  |  |
| Biotechnology & Pharmaceuticals | 1.7<br> %<br>|  |  |
| Bayer U.S. Finance II LLC,  |  |  |  |
| 3.95%, 04/15/45<sup>(a)</sup> <br>|  | $1610000 | &nbsp;&nbsp; $1173431 |
| 4.70%, 07/15/64<sup>(a)</sup> <br>|  | 360000 | &nbsp;&nbsp; 270840 |
| Bayer U.S. Finance LLC,  |  |  |  |
| 6.13%, 11/21/26<sup>(a)</sup> <br>|  | 585000 | &nbsp;&nbsp; 590321 |
| 6.88%, 11/21/53<sup>(a)</sup> <br>|  | 930000 | &nbsp;&nbsp; 979748 |
|  |  |  | &nbsp;&nbsp; 3014340 |
| Cable & Satellite | 2.3<br> %<br>|  |  |
| Charter Communications Operating LLC/Charter Communications Operating <br> Capital, <br>|  |  |  |
| 6.48%, 10/23/45 |  | 390000 | &nbsp;&nbsp; 359566 |
| 5.75%, 04/01/48 |  | 595000 | &nbsp;&nbsp; 496230 |
| 3.85%, 04/01/61 |  | 615000 | &nbsp;&nbsp; 359167 |
| 3.95%, 06/30/62 |  | 715000 | &nbsp;&nbsp; 420105 |
| Cox Communications, Inc.,  |  |  |  |
| 5.80%, 12/15/53<sup>(a)</sup> <br>|  | 930000 | &nbsp;&nbsp; 786834 |
| 5.95%, 09/01/54<sup>(a)</sup> <br>|  | 1785000 | &nbsp;&nbsp; 1557292 |
|  |  |  | &nbsp;&nbsp; 3979194 |
| Electric Utilities | 9.1<br> %<br>|  |  |
| Appalachian Power Co.<br> 4.50%, 03/01/49<br>|  | 1550000 | &nbsp;&nbsp; 1256393 |
| Arizona Public Service Co.<br> 2.65%, 09/15/50<br>|  | 90000 | &nbsp;&nbsp; 53089 |
| Dominion Energy, Inc.,  |  |  |  |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.39%)<br> 6.88%, 02/01/55<sup>(b)</sup> <br>|  | 820000 | &nbsp;&nbsp; 843920 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.21%)<br> 6.63%, 05/15/55<sup>(b)</sup> <br>|  | 1200000 | &nbsp;&nbsp; 1218370 |
| Duke Energy Carolinas LLC,  |  |  |  |
| 5.25%, 03/15/35 |  | 445000 | &nbsp;&nbsp; 451976 |
| 6.00%, 01/15/38 |  | 125000 | &nbsp;&nbsp; 132058 |
| 6.05%, 04/15/38 |  | 355000 | &nbsp;&nbsp; 377574 |
| 3.20%, 08/15/49 |  | 305000 | &nbsp;&nbsp; 204114 |
| Duke Energy Progress LLC,  |  |  |  |
| 4.15%, 12/01/44 |  | 465000 | &nbsp;&nbsp; 378337 |
| 4.20%, 08/15/45 |  | 225000 | &nbsp;&nbsp; 183441 |
| Duke Energy Progress NC Storm Funding LLC<br> 2.39%, 07/01/37<br>|  | 1135000 | &nbsp;&nbsp; 966288 |
| Entergy Arkansas LLC,  |  |  |  |
| 3.35%, 06/15/52 |  | 145000 | &nbsp;&nbsp; 96158 |
| 5.75%, 01/15/56 |  | 1025000 | &nbsp;&nbsp; 1002895 |
| Entergy Corp.,  |  |  |  |
| 2.80%, 06/15/30 |  | 295000 | &nbsp;&nbsp; 274296 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.67%)<br> 7.13%, 12/01/54<sup>(b)</sup> <br>|  | $270000 | &nbsp;&nbsp; $276663 |
| Entergy Louisiana LLC,  |  |  |  |
| 4.00%, 03/15/33 |  | 250000 | &nbsp;&nbsp; 237345 |
| 5.35%, 03/15/34 |  | 690000 | &nbsp;&nbsp; 709336 |
| 5.80%, 03/15/55 |  | 280000 | &nbsp;&nbsp; 274577 |
| Entergy Mississippi LLC<br> 5.80%, 04/15/55<br>|  | 380000 | &nbsp;&nbsp; 374531 |
| Florida Power & Light Co.<br> 3.95%, 03/01/48<br>|  | 125000 | &nbsp;&nbsp; 97289 |
| Kentucky Utilities Co.<br> 3.30%, 06/01/50<br>|  | 160000 | &nbsp;&nbsp; 107439 |
| Pinnacle West Capital Corp.,  |  |  |  |
| 4.90%, 05/15/28 |  | 695000 | &nbsp;&nbsp; 700226 |
| 5.15%, 05/15/30 |  | 1100000 | &nbsp;&nbsp; 1116175 |
| Public Service Enterprise Group, Inc.,  |  |  |  |
| 5.45%, 04/01/34 |  | 620000 | &nbsp;&nbsp; 629357 |
| 5.40%, 03/15/35 |  | 315000 | &nbsp;&nbsp; 318205 |
| Sempra,  |  |  |  |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.63%)<br> 6.40%, 10/01/54<sup>(b)</sup> <br>|  | 915000 | &nbsp;&nbsp; 912140 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.79%)<br> 6.88%, 10/01/54<sup>(b)</sup> <br>|  | 670000 | &nbsp;&nbsp; 677214 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.14%)<br> 6.55%, 04/01/55<sup>(b)</sup> <br>|  | 360000 | &nbsp;&nbsp; 358392 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.35%)<br> 6.63%, 04/01/55<sup>(b)</sup> <br>|  | 535000 | &nbsp;&nbsp; 534983 |
| System Energy Resources, Inc.<br> 5.30%, 12/15/34<br>|  | 1015000 | &nbsp;&nbsp; 1012339 |
|  |  |  | &nbsp;&nbsp; 15775120 |
| Gas & Water Utilities | 0.7<br> %<br>|  |  |
| NiSource, Inc.<br> 5.25%, 03/30/28<br>|  | 825000 | &nbsp;&nbsp; 838006 |
| Sempra Infrastructure Partners L.P.<br> 3.25%, 01/15/32<sup>(a)</sup> <br>|  | 420000 | &nbsp;&nbsp; 371132 |
|  |  |  | &nbsp;&nbsp; 1209138 |
| Institutional Financial Services | 2.2<br> %<br>|  |  |
| Goldman Sachs Group (The), Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.18%)<br> 5.39%, 02/02/41<sup>(b)</sup> <br>|  | 1660000 | &nbsp;&nbsp; 1603810 |
| Morgan Stanley,  |  |  |  |
| (Variable, U.S. SOFR + 1.36%)<br> 2.48%, 09/16/36<sup>(b)</sup> <br>|  | 825000 | &nbsp;&nbsp; 709820 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 1.17%)<br> 5.31%, 01/18/41<sup>(b)</sup> <br>|  | 1660000 | &nbsp;&nbsp; 1602436 |
|  |  |  | &nbsp;&nbsp; 3916066 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Insurance | 0.2<br> %<br>|  |  |
| Markel Group, Inc.<br> 5.00%, 05/20/49<br>|  | $505000 | &nbsp;&nbsp; $431365 |
| Oil & Gas Supply Chain | 1.4<br> %<br>|  |  |
| Energy Transfer L.P.,  |  |  |  |
| 5.35%, 01/15/36 |  | 740000 | &nbsp;&nbsp; 734861 |
| (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.02%)<br> 8.00%, 05/15/54<sup>(b)</sup> <br>|  | 500000 | &nbsp;&nbsp; 523697 |
| 6.30%, 01/15/56 |  | 370000 | &nbsp;&nbsp; 364334 |
| Kinder Morgan Energy Partners L.P.<br> 5.40%, 09/01/44<br>|  | 75000 | &nbsp;&nbsp; 69687 |
| ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 110000 | &nbsp;&nbsp; 119816 |
| ONEOK, Inc.<br> 5.70%, 11/01/54<br>|  | 680000 | &nbsp;&nbsp; 620382 |
|  |  |  | &nbsp;&nbsp; 2432777 |
| Real Estate Investment Trusts | 1.5<br> %<br>|  |  |
| GLP Capital L.P./GLP Financing II, Inc.,  |  |  |  |
| 5.63%, 03/01/36 |  | 1555000 | &nbsp;&nbsp; 1512390 |
| 5.75%, 11/01/37 |  | 755000 | &nbsp;&nbsp; 730741 |
| Public Storage Operating Co.<br> 2.25%, 11/09/31<br>|  | 365000 | &nbsp;&nbsp; 323804 |
|  |  |  | &nbsp;&nbsp; 2566935 |
| Semiconductors | 1.1<br> %<br>|  |  |
| Foundry JV Holdco LLC<br> 6.30%, 01/25/39<sup>(a)</sup> <br>|  | 1840000 | &nbsp;&nbsp; 1916547 |
| Specialty Finance | 0.3<br> %<br>|  |  |
| Fidelity National Financial, Inc.<br> 3.20%, 09/17/51<br>|  | 155000 | &nbsp;&nbsp; 94020 |
| Moody's Corp.<br> 2.55%, 08/18/60<br>|  | 75000 | &nbsp;&nbsp; 37450 |
| Western Union (The) Co.<br> 4.75%, 06/15/29<br>|  | 460000 | &nbsp;&nbsp; 455903 |
|  |  |  | &nbsp;&nbsp; 587373 |
| Technology Hardware | 0.6<br> %<br>|  |  |
| Dell International LLC/EMC Corp.<br> 3.38%, 12/15/41<br>|  | 1380000 | &nbsp;&nbsp; 1028877 |
| Telecommunications | 2.7<br> %<br>|  |  |
| AT&T, Inc.,  |  |  |  |
| 5.70%, 11/01/54 |  | 680000 | &nbsp;&nbsp; 636704 |
| 6.00%, 04/30/56 |  | 1675000 | &nbsp;&nbsp; 1638835 |
| 3.65%, 09/15/59 |  | 680000 | &nbsp;&nbsp; 440626 |
| Sprint Capital Corp.<br> 8.75%, 03/15/32<br>|  | 400000 | &nbsp;&nbsp; 475628 |
| T-Mobile U.S.A., Inc.<br> 5.85%, 02/15/56<br>|  | 1555000 | &nbsp;&nbsp; 1509101 |
|  |  |  | &nbsp;&nbsp; 4700894 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Tobacco & Cannabis | 1.5<br> %<br>|  |  |
| BAT Capital Corp.<br> 4.54%, 08/15/47<br>|  | $1395000 | &nbsp;&nbsp; $1132646 |
| Reynolds American, Inc.<br> 5.70%, 08/15/35<br>|  | 1440000 | &nbsp;&nbsp; 1480129 |
|  |  |  | &nbsp;&nbsp; 2612775 |
| TOTAL CORPORATE BONDS (Cost $44,642,166) |  |  | &nbsp;&nbsp; 44171401 |
| FOREIGN ISSUER BONDS | 7.8<br> %<br>|  |  |
| Asset Management | 0.6<br> %<br>|  |  |
| UBS Group A.G.<br> (Variable, U.S. SOFR + 1.34%)<br> 5.20%, 08/10/37<sup>(a)(b)</sup> <br>|  | 1070000 | &nbsp;&nbsp; 1045116 |
| Banking | 2.7<br> %<br>|  |  |
| Barclays PLC<br> (Variable, U.S. SOFR + 1.51%)<br> 5.21%, 02/24/37<sup>(b)</sup> <br>|  | 860000 | &nbsp;&nbsp; 832296 |
| CaixaBank S.A.<br> (Variable, U.S. SOFR + 1.79%)<br> 5.58%, 07/03/36<sup>(a)(b)</sup> <br>|  | 2730000 | &nbsp;&nbsp; 2745532 |
| HBOS PLC<br> 6.00%, 11/01/33<sup>(a)</sup> <br>|  | 665000 | &nbsp;&nbsp; 686451 |
| Intesa Sanpaolo S.p.A.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 1Y + 2.60%)<br> 4.20%, 06/01/32<sup>(a)(b)</sup> <br>|  | 460000 | &nbsp;&nbsp; 430271 |
|  |  |  | &nbsp;&nbsp; 4694550 |
| Electric Utilities | 0.9<br> %<br>|  |  |
| Electricite de France S.A.<br> 6.00%, 04/22/64<sup>(a)</sup> <br>|  | 1640000 | &nbsp;&nbsp; 1561359 |
| Insurance | 0.9<br> %<br>|  |  |
| Fairfax Financial Holdings Ltd.,  |  |  |  |
| 6.35%, 03/22/54 |  | 1215000 | &nbsp;&nbsp; 1224270 |
| 6.10%, 03/15/55 |  | 295000 | &nbsp;&nbsp; 288338 |
|  |  |  | &nbsp;&nbsp; 1512608 |
| Oil & Gas Supply Chain | 0.6<br> %<br>|  |  |
| BP Capital Markets PLC<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.15%)<br> 6.45%, 12/01/33<sup>(b)(c)</sup> <br>|  | 1080000 | &nbsp;&nbsp; 1123021 |
| Sovereign Government | 1.1<br> %<br>|  |  |
| Mexico Government International Bond,  |  |  |  |
| 6.13%, 02/09/38 |  | 490000 | &nbsp;&nbsp; 477505 |
| 3.77%, 05/24/61 |  | 2545000 | &nbsp;&nbsp; 1518729 |
|  |  |  | &nbsp;&nbsp; 1996234 |
| Specialty Finance | 1.0<br> %<br>|  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.72%)<br> 6.95%, 03/10/55<sup>(b)</sup> <br>|  | 1675000 | &nbsp;&nbsp; 1714324 |
| TOTAL FOREIGN ISSUER BONDS (Cost $13,714,175) |  |  | &nbsp;&nbsp; 13647212 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| MORTGAGE-BACKED SECURITIES | 41.8<br> %<br>|  |  |
| Commercial Mortgage-Backed Security | 1.3<br> %<br>|  |  |
| NRTH Commercial Mortgage Trust, Series 2025-PARK - Class A<br> (Floating, 1M CME Term SOFR + 1.39%)<br> 5.07%, 10/15/40<sup>(a)(b)</sup> <br>|  | $2175000 | &nbsp;&nbsp; $2172962 |
| Non-Agency Mortgage-Backed Security | 0.1<br> %<br>|  |  |
| Seasoned Loans Structured Transaction Trust, Series 2020-3 - Class A1C<br> 2.00%, 11/25/30<br>|  | 98881 | &nbsp;&nbsp; 92046 |
| U.S. Government Agencies | 40.4<br> %<br>|  |  |
| Fannie Mae Pool #850280<br> 5.50%, 12/01/35<br>|  | 4158 | &nbsp;&nbsp; 4255 |
| Fannie Mae Pool #AB6228<br> 3.50%, 09/01/42<br>|  | 76612 | &nbsp;&nbsp; 72228 |
| Fannie Mae Pool #AD4062<br> 5.00%, 05/01/40<br>|  | 4575 | &nbsp;&nbsp; 4623 |
| Fannie Mae Pool #AL2752<br> 5.00%, 03/01/42<br>|  | 47467 | &nbsp;&nbsp; 47972 |
| Fannie Mae Pool #AS5469<br> 4.00%, 07/01/45<br>|  | 126000 | &nbsp;&nbsp; 121312 |
| Fannie Mae Pool #AS5597<br> 3.50%, 08/01/45<br>|  | 56478 | &nbsp;&nbsp; 53033 |
| Fannie Mae Pool #AS7170<br> 3.50%, 05/01/46<br>|  | 66788 | &nbsp;&nbsp; 62479 |
| Fannie Mae Pool #AS7242<br> 3.50%, 05/01/46<br>|  | 58717 | &nbsp;&nbsp; 54905 |
| Fannie Mae Pool #AS8299<br> 3.00%, 11/01/46<br>|  | 219352 | &nbsp;&nbsp; 199207 |
| Fannie Mae Pool #AS8947<br> 3.50%, 03/01/47<br>|  | 121381 | &nbsp;&nbsp; 113474 |
| Fannie Mae Pool #AS9772<br> 3.50%, 06/01/37<br>|  | 68503 | &nbsp;&nbsp; 65955 |
| Fannie Mae Pool #AS9988<br> 4.50%, 07/01/47<br>|  | 29525 | &nbsp;&nbsp; 29043 |
| Fannie Mae Pool #AU1625<br> 3.50%, 07/01/43<br>|  | 74581 | &nbsp;&nbsp; 70120 |
| Fannie Mae Pool #BC4764<br> 3.00%, 10/01/46<br>|  | 74565 | &nbsp;&nbsp; 67177 |
| Fannie Mae Pool #BC9468<br> 3.00%, 06/01/46<br>|  | 150688 | &nbsp;&nbsp; 136244 |
| Fannie Mae Pool #BH8279<br> 3.50%, 09/01/47<br>|  | 94869 | &nbsp;&nbsp; 88584 |
| Fannie Mae Pool #BM1150<br> 3.00%, 12/01/46<br>|  | 85679 | &nbsp;&nbsp; 77386 |
| Fannie Mae Pool #BN6625<br> 3.50%, 05/01/49<br>|  | 601976 | &nbsp;&nbsp; 564431 |
| Fannie Mae Pool #BO3007<br> 3.00%, 10/01/34<br>|  | 23404 | &nbsp;&nbsp; 22549 |
| Fannie Mae Pool #BU1322<br> 2.50%, 02/01/52<br>|  | 2469580 | &nbsp;&nbsp; 2120295 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae Pool #BV8017<br> 4.50%, 08/01/52<br>|  | $2203487 | &nbsp;&nbsp; $2136654 |
| Fannie Mae Pool #BV9960<br> 4.00%, 06/01/52<br>|  | 814698 | &nbsp;&nbsp; 775638 |
| Fannie Mae Pool #CA1563<br> 4.50%, 04/01/48<br>|  | 22337 | &nbsp;&nbsp; 21883 |
| Fannie Mae Pool #CA2055<br> 4.50%, 07/01/48<br>|  | 62614 | &nbsp;&nbsp; 61063 |
| Fannie Mae Pool #CA4372<br> 4.50%, 10/01/49<br>|  | 31651 | &nbsp;&nbsp; 30962 |
| Fannie Mae Pool #CA4569<br> 4.00%, 11/01/49<br>|  | 153581 | &nbsp;&nbsp; 146941 |
| Fannie Mae Pool #CA6645<br> 3.00%, 08/01/50<br>|  | 151777 | &nbsp;&nbsp; 134639 |
| Fannie Mae Pool #CA6951<br> 2.50%, 09/01/50<br>|  | 167179 | &nbsp;&nbsp; 142834 |
| Fannie Mae Pool #CB0855<br> 3.00%, 06/01/51<br>|  | 82509 | &nbsp;&nbsp; 73141 |
| Fannie Mae Pool #CB1384<br> 2.50%, 08/01/51<br>|  | 1120458 | &nbsp;&nbsp; 958606 |
| Fannie Mae Pool #CB2857<br> 2.50%, 02/01/52<br>|  | 885121 | &nbsp;&nbsp; 758779 |
| Fannie Mae Pool #CB3486<br> 3.50%, 05/01/52<br>|  | 415357 | &nbsp;&nbsp; 381860 |
| Fannie Mae Pool #CB3878<br> 5.00%, 06/01/52<br>|  | 407946 | &nbsp;&nbsp; 409012 |
| Fannie Mae Pool #CB7980<br> 5.50%, 02/01/54<br>|  | 1376554 | &nbsp;&nbsp; 1401450 |
| Fannie Mae Pool #DA2948<br> 5.50%, 10/01/53<br>|  | 1256737 | &nbsp;&nbsp; 1266596 |
| Fannie Mae Pool #DG2249<br> 5.00%, 03/01/56<br>|  | 1775000 | &nbsp;&nbsp; 1751263 |
| Fannie Mae Pool #FM1306<br> 4.50%, 07/01/48<br>|  | 173433 | &nbsp;&nbsp; 170853 |
| Fannie Mae Pool #FM4053<br> 2.50%, 08/01/50<br>|  | 125589 | &nbsp;&nbsp; 107631 |
| Fannie Mae Pool #FM4638<br> 2.50%, 10/01/50<br>|  | 81993 | &nbsp;&nbsp; 69664 |
| Fannie Mae Pool #FM4720<br> 3.00%, 10/01/50<br>|  | 103386 | &nbsp;&nbsp; 92385 |
| Fannie Mae Pool #FM4828<br> 3.00%, 11/01/50<br>|  | 977228 | &nbsp;&nbsp; 863860 |
| Fannie Mae Pool #FM4901<br> 2.00%, 11/01/35<br>|  | 81271 | &nbsp;&nbsp; 75093 |
| Fannie Mae Pool #FM5204<br> 2.00%, 12/01/35<br>|  | 77039 | &nbsp;&nbsp; 71073 |
| Fannie Mae Pool #FM5537<br> 2.00%, 01/01/36<br>|  | 202799 | &nbsp;&nbsp; 187085 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae Pool #FM6943<br> 2.00%, 04/01/51<br>|  | $355214 | &nbsp;&nbsp; $292544 |
| Fannie Mae Pool #FM7377<br> 3.00%, 05/01/51<br>|  | 182975 | &nbsp;&nbsp; 163769 |
| Fannie Mae Pool #FM7708<br> 3.50%, 06/01/51<br>|  | 212285 | &nbsp;&nbsp; 195898 |
| Fannie Mae Pool #FM8787<br> 2.50%, 10/01/51<br>|  | 2711425 | &nbsp;&nbsp; 2313124 |
| Fannie Mae Pool #FM9765<br> 3.00%, 11/01/51<br>|  | 207339 | &nbsp;&nbsp; 182584 |
| Fannie Mae Pool #FS1564<br> 2.00%, 04/01/51<br>|  | 290895 | &nbsp;&nbsp; 234667 |
| Fannie Mae Pool #FS1704<br> 4.00%, 05/01/52<br>|  | 154185 | &nbsp;&nbsp; 146932 |
| Fannie Mae Pool #FS1807<br> 3.50%, 07/01/51<br>|  | 274399 | &nbsp;&nbsp; 254118 |
| Fannie Mae Pool #FS3071<br> 3.00%, 07/01/52<br>|  | 2369056 | &nbsp;&nbsp; 2113335 |
| Fannie Mae Pool #FS3159<br> 4.50%, 10/01/52<br>|  | 701245 | &nbsp;&nbsp; 682547 |
| Fannie Mae Pool #FS3533<br> 2.00%, 01/01/52<br>|  | 409896 | &nbsp;&nbsp; 335293 |
| Fannie Mae Pool #FS3744<br> 2.00%, 07/01/51<br>|  | 2659124 | &nbsp;&nbsp; 2165138 |
| Fannie Mae Pool #FS4075<br> 5.00%, 04/01/53<br>|  | 660536 | &nbsp;&nbsp; 658325 |
| Fannie Mae Pool #FS4621<br> 5.00%, 06/01/53<br>|  | 243112 | &nbsp;&nbsp; 243238 |
| Fannie Mae Pool #FS4624<br> 2.50%, 11/01/51<br>|  | 291839 | &nbsp;&nbsp; 247075 |
| Fannie Mae Pool #FS5044<br> 4.50%, 06/01/53<br>|  | 1666523 | &nbsp;&nbsp; 1627847 |
| Fannie Mae Pool #FS6141<br> 2.00%, 01/01/52<br>|  | 2244154 | &nbsp;&nbsp; 1833701 |
| Fannie Mae Pool #FS6787<br> 6.00%, 01/01/54<br>|  | 1339535 | &nbsp;&nbsp; 1388815 |
| Fannie Mae Pool #FS8138<br> 6.50%, 06/01/54<br>|  | 464749 | &nbsp;&nbsp; 488556 |
| Fannie Mae Pool #FS8291<br> 5.50%, 07/01/53<br>|  | 1929260 | &nbsp;&nbsp; 1966684 |
| Fannie Mae Pool #FS9085<br> 3.00%, 12/01/51<br>|  | 1026371 | &nbsp;&nbsp; 905393 |
| Fannie Mae Pool #MA1870<br> 4.50%, 04/01/34<br>|  | 42125 | &nbsp;&nbsp; 42112 |
| Fannie Mae Pool #MA3101<br> 4.50%, 08/01/47<br>|  | 66660 | &nbsp;&nbsp; 65589 |
| Fannie Mae Pool #MA4327<br> 3.00%, 05/01/51<br>|  | 151461 | &nbsp;&nbsp; 134016 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Fannie Mae Pool #MA4475<br> 2.50%, 11/01/41<br>|  | $161992 | &nbsp;&nbsp; $145803 |
| Fannie Mae Pool #MA4733<br> 4.50%, 09/01/52<br>|  | 1593891 | &nbsp;&nbsp; 1545053 |
| Freddie Mac Gold Pool #G60990<br> 3.00%, 04/01/47<br>|  | 285016 | &nbsp;&nbsp; 253293 |
| Freddie Mac Gold Pool #G61281<br> 3.50%, 01/01/48<br>|  | 84129 | &nbsp;&nbsp; 78451 |
| Freddie Mac Gold Pool #J25557<br> 3.50%, 09/01/28<br>|  | 12185 | &nbsp;&nbsp; 12081 |
| Freddie Mac Gold Pool #J37949<br> 3.00%, 11/01/32<br>|  | 46180 | &nbsp;&nbsp; 44868 |
| Freddie Mac Gold Pool #Q55227<br> 4.00%, 04/01/48<br>|  | 99288 | &nbsp;&nbsp; 95210 |
| Freddie Mac Pool #QD1484<br> 2.50%, 11/01/51<br>|  | 336091 | &nbsp;&nbsp; 289068 |
| Freddie Mac Pool #QK1511<br> 3.50%, 05/01/42<br>|  | 287974 | &nbsp;&nbsp; 273566 |
| Freddie Mac Pool #RA2970<br> 2.50%, 07/01/50<br>|  | 610155 | &nbsp;&nbsp; 519073 |
| Freddie Mac Pool #RA4218<br> 2.50%, 12/01/50<br>|  | 86390 | &nbsp;&nbsp; 74010 |
| Freddie Mac Pool #RB5126<br> 2.50%, 09/01/41<br>|  | 203265 | &nbsp;&nbsp; 183048 |
| Freddie Mac Pool #RB5136<br> 2.50%, 11/01/41<br>|  | 185475 | &nbsp;&nbsp; 166872 |
| Freddie Mac Pool #RB5170<br> 4.00%, 06/01/42<br>|  | 961070 | &nbsp;&nbsp; 937985 |
| Freddie Mac Pool #RC1421<br> 2.50%, 06/01/35<br>|  | 429648 | &nbsp;&nbsp; 407496 |
| Freddie Mac Pool #SD1061<br> 2.50%, 05/01/52<br>|  | 168289 | &nbsp;&nbsp; 143931 |
| Freddie Mac Pool #SD1836<br> 2.00%, 02/01/52<br>|  | 361980 | &nbsp;&nbsp; 295560 |
| Freddie Mac Pool #SD3511<br> 6.00%, 08/01/53<br>|  | 1184978 | &nbsp;&nbsp; 1214199 |
| Freddie Mac Pool #SD3669<br> 5.50%, 09/01/53<br>|  | 621964 | &nbsp;&nbsp; 634011 |
| Freddie Mac Pool #SD3824<br> 6.00%, 03/01/53<br>|  | 881755 | &nbsp;&nbsp; 906083 |
| Freddie Mac Pool #SD4227<br> 4.50%, 05/01/53<br>|  | 1789328 | &nbsp;&nbsp; 1733950 |
| Freddie Mac Pool #SD4495<br> 6.00%, 12/01/53<br>|  | 159619 | &nbsp;&nbsp; 165210 |
| Freddie Mac Pool #SD4901<br> 5.50%, 02/01/54<br>|  | 1193975 | &nbsp;&nbsp; 1213434 |
| Freddie Mac Pool #SD5092<br> 5.00%, 08/01/53<br>|  | 1228944 | &nbsp;&nbsp; 1216674 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Freddie Mac Pool #SD6046<br> 6.00%, 08/01/54<br>|  | $1313303 | &nbsp;&nbsp; $1355937 |
| Freddie Mac Pool #SD6260<br> 5.00%, 09/01/54<br>|  | 1585584 | &nbsp;&nbsp; 1578610 |
| Freddie Mac Pool #SD6548<br> 5.50%, 10/01/54<br>|  | 1528498 | &nbsp;&nbsp; 1549906 |
| Freddie Mac Pool #SD8090<br> 2.00%, 09/01/50<br>|  | 697162 | &nbsp;&nbsp; 567939 |
| Freddie Mac Pool #SD8199<br> 2.00%, 03/01/52<br>|  | 794296 | &nbsp;&nbsp; 643412 |
| Freddie Mac Pool #SL1016<br> 5.50%, 05/01/55<br>|  | 2209750 | &nbsp;&nbsp; 2239547 |
| Freddie Mac Pool #SL4260<br> 5.00%, 02/01/56<br>|  | 882447 | &nbsp;&nbsp; 872689 |
| Freddie Mac Pool #SL4473<br> 2.50%, 10/01/51<br>|  | 1035000 | &nbsp;&nbsp; 875580 |
| Ginnie Mae I Pool #723248<br> 5.00%, 10/15/39<br>|  | 72624 | &nbsp;&nbsp; 74139 |
| Ginnie Mae I Pool #783403<br> 3.50%, 09/15/41<br>|  | 105437 | &nbsp;&nbsp; 99208 |
| Ginnie Mae II Pool #CE1974<br> 3.00%, 08/20/51<br>|  | 198496 | &nbsp;&nbsp; 179530 |
| Ginnie Mae II Pool #MA4778<br> 3.50%, 10/20/47<br>|  | 46008 | &nbsp;&nbsp; 42880 |
| Ginnie Mae II Pool #MA4901<br> 4.00%, 12/20/47<br>|  | 45319 | &nbsp;&nbsp; 43279 |
| Ginnie Mae II Pool #MA4963<br> 4.00%, 01/20/48<br>|  | 19891 | &nbsp;&nbsp; 18992 |
| Ginnie Mae II Pool #MA6413<br> 5.00%, 01/20/50<br>|  | 121759 | &nbsp;&nbsp; 122916 |
| Ginnie Mae II Pool #MA6477<br> 4.50%, 02/20/50<br>|  | 42534 | &nbsp;&nbsp; 41826 |
| Ginnie Mae II Pool #MA6545<br> 5.00%, 03/20/50<br>|  | 26176 | &nbsp;&nbsp; 26521 |
| Ginnie Mae II Pool #MA6598<br> 2.50%, 04/20/50<br>|  | 213930 | &nbsp;&nbsp; 184444 |
| Ginnie Mae II Pool #MA7418<br> 2.50%, 06/20/51<br>|  | 215300 | &nbsp;&nbsp; 185352 |
| Ginnie Mae II Pool #MA7419<br> 3.00%, 06/20/51<br>|  | 1429171 | &nbsp;&nbsp; 1277052 |
| Ginnie Mae II Pool #MA7472<br> 2.50%, 07/20/51<br>|  | 452396 | &nbsp;&nbsp; 389444 |
| Ginnie Mae II Pool #MA7705<br> 2.50%, 11/20/51<br>|  | 661278 | &nbsp;&nbsp; 569290 |
| Ginnie Mae II Pool #MA7768<br> 3.00%, 12/20/51<br>|  | 1501637 | &nbsp;&nbsp; 1341913 |
| Ginnie Mae II Pool #MA7829<br> 3.50%, 01/20/52<br>|  | 151144 | &nbsp;&nbsp; 139907 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| Ginnie Mae II Pool #MA7939<br> 4.00%, 03/20/52<br>|  | $1350347 | &nbsp;&nbsp; $1276607 |
| Ginnie Mae II Pool #MA7987<br> 2.50%, 04/20/52<br>|  | 939927 | &nbsp;&nbsp; 809176 |
| Ginnie Mae II Pool #MA8268<br> 4.50%, 09/20/52<br>|  | 608441 | &nbsp;&nbsp; 592503 |
| Ginnie Mae II Pool #MA8800<br> 5.00%, 04/20/53<br>|  | 2016051 | &nbsp;&nbsp; 2004694 |
| Ginnie Mae II Pool #MA8874<br> 3.00%, 05/20/53<br>|  | 872934 | &nbsp;&nbsp; 783665 |
| Ginnie Mae II Pool #MA8943<br> 3.00%, 06/20/53<br>|  | 1386042 | &nbsp;&nbsp; 1243438 |
| Ginnie Mae II Pool #MB0091<br> 5.00%, 12/20/54<br>|  | 1314485 | &nbsp;&nbsp; 1303484 |
| Ginnie Mae II Pool #MB0366<br> 5.50%, 05/20/55<br>|  | 295521 | &nbsp;&nbsp; 297683 |
| Government National Mortgage Association, Series 2023-111 - Class PH<br> 5.00%, 05/20/53<br>|  | 483159 | &nbsp;&nbsp; 483081 |
|  |  |  | &nbsp;&nbsp; 70509110 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $72,428,066) |  |  | &nbsp;&nbsp; 72774118 |
| U.S. GOVERNMENT OBLIGATIONS | 18.4<br> %<br>|  |  |
| U.S. Treasury Bonds,<br> 4.75%, 08/15/55<br>|  | 2740000 | &nbsp;&nbsp; 2670215 |
| U.S. Treasury Notes,<br> 4.88%, 04/30/26<br>|  | 21110000 | &nbsp;&nbsp; 21128579 |
| U.S. Treasury Notes,<br> 3.88%, 03/31/28<br>|  | 1490000 | &nbsp;&nbsp; 1492212 |
| U.S. Treasury Notes,<br> 3.50%, 02/28/31<br>|  | 2285000 | &nbsp;&nbsp; 2240728 |
| U.S. Treasury Notes,<br> 4.13%, 02/15/36<br>|  | 4650000 | &nbsp;&nbsp; 4577344 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $32,343,605) |  |  | &nbsp;&nbsp; 32109078 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 0.2<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(d)</sup> <br>|  | 273400 | &nbsp;&nbsp; 273400 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $273,400) |  |  | &nbsp;&nbsp; 273400 |
| TOTAL INVESTMENTS<br> (Cost $173,291,829)<br>| 99.2<br> %<br>|  | &nbsp;&nbsp; 172887074 |
| NET OTHER ASSETS (LIABILITIES) | 0.8<br> %<br>|  | &nbsp;&nbsp; 1469819 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $174356893 |

---

---

| |
|:---|
| <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 March 31, 2026, these securities had a total value of $19,603,446 or 11% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at March 31, 2026, 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 March 31, 2026 is disclosed. |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY TOTAL RETURN BOND FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

At March 31, 2026 the Barrow Hanley Total Return Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 64.3% |
| A+  | 0.1  |
| A  | 3.1  |
| A-  | 1.5  |
| BBB+  | 8.0  |
| BBB  | 13.3  |
| BBB-  | 6.7  |
| BB+  | 0.3  |
| Cash equivalents  | 0.2  |
| N/A  | 1.7  |
| Total | 99.2% |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY US VALUE OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 98.2<br> %<br>|  |  |
| Asset Management | 1.0<br> %<br>|  |  |
| Charles Schwab (The) Corp. |  | 9774 | &nbsp;&nbsp; $918561 |
| Automotive | 1.5<br> %<br>|  |  |
| Aptiv PLC<sup>(a)</sup> <br>|  | 18614 | &nbsp;&nbsp; 1292556 |
| Banking | 5.5<br> %<br>|  |  |
| Bank of America Corp. |  | 38736 | &nbsp;&nbsp; 1888380 |
| Prosperity Bancshares Inc. |  | 20622 | &nbsp;&nbsp; 1385386 |
| Wells Fargo & Co. |  | 19760 | &nbsp;&nbsp; 1573094 |
|  |  |  | &nbsp;&nbsp; 4846860 |
| Beverages | 1.5<br> %<br>|  |  |
| Keurig Dr. Pepper, Inc. |  | 49493 | &nbsp;&nbsp; 1303151 |
| Biotechnology & Pharmaceuticals | 4.2<br> %<br>|  |  |
| Elanco Animal Health, Inc.<sup>(a)</sup> <br>|  | 37329 | &nbsp;&nbsp; 893283 |
| Merck & Co., Inc. |  | 17506 | &nbsp;&nbsp; 2105797 |
| Sanofi S.A. - ADR |  | 14938 | &nbsp;&nbsp; 719713 |
|  |  |  | &nbsp;&nbsp; 3718793 |
| Chemicals | 5.7<br> %<br>|  |  |
| Air Products and Chemicals, Inc. |  | 4107 | &nbsp;&nbsp; 1193042 |
| Axalta Coating Systems Ltd.<sup>(a)</sup> <br>|  | 46031 | &nbsp;&nbsp; 1275059 |
| DuPont de Nemours, Inc. |  | 21131 | &nbsp;&nbsp; 967800 |
| Qnity Electronics, Inc. |  | 14036 | &nbsp;&nbsp; 1619474 |
|  |  |  | &nbsp;&nbsp; 5055375 |
| Construction Materials | 2.1<br> %<br>|  |  |
| CRH PLC |  | 8308 | &nbsp;&nbsp; 873337 |
| Knife River Corp.<sup>(a)</sup> <br>|  | 12204 | &nbsp;&nbsp; 996457 |
|  |  |  | &nbsp;&nbsp; 1869794 |
| Electric Utilities | 8.5<br> %<br>|  |  |
| CenterPoint Energy, Inc. |  | 34683 | &nbsp;&nbsp; 1496918 |
| Entergy Corp. |  | 16276 | &nbsp;&nbsp; 1828771 |
| PG&E Corp. |  | 82040 | &nbsp;&nbsp; 1441443 |
| Pinnacle West Capital Corp. |  | 13403 | &nbsp;&nbsp; 1350352 |
| Xcel Energy, Inc. |  | 18063 | &nbsp;&nbsp; 1434925 |
|  |  |  | &nbsp;&nbsp; 7552409 |
| Electrical Equipment | 6.5<br> %<br>|  |  |
| BWX Technologies, Inc. |  | 4228 | &nbsp;&nbsp; 864584 |
| Fortive Corp. |  | 12458 | &nbsp;&nbsp; 688678 |
| Johnson Controls International PLC |  | 15325 | &nbsp;&nbsp; 2006809 |
| Littelfuse, Inc. |  | 4013 | &nbsp;&nbsp; 1361811 |
| Vertiv Holdings Co. - Class A |  | 3281 | &nbsp;&nbsp; 822153 |
|  |  |  | &nbsp;&nbsp; 5744035 |
| Engineering & Construction | 2.0<br> %<br>|  |  |
| AECOM |  | 11159 | &nbsp;&nbsp; 946506 |
| TopBuild Corp.<sup>(a)</sup> <br>|  | 2460 | &nbsp;&nbsp; 864198 |
|  |  |  | &nbsp;&nbsp; 1810704 |
| Entertainment Content | 1.3<br> %<br>|  |  |
| Warner Music Group Corp. - Class A |  | 46507 | &nbsp;&nbsp; 1187789 |
| Gas & Water Utilities | 1.6<br> %<br>|  |  |
| MDU Resources Group, Inc. |  | 69643 | &nbsp;&nbsp; 1443003 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY US VALUE OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Health Care Facilities & Services | 1.5<br> %<br>|  |  |
| Elevance Health, Inc. |  | 979 | &nbsp;&nbsp; $286602 |
| UnitedHealth Group, Inc. |  | 3811 | &nbsp;&nbsp; 1031219 |
|  |  |  | &nbsp;&nbsp; 1317821 |
| Household Products | 0.6<br> %<br>|  |  |
| Unilever PLC - ADR |  | 8964 | &nbsp;&nbsp; 510679 |
| Industrial Support Services | 1.6<br> %<br>|  |  |
| WESCO International, Inc. |  | 5283 | &nbsp;&nbsp; 1445534 |
| Institutional Financial Services | 0.8<br> %<br>|  |  |
| Jefferies Financial Group, Inc. |  | 16256 | &nbsp;&nbsp; 670885 |
| Insurance | 5.5<br> %<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> <br>|  | 4240 | &nbsp;&nbsp; 2031808 |
| Chubb Ltd. |  | 3335 | &nbsp;&nbsp; 1086977 |
| Progressive (The) Corp. |  | 5606 | &nbsp;&nbsp; 1111333 |
| Willis Towers Watson PLC |  | 2100 | &nbsp;&nbsp; 610470 |
|  |  |  | &nbsp;&nbsp; 4840588 |
| Internet Media & Services | 4.3<br> %<br>|  |  |
| Alphabet, Inc. - Class C |  | 10121 | &nbsp;&nbsp; 2903310 |
| Uber Technologies, Inc.<sup>(a)</sup> <br>|  | 12868 | &nbsp;&nbsp; 925595 |
|  |  |  | &nbsp;&nbsp; 3828905 |
| IT Services | 1.5<br> %<br>|  |  |
| CACI International, Inc. - Class A<sup>(a)</sup> <br>|  | 2496 | &nbsp;&nbsp; 1357499 |
| Leisure Facilities & Services | 3.1<br> %<br>|  |  |
| Carnival Corp. |  | 58833 | &nbsp;&nbsp; 1522598 |
| Wynn Resorts Ltd. |  | 12553 | &nbsp;&nbsp; 1274757 |
|  |  |  | &nbsp;&nbsp; 2797355 |
| Machinery | 1.7<br> %<br>|  |  |
| Entegris, Inc. |  | 13248 | &nbsp;&nbsp; 1553195 |
| Medical Equipment & Devices | 3.9<br> %<br>|  |  |
| Avantor, Inc.<sup>(a)</sup> <br>|  | 102876 | &nbsp;&nbsp; 806548 |
| GE HealthCare Technologies, Inc. |  | 15688 | &nbsp;&nbsp; 1116672 |
| Medtronic PLC |  | 17513 | &nbsp;&nbsp; 1517501 |
|  |  |  | &nbsp;&nbsp; 3440721 |
| Metals & Mining | 1.3<br> %<br>|  |  |
| Freeport-McMoRan, Inc. |  | 19707 | &nbsp;&nbsp; 1158377 |
| Oil & Gas Supply Chain | 9.6<br> %<br>|  |  |
| Chevron Corp. |  | 10513 | &nbsp;&nbsp; 2175140 |
| Enbridge, Inc. |  | 18142 | &nbsp;&nbsp; 982208 |
| Exxon Mobil Corp. |  | 16734 | &nbsp;&nbsp; 2839090 |
| Permian Resources Corp. - Class A |  | 56500 | &nbsp;&nbsp; 1204580 |
| Phillips 66 |  | 7384 | &nbsp;&nbsp; 1345217 |
|  |  |  | &nbsp;&nbsp; 8546235 |
| Real Estate Investment Trusts | 6.2<br> %<br>|  |  |
| American Tower Corp. |  | 4575 | &nbsp;&nbsp; 789553 |
| Digital Realty Trust, Inc. |  | 7674 | &nbsp;&nbsp; 1382932 |
| Prologis, Inc. |  | 11345 | &nbsp;&nbsp; 1499582 |
| Public Storage |  | 3309 | &nbsp;&nbsp; 896342 |
| VICI Properties, Inc. |  | 35116 | &nbsp;&nbsp; 959369 |
|  |  |  | &nbsp;&nbsp; 5527778 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**BARROW HANLEY US VALUE OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Retail - Consumer Staples | 1.4<br> %<br>|  |  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> <br>|  | 15776 | &nbsp;&nbsp; $1216803 |
| Semiconductors | 4.3<br> %<br>|  |  |
| Coherent Corp.<sup>(a)</sup> <br>|  | 7247 | &nbsp;&nbsp; 1726308 |
| Microchip Technology, Inc. |  | 17456 | &nbsp;&nbsp; 1127832 |
| QUALCOMM, Inc. |  | 7537 | &nbsp;&nbsp; 970615 |
|  |  |  | &nbsp;&nbsp; 3824755 |
| Software | 1.0<br> %<br>|  |  |
| Oracle Corp. |  | 6296 | &nbsp;&nbsp; 926205 |
| Specialty Finance | 5.8<br> %<br>|  |  |
| American Express Co. |  | 4158 | &nbsp;&nbsp; 1257712 |
| Capital One Financial Corp. |  | 6742 | &nbsp;&nbsp; 1229943 |
| Fidelity National Information Services, Inc. |  | 15459 | &nbsp;&nbsp; 725182 |
| GPGI, Inc. |  | 54132 | &nbsp;&nbsp; 925657 |
| SLM Corp. |  | 49202 | &nbsp;&nbsp; 1053415 |
|  |  |  | &nbsp;&nbsp; 5191909 |
| Technology Hardware | 1.7<br> %<br>|  |  |
| Hewlett Packard Enterprise Co. |  | 61669 | &nbsp;&nbsp; 1468339 |
| Transportation & Logistics | 1.0<br> %<br>|  |  |
| JB Hunt Transport Services, Inc. |  | 4067 | &nbsp;&nbsp; 861797 |
| TOTAL COMMON STOCKS (Cost $67,650,698) |  |  | &nbsp;&nbsp; 87228410 |
| MASTER LIMITED PARTNERSHIPS | 0.8<br> %<br>|  |  |
| Oil & Gas Supply Chain | 0.8<br> %<br>|  |  |
| Plains GP Holdings L.P. - Class A<sup>(a)</sup> <br>|  | 29270 | &nbsp;&nbsp; 710676 |
| TOTAL MASTER LIMITED PARTNERSHIPS (Cost $421,038) |  |  | &nbsp;&nbsp; 710676 |
| SHORT-TERM INVESTMENTS | 1.0<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 3.53%<sup>(b)</sup> <br>|  | 863172 | &nbsp;&nbsp; 863172 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $863,172) |  |  | &nbsp;&nbsp; 863172 |
| TOTAL INVESTMENTS<br> (Cost $68,934,908)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 88802258 |
| NET OTHER ASSETS (LIABILITIES) | 0.0<br> %<br>|  | &nbsp;&nbsp; 30394 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $88832652 |

---

<sup>(a)</sup>Non-income producing security. <br> <sup>(b)</sup>7-day current yield as of March 31, 2026 is disclosed.

Abbreviations: <br> ADR – American Depositary Receipt

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Concentrated** <br> **Emerging Markets**<br> **ESG Opportunities** <br> **Fund**<br>| **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund**<br>| **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund**<br>|
| Assets: |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $5751275 | &nbsp;&nbsp; $89603025 | &nbsp;&nbsp; $3450552 |
| Investments, at value  | &nbsp;&nbsp; 7539312 | &nbsp;&nbsp; 88710814 | &nbsp;&nbsp; 4079616 |
| Investments in affiliates, at cost | &nbsp;&nbsp; — | &nbsp;&nbsp; 24278128 | &nbsp;&nbsp; — |
| Investments in affiliates, at value | &nbsp;&nbsp; — | &nbsp;&nbsp; 23335130 | &nbsp;&nbsp; — |
| Foreign currencies (Cost:$1,432, $0 and $(2), respectively) | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 1488435 | &nbsp;&nbsp; — |
| Receivable for dividends | &nbsp;&nbsp; 26791 | &nbsp;&nbsp; 146272 | &nbsp;&nbsp; 15907 |
| Reclaims receivable | &nbsp;&nbsp; 22556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2668 |
| Prepaid expenses | &nbsp;&nbsp; 21250 | &nbsp;&nbsp; 27769 | &nbsp;&nbsp; 17796 |
| Total Assets | &nbsp;&nbsp; 7611337 | &nbsp;&nbsp; 113708420 | &nbsp;&nbsp; 4115987 |
| Liabilities: |  |  |  |
| Securities purchased payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 394797 | &nbsp;&nbsp; 24564 |
| Capital shares redeemed payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 769 | &nbsp;&nbsp; — |
| Distributions payable to shareholders | &nbsp;&nbsp; — | &nbsp;&nbsp; 60257 | &nbsp;&nbsp; — |
| Investment advisory fees payable | &nbsp;&nbsp; 6136 | &nbsp;&nbsp; 58174 | &nbsp;&nbsp; 3059 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 6919 | &nbsp;&nbsp; 20111 | &nbsp;&nbsp; 17458 |
| Compliance fees payable | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 68 |
| Trustee fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 6 |
| Foreign Tax Agent fees payable | &nbsp;&nbsp; 7073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6416 |
| Audit fees payable | &nbsp;&nbsp; 10302 | &nbsp;&nbsp; 10376 | &nbsp;&nbsp; 9373 |
| Accrued expenses and other payables | &nbsp;&nbsp; 1634 | &nbsp;&nbsp; 6969 | &nbsp;&nbsp; 2721 |
| Total Liabilities | &nbsp;&nbsp; 32182 | &nbsp;&nbsp; 553210 | &nbsp;&nbsp; 63665 |
| Net Assets | &nbsp;&nbsp; $7579155 | &nbsp;&nbsp; $113155210 | &nbsp;&nbsp; $4052322 |
| Net Assets: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $7516597 | &nbsp;&nbsp; $121476320 | &nbsp;&nbsp; $3268729 |
| Distributable earnings (loss) | &nbsp;&nbsp; 62558 | &nbsp;&nbsp; (8321110)<br>| &nbsp;&nbsp; 783593 |
| Net Assets | &nbsp;&nbsp; $7579155 | &nbsp;&nbsp; $113155210 | &nbsp;&nbsp; $4052322 |
| Net Assets: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $7579155 | &nbsp;&nbsp; $113155210 | &nbsp;&nbsp; $4052322 |
| Share of Common Stock Outstanding: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 637856 | &nbsp;&nbsp; 11902231 | &nbsp;&nbsp; 327553 |
| Net Asset Value per Share: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $12.37 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Floating**<br> **Rate Fund**<br>| **Barrow Hanley**<br> **International**<br> **Value Fund**<br>| **Barrow Hanley**<br> **Total Return**<br> **Bond Fund**<br>|
| Assets: |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $109306225 | &nbsp;&nbsp; $9182240 | &nbsp;&nbsp; $173291829 |
| Investments, at value  | &nbsp;&nbsp; 105147662 | &nbsp;&nbsp; 11891197 | &nbsp;&nbsp; 172887074 |
| Receivable for interest | &nbsp;&nbsp; 1162857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1557074 |
| Receivable for dividends | &nbsp;&nbsp; 330848 | &nbsp;&nbsp; 33117 | &nbsp;&nbsp; 4257 |
| Reclaims receivable | &nbsp;&nbsp; — | &nbsp;&nbsp; 317044 | &nbsp;&nbsp; 2784 |
| Receivable for investments sold | &nbsp;&nbsp; 870264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1603425 |
| Prepaid expenses | &nbsp;&nbsp; 21931 | &nbsp;&nbsp; 22552 | &nbsp;&nbsp; 37870 |
| Total Assets | &nbsp;&nbsp; 107533562 | &nbsp;&nbsp; 12263910 | &nbsp;&nbsp; 176092484 |
| Liabilities: |  |  |  |
| Cash overdraft | &nbsp;&nbsp; 695152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21656 |
| Securities purchased payable | &nbsp;&nbsp; 3875646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1603426 |
| Capital shares redeemed payable | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions payable to shareholders | &nbsp;&nbsp; 79079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72 |
| Unfunded loan commitments | &nbsp;&nbsp; 579373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory fees payable | &nbsp;&nbsp; 38845 | &nbsp;&nbsp; 7057 | &nbsp;&nbsp; 52322 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 19744 | &nbsp;&nbsp; 12924 | &nbsp;&nbsp; 28852 |
| Compliance fees payable | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 2719 |
| Trustee fees payable | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 |
| Audit fees payable | &nbsp;&nbsp; 13421 | &nbsp;&nbsp; 10533 | &nbsp;&nbsp; 16277 |
| Accrued expenses and other payables | &nbsp;&nbsp; 10242 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 10259 |
| Total Liabilities | &nbsp;&nbsp; 5322959 | &nbsp;&nbsp; 30804 | &nbsp;&nbsp; 1735591 |
| Net Assets | &nbsp;&nbsp; $102210603 | &nbsp;&nbsp; $12233106 | &nbsp;&nbsp; $174356893 |
| Net Assets: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $107140230 | &nbsp;&nbsp; $9102052 | &nbsp;&nbsp; $174473863 |
| Distributable earnings (loss) | &nbsp;&nbsp; (4929627)<br>| &nbsp;&nbsp; 3131054 | &nbsp;&nbsp; (116970)<br>|
| Net Assets | &nbsp;&nbsp; $102210603 | &nbsp;&nbsp; $12233106 | &nbsp;&nbsp; $174356893 |
| Net Assets: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $102210603 | &nbsp;&nbsp; $12233106 | &nbsp;&nbsp; $174356893 |
| Share of Common Stock Outstanding: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 10827343 | &nbsp;&nbsp; 958236 | &nbsp;&nbsp; 18928502 |
| Net Asset Value per Share: |  |  |  |
| Institutional Shares | &nbsp;&nbsp; $9.44 | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp; $9.21 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2026 (Unaudited)** 

------

---

| | |
|:---|:---|
|  | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund**<br>|
| Assets: |  |
| Investments, at cost | &nbsp;&nbsp; $68934908 |
| Investments, at value  | &nbsp;&nbsp; 88802258 |
| Receivable for dividends | &nbsp;&nbsp; 116116 |
| Reclaims receivable | &nbsp;&nbsp; 17919 |
| Prepaid expenses | &nbsp;&nbsp; 18218 |
| Total Assets | &nbsp;&nbsp; 88954511 |
| Liabilities: |  |
| Securities purchased payable | &nbsp;&nbsp; 44381 |
| Investment advisory fees payable | &nbsp;&nbsp; 41627 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 15570 |
| Compliance fees payable | &nbsp;&nbsp; 1424 |
| Audit fees payable | &nbsp;&nbsp; 12550 |
| Accrued expenses and other payables | &nbsp;&nbsp; 6307 |
| Total Liabilities | &nbsp;&nbsp; 121859 |
| Net Assets | &nbsp;&nbsp; $88832652 |
| Net Assets: |  |
| Paid in capital | &nbsp;&nbsp; $62808987 |
| Distributable earnings (loss) | &nbsp;&nbsp; 26023665 |
| Net Assets | &nbsp;&nbsp; $88832652 |
| Net Assets: |  |
| Institutional Shares | &nbsp;&nbsp; $88832652 |
| Share of Common Stock Outstanding: |  |
| Institutional Shares | &nbsp;&nbsp; 7859838 |
| Net Asset Value per Share: |  |
| Institutional Shares | &nbsp;&nbsp; $11.30 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **Concentrated** <br> **Emerging Markets**<br> **ESG Opportunities** <br> **Fund**<br>| **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund**<br>|
| Investment Income: |  |  |
| Dividend income | &nbsp;&nbsp; $77458 | &nbsp;&nbsp; $38943 |
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp; 3393559 |
| Interest income from affiliates | &nbsp;&nbsp; — | &nbsp;&nbsp; 951372 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (9925)<br>| &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 67533 | &nbsp;&nbsp; 4383874 |
| Operating expenses: |  |  |
| Investment Advisory Fees | &nbsp;&nbsp; 34015 | &nbsp;&nbsp; 334783 |
| Administration Fees | &nbsp;&nbsp; 5545 | &nbsp;&nbsp; 18755 |
| Trustees' Fees | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 6642 |
| Compliance Fees | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 3480 |
| Registration & Filing Fees | &nbsp;&nbsp; 10780 | &nbsp;&nbsp; 11038 |
| Custodian Fees | &nbsp;&nbsp; 6381 | &nbsp;&nbsp; 1945 |
| Audit Fees | &nbsp;&nbsp; 9887 | &nbsp;&nbsp; 13591 |
| Transfer Agent Fees | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 8712 |
| Legal Fees | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 9445 |
| Printing Fees | &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 8193 |
| Tax agent fee | &nbsp;&nbsp; 4970 | &nbsp;&nbsp; — |
| Other Expenses | &nbsp;&nbsp; 2328 | &nbsp;&nbsp; 8365 |
| Investment advisory waiver recoupments | &nbsp;&nbsp; — | &nbsp;&nbsp; 5370 |
| Total expenses | &nbsp;&nbsp; 78824 | &nbsp;&nbsp; 430319 |
| Less: |  |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (40785)<br>| &nbsp;&nbsp; (68471)<br>|
| Net expenses | &nbsp;&nbsp; 38039 | &nbsp;&nbsp; 361848 |
| Net investment income | &nbsp;&nbsp; 29494 | &nbsp;&nbsp; 4022026 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains (losses) from investment transactions | &nbsp;&nbsp; 535764 | &nbsp;&nbsp; (48527)<br>|
| Net realized gains from foreign currency transactions | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 512448 | &nbsp;&nbsp; (2098543)<br>|
| Change in unrealized appreciation (depreciation) on investments in affiliated securities | &nbsp;&nbsp; — | &nbsp;&nbsp; (612095)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (754)<br>| &nbsp;&nbsp; — |
| Net realized and unrealized gains (losses) from investment activities | &nbsp;&nbsp; 1048594 | &nbsp;&nbsp; (2759165)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $1078088 | &nbsp;&nbsp; $1262861 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund**<br>| **Barrow Hanley**<br> **Floating**<br> **Rate Fund**<br>|
| Investment Income: |  |  |
| Dividend income | &nbsp;&nbsp; $48162 | &nbsp;&nbsp; $70947 |
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp; 4584749 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (7076)<br>| &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 41086 | &nbsp;&nbsp; 4655696 |
| Operating expenses: |  |  |
| Investment Advisory Fees | &nbsp;&nbsp; 16894 | &nbsp;&nbsp; 243049 |
| Administration Fees | &nbsp;&nbsp; 5182 | &nbsp;&nbsp; 18761 |
| Trustees' Fees | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 6679 |
| Compliance Fees | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 3437 |
| Registration & Filing Fees | &nbsp;&nbsp; 11027 | &nbsp;&nbsp; 11590 |
| Custodian Fees | &nbsp;&nbsp; 7560 | &nbsp;&nbsp; 2286 |
| Audit Fees | &nbsp;&nbsp; 10474 | &nbsp;&nbsp; 18492 |
| Transfer Agent Fees | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 8725 |
| Legal Fees | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 9473 |
| Printing Fees | &nbsp;&nbsp; 2691 | &nbsp;&nbsp; 7936 |
| Interest Expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 12864 |
| Tax agent fee | &nbsp;&nbsp; 4313 | &nbsp;&nbsp; — |
| Other Expenses | &nbsp;&nbsp; 1817 | &nbsp;&nbsp; 12168 |
| Total expenses | &nbsp;&nbsp; 60950 | &nbsp;&nbsp; 355460 |
| Less: |  |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (41920)<br>| &nbsp;&nbsp; (23933)<br>|
| Net expenses | &nbsp;&nbsp; 19030 | &nbsp;&nbsp; 331527 |
| Net investment income | &nbsp;&nbsp; 22056 | &nbsp;&nbsp; 4324169 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains (losses) from investment transactions | &nbsp;&nbsp; 398595 | &nbsp;&nbsp; (113186)<br>|
| Net realized gains from foreign currency transactions | &nbsp;&nbsp; 1546 | &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 66078 | &nbsp;&nbsp; (2613110)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (389)<br>| &nbsp;&nbsp; — |
| Net realized and unrealized gains (losses) from investment activities | &nbsp;&nbsp; 465830 | &nbsp;&nbsp; (2726296)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $487886 | &nbsp;&nbsp; $1597873 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **International**<br> **Value Fund**<br>| **Barrow Hanley**<br> **Total Return**<br> **Bond Fund**<br>|
| Investment Income: |  |  |
| Dividend income | &nbsp;&nbsp; $158445 | &nbsp;&nbsp; $27515 |
| Interest income | &nbsp;&nbsp; — | &nbsp;&nbsp; 4282611 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (19227)<br>| &nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 139218 | &nbsp;&nbsp; 4310126 |
| Operating expenses: |  |  |
| Investment Advisory Fees | &nbsp;&nbsp; 45513 | &nbsp;&nbsp; 307543 |
| Administration Fees | &nbsp;&nbsp; 6328 | &nbsp;&nbsp; 25976 |
| Trustees' Fees | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 10520 |
| Compliance Fees | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 5495 |
| Registration & Filing Fees | &nbsp;&nbsp; 11053 | &nbsp;&nbsp; 11194 |
| Custodian Fees | &nbsp;&nbsp; 10119 | &nbsp;&nbsp; 3451 |
| Audit Fees | &nbsp;&nbsp; 10075 | &nbsp;&nbsp; 14289 |
| Transfer Agent Fees | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 13735 |
| Legal Fees | &nbsp;&nbsp; 1376 | &nbsp;&nbsp; 15018 |
| Printing Fees | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 10771 |
| Interest Expense | &nbsp;&nbsp; 2552 | &nbsp;&nbsp; — |
| Other Expenses | &nbsp;&nbsp; 4201 | &nbsp;&nbsp; 12509 |
| Total expenses | &nbsp;&nbsp; 96615 | &nbsp;&nbsp; 430501 |
| Less: |  |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (35448)<br>| &nbsp;&nbsp; (122958)<br>|
| Net expenses | &nbsp;&nbsp; 61167 | &nbsp;&nbsp; 307543 |
| Net investment income | &nbsp;&nbsp; 78051 | &nbsp;&nbsp; 4002583 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 1019556 | &nbsp;&nbsp; 145808 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (6749)<br>| &nbsp;&nbsp; — |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; 237416 | &nbsp;&nbsp; (2304859)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (4146)<br>| &nbsp;&nbsp; — |
| Net realized and unrealized gains (losses) from investment activities | &nbsp;&nbsp; 1246077 | &nbsp;&nbsp; (2159051)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $1324128 | &nbsp;&nbsp; $1843532 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2026 (Unaudited)** 

------

---

| | |
|:---|:---|
|  | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund**<br>|
| Investment Income: |  |
| Dividend income | &nbsp;&nbsp; $891353 |
| Less: Foreign Taxes Withheld | &nbsp;&nbsp; (6824)<br>|
| Total investment income | &nbsp;&nbsp; 884529 |
| Operating expenses: |  |
| Investment Advisory Fees | &nbsp;&nbsp; 267075 |
| Administration Fees | &nbsp;&nbsp; 15864 |
| Trustees' Fees | &nbsp;&nbsp; 5956 |
| Compliance Fees | &nbsp;&nbsp; 3034 |
| Registration & Filing Fees | &nbsp;&nbsp; 11152 |
| Custodian Fees | &nbsp;&nbsp; 3169 |
| Audit Fees | &nbsp;&nbsp; 12416 |
| Transfer Agent Fees | &nbsp;&nbsp; 7732 |
| Legal Fees | &nbsp;&nbsp; 8355 |
| Printing Fees | &nbsp;&nbsp; 7232 |
| Interest Expense | &nbsp;&nbsp; 3487 |
| Other Expenses | &nbsp;&nbsp; 8051 |
| Total expenses | &nbsp;&nbsp; 353523 |
| Less: |  |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (10122)<br>|
| Net expenses | &nbsp;&nbsp; 343401 |
| Net investment income | &nbsp;&nbsp; 541128 |
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 7941435 |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (4673552)<br>|
| Net realized and unrealized gains from investment activities | &nbsp;&nbsp; 3267883 |
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $3809011 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Concentrated Emerging Markets**<br> **ESG Opportunities Fund** | **Barrow Hanley**<br> **Concentrated Emerging Markets**<br> **ESG Opportunities Fund** | **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund** | **Barrow Hanley**<br> **Credit**<br> **Opportunities Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $29494 | &nbsp;&nbsp; $137046 | &nbsp;&nbsp; $4022026 | &nbsp;&nbsp; $6870471 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 536900 | &nbsp;&nbsp; (1639378)<br>| &nbsp;&nbsp; (48527)<br>| &nbsp;&nbsp; 349706 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; 511694 | &nbsp;&nbsp; 561887 | &nbsp;&nbsp; (2710638)<br>| &nbsp;&nbsp; 469949 |
| Change in net assets resulting from operations | &nbsp;&nbsp; 1078088 | &nbsp;&nbsp; (940445)<br>| &nbsp;&nbsp; 1262861 | &nbsp;&nbsp; 7690126 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (343263)<br>| &nbsp;&nbsp; (3709694)<br>| &nbsp;&nbsp; (3980868)<br>| &nbsp;&nbsp; (6724349)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (343263)<br>| &nbsp;&nbsp; (3709694)<br>| &nbsp;&nbsp; (3980868)<br>| &nbsp;&nbsp; (6724349)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 227038 | &nbsp;&nbsp; (22688685)<br>| &nbsp;&nbsp; 7293236 | &nbsp;&nbsp; 16979547 |
| Change in net assets from capital transactions | &nbsp;&nbsp; 227038 | &nbsp;&nbsp; (22688685)<br>| &nbsp;&nbsp; 7293236 | &nbsp;&nbsp; 16979547 |
| Change in net assets | &nbsp;&nbsp; 961863 | &nbsp;&nbsp; (27338824)<br>| &nbsp;&nbsp; 4575229 | &nbsp;&nbsp; 17945324 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 6617292 | &nbsp;&nbsp; 33956116 | &nbsp;&nbsp; 108579981 | &nbsp;&nbsp; 90634657 |
| End of period | &nbsp;&nbsp; $7579155 | &nbsp;&nbsp; $6617292 | &nbsp;&nbsp; $113155210 | &nbsp;&nbsp; $108579981 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund** | **Barrow Hanley**<br> **Emerging Markets**<br> **Value Fund** | **Barrow Hanley**<br> **Floating**<br> **Rate Fund** | **Barrow Hanley**<br> **Floating**<br> **Rate Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $22056 | &nbsp;&nbsp; $73272 | &nbsp;&nbsp; $4324169 | &nbsp;&nbsp; $8656540 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 400141 | &nbsp;&nbsp; (106454)<br>| &nbsp;&nbsp; (113186)<br>| &nbsp;&nbsp; 574953 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; 65689 | &nbsp;&nbsp; 587551 | &nbsp;&nbsp; (2613110)<br>| &nbsp;&nbsp; (1338048)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 487886 | &nbsp;&nbsp; 554369 | &nbsp;&nbsp; 1597873 | &nbsp;&nbsp; 7893445 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (140908)<br>| &nbsp;&nbsp; (358525)<br>| &nbsp;&nbsp; (4523612)<br>| &nbsp;&nbsp; (8595205)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (140908)<br>| &nbsp;&nbsp; (358525)<br>| &nbsp;&nbsp; (4523612)<br>| &nbsp;&nbsp; (8595205)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; 219611 | &nbsp;&nbsp; (37587)<br>| &nbsp;&nbsp; (13225638)<br>| &nbsp;&nbsp; 16908066 |
| Change in net assets from capital transactions | &nbsp;&nbsp; 219611 | &nbsp;&nbsp; (37587)<br>| &nbsp;&nbsp; (13225638)<br>| &nbsp;&nbsp; 16908066 |
| Change in net assets | &nbsp;&nbsp; 566589 | &nbsp;&nbsp; 158257 | &nbsp;&nbsp; (16151377)<br>| &nbsp;&nbsp; 16206306 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 3485733 | &nbsp;&nbsp; 3327476 | &nbsp;&nbsp; 118361980 | &nbsp;&nbsp; 102155674 |
| End of period | &nbsp;&nbsp; $4052322 | &nbsp;&nbsp; $3485733 | &nbsp;&nbsp; $102210603 | &nbsp;&nbsp; $118361980 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Barrow Hanley**<br> **International**<br> **Value Fund** | **Barrow Hanley**<br> **International**<br> **Value Fund** | **Barrow Hanley**<br> **Total Return**<br> **Bond Fund** | **Barrow Hanley**<br> **Total Return**<br> **Bond Fund** |
|  | **2026** | **2025** | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $78051 | &nbsp;&nbsp; $478977 | &nbsp;&nbsp; $4002583 | &nbsp;&nbsp; $8664228 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 1012807 | &nbsp;&nbsp; 934829 | &nbsp;&nbsp; 145808 | &nbsp;&nbsp; 181604 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; 233270 | &nbsp;&nbsp; (1968394)<br>| &nbsp;&nbsp; (2304859)<br>| &nbsp;&nbsp; (2648568)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 1324128 | &nbsp;&nbsp; (554588)<br>| &nbsp;&nbsp; 1843532 | &nbsp;&nbsp; 6197264 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (714845)<br>| &nbsp;&nbsp; (3538240)<br>| &nbsp;&nbsp; (4449692)<br>| &nbsp;&nbsp; (10811405)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (714845)<br>| &nbsp;&nbsp; (3538240)<br>| &nbsp;&nbsp; (4449692)<br>| &nbsp;&nbsp; (10811405)<br>|
| Net Capital Transactions: |  |  |  |  |
| Institutional Shares | &nbsp;&nbsp; (3166231)<br>| &nbsp;&nbsp; (44556060)<br>| &nbsp;&nbsp; 16797946 | &nbsp;&nbsp; (11976499)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; (3166231)<br>| &nbsp;&nbsp; (44556060)<br>| &nbsp;&nbsp; 16797946 | &nbsp;&nbsp; (11976499)<br>|
| Change in net assets | &nbsp;&nbsp; (2556948)<br>| &nbsp;&nbsp; (48648888)<br>| &nbsp;&nbsp; 14191786 | &nbsp;&nbsp; (16590640)<br>|
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 14790054 | &nbsp;&nbsp; 63438942 | &nbsp;&nbsp; 160165107 | &nbsp;&nbsp; 176755747 |
| End of period | &nbsp;&nbsp; $12233106 | &nbsp;&nbsp; $14790054 | &nbsp;&nbsp; $174356893 | &nbsp;&nbsp; $160165107 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2026 (Unaudited) and the year ended September 30, 2025**

------

---

| | | |
|:---|:---|:---|
|  | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund** | **Barrow Hanley**<br> **US Value**<br> **Opportunities Fund** |
|  | **2026** | **2025** |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| Net investment income | &nbsp;&nbsp; $541128 | &nbsp;&nbsp; $1220960 |
| Net realized gains (losses) from investments and foreign currency transactions | &nbsp;&nbsp; 7941435 | &nbsp;&nbsp; 13605350 |
| Change in unrealized appreciation (depreciation) on investments and foreign currency | &nbsp;&nbsp; (4673552)<br>| &nbsp;&nbsp; (4950720)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp; 3809011 | &nbsp;&nbsp; 9875590 |
| Dividends paid to shareholders: |  |  |
| From distributable earnings: |  |  |
| Institutional Shares | &nbsp;&nbsp; (12956320)<br>| &nbsp;&nbsp; (11789735)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (12956320)<br>| &nbsp;&nbsp; (11789735)<br>|
| Net Capital Transactions: |  |  |
| Institutional Shares | &nbsp;&nbsp; (9445426)<br>| &nbsp;&nbsp; 1296241 |
| Change in net assets from capital transactions | &nbsp;&nbsp; (9445426)<br>| &nbsp;&nbsp; 1296241 |
| Change in net assets | &nbsp;&nbsp; (18592735)<br>| &nbsp;&nbsp; (617904)<br>|
| Net assets: |  |  |
| Beginning of period | &nbsp;&nbsp; 107425387 | &nbsp;&nbsp; 108043291 |
| End of period | &nbsp;&nbsp; $88832652 | &nbsp;&nbsp; $107425387 |

---

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Concentrated** <br> **Emerging Markets ESG** <br> **Opportunities Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp;&nbsp; $7.97 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | 0.19 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| 1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (2.22)<br>|
| Total from investment <br> operations<br>| 1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp; (2.03)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — |
| Change in net asset value | 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp; (2.03)<br>|
| Net asset value, end of <br> year/period<br>| &nbsp;&nbsp; $11.88 | &nbsp;&nbsp;&nbsp; $10.72 | &nbsp;&nbsp;&nbsp; $10.25 | &nbsp;&nbsp;&nbsp; $8.83 | &nbsp;&nbsp; $7.97 |
| Total return | 16.45 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 18.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.32 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.58<br> %<br>| &nbsp;&nbsp; (20.30 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $7579 | &nbsp;&nbsp;&nbsp; $6617 | &nbsp;&nbsp;&nbsp; $33956 | &nbsp;&nbsp;&nbsp; $28110 | &nbsp;&nbsp; $5163 |
| Ratio of net expenses to average <br> net assets<br>| 1.04 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| 1.05 %<sup>(e)</sup><br>|
| Ratio of net investment income <br> to average net assets<br>| 0.81 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.73 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| 3.76 %<sup>(e)</sup><br>|
| Ratio of gross expenses to <br> average net assets<br>| 2.16 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.96 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.73<br> %<br>| 4.62 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 16.27 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 54.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.11 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.00<br> %<br>| 59.00 %<sup>(d)</sup><br>|

---

<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 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.

<sup>(f)</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. 

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Credit** <br> **Opportunities Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $9.74 | &nbsp;&nbsp;&nbsp; $9.66 | &nbsp;&nbsp; $8.99 | &nbsp;&nbsp;&nbsp;&nbsp; $9.04 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 0.33 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (1.00)<br>|
| Total from investment <br> operations<br>| 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; (0.67)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.29)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08 | 0.67 | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.96)<br>|
| Net asset value, end of <br> year/period<br>| &nbsp;&nbsp; $9.51 | &nbsp;&nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $9.66 | &nbsp;&nbsp;&nbsp;&nbsp; $8.99 | &nbsp;&nbsp; $9.04 |
| Total return | 1.17 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.23<br> %<br>| 16.94 %<sup>(d)</sup><sup>, (e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.49<br> %<br>| &nbsp;&nbsp; (6.63 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $113155 | &nbsp;&nbsp;&nbsp; $108580 | &nbsp;&nbsp; $90635 | &nbsp;&nbsp;&nbsp;&nbsp; $94778 | &nbsp;&nbsp; $97302 |
| Ratio of net expenses to average <br> net assets<br>| 0.65 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| 0.33 %<sup>(f)</sup><sup>, (g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| 0.78 %<sup>(f)</sup><br>|
| Ratio of net investment income <br> to average net assets<br>| 7.22 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.19<br> %<br>| 8.18 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.82<br> %<br>| 6.19 %<sup>(f)</sup><br>|
| Ratio of gross expenses to <br> average net assets<br>| 0.77 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| 0.95 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08<br> %<br>| 1.11 %<sup>(f)</sup><br>|
| Portfolio turnover rate | 13.61 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.25<br> %<br>| 33.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.00<br> %<br>| 29.00 %<sup>(d)</sup><br>|

---

<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 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%. 

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Emerging Markets** <br> **Value Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $11.26 | &nbsp;&nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp;&nbsp; $8.47 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 0.29 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| 1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (1.82)<br>|
| Total from investment <br> operations<br>| 1.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (1.53)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — |
| Change in net asset value | 1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | 1.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (1.53)<br>|
| Net asset value, end of year/period | &nbsp;&nbsp; $12.37 | &nbsp;&nbsp;&nbsp; $11.26 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $8.47 |
| Total return | 14.12 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.55<br> %<br>| 17.63 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.10<br> %<br>| &nbsp;&nbsp; (15.30 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $4052 | &nbsp;&nbsp;&nbsp; $3486 | &nbsp;&nbsp; $3327 | &nbsp;&nbsp;&nbsp; $2550 | &nbsp;&nbsp; $2056 |
| Ratio of net expenses to average net <br> assets<br>| 0.98 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| 1.01 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.99 %<sup>(e)</sup><br>|
| Ratio of net investment income to <br> average net assets<br>| 1.14 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.40<br> %<br>| 2.88 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| 3.55 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average <br> net assets<br>| 3.14 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| 5.90 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.64<br> %<br>| 14.67 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 21.49 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 42.77<br> %<br>| 85.34 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.00<br> %<br>| 40.00 %<sup>(d)</sup><br>|

---

<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 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.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Floating Rate Fund** | **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $9.70 | &nbsp;&nbsp;&nbsp;&nbsp; $9.78 | &nbsp;&nbsp; $9.68 | &nbsp;&nbsp;&nbsp; $9.45 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | 0.33 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.61)<br>|
| Total from investment <br> operations<br>| 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp; (0.28)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.27)<br>|
| Total distributions paid | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.27)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp; (0.55)<br>|
| Net asset value, end of <br> year/period<br>| &nbsp;&nbsp; $9.44 | &nbsp;&nbsp;&nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $9.78 | &nbsp;&nbsp;&nbsp; $9.68 | &nbsp;&nbsp; $9.45 |
| Total return | 1.44 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.55<br> %<br>| 11.17 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.32<br> %<br>| &nbsp;&nbsp; (2.81 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $102211 | &nbsp;&nbsp;&nbsp;&nbsp; $118362 | &nbsp;&nbsp; $102156 | &nbsp;&nbsp;&nbsp; $104488 | &nbsp;&nbsp; $109156 |
| Ratio of net expenses to average <br> net assets<br>| 0.61 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| 0.60 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| 0.60 %<sup>(e)</sup><br>|
| Ratio of net investment income <br> to average net assets<br>| 8.01 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| 9.76 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.20<br> %<br>| 6.10 %<sup>(e)</sup><br>|
| Ratio of gross expenses to <br> average net assets<br>| 0.66 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| 0.79 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| 1.02 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 36.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 78.17<br> %<br>| 43.39 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 35.00<br> %<br>| 9.00 %<sup>(d)</sup><br>|

---

<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 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.

<sup>(f)</sup> Ratios include Interest Expense of $12,864 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.02% and Net investment income ratio would have been higher by 0.02% excluding this expense. 

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley International** <br> **Value Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| &nbsp;&nbsp;&nbsp; **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $12.22 | &nbsp;&nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.23 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| 1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp; (1.45)<br>|
| Total from investment <br> operations<br>| 1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp; (1.22)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment <br> income<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Change in net asset value | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (1.22)<br>|
| Net asset value, end of <br> year/period<br>| &nbsp;&nbsp; $12.77 | &nbsp;&nbsp;&nbsp;&nbsp; $12.22 | &nbsp;&nbsp;&nbsp; $11.57 | &nbsp;&nbsp;&nbsp; $9.93 | &nbsp;&nbsp; $8.78 |
| Total return | 9.75 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.37 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.72<br> %<br>| &nbsp;&nbsp; (12.20 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $12233 | &nbsp;&nbsp;&nbsp;&nbsp; $14790 | &nbsp;&nbsp;&nbsp; $63439 | &nbsp;&nbsp;&nbsp; $61489 | &nbsp;&nbsp; $5935 |
| Ratio of net expenses to <br> average net assets<br>| 0.89 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| 0.86 %<sup>(e)</sup><br>|
| Ratio of net investment income <br> to average net assets<br>| 1.13 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.74<br> %<br>| 2.89 %<sup>(e)</sup><br>|
| Ratio of gross expenses to <br> average net assets<br>| 1.40 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.26 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| 5.16 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 23.28 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 41.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.63 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 57.00<br> %<br>| 105.00 %<sup>(d)</sup><br>|

---

<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 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.

<sup>(f)</sup> Ratios include Interest Expense of $2,552 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.04% and Net investment income ratio would have been higher by 0.04% excluding this expense. 

<sup>(g)</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. 

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley Total Return** <br> **Bond Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $9.35 | &nbsp;&nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp;&nbsp; $9.03 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.17 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>| 0.81 | &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.00)<br>|
| Total from investment <br> operations<br>| 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.83)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>|
| From net realized gains | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>|
| Change in net asset value | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| 0.82 | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.97)<br>|
| Net asset value, end of year/period | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp;&nbsp; $9.35 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $9.03 |
| Total return | 1.02 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.51<br> %<br>| 14.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp; (8.38 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $174357 | &nbsp;&nbsp;&nbsp; $160165 | &nbsp;&nbsp; $176756 | &nbsp;&nbsp;&nbsp; $158850 | &nbsp;&nbsp; $40986 |
| Ratio of net expenses to average net <br> assets<br>| 0.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| 0.35 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| 0.35 %<sup>(e)</sup><br>|
| Ratio of net investment income to <br> average net assets<br>| 4.56 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.98<br> %<br>| 5.01 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.15<br> %<br>| 3.13 %<sup>(e)</sup><br>|
| Ratio of gross expenses to average <br> net assets<br>| 0.49 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| 0.65 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| 1.16 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 33.72 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.25<br> %<br>| 131.01 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 125.00<br> %<br>| 20.00 %<sup>(d)</sup><br>|

---

<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 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.

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**FINANCIAL HIGHLIGHTS**

**For the periods indicated**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **Barrow Hanley US Value** <br> **Opportunities Fund**<br>| **Six Months Ended**<br> **March 31,**<br> **2026**<br> **(Unaudited)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2025**<br>| **Period Ended**<br> **September 30,**<br> **2024**<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; **Year Ended**<br> **October 31,**<br> **2023**<br>| **Period Ended**<br> **October 31,**<br> **2022**<sup>(b)</sup> <br>|
| Net asset value, beginning of <br> year/period<br>| &nbsp;&nbsp; $12.71 | &nbsp;&nbsp;&nbsp;&nbsp; $12.96 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp;&nbsp; $9.53 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 0.07 |
| Net realized and unrealized <br> gains (losses) from <br> investments and foreign <br> currency<br>| 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | 3.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.54)<br>|
| Total from investment <br> operations<br>| 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | 3.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (0.47)<br>|
| Less distributions paid: |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — |
| From net realized gains | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — |
| Total distributions paid | &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — |
| Change in net asset value | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (0.25)<br>| 3.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.47)<br>|
| Net asset value, end of <br> year/period<br>| &nbsp;&nbsp; $11.30 | &nbsp;&nbsp;&nbsp;&nbsp; $12.71 | &nbsp;&nbsp; $12.96 | &nbsp;&nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $9.53 |
| Total return | 3.30 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.73<br> %<br>| 36.92 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.03<br> %<br>| &nbsp;&nbsp; (4.70 %)<sup>(d)</sup><br>|
| Ratios/Supplemental data: |  |  |  |  |  |
| Net assets, end of year/period <br> (000's)<br>| &nbsp;&nbsp; $88833 | &nbsp;&nbsp;&nbsp;&nbsp; $107425 | &nbsp;&nbsp; $108043 | &nbsp;&nbsp;&nbsp; $82833 | &nbsp;&nbsp; $104306 |
| Ratio of net expenses to average <br> net assets<br>| 0.71 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| 0.71 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| 0.71 %<sup>(e)</sup><br>|
| Ratio of net investment income <br> to average net assets<br>| 1.11 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| 1.46 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> %<br>| 1.28 %<sup>(e)</sup><br>|
| Ratio of gross expenses to <br> average net assets<br>| 0.73 %<sup>(e)</sup><sup>, (f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| 0.87 %<sup>(e)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| 0.99 %<sup>(e)</sup><br>|
| Portfolio turnover rate | 32.91 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 50.95<br> %<br>| 31.90 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.00<br> %<br>| 47.00 %<sup>(d)</sup><br>|

---

<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 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.

<sup>(f)</sup> Ratios include Interest Expense of $3,487 for the six months ended March 31, 2026. Expense ratios would have been lower by 0.01% and Net investment income ratio would have been higher by 0.01% excluding this expense. 

See Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Perpetual Americas Funds Trust (the "Trust") is a Massachusetts business trust operating under a Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). The Trust is an open-end registered investment company (as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services - Investment Companies". The 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, and Barrow Hanley International Value Fund (each, a "Fund" and collectively, the "Funds") are each a diversified fund, a series of the Trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a management investment company. The Trust Agreement permits the Board of Trustees (the "Trustees" or "Board") to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust. Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2026, the following classes of shares were in operation:

---

| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| Barrow Hanley Concentrated Emerging<br> Markets ESG Opportunities Fund<br>| Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek long term capital appreciation and <br> consistent income from dividends<br>|
| Barrow Hanley Credit Opportunities Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to maximize total return, <br> consistent with preservation of capital<br>|
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares: December 29, 2021 | &nbsp;&nbsp; to seek long term capital appreciation and <br> consistent income from dividends<br>|
| Barrow Hanley Floating Rate Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to maximize total return, <br> consistent with preservation of capital<br>|
| Barrow Hanley International Value Fund | Institutional Shares: December 29, 2021 | &nbsp;&nbsp; to seek to obtain higher returns compared <br> to the MSCI EAFE Value Index<br>|
| Barrow Hanley Total Return Bond Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to provide maximum long-term <br> total return<br>|
| Barrow Hanley US Value Opportunites Fund | Institutional Shares: April 12, 2022 | &nbsp;&nbsp; to seek to outperform the Fund's <br> benchmark over a full market cycle, <br> typically five to seven years<br>|

---

Prior to August 18, 2024, the Funds were each a series of The Advisors' Inner Circle Fund III ("AIC") (each a "Predecessor Fund" and collectively, the "Predecessor Funds"). On August 18, 2024, the Predecessor Funds were reorganized into the Trust as noted below, pursuant to a Plan of Reorganization approved by the AIC's Board of Trustees on May 13, 2024 and by the Predecessor Funds' shareholders at a special meeting held on August 5, 2024 (the "Reorganizations").

---

| | |
|:---|:---|
| **The Advisors' Inner Circle Fund III** | **Perpetual Americas Funds Trust** |
| Barrow Hanley Concentrated Emerging <br> Markets ESG Opportunities<br>| Barrow Hanley Concentrated Emerging Markets ESG Opportunities |
| 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 |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**A. Significant accounting policies related to investments are as follows:**

**INVESTMENT VALUATION**

Investments are recorded at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques employed by the Funds, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the following three broad levels:

• Level 1 — quoted prices in active markets for identical assets

• Level 2 — other significant observable inputs (including adjustments made to quoted prices of a security, quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain short-term debt securities may be valued using amortized cost. Generally, amortized cost approximates the current value of a security, but since this valuation is not obtained from a quoted price in an active market, such securities would be reflected as Level 2 in the fair value hierarchy.

Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange. If no sale occurred on the valuation date, the securities will be valued at the latest quotations as of the close of the primary exchange. Investments in closed-end investment companies are valued at the last quoted sales prices or official closing prices taken from the primary market, or composite in which each security trades. Investments in other open-end registered investment companies, including money market funds, are valued at their respective net asset value as reported by such companies. In these types of situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt and other fixed income securities, if any, are generally valued at an evaluated price provided by an independent pricing source approved by the Trustees. To value debt securities, pricing services may use various pricing techniques, which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Short-term debt securities of sufficient credit quality that mature within sixty days may be valued at amortized cost, which approximates fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

The Trustees have designated JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS"), investment adviser to the Funds, as the Funds' Valuation Designee with responsibility for establishing fair value, in accordance with the Trust's valuation policy, when the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price). In addition, fair value pricing may be used if events materially affecting the value of non-U.S. equity securities occur between the time when the exchange on which they are traded closes and the time when a Fund's net asset value is calculated. The Funds identify possible fluctuations in international equity 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, the Funds generally use a systematic valuation model provided by an approved independent third party pricing service to fair value their international equity securities. International equity securities which are fair valued pursuant to this valuation model or fair valued in connection with local market holidays are deemed to be Level 2 securities.

In the fair value situations noted above, while the Trust's valuation policy is intended to result in a calculation of each Fund's net asset value that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined pursuant to these guidelines would accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

instance, in a forced or distressed sale). The prices used by the Funds may differ from the value that would be realized if the securities were sold, and these differences could be material to the financial statements. Depending on the source and relative significance of the valuation inputs in these instances, the instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

The following is a summary of the valuation inputs used as of March 31, 2026 in valuing the Funds' investments based upon the three fair value levels defined above:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **Barrow Hanley Concentrated Emerging Markets** <br> **ESG Opportunities Fund**<br>|  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $409315 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $409315 |
| China | &nbsp;&nbsp; 82292 | &nbsp;&nbsp; 1504006 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1586298 |
| Mexico | &nbsp;&nbsp; 440302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 440302 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4775605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4775605 |
| Total Common Stocks | &nbsp;&nbsp; $931909 | &nbsp;&nbsp; $6279611 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7211520 |
| Preferred Stocks | &nbsp;&nbsp; $182357 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $182357 |
| Short-Term Investments | &nbsp;&nbsp; 145435 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145435 |
| Total Investments | &nbsp;&nbsp; $1259701 | &nbsp;&nbsp; $6279611 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7539312 |
| **Barrow Hanley Credit Opportunities Fund** |  |  |  |  |
| Asset-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3201572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3201572 |
| Corporate Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 79406252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79406252 |
| Foreign Issuer Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 4682479 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4682479 |
| Investment Companies | &nbsp;&nbsp; 23335130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 23335130 |
| Short-Term Investments | &nbsp;&nbsp; 1420511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1420511 |
| Total Investments | &nbsp;&nbsp; $24755641 | &nbsp;&nbsp; $87290303 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $112045944 |
| **Barrow Hanley Emerging Markets Value Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $229228 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $229228 |
| Canada | &nbsp;&nbsp; 99015 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 99015 |
| China | &nbsp;&nbsp; 40446 | &nbsp;&nbsp; 773405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 813851 |
| Mexico | &nbsp;&nbsp; 187971 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 187971 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2585296 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2585296 |
| Total Common Stocks | &nbsp;&nbsp; $556660 | &nbsp;&nbsp; $3358701 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3915361 |
| Preferred Stocks | &nbsp;&nbsp; $45269 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45269 |
| Short-Term Investments | &nbsp;&nbsp; 118986 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 118986 |
| Total Investments | &nbsp;&nbsp; $720915 | &nbsp;&nbsp; $3358701 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4079616 |
| **Barrow Hanley Floating Rate Fund** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3711904 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3711904 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 7920749 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7920749 |
| Foreign Issuer Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp; 1389077 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1389077 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bank Loan Obligations: |  |  |  |  |
| Finance | &nbsp;&nbsp; — | &nbsp;&nbsp; 1613356 | &nbsp;&nbsp; 84619 | &nbsp;&nbsp; 1697975 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 85897991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85897991 |
| Total Bank Loan Obligations | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87511347 | &nbsp;&nbsp; $84619 | &nbsp;&nbsp; $87595966 |

---

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| Short-Term Investments | &nbsp;&nbsp; $4529966 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4529966 |
| Total Investments | &nbsp;&nbsp; $4529966 | &nbsp;&nbsp; $100533077 | &nbsp;&nbsp; $84619 | &nbsp;&nbsp; $105147662 |
| **Barrow Hanley International Value Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $564387 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $564387 |
| Jersey | &nbsp;&nbsp; 207336 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207336 |
| Mexico | &nbsp;&nbsp; 237775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 237775 |
| Netherlands | &nbsp;&nbsp; 161491 | &nbsp;&nbsp; 564283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 725774 |
| United Kingdom | &nbsp;&nbsp; 260382 | &nbsp;&nbsp; 1626107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1886489 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 8058969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8058969 |
| Total Common Stocks | &nbsp;&nbsp; $1431371 | &nbsp;&nbsp; $10249359 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11680730 |
| Preferred Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149783 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149783 |
| Short-Term Investments | &nbsp;&nbsp; 60684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60684 |
| Total Investments | &nbsp;&nbsp; $1492055 | &nbsp;&nbsp; $10399142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11891197 |
| **Barrow Hanley Total Return Bond Fund** |  |  |  |  |
| Asset-Backed Securities\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9911865 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9911865 |
| Corporate Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 44171401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 44171401 |
| Foreign Issuer Bonds\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 13647212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13647212 |
| Mortgage-Backed Securities\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 72774118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72774118 |
| U.S. Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 32109078 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32109078 |
| Short-Term Investments | &nbsp;&nbsp; 273400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 273400 |
| Total Investments | &nbsp;&nbsp; $273400 | &nbsp;&nbsp; $172613674 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $172887074 |
| **Barrow Hanley US Value Opportunities Fund** |  |  |  |  |
| Common Stocks\* | &nbsp;&nbsp; $87228410 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87228410 |
| Master Limited Partnerships | &nbsp;&nbsp; 710676 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 710676 |
| Short-Term Investments | &nbsp;&nbsp; 863172 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 863172 |
| Total Investments | &nbsp;&nbsp; $88802258 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $88802258 |

---

\* See additional categories in the Schedule of Investments.

\*\* Amount is $0.

As of March 31, 2026, there were Level 3 investments held in certain Funds as noted above and in the corresponding Schedules of Investments, and such securities are the same Level 3 securities as was noted as of the prior fiscal year end of September 30, 2025. Some of these investments relate to Russian securities held in certain Funds that halted trading in 2022 when United States ("U.S.") sanctions were imposed after the Russian invasion of Ukraine. Also, there is an investment in a law firm security that leverages debts by purchasing health claim receivables and identifying those that are obligated to be reimbursed by the payor. The value of Level 3 securities compared to each Fund's total net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

There were no transfers to or from Level 3 during the period ended March 31, 2026.

**CURRENCY TRANSACTIONS**

The functional and reporting currency for the Funds is the U.S. dollar. The market values of non-U.S. securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

on securities held. Such changes are included in Net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

The Funds may engage in spot currency transactions for the purpose of non-U.S. security settlement and operational processes. Certain Funds are authorized to enter into forward foreign currency exchange contracts, for the purchase or sale of a specific foreign currency at a specified exchange rate on a future date as a hedge against either specific transactions or portfolio positions, or as a cross-hedge transaction or for speculative purposes. The objective of a Fund's foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of a Fund's foreign currency denominated securities will decline in value due to change in foreign currency exchange rates. Changes in foreign currency exchange rates will affect the value of a Fund's securities and the price of a Fund's shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country's government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.

All forward foreign currency exchange contracts are marked-to-market daily at the applicable exchange rates. Any unrealized gains or losses are recorded in Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts in the Statements of Operations. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Realized gains or losses, if any, are included in Net realized gains (losses) on forward foreign exchange contracts in the Statements of Operations.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The Funds bear the market risk from changes in forward foreign currency exchange rates and the credit risk if the counterparty to the contract fails to perform. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade and these markets can experience periods of illiquidity.

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2026.

**BANK LOAN OBLIGATIONS**

A Fund may invest in fixed and floating rate loans ("Loans"). Loans may include senior floating rate loans and secured and unsecured loans, second lien or more junior loans and bridge loans or bridge facilities. 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. Generally, a Fund invests in Loans by purchasing assignments of all or a portion of Loans or Loan participations from third parties.

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.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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Unfunded loan 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.

**WHEN-ISSUED/DELAYED DELIVERY SECURITIES**

Certain Funds purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into the commitment to purchase a security, the transaction is recorded and the value of the commitment is reflected in the NAV. The value of the commitment may vary with market fluctuations. No interest accrues to a Fund until settlement takes place. When-issued securities at March 31, 2026, if any, are noted in each Fund's Schedule of Investments and in aggregate as "Payable for when-issued securities", in each Fund's Statement of Assets & Liabilities.

**INVESTMENT TRANSACTIONS AND INCOME**

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from non-U.S. securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. Each Fund, as applicable, records a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. Non-cash dividends are recognized as investment income at the fair value of the asset received.

**EXPENSE ALLOCATIONS**

Expenses directly attributable to a Fund are charged to that Fund, while expenses that are attributable to more than one Fund are allocated among the applicable Funds in the Trust on a pro-rata basis based on relative net assets or another reasonable basis. Certain expenses that arise in connection with a class of shares are charged to that class of shares.

The investment income, expenses (other than class-specific expenses charged to a class), and realized/unrealized gains/losses on investments are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized/unrealized gains/losses are incurred.

**DIVIDENDS AND DISTRIBUTIONS**

Distributions of dividends from net investment income, if any, are declared and paid as follows:

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| | |
|:---|:---|
|  | **Declaration and** <br> **Payment Frequency**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | &nbsp;&nbsp; Annually |
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; Daily/Monthly<br> \*<br>|
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp; Annually |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; Daily/Monthly<br> \*<br>|
| Barrow Hanley International Value Fund | &nbsp;&nbsp; Annually |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; Daily/Monthly<br> \*<br>|
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; Annually |

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<sup>\*</sup> Each of the Barrow Hanley Credit Opportunities Fund, Barrow Hanley Total Return Bond 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.

The Funds intend to distribute their net realized long-term capital gains and their net realized short-term capital gains, if any, at least once a year.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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Distributions from net investment income and from net realized capital gain are determined in accordance with U.S. federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America ("GAAP"). These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. treatment of certain dividend distributions, gains/losses, return of capital, etc.), such amounts are reclassified within the composition of net assets based on their U.S. federal tax-basis treatment; temporary differences do not require reclassification. Distributions to shareholders that exceed net investment income and net realized capital gains for tax purposes are reported as return of capital.

**U.S. FEDERAL INCOME TAX INFORMATION**

No provision is made for U.S. federal income taxes as each Fund intends to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and distribute substantially all of its net investment income and net realized capital gain in accordance with the Code.

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds' U.S. federal income tax returns for the tax year from October 1, 2024 to September 30, 2025 and for the tax period ended September 30, 2024 and tax year ended October 31, 2023 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**USE OF ESTIMATES**

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments.

**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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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, 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

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**March 31, 2026 (Unaudited)**

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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, 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

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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 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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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.

**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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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.

**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.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**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 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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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 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.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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**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 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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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 Risk above 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 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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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 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.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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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.

**SEGMENT REPORTING**

The Funds adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of such Fund, as prescribed in its prospectus. The Chief Operating Decision Maker ("CODM") is the Senior Leadership Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment is consistent with that presented within the Fund's financial statements and financial highlights.

**B. Fees and Transactions with Affiliates and Other Parties**

The Trust, on behalf of the Funds, has entered into an Amended and Restated Investment Advisory Agreement (the "Agreement") with PAFS to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into a Third Amended and Restated Expense Limitation Agreement whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies (excluding Barrow Hanley Credit Opportunities Fund), brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets).

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Institutional | 0.93% | 1.04% |
| Barrow Hanley Credit Opportunities Fund | Institutional | 0.60% | 0.77% |
| Barrow Hanley Emerging Markets Value Fund | Institutional | 0.87% | 0.98% |
| Barrow Hanley Floating Rate Fund | Institutional | 0.45% | 0.59% |
| Barrow Hanley International Value Fund | Institutional | 0.66% | 0.85% |
| Barrow Hanley Total Return Bond Fund | Institutional | 0.35% | 0.35% |
| Barrow Hanley US Value Opportunities Fund | Institutional | 0.55% | 0.70% |

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The Third Amended and Restated Expense Limitation Agreement is effective until February 1, 2027 for the Funds (excluding the Barrow Hanley Credit Opportunities Fund). A Fund-of-Funds Fee Waiver and Expense Limitation Agreement is effective until February 1, 2027 for the Barrow Hanley Credit Opportunities Fund. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recoup any of its prior waivers or reimbursements, including prior waivers or reimbursements in the Predecessor Funds that were available for recoupment by Perpetual US Services, LLC, investment adviser to the Predecessor Funds, at the time of the Reorganization, 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 (excluding Barrow Hanley Credit Opportunities Fund) and extraordinary expenses) to exceed the current expense limitation at the time of repayment 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 at any time and will terminate automatically upon termination of the Agreement.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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Pursuant to the 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. This Fund-of-Funds Fee Waiver and Expense Limitation Agreement may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

For the six months ended March 31, 2026, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp; **Advisory Fee**<br> **Payable to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities <br> Fund<br>| $34015 | $40785 | $— |
| Barrow Hanley Credit Opportunities Fund | 334783 | 68471 | 5370 |
| Barrow Hanley Emerging Markets Value Fund | 16894 | 41920 |  |
| Barrow Hanley Floating Rate Fund | 243049 | 23933 |  |
| Barrow Hanley International Value Fund | 45513 | 35448 |  |
| Barrow Hanley Total Return Bond Fund | 307543 | 122958 |  |
| Barrow Hanley US Value Opportunities Fund | 267075 | 10122 |  |

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The balances of recoverable expenses to PAFS by the Funds at March 31, 2026 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year or period** <br> **ended:**<br>| **Expiring** | **Barrow Hanley**<br> **Concentrated**<br> **Emerging**<br> **Markets**<br> **ESG**<br> **Opportunities**<br> **Fund**<br>| **Barrow Hanley**<br> **Credit**<br> **Opportunities**<br> **Fund**<br>| **Barrow Hanley**<br> **Emerging**<br> **Markets**<br> **Value**<br> **Fund**<br>| **Barrow Hanley**<br> **Floating**<br> **Rate**<br> **Fund**<br>| **Barrow Hanley**<br> **International**<br> **Value**<br> **Fund**<br>| **Barrow Hanley**<br> **Total**<br> **Return**<br> **Bond**<br> **Fund**<br>| **Barrow Hanley**<br> **US**<br> **Value**<br> **Opportunities**<br> **Fund**<br>|
| October 31, 2023 | October 31, <br> 2026<br>| $183228 | $299540 | $150198 | $442292 | $173297 | $351628 | $219777 |
| September 30, 2024 | September <br> 30, 2027<br>| 117950 | 143221 | 131478 | 170215 | 166780 | 454830 | 138319 |
| September 30, 2025 | September <br> 30, 2028<br>| 115907 | 183281 | 95528 | 93813 | 88873 | 297298 | 76196 |
| March 31, 2026 | September <br> 30, 2029<br>| 40785 | 68471 | 41920 | 23933 | 35448 | 122958 | 10122 |
| Balances of Recoverable <br> Expenses to PAFS<br>|  | $457870 | $694513 | $419124 | $730253 | $464398 | $1226714 | $444414 |

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Barrow, Hanley, Mewhinney & Strauss, LLC ("Barrow Hanley" or the "Sub-Adviser") serves as a sub-adviser to the Funds. Barrow Hanley, a Delaware limited liability company, is registered as an investment adviser with the U.S. Securities and Exchange Commission 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 is an indirect subsidiary of Perpetual Limited, a public company listed on the Australian Stock Exchange.

The Sub-Adviser will be responsible for the day-to-day management of each Fund's investment portfolio in accordance with the investment policies and guidelines of the Funds subject to the general oversight of the Adviser.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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The provision of investment advisory services by the Sub-Adviser is governed by an individual investment sub-advisory agreement between the Sub-Adviser and the Adviser (the "Sub-Advisory Agreement"). Under the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Funds, makes investment decisions for the Funds and administers the investment program of the Funds, subject to the supervision of, and policies established by, the Adviser and the Board.

The Sub-Advisory 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 Sub-Advisory Agreement may terminate the Sub-Advisory Agreement without penalty, in each case on not less than 60 days' written notice to the other party.

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 Sub-Advisory Fee"). The Base Sub-Advisory Fee in effect for each Fund is below:

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| | |
|:---|:---|
| **Fund** | Base Subadvisory Fee |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | 0.78<br> %<br>|
| Barrow Hanley Credit Opportunities Fund | 0.45 |
| Barrow Hanley Emerging Markets Value Fund | 0.72 |
| Barrow Hanley Floating Rate Fund | 0.30 |
| Barrow Hanley International Value Fund | 0.51 |
| Barrow Hanley Total Return Bond Fund | 0.20 |
| Barrow Hanley US Value Opportunities Fund | 0.40 |

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Perpetual Americas Funds Distributors, LLC (the "Distributor"), a wholly owned subsidiary of Foreside Financial Group, LLC d/b/a ACA Group ("ACA Group"), provides distribution services to the Funds pursuant to a distribution agreement with the Trust on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. Under a separate Distribution Services and License Agreement, PAFS, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds. Neither the Distributor nor ACA Group is affiliated with the Trust, the Adviser or Barrow Hanley.

The Northern Trust Company ("Northern Trust") serves as the administrator, transfer agent, custodian, and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust's complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services, which are reflected as "Administration", "Transfer Agent", and "Custodian" fees, respectively, on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Institutional Class Shareholder Services, Recordkeeping and Sub-Transfer Agency Agreement (the "Shareholder Services Agreement"). Pursuant to the Shareholder Services Agreement, the Trust, on behalf of each Fund, agrees that Institutional Shares of each Fund shall reimburse PAFS or its designee for any payments PAFS or such designee makes to third-party service providers for personal services, accounting or subaccounting, recordkeeping and/or other administrative services provided to beneficial holders of Institutional Class shares of the Funds. Payments by a Fund pursuant to the Shareholder Services Agreement shall not exceed such amounts as are approved by the Board from time to time. Total fees reimbursed to PAFS pursuant to the Shareholder Services Agreement are reflected as "Shareholder Services - Institutional Shares" fees in the Statements of Operations.

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**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

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Certain officers of the Trust are affiliated with PAFS and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2026, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds are reflected in "Trustee" fees on the Statements of Operations.

**C. Credit Agreements**

The Trust, on behalf 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 which permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. For all Funds, except for the Barrow Hanley Floating Rate Fund, any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured Overnight Financing Rate plus 1.30%, or the Prime Rate minus 1.50%. In the case of the Barrow Hanley Floating Rate Fund, any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.50%, the daily Simple Secured Overnight Financing Rate plus 1.50%, or the Prime Rate minus 1.30%.

During the six months ended March 31, 2026, the following Funds had borrowings with the average loan, weighted interest rate and interest expense as disclosed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | Dollar Amount | Days Outstanding | Rate | Interest Expense |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; $5630938 | &nbsp;&nbsp; 16 | 5.14<br> %<br>| &nbsp;&nbsp; 12864 |
| Barrow Hanley International Value Fund | &nbsp;&nbsp; 739800 | &nbsp;&nbsp; 25 | 4.97 | &nbsp;&nbsp; 2552 |
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; 4141667 | &nbsp;&nbsp; 6 | 5.05 | &nbsp;&nbsp; 3487 |

---

The interest expense amounts are included in the "Interest Expense" on the Statements of Operations.

**D. Investment Transactions**

For the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | &nbsp;&nbsp; $1179915 | &nbsp;&nbsp; $1336238 |
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; 20991742 | &nbsp;&nbsp; 14814027 |
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp; 830687 | &nbsp;&nbsp; 838868 |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; 38702942 | &nbsp;&nbsp; 53198001 |
| Barrow Hanley International Value Fund | &nbsp;&nbsp; 3102126 | &nbsp;&nbsp; 6883551 |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; 24810289 | &nbsp;&nbsp; 7862231 |
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; 31743118 | &nbsp;&nbsp; 52836115 |

---

For the six months ended March 31, 2026, the aggregate cost of purchases and proceeds from sales of U.S. government securities (excluding short-term investments) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; $44229042 | &nbsp;&nbsp; $50397120 |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

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

**E. U.S. Federal Income Tax**

As of March 31, 2026, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| &nbsp;&nbsp; $5931556 | &nbsp;&nbsp; $1949179 | &nbsp;&nbsp; $(341423)<br>| &nbsp;&nbsp; $1607756 |
| Barrow Hanley Credit Opportunities Fund | &nbsp;&nbsp; 114083947 | &nbsp;&nbsp; 1467324 | &nbsp;&nbsp; (3505327)<br>| &nbsp;&nbsp; (2038003)<br>|
| Barrow Hanley Emerging Markets Value Fund | &nbsp;&nbsp; 3520656 | &nbsp;&nbsp; 852938 | &nbsp;&nbsp; (293978)<br>| &nbsp;&nbsp; 558960 |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; 109315018 | &nbsp;&nbsp; 166106 | &nbsp;&nbsp; (4333462)<br>| &nbsp;&nbsp; (4167356)<br>|
| Barrow Hanley International Value Fund | &nbsp;&nbsp; 9524245 | &nbsp;&nbsp; 2638660 | &nbsp;&nbsp; (271708)<br>| &nbsp;&nbsp; 2366952 |
| Barrow Hanley Total Return Bond Fund | &nbsp;&nbsp; 173291640 | &nbsp;&nbsp; 1595974 | &nbsp;&nbsp; (2000540)<br>| &nbsp;&nbsp; (404566)<br>|
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; 70375112 | &nbsp;&nbsp; 21385530 | &nbsp;&nbsp; (2958384)<br>| &nbsp;&nbsp; 18427146 |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

The tax character of distributions paid by the Funds during tax year ended September 30, 2025, tax period from November 1, 2023 to September 30, 2024, and the tax year ended October 31, 2023 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** | **Distributions From** |
| **Fund** | **Ordinary**<br> **Income\***<br> **2025**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains**<br> **2025**<br>| &nbsp;&nbsp; **Ordinary**<br> **Income\***<br> **2024**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains**<br> **2024**<br>| &nbsp;&nbsp; **Ordinary**<br> **Income\***<br> **2023**<br>| &nbsp;&nbsp; **Long-Term**<br> **Capital Gains**<br> **2023**<br>|
| Barrow Hanley <br> Concentrated <br> Emerging Markets <br> ESG Opportunities <br> Fund<br>| $924426 | &nbsp;&nbsp;&nbsp; $2785268 | &nbsp;&nbsp;&nbsp; $1199093 | &nbsp;&nbsp;&nbsp; $148,465<br> \*\*<br>| &nbsp;&nbsp;&nbsp; $170927 | &nbsp;&nbsp;&nbsp; $— |
| Barrow Hanley Credit <br> Opportunities Fund<br>| 6652876 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7420054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7734787 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley Emerging <br> Markets Value Fund<br>| 102962 | &nbsp;&nbsp;&nbsp; 255563 | &nbsp;&nbsp;&nbsp; 66502 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 67981 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley Floating <br> Rate Fund<br>| 8497467 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9510641 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9385204 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley <br> International <br> Value Fund<br>| 1622018 | &nbsp;&nbsp;&nbsp; 1916222 | &nbsp;&nbsp;&nbsp; 1943876 | &nbsp;&nbsp;&nbsp; 282,131<br> \*\*\*<br>| &nbsp;&nbsp;&nbsp; 179447 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley Total <br> Return Bond Fund<br>| 10764023 | &nbsp;&nbsp;&nbsp; 47382 | &nbsp;&nbsp;&nbsp; 7292884 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2264393 | &nbsp;&nbsp;&nbsp; — |
| Barrow Hanley US Value <br> Opportunities Fund<br>| 1802361 | &nbsp;&nbsp;&nbsp; 9,987,374<br> \*\*\*\*<br>| &nbsp;&nbsp;&nbsp; 1190228 | &nbsp;&nbsp;&nbsp; —<br> \*\*\*\*<br>| &nbsp;&nbsp;&nbsp; 1029833 | &nbsp;&nbsp;&nbsp; 368046 |

---

---

| | |
|:---|:---|
| \* | Ordinary income includes short-term capital gains, if any. |
| \*\* | The amounts do not include tax equalization utilized of $119,728 in net long term capital gains in which the Fund designated as being distributed to shareholders <br> on their redemption of shares.<br>|
| \*\*\* | The amounts do not include tax equalization utilized of $359,835 in net long term capital gains in which the Fund designated as being distributed to <br> shareholders on their redemption of shares.<br>|
| \*\*\*\* | The amounts do not include tax equalization utilized of $131,503 and $870,882 in net long term capital gains for the years 2024 and 2025, respectively, in which <br> the Fund designated as being distributed to shareholders on their redemption of shares.<br>|

---

As of the latest tax year ended September 30, 2025, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Distributions** <br> **Payable**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| Barrow Hanley <br> Concentrated Emerging <br> Markets ESG <br> Opportunities Fund<br>| $343262 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2121765)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1106236 | &nbsp;&nbsp;&nbsp; $(672267)<br>|
| Barrow Hanley Credit <br> Opportunities Fund<br>| 90245 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6202618)<br>| &nbsp;&nbsp;&nbsp; (71473)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 580743 | &nbsp;&nbsp;&nbsp; (5603103)<br>|
| Barrow Hanley Emerging <br> Markets Value Fund<br>| 140907 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (190459)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 486167 | &nbsp;&nbsp;&nbsp; 436615 |
| Barrow Hanley Floating <br> Rate Fund<br>| 547422 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (901554)<br>| &nbsp;&nbsp;&nbsp; (97738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1552018)<br>| &nbsp;&nbsp;&nbsp; (2003888)<br>|
| Barrow Hanley <br> International <br> Value Fund<br>| 452866 | &nbsp;&nbsp;&nbsp; 104579 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1964326 | &nbsp;&nbsp;&nbsp; 2521771 |
| Barrow Hanley Total <br> Return Bond Fund<br>| 454155 | &nbsp;&nbsp;&nbsp; 130194 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1904841 | &nbsp;&nbsp;&nbsp; 2489190 |
| Barrow Hanley US Value <br> Opportunities Fund<br>| 796125 | &nbsp;&nbsp;&nbsp; 10736987 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23637862 | &nbsp;&nbsp;&nbsp; 35170974 |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

As of the tax year ended September 30, 2025, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| Barrow Hanley Credit Opportunities Fund\* | &nbsp;&nbsp; $146103 | &nbsp;&nbsp; $6056515 |
| Barrow Hanley Floating Rate Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; 901554 |

---

\* A portion of the capital loss carryforward may be subject to limitations under Section 382 of the Internal Revenue Code.

During the tax year ended September 30, 2025, the Barrow Hanley Credit Opportunities Fund, Barrow Hanley Emerging Markets Value Fund and Barrow Hanley Floating Rate Fund utilized $102,087, $185,616 and $570,888, respectively, in capital loss carry forwards.

For the tax year ended September 30, 2025, the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund and Barrow Hanley Emerging Markets Value Fund incurred net capital losses and/or late year ordinary loss deferral in the amount of $2,121,765 and $190,459 which the Funds intend to treat as having been incurred in the following fiscal year.

Primarily as a result of differing book/tax treatment of tax equalization, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2025, the following reclassifications were made to the Funds' Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **Earnings (Loss)**<br>| **Paid-in**<br> **Capital**<br>|
| Barrow Hanley US Value Opportunities Fund | &nbsp;&nbsp; $(869850)<br>| &nbsp;&nbsp; $869850 |

---

**F. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; $70846 | &nbsp;&nbsp; $236834 | &nbsp;&nbsp; $(80642) | &nbsp;&nbsp; $227038 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 9048484 | &nbsp;&nbsp; 3589263 | &nbsp;&nbsp; (5344511) | &nbsp;&nbsp; 7293236 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 169018 | &nbsp;&nbsp; 50721 | (128) | &nbsp;&nbsp; 219611 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 5871278 | &nbsp;&nbsp; 3960980 | &nbsp;&nbsp; (23057896) | &nbsp;&nbsp; (13225638) |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 127685 | &nbsp;&nbsp; 708730 | &nbsp;&nbsp; (4002646) | &nbsp;&nbsp; (3166231) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 18648682 | &nbsp;&nbsp; 4449935 | &nbsp;&nbsp; (6300671) | &nbsp;&nbsp; 16797946 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 11463217 | &nbsp;&nbsp; 9977240 | &nbsp;&nbsp; (30885883) | &nbsp;&nbsp; (9445426) |

---

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

Transactions in shares for the six months ended March 31, 2026, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; 6317 | &nbsp;&nbsp; 21649 | &nbsp;&nbsp; (7255) | &nbsp;&nbsp; 20711 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 936427 | &nbsp;&nbsp; 371760 | &nbsp;&nbsp; (551930) | &nbsp;&nbsp; 756257 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 13628 | &nbsp;&nbsp; 4365 | (10) | &nbsp;&nbsp; 17983 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 611565 | &nbsp;&nbsp; 413892 | &nbsp;&nbsp; (2398954) | &nbsp;&nbsp; (1373497) |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 10208 | &nbsp;&nbsp; 58140 | &nbsp;&nbsp; (320446) | &nbsp;&nbsp; (252098) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 1992108 | &nbsp;&nbsp; 477200 | &nbsp;&nbsp; (675762) | &nbsp;&nbsp; 1793546 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 1005294 | &nbsp;&nbsp; 882942 | &nbsp;&nbsp; (2478594) | &nbsp;&nbsp; (590358) |

---

Transactions in dollars for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; $919549 | &nbsp;&nbsp; $3314940 | &nbsp;&nbsp; $(26923174) | &nbsp;&nbsp; $(22688685) |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 26482170 | &nbsp;&nbsp; 6226884 | &nbsp;&nbsp; (15729507) | &nbsp;&nbsp; 16979547 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 75348 | &nbsp;&nbsp; 132525 | &nbsp;&nbsp; (245460) | &nbsp;&nbsp; (37587) |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 21093293 | &nbsp;&nbsp; 7133566 | &nbsp;&nbsp; (11318793) | &nbsp;&nbsp; 16908066 |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 604916 | &nbsp;&nbsp; 2970514 | &nbsp;&nbsp; (48131490) | &nbsp;&nbsp; (44556060) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 15200834 | &nbsp;&nbsp; 10811588 | &nbsp;&nbsp; (37988921) | &nbsp;&nbsp; (11976499) |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 8242592 | &nbsp;&nbsp; 8253570 | &nbsp;&nbsp; (15199921) | &nbsp;&nbsp; 1296241 |

---

Transactions in shares for the year ended September 30, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| Barrow Hanley Concentrated Emerging Markets ESG <br> Opportunities Fund<br>| Institutional Shares | &nbsp;&nbsp; 99062 | &nbsp;&nbsp; 390913 | &nbsp;&nbsp; (3184322) | &nbsp;&nbsp; (2694347) |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 2748080 | &nbsp;&nbsp; 646462 | &nbsp;&nbsp; (1633405) | &nbsp;&nbsp; 1761137 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | &nbsp;&nbsp; 8428 | &nbsp;&nbsp; 15060 | &nbsp;&nbsp; (29524) | &nbsp;&nbsp; (6036) |
| Barrow Hanley Floating Rate Fund | Institutional Shares | &nbsp;&nbsp; 2177529 | &nbsp;&nbsp; 736028 | &nbsp;&nbsp; (1157573) | &nbsp;&nbsp; 1755984 |
| Barrow Hanley International Value Fund | Institutional Shares | &nbsp;&nbsp; 59353 | &nbsp;&nbsp; 302805 | &nbsp;&nbsp; (4636544) | &nbsp;&nbsp; (4274386) |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | &nbsp;&nbsp; 1620043 | &nbsp;&nbsp; 1173617 | &nbsp;&nbsp; (4054929) | &nbsp;&nbsp; (1261269) |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 701688 | &nbsp;&nbsp; 686653 | &nbsp;&nbsp; (1274174) | &nbsp;&nbsp; 114167 |

---

**G. Concentration of Ownership**

A significant portion of a Fund's shares may be held in a limited number of shareholder accounts, including in certain omnibus or institutional accounts which typically hold shares for the benefit of other underlying investors. To the extent that a shareholder or group of shareholders redeem a significant portion of the shares issued by a Fund, this could have a disruptive impact on the efficient implementation of a Fund's investment strategy.

------

**BARROW HANLEY FUNDS**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2026 (Unaudited)**

------

As of March 31, 2026, PAFS or PAFS affiliates held outstanding shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **% Ownership** |
| Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund | Institutional Shares | 45.7 |
| Barrow Hanley Credit Opportunities Fund | Institutional Shares | 0.8 |
| Barrow Hanley Emerging Markets Value Fund | Institutional Shares | 100.0 |
| Barrow Hanley Floating Rate Fund | Institutional Shares | 31.4 |
| Barrow Hanley International Value Fund | Institutional Shares | 16.6 |
| Barrow Hanley Total Return Bond Fund | Institutional Shares | 0.8 |
| Barrow Hanley US Value Opportunities Fund | Institutional Shares | 8.3 |

---

**H. New Accounting Pronouncements**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), ASU 2023-09, Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

**I. Subsequent Events**

Management has evaluated all subsequent transactions and events through the date on which these financial statements were issued and has determined that no additional items require disclosure in these financial statements.

------

**BARROW HANLEY FUNDS**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2026 (Unaudited)**

------

Not Applicable.

------

**BARROW HANLEY FUNDS**

**PROXY DISCLOSURES**

**March 31, 2026 (Unaudited)**

------

Not Applicable.

------

**BARROW HANLEY FUNDS**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

**March 31, 2026 (Unaudited)**

------

Included on page 86 in the Notes to Financial Statements.

------

**BARROW HANLEY FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

Prior to and at a meeting of the Board of Trustees (the "Board" or the "Trustees") of Perpetual Americas Funds Trust held on December 11-12, 2025, the Board requested, and JOHCM (USA) Inc. d/b/a Perpetual Americas Funds Services (the "Adviser") and Barrow, Hanley, Mewhinney & Strauss LLC ("Barrow Hanley" or the "Sub-Adviser") provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Adviser and Barrow Hanley to the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, the Barrow Hanley Credit Opportunities Fund, the Barrow Hanley Emerging Markets Value Fund, the Barrow Hanley Floating Rate Fund, the Barrow Hanley International Value Fund, the Barrow Hanley Total Return Bond Fund, and the Barrow Hanley US Value Opportunities Fund (the "Funds"); (ii) the investment performance of the Funds, including the performance of each Fund's predecessor fund, as applicable<sup>1</sup>; (iii) the costs of the services provided and the profits realized by the Adviser and Barrow Hanley from their relationships with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds' potential shareholders. The Trustees were assisted in their evaluation of the Investment Advisory Agreement and Investment Subadvisory Agreement (together, the "Advisory Agreements") by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from management. In reviewing the Advisory Agreements, the Trustees, including all the Independent Trustees, considered the following and other factors with respect to the Funds:

*Nature, Extent and Quality of the Services*

The Board examined the nature, extent, and quality of services to be provided to each Fund by the Adviser and Barrow Hanley. The Board noted that the Adviser and Sub-Adviser are indirect wholly owned subsidiaries of Perpetual Limited. The Board considered the terms of the Advisory Agreements, information and reports provided by each of the Adviser and the Sub-Adviser on its respective personnel and operations, and the Adviser's and Barrow Hanley's experience with the investment strategy and risks of each Fund. The Board reviewed the Adviser and the Sub-Adviser's investment philosophy and portfolio construction processes, compliance programs, insurance coverage, business continuity programs, and information security practices. The Board noted that, as set forth in the reports provided by the Adviser and Barrow Hanley, there had been no previously undisclosed (i) material compliance issues or concerns raised or encountered since the last approval of the Advisory Agreements or (ii) material compliance issues in the past two years with respect to the Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. The Board expressed satisfaction with the quality, extent, and nature of the services provided by the Adviser and Barrow Hanley.

*Performance and Profits*

The Trustees reviewed performance information for the Funds, including each Fund's one-, three-, five- and ten-year periods (as available) ended on October 31, 2025. The Board considered a report prepared by an industry standard independent service provider, FUSE Research Network LLC (the "FUSE Report"), which presented comparisons of investment performance, expenses and fees of the Funds relative to their investment categories, competitor fund groups and broader benchmarks. The Trustees also reviewed and considered profitability analyses for the Funds prepared by the Adviser and Barrow Hanley on a consolidated basis. The analyses included details on income, direct expenses, staff costs, overhead, taxes, distribution related expenses and operating profit/loss. As part of the review of the profitability analyses, the Trustees also considered information provided by the Adviser related to its operating margin versus that of other investment advisers. The Trustees noted that, based on the information provided, the profits realized and/or to be realized were not excessive. Finally, the Trustees discussed potential adverse impacts to overall profitability as a result of current market conditions.

With respect to the Barrow Hanley Concentrated Emerging Markets ESG Opportunities Fund, the Board noted that the Fund's Gross Advisory Fee ranked nine out of 13 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.93% compared to a median Gross Advisory Fee of 0.84% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked 11 out of 13 among the Fund's Expense Group and ranked 89 out of 135 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 1.11% compared to a median total expense of 1.02% for the Expense Group and 1.05% for the Expense Universe.

<sup>1</sup> Each Fund has a predecessor fund which was reorganized into the Trust effective August 18, 2024.

------

**BARROW HANLEY FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

With respect to performance, the Board noted that the Fund was ranked 21 out of 135, 78 out of 128, 13 out of 116, and 29 out of 91 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 31.87%, 18.85%, 12.60%, and 8.43% compared to a median return of the Performance Universe of 26.93%, 19.90%, 6.94%, and 7.47% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

Turning to the Barrow Hanley Credit Opportunities Fund, the Board noted that the Fund's Gross Advisory Fee tied with three other funds to rank 11 out of 15 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.60% compared to a median Gross Advisory Fee of 0.55% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 15 among the Fund's Expense Group and 33 out of 107 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.64% compared to a median total expense of 0.71% for the Expense Group and 0.71% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 35 out of 107, eight out of 104, 21 out of 103, and eight out of 90 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 7.98%, 10.72%, 6.21%, and 6.17% compared to a median return of the Performance Universe of 7.64%, 9.40%, 5.24%, and 5.19% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

With respect to the Barrow Hanley Emerging Markets Value Fund, the Board noted that the Fund's Gross Advisory Fee ranked six out of 13 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.87% compared to a median Gross Advisory Fee of 0.90% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 13 among the Fund's Expense Group and 41 out of 135 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.98% compared to a median total expense of 1.05% for the Expense Group and 1.05% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 15 out of 135 and 85 out of 128 among the Fund's Performance Universe over the one- and three-year periods ended October 31, 2025, respectively. The Fund's returns were 33.78% and 18.26% compared to a median return of the Performance Universe of 26.93% and 19.90% over the one- and three-year periods ended October 31, 2025, respectively.

The Board noted that regarding the Barrow Hanley Floating Rate Fund's Gross Advisory Fee, the Fund ranked one out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.45% compared to a median Gross Advisory Fee of 0.55% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked two out of 14 among the Fund's Expense Group and two out of 43 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.59% compared to a median total expense of 0.75% for the Expense Group and 0.75% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 16 out of 43, one out of 43, and 42 out of 42 among the Fund's Performance Universe over the one-, three-, and five-year periods ended October 31, 2025, respectively. The Fund's returns were 6.40%, 10.31%, and -0.14% compared to a median return of the Performance Universe of 5.94%, 8.95%, and 6.17% over the one-, three-, and five-year periods ended October 31, 2025, respectively.

With respect to the Barrow Hanley International Value Fund, the Board noted that the Fund's Gross Advisory Fee ranked five out of 15 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.66% compared to a median Gross Advisory Fee of 0.75% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked eight out of 15 among the Fund's Expense Group and 35 out of 60 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.92% compared to a median total expense of 0.92% for the Expense Group and 0.90% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 35 out of 61 and 51 out of 60 among the Fund's Performance Universe over the one- and three-year periods ended October 31, 2025, respectively. The Fund's returns were 25.35% and 17.56% compared to a median return of the Performance Universe of 26.64% and 21.56% over the one- and three-year periods ended October 31, 2025, respectively.

Turning to the Barrow Hanley Total Return Bond Fund, the Board noted that the Fund's Gross Advisory Fee ranked nine out of 13 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.35% compared to a median Gross Advisory Fee of 0.32% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked one out of 13 among the Fund's Expense Group and 11 out of 69 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.35% compared to a median total expense of 0.50% for

------

**BARROW HANLEY FUNDS**

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**March 31, 2026 (Unaudited)**

------

the Expense Group and 0.47% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 15 out of 69, 14 out of 66, one out of 61, and 39 out of 50 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively. The Fund's returns were 6.67%, 6.13%, 7.22%, and 1.88% compared to a median return of the Performance Universe of 6.28%, 5.81%, negative 0.03%, and 2.10% over the one-, three-, five-, and ten-year periods ended October 31, 2025, respectively.

The Board noted that regarding the Barrow Hanley US Value Opportunities Fund's Gross Advisory Fee, the Fund ranked seven out of 15 among the Fund's Expense Group. The Board further noted that the Fund's Gross Advisory Fee was 0.55% compared to a median Gross Advisory Fee of 0.60% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked eight out of 15 among the Fund's Expense Group and tied with ten other funds to rank 64 out of 182 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.70% compared to a median total expense of 0.70% for the Expense Group and 0.74% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 84 out of 182 and 31 out of 178 among the Fund's Performance Universe over the one- and three-year periods ended October 31, 2025, respectively. The Fund's returns were 10.94% and 15.78% compared to a median return of the Performance Universe of 10.53% and 13.28% over the one- and three-year periods ended October 31, 2025, respectively.

The Board then reviewed the expense caps that were in place for each of the Funds and noted that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses through February 1, 2027, for each of the Funds. After considering the comparative data provided, as described above, the Board concluded that the advisory fees and expense ratios were reasonable.

*Economies of Scale*

In considering the economies of scale for the Funds, the Board considered the marketing and distribution plans, capacity, and breakeven points for each of the Funds.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee assigned different weights to various factors considered.

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**Investment Subadviser**

Barrow, Hanley, Mewhinney & Straus, LLC

220 Ross Avenue, 31st Floor

Dallas, Texas 75201

**Investment Adviser**

Perpetual Americas Funds Services

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

BH 03/26

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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; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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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; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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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; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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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; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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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; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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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; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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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; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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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; Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.

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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; Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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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; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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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; Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable - only for annual reports.

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Perpetual Americas Funds Trust

---

| | |
|:---|:---|
| By:  | /s/ John Stanziani  |
|  | John Stanziani  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 8, 2026  |

---

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

---

| | |
|:---|:---|
| By:  | /s/ Chris Golden  |
|  | Chris Golden  |
|  | President and Principal Executive Officer  |
| Date:  | June 8, 2026  |

---

---

| | |
|:---|:---|
| By:  | /s/ John Stanziani  |
|  | John Stanziani  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 8, 2026  |

---

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## Ex-99.Cert

#### Certification
I, Chris Golden, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 8, 2026  | /s/ Chris Golden  |
|  | Chris Golden  |
|  | President and Principal Executive Officer  |

---

I, John Stanziani, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

------

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 8, 2026  | /s/ John Stanziani  |
|  | John Stanziani  |
|  | Treasurer and Principal Financial Officer  |

---

------

## Exhibit 99.906

#### Certification
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 of the Perpetual Americas Funds Trust (the "registrant").

Chris Golden, Principal Executive Officer, and John Stanziani, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| June 8, 2026  | June 8, 2026  |
| Date  | Date  |
| /s/ Chris Golden  | /s/ John Stanziani  |
| Chris Golden  | John Stanziani  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------