# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-000485
**Filing Date:** 2026-2
**Character Count:** 97009
**Document Hash:** 6e60ac9540597cbae25bdb8e82529e1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000485.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000485

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 26679081

**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 Discovery Fund (Series ID: S000070683)

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

## Nport-Ex

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

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

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

Abbreviations: <br> REG – Registered

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

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

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

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

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

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

- **b. EDGAR series identifier (if any):** S000070683

- **c. LEI of Series:** 549300BTKR447C2R0I05

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $64761314.38

**Total Liabilities:** $633153.70

**Net Assets:** $64128160.68

**Cash Not Reported:** $126423.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224748 | 2.14%                | -2.46%               | 0.95%                |
| Class ID C000224749 | 2.07%                | -2.46%               | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1075158.28              | $521028.54                                 |
| Month 2  | $886093.88               | $-2782901.14                               |
| Month 3  | $590534.06               | $-55012.32                                 |

### Schedule of Portfolio Investments

| Name                                            | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Visco Vision Inc.                               | Visco Vision Inc. TWD10                                        | CUSIP: Y937TS103<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     49306 | NS      | $273830.68    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyivstar Group Ltd.                             | Kyivstar Group Ltd. ORD SHS                                    | CUSIP: G5331N101<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |     22231 | NS      | $288558.38    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanil Electric Co Ltd.                          | Sanil Electric Co Ltd. KRW500                                  | CUSIP: Y7T0PL103<br>LEI: 988400KW0ZAP6QNYIX16 | Long             | EC               | CORP              | KR        |      5405 | NS      | $487538.22    | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| 99 Speed Mart Retail Holdings Bhd               | 99 Speed Mart Retail Holdings Bhd NPV                          | CUSIP: Y6363B106<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   1181251 | NS      | $1109060.20   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Benefit Systems Sa                              | Benefit Systems Sa PLN1.00                                     | CUSIP: X071AA119<br>LEI: 2594007UY43JEUOLID52 | Long             | EC               | CORP              | PL        |       346 | NS      | $337641.50    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Haesung Ds Co Ltd                               | Haesung Ds Co Ltd KRW5000                                      | CUSIP: Y6021V106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13841 | NS      | $535664.56    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                          | Emaar Development PJSC AED1                                    | CUSIP: M4100K102<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     59000 | NS      | $243373.49    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Mutual Ltd                                  | Old Mutual Ltd NPV                                             | CUSIP: S5790B132<br>LEI: 213800MON84ZWWPQCN47 | Long             | EC               | CORP              | ZA        |    521928 | NS      | $469609.13    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Zabka Group SA                                  | Zabka Group SA NPV                                             | CUSIP: L98969105<br>LEI: 549300TU2RZ35E4ET914 | Long             | EC               | CORP              | LU        |     77303 | NS      | $491792.92    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Diagnostyka SA                                  | Diagnostyka SA PLN1.00                                         | CUSIP: X1876Y116<br>LEI: 259400TB69IYA2WJEU71 | Long             | EC               | CORP              | PL        |     29000 | NS      | $1379023.72   | 2.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Astor Enerji AS                                 | Astor Enerji AS TRY1                                           | CUSIP: M1505L115<br>LEI: 78900083L17O47FYY994 | Long             | EC               | CORP              | TR        |    160000 | NS      | $435767.21    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Shriram Finance Ltd.                            | Shriram Finance Ltd. INR2 (POST SUBD)                          | CUSIP: Y775S1107<br>LEI: 335800TM2YO24B76XL26 | Long             | EC               | CORP              | IN        |     70063 | NS      | $776560.15    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gorilla Technology Group Inc                    | Gorilla Technology Group Inc SHS NEW                           | CUSIP: G4000K175<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     19000 | NS      | $207480.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Bank SA                                 | Piraeus Bank SA EUR0.93                                        | CUSIP: X5S2FJ101<br>LEI: 213800OYHR1MPQ5VJL60 | Long             | EC               | CORP              | GR        |     56959 | NS      | $454778.30    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Yingliu Electromechanical Co Ltd          | Anhui Yingliu Electromechanical Co Ltd 'A'CNY1                 | CUSIP: Y013B2109<br>LEI: 300300D1M9RNSPEHDR92 | Long             | EC               | CORP              | CN        |    146551 | NS      | $877104.31    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Presight AI Holding PLC                         | Presight AI Holding PLC AED0.1                                 | CUSIP: M7973X101<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    590000 | NS      | $526907.63    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fositek Corp.                                   | Fositek Corp. TWD10                                            | CUSIP: Y261K6105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      8099 | NS      | $418862.69    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Apr Co. Ltd.                                    | Apr Co. Ltd. KRW100                                            | CUSIP: Y0R9CJ118<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3489 | NS      | $559433.46    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| InnoScience (Suzhou) Technology Holding Co Ltd. | InnoScience (Suzhou) Technology Holding Co Ltd. CNY1 H         | CUSIP: Y408LP109<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     48749 | NS      | $491079.14    | 0.77%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Data Patterns India Limited                     | Data Patterns India Limited INR2                               | CUSIP: Y2000Q101<br>LEI: 894500IFAYOMBFJ0QB53 | Long             | EC               | CORP              | IN        |     11926 | NS      | $348520.70    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Bethel Automotive Safety System Co Ltd.         | Bethel Automotive Safety System Co Ltd. A CNY1                 | CUSIP: Y0875L108<br>LEI: 836800IIW68UMVMAXN36 | Long             | EC               | CORP              | CN        |     62979 | NS      | $462876.42    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercorp Financial Services Inc                | Intercorp Financial Services Inc COM NPV                       | CUSIP: P5626F128<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PA        |      9500 | NS      | $402420.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PT Cisarua Mountain Dairy Tbk                   | PT Cisarua Mountain Dairy Tbk IDR10                            | CUSIP: Y163EZ106<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |   1589269 | NS      | $538652.82    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexteer Automotive Group Ltd.                   | Nexteer Automotive Group Ltd. HKD0.1                           | CUSIP: G6501M105<br>LEI: 529900O9GGNBKMJ9UO48 | Long             | EC               | CORP              | KY        |    980344 | NS      | $807432.52    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc.                          | ASPEED Technology Inc. TWD10                                   | CUSIP: Y04044106<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3806 | NS      | $879411.85    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Capstone Copper Corp                            | Capstone Copper Corp COM                                       | CUSIP: 14071L108<br>LEI: 549300III6KGKKC42W63 | Long             | EC               | CORP              | CA        |     81821 | NS      | $821458.88    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BizLink Holding Inc.                            | BizLink Holding Inc. TWD10                                     | CUSIP: G11474106<br>LEI: 213800YAKRFVU5XOX138 | Long             | EC               | CORP              | KY        |     18662 | NS      | $902794.04    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Microwave Technology Inc.             | Universal Microwave Technology Inc. TWD10                      | CUSIP: Y9273S110<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     32863 | NS      | $710172.56    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Velesto Energy Bhd                              | Velesto Energy Bhd MYR0.5                                      | CUSIP: Y9036W101<br>LEI: 254900CGVLWE3ATJAM97 | Long             | EC               | CORP              | MY        |   3876900 | NS      | $262727.33    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| National Medical Care Company                   | National Medical Care Company SAR10                            | CUSIP: M7228Y102<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     16000 | NS      | $608723.47    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Pacific Food Inc                        | Century Pacific Food Inc PHP1                                  | CUSIP: Y1249R102<br>LEI: 254900NFV7QTJB821G52 | Long             | EC               | CORP              | PH        |    906318 | NS      | $600610.73    | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Narayana Hrudayalaya Limited                    | Narayana Hrudayalaya Limited INR10                             | CUSIP: Y6S9B1106<br>LEI: 3358005539O9QRRIAM19 | Long             | EC               | CORP              | IN        |     40915 | NS      | $861278.34    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Genus Power Infrastructures Ltd.                | Genus Power Infrastructures Ltd. INR1                          | CUSIP: Y2698D123<br>LEI: 335800XEI1BL7GACEX81 | Long             | EC               | CORP              | IN        |    185370 | NS      | $622028.99    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GDS Holdings Ltd.                               | GDS Holdings Ltd. USD0.00005 A CLASS                           | CUSIP: G3902L109<br>LEI: 391200MGV8DDCHTN2R77 | Long             | EC               | CORP              | KY        |    154035 | NS      | $666989.54    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartrade Tech Ltd                               | Cartrade Tech Ltd INR10                                        | CUSIP: Y6191F105<br>LEI: 984500F5CDO5D86C1326 | Long             | EC               | CORP              | IN        |     16698 | NS      | $525057.88    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Innodisk Corporation                            | Innodisk Corporation TWD10                                     | CUSIP: Y408BG100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     22586 | NS      | $414046.12    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Financial Holdings Ltd.           | Cholamandalam Financial Holdings Ltd. INR1                     | CUSIP: Y1R84H111<br>LEI: 335800WAHI1O38BILX22 | Long             | EC               | CORP              | IN        |     35380 | NS      | $713627.39    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PB Fintech Ltd.                                 | PB Fintech Ltd. INR2.00                                        | CUSIP: Y67616287<br>LEI: 98450083AC6B01HF1F87 | Long             | EC               | CORP              | IN        |     33557 | NS      | $681598.44    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PVR INOX Ltd.                                   | PVR INOX Ltd. INR10                                            | CUSIP: Y71626108<br>LEI: 335800NR78RUVFDE4L48 | Long             | EC               | CORP              | IN        |     28734 | NS      | $324554.42    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceat Ltd                                        | Ceat Ltd INR10                                                 | CUSIP: Y1229V149<br>LEI: 3358007DPAGLLYGSGB80 | Long             | EC               | CORP              | IN        |      8468 | NS      | $359204.63    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vulcabras/Azaleia                               | Vulcabras/Azaleia COM NPV                                      | CUSIP: P98074118<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    139181 | NS      | $507741.47    | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Flat Glass Group Co Ltd.                        | Flat Glass Group Co Ltd. 'H' CNY0.25                           | CUSIP: Y2575W103<br>LEI: 300300BEL4RMXBKEA373 | Long             | EC               | CORP              | CN        |    189534 | NS      | $229651.10    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Classys Inc                                     | Classys Inc KRW100                                             | CUSIP: Y49932109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9724 | NS      | $367195.32    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Vista Energy S.A.B. de C.V.                     | Vista Energy S.A.B. de C.V. SPON ADS EA REP 1 ORD SHS          | CUSIP: 92837L109<br>LEI: 549300UDOHP7958KNS89 | Long             | EC               | CORP              | MX        |     12000 | NS      | $583920.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cogna Educacao SA                               | Cogna Educacao SA COM NPV                                      | CUSIP: P6S43Y203<br>LEI: 549300BTP1E45NJ6R194 | Long             | EC               | CORP              | BR        |    495000 | NS      | $285300.83    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Trina Solar Co Ltd.                             | Trina Solar Co Ltd. A CNY1                                     | CUSIP: Y897BJ108<br>LEI: 30030040IFQ4UMZDUU48 | Long             | EC               | CORP              | CN        |     83635 | NS      | $198423.01    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale Indonesia Tbk                              | Vale Indonesia Tbk IDR25                                       | CUSIP: Y7150Y101<br>LEI: 5299002HHYBH7C6WBQ62 | Long             | EC               | CORP              | ID        |   2379313 | NS      | $737496.36    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Land Mark Optoelectronics Corp                  | Land Mark Optoelectronics Corp TWD10                           | CUSIP: Y51823105<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     11464 | NS      | $223657.55    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Enel Chile S.A.                                 | Enel Chile S.A. SPON ADR EACH REPR 50 ORD                      | CUSIP: 29278D105<br>LEI: 549300YM5CWCAUVOPB53 | Long             | EC               | CORP              | CL        |     59000 | NS      | $237180.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Thyrocare Technologies Ltd                      | Thyrocare Technologies Ltd INR10                               | CUSIP: Y8T01E103<br>LEI: 894500XXRQLQMEAZYK75 | Long             | EC               | CORP              | IN        |     58535 | NS      | $290267.29    | 0.45%             |  |  |  | Yes           |                  1 | On Loan: No      |
| PNB Housing Finance Ltd.                        | PNB Housing Finance Ltd. INR10                                 | CUSIP: Y6S766105<br>LEI: 335800K81SPQDQ21HJ97 | Long             | EC               | CORP              | IN        |     66230 | NS      | $701137.80    | 1.09%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Asiainfo Technologies Ltd                       | Asiainfo Technologies Ltd HKD0.0000000125                      | CUSIP: G0542G102<br>LEI: 549300DDKQ3XRKSS1646 | Long             | EC               | CORP              | VG        |    378301 | NS      | $367476.01    | 0.57%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Coromandel International Ltd                    | Coromandel International Ltd INR1                              | CUSIP: Y1754W140<br>LEI: 335800U73K3HJSQKT249 | Long             | EC               | CORP              | IN        |     14486 | NS      | $365279.15    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaori Heat Treatment Co., Ltd                   | Kaori Heat Treatment Co., Ltd TWD10                            | CUSIP: Y4573A125<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     28000 | NS      | $516860.01    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Electric Holdings Ltd.                  | Johnson Electric Holdings Ltd. HKD0.05                         | CUSIP: G5150J157<br>LEI: 529900EDYRQ6K25JEC80 | Long             | EC               | CORP              | BM        |    109318 | NS      | $417455.51    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ichitan Group Public Company Limited            | Ichitan Group Public Company Limited THB1 (NVDR)               | CUSIP: Y41247126<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   1555858 | NS      | $661012.44    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Cowell E Holdings Inc                           | Cowell E Holdings Inc USD0.004                                 | CUSIP: G24814116<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |    101481 | NS      | $359363.25    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tongcheng Travel Holdings Ltd                   | Tongcheng Travel Holdings Ltd USD0.0005                        | CUSIP: G8918W106<br>LEI: 2549004WGGNOPL8NUL61 | Long             | EC               | CORP              | KY        |    221954 | NS      | $639963.99    | 1.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CanSino Biologics Inc.                          | CanSino Biologics Inc. CNY1 H                                  | CUSIP: Y1099N102<br>LEI: 254900SPBQ0ZVM8QC931 | Long             | EC               | CORP              | CN        |     76548 | NS      | $343461.29    | 0.54%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Ozon Holdings PLC                               | Ozon Holdings PLC SPONSORED ADS                                | CUSIP: 69269L104<br>LEI: 213800GXSI7E5V776B13 | Long             | EC               | CORP              | CY        |      7516 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Dongfang Electric Corp Ltd.                     | Dongfang Electric Corp Ltd. 'H'CNY1                            | CUSIP: Y20958107<br>LEI: 529900ISAW6T566F0R12 | Long             | EC               | CORP              | CN        |    111803 | NS      | $359139.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NH Investment & Securities Co. Ltd.             | NH Investment & Securities Co. Ltd. KRW5000                    | CUSIP: Y6S75L806<br>LEI: 549300LQ6NXDW1B8NT42 | Long             | EC               | CORP              | KR        |     27753 | NS      | $406459.50    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Malayan Cement Berhad                           | Malayan Cement Berhad NPV                                      | CUSIP: Y5348J101<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    400163 | NS      | $755359.43    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Aneka Tambang Tbk                               | Aneka Tambang Tbk IDR100                                       | CUSIP: Y7116R158<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |   3104405 | NS      | $584813.89    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Raia Drogasil SA                                | Raia Drogasil SA COM NPV                                       | CUSIP: P7942C102<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    131120 | NS      | $559225.57    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Opap SA                                         | Opap SA EUR0.30 (CR)                                           | CUSIP: X3232T104<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |     37695 | NS      | $846114.12    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Melexis NV                                      | Melexis NV NPV                                                 | CUSIP: B59283109<br>LEI: 549300QRPSGOJRPUFO80 | Long             | EC               | CORP              | BE        |      3900 | NS      | $263538.63    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| China National Building Material Co Ltd.        | China National Building Material Co Ltd. 'H'CNY1               | CUSIP: Y15045100<br>LEI: 52990085PGF8YEPLBZ26 | Long             | EC               | CORP              | CN        |   1252859 | NS      | $824217.57    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Embraer S.A.                                    | Embraer S.A. SPON ADS EACH REP 4 ORD SHS                       | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |     10729 | NS      | $690625.73    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alior Bank SA                                   | Alior Bank SA PLN10.00                                         | CUSIP: X0081M123<br>LEI: 259400QHDOZWMJ103294 | Long             | EC               | CORP              | PL        |     21000 | NS      | $644571.28    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ceres Power Holdings PLC                        | Ceres Power Holdings PLC ORD GBP0.10                           | CUSIP: G2091U128<br>LEI: 213800N7AAHSXQUOA733 | Long             | EC               | CORP              | GB        |     36316 | NS      | $104170.19    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds                    | Northern Institutional Funds TREAS PRT PRMR                    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |   2072556 | NS      | $2072555.78   | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Compania de Minas Buenaventura S.A.A.           | Compania de Minas Buenaventura S.A.A. SPON ADR REP 1 COM PEN10 | CUSIP: 204448104<br>LEI: 529900WQB1ZU9KB6EL71 | Long             | EC               | CORP              | PE        |     12000 | NS      | $333960.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alsea S.A.B. de C.V.                            | Alsea S.A.B. de C.V. COM NPV                                   | CUSIP: P0212A104<br>LEI: 4469000001BJLPKNUN21 | Long             | EC               | CORP              | MX        |    180000 | NS      | $538475.64    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpargatas SA                                   | Alpargatas SA PRF NPV                                          | CUSIP: P0246W106<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    287737 | PA      | $625958.91    | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadyan Technology Corp.                       | Arcadyan Technology Corp. TWD10                                | CUSIP: Y02020116<br>LEI: 254900R5W61G3GO1Q067 | Long             | EC               | CORP              | TW        |     94505 | NS      | $523348.45    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Clsa Global Market                              | Clsa Global Market 0% EQTY LKD NTS 01/11/2027 USD (REG S)      | CUSIP: 999OCT278<br>LEI: 213800WVQ9CKQ12EJW21 | Long             | DBT              | CORP              | SG        |    328547 | PA      | $976362.81    | 1.52%             | 2027-11-01      | None          | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Pan American Silver Corp.                       | Pan American Silver Corp. COM NPV                              | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |      8500 | NS      | $440385.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdee International Software Group Co Ltd.    | Kingdee International Software Group Co Ltd. HKD0.025          | CUSIP: G52568147<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | KY        |    195742 | NS      | $334255.62    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Aixtron SE                                      | Aixtron SE ORD NPV                                             | CUSIP: D0257Y135<br>LEI: 5299004UJ4D51M25LD67 | Long             | EC               | CORP              | DE        |     17398 | NS      | $349308.07    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| SBM Offshore NV                                 | SBM Offshore NV EUR0.25                                        | CUSIP: N7752F148<br>LEI: 549300RDGCRYZ5QE6513 | Long             | EC               | CORP              | NL        |     22758 | NS      | $655257.51    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| PVA Tepla Ag                                    | PVA Tepla Ag ORD NPV                                           | CUSIP: D8313K106<br>LEI: 5299002Y7DARXV2Y4R82 | Long             | EC               | CORP              | DE        |     18000 | NS      | $478062.26    | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Wia Corp.                               | Hyundai Wia Corp. KRW5000                                      | CUSIP: Y3R394104<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8167 | NS      | $429832.17    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| BNK Financial Group Inc.                        | BNK Financial Group Inc. KRW5000                               | CUSIP: Y0R7ZV102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     68841 | NS      | $757499.02    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Gold Circuit Electronics Co                     | Gold Circuit Electronics Co TWD10                              | CUSIP: Y27431108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     47814 | NS      | $1045439.06   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Elan Microelectronics Corp                      | Elan Microelectronics Corp TWD10                               | CUSIP: Y2268H108<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    118126 | NS      | $445503.13    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| King Yuan Electronics Co. Ltd                   | King Yuan Electronics Co. Ltd TWD10                            | CUSIP: Y4801V107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    127703 | NS      | $1005919.46   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Coway Co Ltd.                                   | Coway Co Ltd. KRW500                                           | CUSIP: Y1786S109<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      5483 | NS      | $330064.75    | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Health Tec                              | Johnson Health Tec TWD10                                       | CUSIP: Y4466K107<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     85015 | NS      | $408563.36    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Makalot Industrial Co Ltd.                      | Makalot Industrial Co Ltd. TWD10                               | CUSIP: Y5419P101<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     56827 | NS      | $521780.03    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Biocon Ltd.                                     | Biocon Ltd. INR5                                               | CUSIP: Y0905C102<br>LEI: 335800NK3L7QCHLOC198 | Long             | EC               | CORP              | IN        |     83148 | NS      | $364399.38    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co Ltd                    | Asia Vital Components Co Ltd TWD10                             | CUSIP: Y0392D100<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     17646 | NS      | $848027.88    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitra Adiperkasa Tbk PT                         | Mitra Adiperkasa Tbk PT IDR50                                  | CUSIP: Y71299104<br>LEI: 254900Z2B7Y7F69ZZZ04 | Long             | EC               | CORP              | ID        |   4185955 | NS      | $292082.25    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Aspen Pharmacare Holdings Ltd.                  | Aspen Pharmacare Holdings Ltd. NPV                             | CUSIP: S0754A105<br>LEI: 635400ZYSN1IRD5QWQ94 | Long             | EC               | CORP              | ZA        |     35000 | NS      | $246838.77    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsus Interconnect Technology Corp.            | Kinsus Interconnect Technology Corp. TWD10                     | CUSIP: Y4804T109<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     82047 | NS      | $415189.86    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| King Slide Works                                | King Slide Works TWD10                                         | CUSIP: Y4771C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      5050 | NS      | $602711.61    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinik Co                                        | Kinik Co TWD10                                                 | CUSIP: Y4789C113<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     29375 | NS      | $370687.53    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Minth Group Ltd.                                | Minth Group Ltd. HKD0.1                                        | CUSIP: G6145U109<br>LEI: 254900B2AH0G13K9G204 | Long             | EC               | CORP              | KY        |    201385 | NS      | $820786.13    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd                    | Impala Platinum Holdings Ltd NPV                               | CUSIP: S37840113<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |     30957 | NS      | $489778.62    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Exide Industries Ltd.                           | Exide Industries Ltd. INR1                                     | CUSIP: Y2383M131<br>LEI: 335800X6SNGIZCBA9V34 | Long             | EC               | CORP              | IN        |     92263 | NS      | $371805.54    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermax Ltd.                                    | Thermax Ltd. INR2                                              | CUSIP: Y87948140<br>LEI: 33580013S142QYY9TR81 | Long             | EC               | CORP              | IN        |     10106 | NS      | $339859.81    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Nedbank Group Ltd                               | Nedbank Group Ltd ZAR1                                         | CUSIP: S5518R104<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |     51000 | NS      | $820003.62    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulker Biskuvi Sanayi A S                        | Ulker Biskuvi Sanayi A S TRY1                                  | CUSIP: M90358108<br>LEI: 7890009HEU9BS7J3DA93 | Long             | EC               | CORP              | TR        |    120000 | NS      | $301943.06    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Elite Material Co Ltd.                          | Elite Material Co Ltd. TWD10                                   | CUSIP: Y2290G102<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     16265 | NS      | $851543.58    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Douzone Bizon Co Ltd                            | Douzone Bizon Co Ltd KRW500                                    | CUSIP: Y2197R102<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      8967 | NS      | $531347.31    | 0.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Sobha Limited                                   | Sobha Limited INR10                                            | CUSIP: Y806AJ100<br>LEI: 3358009VFP3MXXLJDN54 | Long             | EC               | CORP              | IN        |     35698 | NS      | $579599.90    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Lemon Tree Hotels Limited                       | Lemon Tree Hotels Limited INR10                                | CUSIP: Y5S322109<br>LEI: 335800QFBWIUBBCRJN72 | Long             | EC               | CORP              | IN        |    411365 | NS      | $728909.96    | 1.14%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Pagseguro Digital Ltd                           | Pagseguro Digital Ltd COM USD0.000025 CLASS A                  | CUSIP: G68707101<br>LEI: 391200VY4YW47I4HGH62 | Long             | EC               | CORP              | KY        |     20298 | NS      | $195672.72    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Systems Corp                               | Park Systems Corp KRW500                                       | CUSIP: Y6S06Q106<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2052 | NS      | $297982.42    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Advanced Energy Solution Holding Co. Ltd.       | Advanced Energy Solution Holding Co. Ltd. TWD10                | CUSIP: G0097V108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      9666 | NS      | $409152.62    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Arabian Internet and Communications Services Co | Arabian Internet and Communications Services Co SAR10          | CUSIP: M1382U105<br>LEI: N/A                  | Long             | EC               | CORP              | SA        |     12800 | NS      | $768177.46    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MTAR Technologies Ltd                           | MTAR Technologies Ltd INR10                                    | CUSIP: Y6S3C4102<br>LEI: 335800UNMDTJY4S5SP37 | Long             | EC               | CORP              | IN        |     18356 | NS      | $493560.76    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MGM China Holdings Ltd.                         | MGM China Holdings Ltd. HKD1                                   | CUSIP: G60744102<br>LEI: 529900VZFN87OS7WJM66 | Long             | EC               | CORP              | KY        |    270491 | NS      | $455643.54    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Construtora Tenda Sa                            | Construtora Tenda Sa COM NPV                                   | CUSIP: P31432100<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     84089 | NS      | $377141.50    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Mills Ltd.                              | Phoenix Mills Ltd. INR2                                        | CUSIP: Y6973B132<br>LEI: 33580037PCXCE5PNQU51 | Long             | EC               | CORP              | IN        |     38749 | NS      | $799084.90    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Brigade Enterprises Ltd.                        | Brigade Enterprises Ltd. INR10                                 | CUSIP: Y0970Q101<br>LEI: 335800QDUUQVHS6II245 | Long             | EC               | CORP              | IN        |     43926 | NS      | $432518.57    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aster Dm Healthcare Limited                     | Aster Dm Healthcare Limited INR10                              | CUSIP: Y208A0100<br>LEI: 335800TFWMBMRZEICW46 | Long             | EC               | CORP              | IN        |     65921 | NS      | $452421.45    | 0.71%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Northam Platinum Holdings Limited               | Northam Platinum Holdings Limited NPV                          | CUSIP: S56431109<br>LEI: 3789009D0712C7101695 | Long             | EC               | CORP              | ZA        |      9100 | NS      | $185247.64    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Netweb Technologies India Ltd.                  | Netweb Technologies India Ltd. INR2                            | CUSIP: Y6275F112<br>LEI: 335800OOUVFL1RE5GY79 | Long             | EC               | CORP              | IN        |     11385 | NS      | $394044.22    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenergy Hldgs Sa                                | Cenergy Hldgs Sa NPV                                           | CUSIP: B1R3JD102<br>LEI: 549300P50MFNOHG4U221 | Long             | EC               | CORP              | BE        |      5726 | NS      | $100937.94    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Avalon Technologies Ltd.                        | Avalon Technologies Ltd. NPV                                   | CUSIP: Y0S1KY112<br>LEI: 335800JCPBRVSQZ3OS06 | Long             | EC               | CORP              | IN        |     36851 | NS      | $360353.36    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Theon International PLC                         | Theon International PLC EUR0.01                                | CUSIP: M878AK117<br>LEI: 2138002Y6CEIWHLN8775 | Long             | EC               | CORP              | CY        |      6700 | NS      | $211018.93    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer