# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0001145549-25-038364
**Filing Date:** 2025-6
**Character Count:** 250692
**Document Hash:** 593ab8b8c7bc37e8b54bef97eb147c69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038364.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001145549-25-038364

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**EFFECTIVENESS DATE**: 20250603

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 251017832

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

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

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

## Series and Classes Contracts Data

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

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

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224748 | Advisor Shares       | JOMEX           |
| C000224749 | Institutional Shares | JOMMX           |

### JOHCM Global Select Fund (Series ID: S000070684)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000224751 | Advisor Shares       | JOGEX           |
| C000224754 | Institutional Shares | JOGIX           |

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-23615

#### Perpetual Americas Funds Trust
(Exact name of registrant as specified in charter)

------

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Address of principal executive offices) (Zip code)

Andrew Jolin

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

(Name and address of agent for service)

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

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### March 31, 2025
 **Item 1. Reports to Stockholders.**

(a) The Report to Shareholders is attached herewith.

JOHCM Emerging Markets Discovery Fund

Advisor Shares/JOMEX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Discovery Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Discovery Fund<br>(Advisor Shares) | $63 | 1.34% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51107573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;65.47% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Mills (The) Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PharmaResearch Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Narayana Hrudayalaya Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alior Bank S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mrs Bectors Food Specialities Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 10/25/27, 0.00%, 10/25/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 1.3% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843231.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843236.jpg)

#### Material Fund Changes
Effective February 1, 2025, to comply with recent Securities and Exchange Commission rule amendments relating to a fund's name, the Fund modified its investment policy as follows:

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies that meet the portfolio managers' "discovery criteria" and that are located in emerging markets, including frontier markets.

A more detailed explanation of how the Fund defines "emerging markets" and "discovery criteria" can be found in the Fund's prospectus. In order to satisfy notice requirements related to an investment policy change, the Fund continued to comply with both its old and new investment policies concurrently through May 1, 2025, after which time only the new investment policy applied.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM Emerging Markets Discovery Fund

Institutional Shares/JOMMX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Discovery Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Discovery Fund<br>(Institutional Shares) | $58 | 1.24% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$51107573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;65.47% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Phoenix Mills (The) Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;PharmaResearch Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Narayana Hrudayalaya Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arcadyan Technology Corp. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varun Beverages Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alior Bank S.A. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mrs Bectors Food Specialities Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 10/25/27, 0.00%, 10/25/27 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Elite Material Co. Ltd. | 1.3% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843303.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843308.jpg)

#### Material Fund Changes
Effective February 1, 2025, to comply with recent Securities and Exchange Commission rule amendments relating to a fund's name, the Fund modified its investment policy as follows:

The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies that meet the portfolio managers' "discovery criteria" and that are located in emerging markets, including frontier markets.

A more detailed explanation of how the Fund defines "emerging markets" and "discovery criteria" can be found in the Fund's prospectus. In order to satisfy notice requirements related to an investment policy change, the Fund continued to comply with both its old and new investment policies concurrently through May 1, 2025, after which time only the new investment policy applied.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM Emerging Markets Opportunities Fund

Advisor Shares/JOEIX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Opportunities Fund<br>(Advisor Shares) | $56 | 1.13% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1117286730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9.28% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan - Class B | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 2.7% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843492.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843487.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM Emerging Markets Opportunities Fund

Institutional Shares/JOEMX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Opportunities Fund<br>(Institutional Shares) | $51 | 1.04% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1117286730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9.28% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan - Class B | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 2.7% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843519.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843524.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM Emerging Markets Opportunities Fund

Investor Shares/JOEAX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Emerging Markets Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Emerging Markets Opportunities Fund<br>(Investor Shares) | $63 | 1.28% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$1117286730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9.28% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan - Class B | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding S.A. - ADR | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. - ADR | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corp. | 2.7% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843564.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843559.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM Global Select Fund

Advisor Shares/JOGEX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Global Select Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Global Select Fund<br>(Advisor Shares) | $53 | 1.11% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$21404876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54.31% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd. - Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.8% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843591.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843596.jpg)

#### Material Fund Changes
Effective February 1, 2025, JOHCM (USA) Inc, the Fund's investment adviser, contractually agreed to a reduction in management fees to 0.87% of average daily net assets of the Fund and to limit fund operating expenses to 1.06% of average daily net assets of the Fund through February 1, 2026.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM Global Select Fund

Institutional Shares/JOGIX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM Global Select Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM Global Select Fund<br>(Institutional Shares) | $48 | 1.01% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$21404876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54.31% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP S.E. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Trip.com Group Ltd. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grab Holdings Ltd. - Class A | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.8% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843636.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843631.jpg)

#### Material Fund Changes
Effective February 1, 2025, JOHCM (USA) Inc, the Fund's investment adviser, contractually agreed to a reduction in management fees to 0.87% of average daily net assets of the Fund and to limit fund operating expenses to 0.96% of average daily net assets of the Fund through February 1, 2026.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM International Opportunities Fund

Institutional Shares/JOPSX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM International Opportunities Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

---

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

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$80190629 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32.02% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Deutsche Boerse A.G. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shell PLC | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Grid PLC | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siemens A.G. - REG | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Merck KGaA | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thales S.A. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sanofi S.A. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SoftBank Corp. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daifuku Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ebara Corp. | 3.1% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843348.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843343.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM International Select Fund

Institutional Shares/JOHIX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM International Select Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM International Select Fund<br>(Institutional Shares) | $47 | 0.97% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3457880531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48.97% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEC Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ORIX Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group A.G. - REG | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx S.E. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zalando S.E. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wise PLC - Class A | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843420.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843415.jpg)

#### Material Fund Changes
Effective February 1, 2025, JOHCM (USA) Inc, the Fund's investment adviser, contractually agreed to a reduction in management fees to 0.84% of average daily net assets of the Fund and to limit fund operating expenses to 0.95% of average daily net assets of the Fund through February 1, 2026.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

JOHCM International Select Fund

Investor Shares/JOHAX

![TSR - Fund Logo - JO Hambro](images_6954.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about the JOHCM International Select Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

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

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

---

| | | |
|:---|:---|:---|
| Fund (Class) | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| JOHCM International Select Fund<br>(Investor Shares) | $58 | 1.20% |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets | &nbsp;&nbsp;&nbsp;&nbsp;$3457880531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;48.97% |

---

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

TOP TEN HOLDINGS

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. - ADR | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sony Group Corp. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NEC Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ORIX Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;UBS Group A.G. - REG | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Spotify Technology S.A. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx S.E. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zalando S.E. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wise PLC - Class A | 2.5% |

---

SECTOR ALLOCATION

![Graphical Representation - Allocation 1 Chart](chartimages_2843447.jpg)

GEOGRAPHICAL ALLOCATION

![Graphical Representation - Allocation 2 Chart](chartimages_2843452.jpg)

#### Material Fund Changes
Effective February 1, 2025, JOHCM (USA) Inc, the Fund's investment adviser, contractually agreed to a reduction in management fees to 0.84% of average daily net assets of the Fund and to limit fund operating expenses to 1.18% of average daily net assets of the Fund through February 1, 2026.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's prospectus dated February 1, 2025, at connect.rightprospectus.com/JOHCM/ or upon request at 866-260-9549 (toll free) or 312-557-5913.

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at connect.rightprospectus.com/JOHCM/. You can also request this information by contacting us at 866-260-9549 (toll free) or 312-557-5913.

![TSR - QR Code - JO Hambro-TSW](images_6961.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at connect.rightprospectus.com/JOHCM/.

JOHCM FUNDS

------

(b) Not Applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics.** 

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services.**

Not applicable - only for annual reports.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Investments.** 

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

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) - (b) The Financial Statements and Financial Highlights are included herewith.

------

![](img637c6c0d1.gif)

------

---

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

---

SEMI-ANNUAL FINANCIAL STATEMENTS AND

ADDITIONAL INFORMATION

March 31, 2025

------

**PERPETUAL AMERICAS FUNDS TRUST**

**TABLE OF CONTENTS**

**March 31, 2025**

------

---

| | |
|:---|:---|
| **[FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_SOI-TOCPageHeader_1)** |  |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Investments](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_SOI-TOCPageHeader_1)** | **1** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Assets & Liabilities](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_FS-FundBookHeader2_1)** | **16** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Operations](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_FS-FundBookHeader2_3)** | **18** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_FS-FundBookHeader2_5)** | **20** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Financial Highlights](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_FS-FundBookHeader2_8)** | **23** |
| **[&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_NTF-NotestoFinancialStatements_1)** | **33** |
| **[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_CAD-CAD-TOC_1)** | **47** |
| **[PROXY DISCLOSURES](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_PD-PD-TOC_1)** | **48** |
| **[REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_RPDOO-RPDOO-TOC_1)** | **49** |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#xx_7a451380-b74f-42bb-a607-b1d6c436377c_SRBA-BA-TOC_1)** | **50** |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 94.0<br> %<br>|  |  |
| Belgium | 1.1<br> %<br>|  |  |
| Cenergy Holdings S.A. |  | 44926 | &nbsp;&nbsp; $453446 |
| Melexis N.V. |  | 1888 | &nbsp;&nbsp; 106310 |
|  |  |  | &nbsp;&nbsp; 559756 |
| Brazil | 4.6<br> %<br>|  |  |
| C&A MODAS S.A.<sup>(a)</sup> <br>|  | 254000 | &nbsp;&nbsp; 472707 |
| Cia Brasileira de Aluminio<sup>(a)</sup> <br>|  | 271400 | &nbsp;&nbsp; 228765 |
| Embraer S.A. - ADR<sup>(a)</sup> <br>|  | 11746 | &nbsp;&nbsp; 542665 |
| Hapvida Participacoes e Investimentos S.A.<sup>(a)(b)</sup> <br>|  | 391600 | &nbsp;&nbsp; 151659 |
| Inter & Co., Inc. - Class A |  | 27814 | &nbsp;&nbsp; 152421 |
| Pagseguro Digital Ltd. - Class A<sup>(a)</sup> <br>|  | 56555 | &nbsp;&nbsp; 431515 |
| Rumo S.A. |  | 132200 | &nbsp;&nbsp; 375765 |
|  |  |  | &nbsp;&nbsp; 2355497 |
| Canada | 3.4<br> %<br>|  |  |
| Capstone Copper Corp.<sup>(a)</sup> <br>|  | 87518 | &nbsp;&nbsp; 450651 |
| OceanaGold Corp. |  | 164788 | &nbsp;&nbsp; 549656 |
| Pan American Silver Corp. |  | 28222 | &nbsp;&nbsp; 728974 |
|  |  |  | &nbsp;&nbsp; 1729281 |
| China | 14.4<br> %<br>|  |  |
| Akeso, Inc.<sup>(a)(b)</sup> <br>|  | 40000 | &nbsp;&nbsp; 394149 |
| AsiaInfo Technologies Ltd.<sup>(b)</sup> <br>|  | 250456 | &nbsp;&nbsp; 287623 |
| Bethel Automotive Safety Systems Co. Ltd. - Class A |  | 57620 | &nbsp;&nbsp; 497905 |
| China National Building Material Co. Ltd. - Class H |  | 1328000 | &nbsp;&nbsp; 685360 |
| GDS Holdings Ltd. - ADR<sup>(a)</sup> <br>|  | 12303 | &nbsp;&nbsp; 311635 |
| Hesai Group<sup>(a)</sup> <br>|  | 5233 | &nbsp;&nbsp; 77448 |
| Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 219000 | &nbsp;&nbsp; 372825 |
| Medlive Technology Co. Ltd.<sup>(b)</sup> <br>|  | 135000 | &nbsp;&nbsp; 227998 |
| Meitu, Inc.<sup>(a)(b)</sup> <br>|  | 703500 | &nbsp;&nbsp; 495080 |
| Q Technology Group Co. Ltd.<sup>(a)</sup> <br>|  | 509000 | &nbsp;&nbsp; 488741 |
| Sunny Optical Technology Group Co. Ltd. |  | 47500 | &nbsp;&nbsp; 438493 |
| TAL Education Group - ADR<sup>(a)</sup> <br>|  | 45318 | &nbsp;&nbsp; 598651 |
| Tongcheng Travel Holdings Ltd. |  | 214000 | &nbsp;&nbsp; 575411 |
| Weilong Delicious Global Holdings Ltd. |  | 165200 | &nbsp;&nbsp; 323209 |
| Xinyi Glass Holdings Ltd. |  | 494000 | &nbsp;&nbsp; 488717 |
| Yantai China Pet Foods Co. Ltd. - Class A |  | 95200 | &nbsp;&nbsp; 567299 |
| Yihai International Holding Ltd. |  | 310000 | &nbsp;&nbsp; 540996 |
|  |  |  | &nbsp;&nbsp; 7371540 |
| Cyprus | 0.9<br> %<br>|  |  |
| Theon International PLC |  | 18672 | &nbsp;&nbsp; 481576 |
| Greece | 2.0<br> %<br>|  |  |
| OPAP S.A. |  | 26901 | &nbsp;&nbsp; 534412 |
| Piraeus Financial Holdings S.A. |  | 83413 | &nbsp;&nbsp; 458333 |
|  |  |  | &nbsp;&nbsp; 992745 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Hong Kong | 2.2<br> %<br>|  |  |
| Cowell e Holdings, Inc.<sup>(a)</sup> <br>|  | 117000 | &nbsp;&nbsp; $433714 |
| Sinotruk Hong Kong Ltd. |  | 193000 | &nbsp;&nbsp; 524210 |
| SUNeVision Holdings Ltd. |  | 182503 | &nbsp;&nbsp; 162308 |
|  |  |  | &nbsp;&nbsp; 1120232 |
| India | 20.4<br> %<br>|  |  |
| Ashoka Buildcon Ltd.<sup>(a)</sup> <br>|  | 211591 | &nbsp;&nbsp; 472907 |
| Aster DM Healthcare Ltd.<sup>(b)</sup> <br>|  | 93726 | &nbsp;&nbsp; 527635 |
| Brigade Enterprises Ltd. |  | 55110 | &nbsp;&nbsp; 625062 |
| Cartrade Tech Ltd.<sup>(a)</sup> <br>|  | 16791 | &nbsp;&nbsp; 321881 |
| Cholamandalam Financial Holdings Ltd. |  | 31614 | &nbsp;&nbsp; 645169 |
| Exide Industries Ltd. |  | 97749 | &nbsp;&nbsp; 410440 |
| Genus Power Infrastructures Ltd. |  | 191788 | &nbsp;&nbsp; 582220 |
| Jyothy Labs Ltd. |  | 112725 | &nbsp;&nbsp; 431940 |
| Mrs Bectors Food Specialities Ltd. |  | 42943 | &nbsp;&nbsp; 732360 |
| Narayana Hrudayalaya Ltd. |  | 50531 | &nbsp;&nbsp; 996717 |
| PB Fintech Ltd.<sup>(a)</sup> <br>|  | 34718 | &nbsp;&nbsp; 641135 |
| Phoenix Mills (The) Ltd. |  | 55814 | &nbsp;&nbsp; 1069489 |
| PNC Infratech Ltd. |  | 111466 | &nbsp;&nbsp; 327865 |
| Raymond Ltd. |  | 25974 | &nbsp;&nbsp; 425066 |
| Shriram Finance Ltd. |  | 79333 | &nbsp;&nbsp; 605853 |
| Sobha Ltd. |  | 19697 | &nbsp;&nbsp; 281872 |
| Thermax Ltd. |  | 9212 | &nbsp;&nbsp; 392507 |
| VA Tech Wabag Ltd.<sup>(a)</sup> <br>|  | 11762 | &nbsp;&nbsp; 198822 |
| Varun Beverages Ltd. |  | 119788 | &nbsp;&nbsp; 753748 |
|  |  |  | &nbsp;&nbsp; 10442688 |
| Indonesia | 0.8<br> %<br>|  |  |
| Aspirasi Hidup Indonesia Tbk PT |  | 5604800 | &nbsp;&nbsp; 168601 |
| Bank Syariah Indonesia Tbk PT |  | 1665700 | &nbsp;&nbsp; 233433 |
|  |  |  | &nbsp;&nbsp; 402034 |
| Luxembourg | 0.8<br> %<br>|  |  |
| Zabka Group S.A.<sup>(a)</sup> <br>|  | 76266 | &nbsp;&nbsp; 408574 |
| Macau | 0.8<br> %<br>|  |  |
| MGM China Holdings Ltd. |  | 293200 | &nbsp;&nbsp; 395336 |
| Mexico | 3.0<br> %<br>|  |  |
| Alsea S.A.B. de C.V. |  | 174400 | &nbsp;&nbsp; 370881 |
| Banco del Bajio S.A.<sup>(b)</sup> <br>|  | 31000 | &nbsp;&nbsp; 67349 |
| BBB Foods, Inc. - Class A<sup>(a)</sup> <br>|  | 20242 | &nbsp;&nbsp; 540056 |
| Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR<sup>(a)</sup> <br>|  | 40914 | &nbsp;&nbsp; 213571 |
| GCC S.A.B. de C.V. |  | 36700 | &nbsp;&nbsp; 336970 |
|  |  |  | &nbsp;&nbsp; 1528827 |
| Netherlands | 1.2<br> %<br>|  |  |
| SBM Offshore N.V. |  | 28088 | &nbsp;&nbsp; 598523 |
| New Zealand | 0.4<br> %<br>|  |  |
| a2 Milk (The) Co. Ltd. |  | 43561 | &nbsp;&nbsp; 216771 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Peru | 0.9<br> %<br>|  |  |
| Intercorp Financial Services, Inc. |  | 14361 | &nbsp;&nbsp; $475780 |
| Philippines | 0.7<br> %<br>|  |  |
| Century Pacific Food, Inc. |  | 588600 | &nbsp;&nbsp; 376147 |
| Poland | 2.3<br> %<br>|  |  |
| Alior Bank S.A. |  | 23905 | &nbsp;&nbsp; 741753 |
| Budimex S.A. |  | 1325 | &nbsp;&nbsp; 194588 |
| Diagnostyka S.A.<sup>(a)</sup> <br>|  | 7016 | &nbsp;&nbsp; 241843 |
|  |  |  | &nbsp;&nbsp; 1178184 |
| Russia | 0.0<br> %<br>|  |  |
| Ozon Holdings PLC - ADR<sup>(a)(c)</sup> <br>|  | 7516 | &nbsp;&nbsp; — |
| Saudi Arabia | 1.3<br> %<br>|  |  |
| Al-Dawaa Medical Services Co. |  | 7246 | &nbsp;&nbsp; 159254 |
| AlKhorayef Water & Power Technologies Co.<sup>(a)</sup> <br>|  | 5921 | &nbsp;&nbsp; 259564 |
| Saudi Ground Services Co. |  | 19297 | &nbsp;&nbsp; 264260 |
|  |  |  | &nbsp;&nbsp; 683078 |
| Singapore | 0.8<br> %<br>|  |  |
| Yangzijiang Shipbuilding Holdings Ltd. |  | 226400 | &nbsp;&nbsp; 397338 |
| South Africa | 1.6<br> %<br>|  |  |
| Aspen Pharmacare Holdings Ltd. |  | 11454 | &nbsp;&nbsp; 102500 |
| Foschini Group Ltd. |  | 31873 | &nbsp;&nbsp; 216448 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> <br>|  | 68628 | &nbsp;&nbsp; 472460 |
|  |  |  | &nbsp;&nbsp; 791408 |
| South Korea | 10.5<br> %<br>|  |  |
| BNK Financial Group, Inc. |  | 78327 | &nbsp;&nbsp; 549408 |
| Classys, Inc. |  | 17000 | &nbsp;&nbsp; 656357 |
| Cosmax, Inc. |  | 3737 | &nbsp;&nbsp; 419254 |
| Coway Co. Ltd. |  | 5123 | &nbsp;&nbsp; 282218 |
| DL E&C Co. Ltd. |  | 8258 | &nbsp;&nbsp; 234621 |
| HD HYUNDAI MIPO |  | 6602 | &nbsp;&nbsp; 476253 |
| Hyundai Rotem Co. Ltd. |  | 7378 | &nbsp;&nbsp; 530621 |
| NH Investment & Securities Co. Ltd. |  | 56040 | &nbsp;&nbsp; 537651 |
| PharmaResearch Co. Ltd. |  | 4393 | &nbsp;&nbsp; 999269 |
| Samsung Heavy Industries Co. Ltd.<sup>(a)</sup> <br>|  | 29734 | &nbsp;&nbsp; 274278 |
| Sanil Electric Co. Ltd. |  | 7318 | &nbsp;&nbsp; 262453 |
| SKC Co. Ltd.<sup>(a)</sup> <br>|  | 2147 | &nbsp;&nbsp; 152366 |
|  |  |  | &nbsp;&nbsp; 5374749 |
| Taiwan | 15.8<br> %<br>|  |  |
| Alltop Technology Co. Ltd. |  | 70000 | &nbsp;&nbsp; 568645 |
| Arcadyan Technology Corp. |  | 124000 | &nbsp;&nbsp; 849923 |
| Asia Vital Components Co. Ltd. |  | 37750 | &nbsp;&nbsp; 534539 |
| ASPEED Technology, Inc. |  | 5120 | &nbsp;&nbsp; 474141 |
| Elan Microelectronics Corp. |  | 136000 | &nbsp;&nbsp; 563560 |
| Elite Material Co. Ltd. |  | 41000 | &nbsp;&nbsp; 686721 |
| Gold Circuit Electronics Ltd. |  | 85000 | &nbsp;&nbsp; 526462 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Johnson Health Tech Co. Ltd. |  | 107000 | &nbsp;&nbsp; $642456 |
| King Slide Works Co. Ltd. |  | 8000 | &nbsp;&nbsp; 407549 |
| King Yuan Electronics Co. Ltd. |  | 201000 | &nbsp;&nbsp; 545485 |
| Kinik Co. |  | 49000 | &nbsp;&nbsp; 324090 |
| Sports Gear Co. Ltd. |  | 77000 | &nbsp;&nbsp; 275575 |
| Taiwan Paiho Ltd. |  | 218000 | &nbsp;&nbsp; 417550 |
| Universal Microwave Technology, Inc. |  | 39000 | &nbsp;&nbsp; 462193 |
| Visual Photonics Epitaxy Co. Ltd. |  | 114000 | &nbsp;&nbsp; 397108 |
| Voltronic Power Technology Corp. |  | 8550 | &nbsp;&nbsp; 399818 |
|  |  |  | &nbsp;&nbsp; 8075815 |
| Thailand | 1.4<br> %<br>|  |  |
| Fabrinet<sup>(a)</sup> <br>|  | 1042 | &nbsp;&nbsp; 205805 |
| Muangthai Capital PCL - NVDR |  | 211800 | &nbsp;&nbsp; 230138 |
| NSL Foods PCL - NVDR |  | 319800 | &nbsp;&nbsp; 267068 |
|  |  |  | &nbsp;&nbsp; 703011 |
| Turkey | 1.3<br> %<br>|  |  |
| MLP Saglik Hizmetleri A.S.<sup>(a)(b)</sup> <br>|  | 14908 | &nbsp;&nbsp; 124552 |
| Ulker Biskuvi Sanayi A.S.<sup>(a)</sup> <br>|  | 167809 | &nbsp;&nbsp; 532718 |
|  |  |  | &nbsp;&nbsp; 657270 |
| United Arab Emirates | 1.4<br> %<br>|  |  |
| Burjeel Holdings PLC |  | 485637 | &nbsp;&nbsp; 187161 |
| Emaar Development PJSC |  | 94686 | &nbsp;&nbsp; 314350 |
| Presight AI Holding PLC<sup>(a)</sup> <br>|  | 405475 | &nbsp;&nbsp; 222581 |
|  |  |  | &nbsp;&nbsp; 724092 |
| TOTAL COMMON STOCKS (Cost $46,760,533) |  |  | &nbsp;&nbsp; 48040252 |
| EQUITY-LINKED SECURITIES | 2.1<br> %<br>|  |  |
| Singapore | 2.1<br> %<br>|  |  |
| Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date <br> 10/25/27<sup>(a)</sup> <br>|  | 317996 | &nbsp;&nbsp; 713945 |
| VA Tech Wabag Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date <br> 7/30/26<sup>(a)</sup> <br>|  | 20318 | &nbsp;&nbsp; 343451 |
|  |  |  | &nbsp;&nbsp; 1057396 |
| TOTAL EQUITY-LINKED SECURITIES (Cost $717,583) |  |  | &nbsp;&nbsp; 1057396 |
| PREFERRED STOCKS | 0.6<br> %<br>|  |  |
| Brazil | 0.6<br> %<br>|  |  |
| Marcopolo S.A., 1.04%<sup>(d)</sup> <br>|  | 303400 | &nbsp;&nbsp; 325387 |
| TOTAL PREFERRED STOCKS (Cost $391,644) |  |  | &nbsp;&nbsp; 325387 |
| SHORT-TERM INVESTMENTS | 2.4<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(e)</sup> <br>|  | 1236452 | &nbsp;&nbsp; 1236452 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,236,452) |  |  | &nbsp;&nbsp; 1236452 |
| TOTAL INVESTMENTS<br> (Cost $49,106,212)<br>| 99.1<br> %<br>|  | &nbsp;&nbsp; 50659487 |
| NET OTHER ASSETS (LIABILITIES) | 0.9<br> %<br>|  | &nbsp;&nbsp; 448086 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $51107573 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

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

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $2,276,045 or 4% of net assets.<br>|
| <sup>(c)</sup>Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| <sup>(d)</sup>Current yield is disclosed. Dividends are calculated based on a percentage of the issuer's net income. |
| <sup>(e)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

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

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Information Technology  | 18.8% |
| Industrials  | 15.6  |
| Financials  | 12.7  |
| Consumer Staples  | 12.3  |
| Consumer Discretionary  | 12.2  |
| Health Care  | 9.0  |
| Materials  | 7.0  |
| Real Estate  | 5.3  |
| Utilities  | 1.6  |
| Energy  | 1.2  |
| Communication Services  | 1.0  |
| Total | &nbsp;&nbsp; 96.7% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.0<br> %<br>|  |  |
| Brazil | 6.7<br> %<br>|  |  |
| Arcos Dorados Holdings, Inc. - Class A |  | 636273 | &nbsp;&nbsp; $5128360 |
| Automob Participacoes S.A.<sup>(a)</sup> <br>|  | 7214350 | &nbsp;&nbsp; 316061 |
| B3 S.A. - Brasil Bolsa Balcao |  | 9673057 | &nbsp;&nbsp; 20578628 |
| Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 3814553 | &nbsp;&nbsp; 22527217 |
| Petroleo Brasileiro S.A. - ADR |  | 1482035 | &nbsp;&nbsp; 21252382 |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.<sup>(a)</sup> <br>|  | 6265918 | &nbsp;&nbsp; 4820402 |
|  |  |  | &nbsp;&nbsp; 74623050 |
| Canada | 2.7<br> %<br>|  |  |
| Barrick Gold Corp. |  | 1563182 | &nbsp;&nbsp; 30388258 |
| China | 30.3<br> %<br>|  |  |
| China Oilfield Services Ltd. - Class H |  | 9546288 | &nbsp;&nbsp; 7898399 |
| China Resources Land Ltd. |  | 5542000 | &nbsp;&nbsp; 18383971 |
| ENN Energy Holdings Ltd. |  | 2940176 | &nbsp;&nbsp; 24301370 |
| H World Group Ltd. |  | 1578300 | &nbsp;&nbsp; 5847545 |
| Imeik Technology Development Co. Ltd. - Class A |  | 344620 | &nbsp;&nbsp; 8472040 |
| Kunlun Energy Co. Ltd. |  | 4590000 | &nbsp;&nbsp; 4485208 |
| Meituan - Class B<sup>(a)(b)</sup> <br>|  | 2724476 | &nbsp;&nbsp; 54823186 |
| NetEase, Inc. |  | 540000 | &nbsp;&nbsp; 11093011 |
| Proya Cosmetics Co. Ltd. - Class A |  | 1317183 | &nbsp;&nbsp; 14986075 |
| Tencent Holdings Ltd. |  | 1613584 | &nbsp;&nbsp; 103101489 |
| Tongcheng Travel Holdings Ltd. |  | 3090824 | &nbsp;&nbsp; 8310726 |
| Trip.com Group Ltd. |  | 699730 | &nbsp;&nbsp; 44479618 |
| Tsingtao Brewery Co. Ltd. - Class H |  | 2405730 | &nbsp;&nbsp; 17324117 |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> <br>|  | 2110000 | &nbsp;&nbsp; 13351511 |
| Xinyi Solar Holdings Ltd. |  | 5263325 | &nbsp;&nbsp; 2033819 |
|  |  |  | &nbsp;&nbsp; 338892085 |
| Hong Kong | 3.1<br> %<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. |  | 792677 | &nbsp;&nbsp; 35261610 |
| India | 10.7<br> %<br>|  |  |
| HCL Technologies Ltd. |  | 354324 | &nbsp;&nbsp; 6563965 |
| HDFC Bank Ltd. - ADR |  | 470706 | &nbsp;&nbsp; 31273707 |
| ICICI Bank Ltd. - ADR |  | 411006 | &nbsp;&nbsp; 12954909 |
| Infosys Ltd. - ADR |  | 233519 | &nbsp;&nbsp; 4261722 |
| Larsen & Toubro Ltd. |  | 508344 | &nbsp;&nbsp; 20672463 |
| Reliance Industries Ltd. |  | 568760 | &nbsp;&nbsp; 8455943 |
| Tata Consultancy Services Ltd. |  | 512000 | &nbsp;&nbsp; 21538086 |
| UltraTech Cement Ltd. |  | 101157 | &nbsp;&nbsp; 13568306 |
|  |  |  | &nbsp;&nbsp; 119289101 |
| Indonesia | 4.9<br> %<br>|  |  |
| Bank Mandiri Persero Tbk PT<sup>(a)</sup> <br>|  | 76472903 | &nbsp;&nbsp; 23740051 |
| Bank Rakyat Indonesia Persero Tbk PT |  | 81769354 | &nbsp;&nbsp; 19766270 |
| Mitra Adiperkasa Tbk PT |  | 137050909 | &nbsp;&nbsp; 11140376 |
|  |  |  | &nbsp;&nbsp; 54646697 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Mexico | 4.8<br> %<br>|  |  |
| Bolsa Mexicana de Valores S.A.B. de C.V. |  | 2781979 | &nbsp;&nbsp; $4619299 |
| Cemex S.A.B. de C.V. - ADR |  | 3969446 | &nbsp;&nbsp; 22268592 |
| Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 1776756 | &nbsp;&nbsp; 12322557 |
| Wal-Mart de Mexico S.A.B. de C.V. |  | 5222846 | &nbsp;&nbsp; 14383914 |
|  |  |  | &nbsp;&nbsp; 53594362 |
| Russia | 0.0<br> %<br>|  |  |
| Gazprom PJSC - ADR<sup>(a)(c)</sup> <br>|  | 306786 | &nbsp;&nbsp; — |
| Globaltrans Investment PLC - REG - GDR<sup>(a)(c)</sup> <br>|  | 757185 | &nbsp;&nbsp; — |
| Singapore | 2.1<br> %<br>|  |  |
| Sea Ltd. - ADR<sup>(a)</sup> <br>|  | 177801 | &nbsp;&nbsp; 23201252 |
| South Africa | 2.2<br> %<br>|  |  |
| FirstRand Ltd. |  | 6192582 | &nbsp;&nbsp; 24335737 |
| South Korea | 5.3<br> %<br>|  |  |
| Samsung Electronics Co. Ltd. |  | 556611 | &nbsp;&nbsp; 22067107 |
| Samsung Electronics Co. Ltd. - REG - GDR |  | 7188 | &nbsp;&nbsp; 7079534 |
| SK Hynix, Inc. |  | 124201 | &nbsp;&nbsp; 16556743 |
| SK Square Co. Ltd.<sup>(a)</sup> <br>|  | 206465 | &nbsp;&nbsp; 13225556 |
|  |  |  | &nbsp;&nbsp; 58928940 |
| Taiwan | 10.5<br> %<br>|  |  |
| President Chain Store Corp. |  | 397927 | &nbsp;&nbsp; 3014210 |
| Taiwan Semiconductor Manufacturing Co. Ltd. |  | 3015816 | &nbsp;&nbsp; 84934397 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |  | 31114 | &nbsp;&nbsp; 5164924 |
| Yuanta Financial Holding Co. Ltd. |  | 24197827 | &nbsp;&nbsp; 24800610 |
|  |  |  | &nbsp;&nbsp; 117914141 |
| United Arab Emirates | 7.8<br> %<br>|  |  |
| Abu Dhabi Commercial Bank PJSC |  | 3497992 | &nbsp;&nbsp; 10366626 |
| Aldar Properties PJSC |  | 13684482 | &nbsp;&nbsp; 31250828 |
| Emaar Properties PJSC |  | 12534170 | &nbsp;&nbsp; 45392860 |
|  |  |  | &nbsp;&nbsp; 87010314 |
| United Kingdom | 2.4<br> %<br>|  |  |
| Anglogold Ashanti PLC |  | 714898 | &nbsp;&nbsp; 26537014 |
| United States | 2.5<br> %<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 14067 | &nbsp;&nbsp; 27442888 |
| TOTAL COMMON STOCKS (Cost $984,645,300) |  |  | &nbsp;&nbsp; 1072065449 |
| PREFERRED STOCKS | 3.1<br> %<br>|  |  |
| Brazil | 3.1<br> %<br>|  |  |
| Azul S.A. - ADR<sup>(a)</sup> <br>|  | 1091964 | &nbsp;&nbsp; 1790821 |
| Itau Unibanco Holding S.A. - ADR, 4.52%<sup>(d)</sup> <br>|  | 5965276 | &nbsp;&nbsp; 32809017 |
|  |  |  | &nbsp;&nbsp; 34599838 |
| TOTAL PREFERRED STOCKS (Cost $42,368,846) |  |  | &nbsp;&nbsp; 34599838 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 1.0<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(e)</sup> <br>|  | 11432457 | &nbsp;&nbsp; $11432457 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $11,432,457) |  |  | &nbsp;&nbsp; 11432457 |
| TOTAL INVESTMENTS<br> (Cost $1,038,446,603)<br>| 100.1<br> %<br>|  | &nbsp;&nbsp; 1118097744 |
| NET OTHER ASSETS (LIABILITIES) | (0.1<br> %)<br>|  | &nbsp;&nbsp; (811014)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $1117286730 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $68,174,697 or 6% 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 March 31, 2025 is disclosed. |

---

---

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

---

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 24.6% |
| Information Technology  | 16.4  |
| Consumer Discretionary  | 14.1  |
| Communication Services  | 12.3  |
| Real Estate  | 8.5  |
| Materials  | 8.3  |
| Consumer Staples  | 4.4  |
| Industrials  | 3.6  |
| Energy  | 3.4  |
| Utilities  | 2.6  |
| Health Care  | 0.8  |
| Total | &nbsp;&nbsp; 99.0% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM GLOBAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 94.2<br> %<br>|  |  |
| Belgium | 2.0<br> %<br>|  |  |
| KBC Group N.V. |  | 4715 | &nbsp;&nbsp; $429742 |
| Canada | 4.3<br> %<br>|  |  |
| Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> <br>|  | 56670 | &nbsp;&nbsp; 481225 |
| Wheaton Precious Metals Corp. |  | 5625 | &nbsp;&nbsp; 436669 |
|  |  |  | &nbsp;&nbsp; 917894 |
| China | 3.0<br> %<br>|  |  |
| Trip.com Group Ltd. |  | 10048 | &nbsp;&nbsp; 638720 |
| France | 2.5<br> %<br>|  |  |
| Schneider Electric S.E. |  | 2337 | &nbsp;&nbsp; 539486 |
| Germany | 5.7<br> %<br>|  |  |
| SAP S.E. |  | 2482 | &nbsp;&nbsp; 665051 |
| Siemens Energy A.G.<sup>(a)</sup> <br>|  | 9510 | &nbsp;&nbsp; 563772 |
|  |  |  | &nbsp;&nbsp; 1228823 |
| Hong Kong | 2.8<br> %<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. |  | 13362 | &nbsp;&nbsp; 594398 |
| Ireland | 2.4<br> %<br>|  |  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>|  | 4122 | &nbsp;&nbsp; 511746 |
| Italy | 2.4<br> %<br>|  |  |
| Prysmian S.p.A. |  | 9391 | &nbsp;&nbsp; 516947 |
| Japan | 7.5<br> %<br>|  |  |
| NEC Corp. |  | 25305 | &nbsp;&nbsp; 539015 |
| Resona Holdings, Inc. |  | 51373 | &nbsp;&nbsp; 448579 |
| Sony Group Corp. |  | 23987 | &nbsp;&nbsp; 606943 |
|  |  |  | &nbsp;&nbsp; 1594537 |
| Netherlands | 2.7<br> %<br>|  |  |
| Argenx S.E. - ADR<sup>(a)</sup> <br>|  | 968 | &nbsp;&nbsp; 572925 |
| Singapore | 5.7<br> %<br>|  |  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> <br>|  | 135223 | &nbsp;&nbsp; 612560 |
| Sea Ltd. - ADR<sup>(a)</sup> <br>|  | 4686 | &nbsp;&nbsp; 611476 |
|  |  |  | &nbsp;&nbsp; 1224036 |
| Switzerland | 2.4<br> %<br>|  |  |
| UBS Group A.G. - REG |  | 16454 | &nbsp;&nbsp; 505378 |
| United States | 50.8<br> %<br>|  |  |
| ADMA Biologics, Inc.<sup>(a)</sup> <br>|  | 29651 | &nbsp;&nbsp; 588276 |
| Alphabet, Inc. - Class A |  | 4263 | &nbsp;&nbsp; 659230 |
| Amazon.com, Inc.<sup>(a)</sup> <br>|  | 3333 | &nbsp;&nbsp; 634137 |
| Ares Management Corp. - Class A |  | 3522 | &nbsp;&nbsp; 516360 |
| Broadcom, Inc. |  | 2956 | &nbsp;&nbsp; 494923 |
| Cboe Global Markets, Inc. |  | 2511 | &nbsp;&nbsp; 568214 |
| CME Group, Inc. |  | 2221 | &nbsp;&nbsp; 589209 |
| Intercontinental Exchange, Inc. |  | 3609 | &nbsp;&nbsp; 622553 |
| Intuitive Surgical, Inc.<sup>(a)</sup> <br>|  | 988 | &nbsp;&nbsp; 489327 |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 321 | &nbsp;&nbsp; 626229 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM GLOBAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Netflix, Inc.<sup>(a)</sup> <br>|  | 581 | &nbsp;&nbsp; $541800 |
| Nutanix, Inc. - Class A<sup>(a)</sup> <br>|  | 7341 | &nbsp;&nbsp; 512475 |
| NVIDIA Corp. |  | 7025 | &nbsp;&nbsp; 761370 |
| Q2 Holdings, Inc.<sup>(a)</sup> <br>|  | 6632 | &nbsp;&nbsp; 530626 |
| S&P Global, Inc. |  | 1239 | &nbsp;&nbsp; 629536 |
| Shift4 Payments, Inc. - Class A<sup>(a)</sup> <br>|  | 5885 | &nbsp;&nbsp; 480863 |
| Spotify Technology S.A.<sup>(a)</sup> <br>|  | 1014 | &nbsp;&nbsp; 557731 |
| StoneX Group, Inc.<sup>(a)</sup> <br>|  | 7140 | &nbsp;&nbsp; 545353 |
| Toast, Inc. - Class A<sup>(a)</sup> <br>|  | 15968 | &nbsp;&nbsp; 529659 |
|  |  |  | &nbsp;&nbsp; 10877871 |
| TOTAL COMMON STOCKS (Cost $18,213,718) |  |  | &nbsp;&nbsp; 20152503 |
| SHORT-TERM INVESTMENTS | 4.4<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(b)</sup> <br>|  | 947632 | &nbsp;&nbsp; 947632 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $947,632) |  |  | &nbsp;&nbsp; 947632 |
| TOTAL INVESTMENTS<br> (Cost $19,161,350)<br>| 98.6<br> %<br>|  | &nbsp;&nbsp; 21100135 |
| NET OTHER ASSETS (LIABILITIES) | 1.4<br> %<br>|  | &nbsp;&nbsp; 304741 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $21404876 |

---

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

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

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 30.2% |
| Information Technology  | 16.3  |
| Consumer Discretionary  | 11.7  |
| Communication Services  | 11.1  |
| Industrials  | 10.4  |
| Health Care  | 10.1  |
| Materials  | 4.3  |
| Total | &nbsp;&nbsp; 94.1% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 95.8<br> %<br>|  |  |
| Australia | 3.0<br> %<br>|  |  |
| QBE Insurance Group Ltd. |  | 173207 | &nbsp;&nbsp; $2393229 |
| Canada | 4.6<br> %<br>|  |  |
| Alimentation Couche-Tard, Inc. |  | 25920 | &nbsp;&nbsp; 1278303 |
| Cameco Corp. |  | 33559 | &nbsp;&nbsp; 1381492 |
| Teck Resources Ltd. - Class B |  | 27535 | &nbsp;&nbsp; 1003012 |
|  |  |  | &nbsp;&nbsp; 3662807 |
| France | 14.5<br> %<br>|  |  |
| Capgemini S.E. |  | 8837 | &nbsp;&nbsp; 1327831 |
| Pernod Ricard S.A. |  | 13474 | &nbsp;&nbsp; 1331132 |
| Publicis Groupe S.A. |  | 23954 | &nbsp;&nbsp; 2260028 |
| Sanofi S.A. |  | 24406 | &nbsp;&nbsp; 2702278 |
| Schneider Electric S.E. |  | 5220 | &nbsp;&nbsp; 1205013 |
| Thales S.A. |  | 10424 | &nbsp;&nbsp; 2770923 |
|  |  |  | &nbsp;&nbsp; 11597205 |
| Germany | 19.6<br> %<br>|  |  |
| Brenntag S.E. |  | 20911 | &nbsp;&nbsp; 1355401 |
| Carl Zeiss Meditec A.G. - Bearer |  | 16117 | &nbsp;&nbsp; 1065353 |
| Deutsche Boerse A.G. |  | 11392 | &nbsp;&nbsp; 3361321 |
| E.ON S.E. |  | 150991 | &nbsp;&nbsp; 2279171 |
| Infineon Technologies A.G. |  | 55434 | &nbsp;&nbsp; 1847887 |
| Merck KGaA |  | 21104 | &nbsp;&nbsp; 2904120 |
| Siemens A.G. - REG |  | 12579 | &nbsp;&nbsp; 2905074 |
|  |  |  | &nbsp;&nbsp; 15718327 |
| Ireland | 2.7<br> %<br>|  |  |
| CRH PLC |  | 24546 | &nbsp;&nbsp; 2151277 |
| Italy | 1.5<br> %<br>|  |  |
| Leonardo S.p.A. |  | 24791 | &nbsp;&nbsp; 1207293 |
| Japan | 21.3<br> %<br>|  |  |
| Daifuku Co. Ltd. |  | 105915 | &nbsp;&nbsp; 2603551 |
| Ebara Corp. |  | 161009 | &nbsp;&nbsp; 2450650 |
| Murata Manufacturing Co. Ltd. |  | 56368 | &nbsp;&nbsp; 869474 |
| Nippon Sanso Holdings Corp. |  | 75218 | &nbsp;&nbsp; 2281707 |
| Nitori Holdings Co. Ltd. |  | 11978 | &nbsp;&nbsp; 1171920 |
| Pan Pacific International Holdings Corp. |  | 59390 | &nbsp;&nbsp; 1631346 |
| Renesas Electronics Corp. |  | 69873 | &nbsp;&nbsp; 937182 |
| Resona Holdings, Inc. |  | 126470 | &nbsp;&nbsp; 1104312 |
| Shin-Etsu Chemical Co. Ltd. |  | 47495 | &nbsp;&nbsp; 1355278 |
| SoftBank Corp. |  | 1921572 | &nbsp;&nbsp; 2680546 |
|  |  |  | &nbsp;&nbsp; 17085966 |
| Singapore | 2.4<br> %<br>|  |  |
| DBS Group Holdings Ltd. |  | 56740 | &nbsp;&nbsp; 1948527 |
| Sweden | 6.8<br> %<br>|  |  |
| Saab AB - Class B |  | 38870 | &nbsp;&nbsp; 1528346 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Sandvik AB |  | 100335 | &nbsp;&nbsp; $2110195 |
| Svenska Handelsbanken AB - Class A |  | 160325 | &nbsp;&nbsp; 1811916 |
|  |  |  | &nbsp;&nbsp; 5450457 |
| Switzerland | 4.9<br> %<br>|  |  |
| Cie Financiere Richemont S.A. - Class A - REG |  | 9419 | &nbsp;&nbsp; 1644236 |
| Roche Holding A.G. (Genusschein) |  | 6972 | &nbsp;&nbsp; 2294678 |
|  |  |  | &nbsp;&nbsp; 3938914 |
| United Kingdom | 14.5<br> %<br>|  |  |
| B&M European Value Retail S.A. |  | 464364 | &nbsp;&nbsp; 1568574 |
| Beazley PLC |  | 136153 | &nbsp;&nbsp; 1639792 |
| Compass Group PLC |  | 66258 | &nbsp;&nbsp; 2191570 |
| National Grid PLC |  | 226062 | &nbsp;&nbsp; 2948805 |
| Shell PLC |  | 90003 | &nbsp;&nbsp; 3276139 |
|  |  |  | &nbsp;&nbsp; 11624880 |
| TOTAL COMMON STOCKS (Cost $76,206,405) |  |  | &nbsp;&nbsp; 76778882 |
| SHORT-TERM INVESTMENTS | 2.6<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(a)</sup> <br>|  | 2090300 | &nbsp;&nbsp; 2090300 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,090,300) |  |  | &nbsp;&nbsp; 2090300 |
| TOTAL INVESTMENTS<br> (Cost $78,296,705)<br>| 98.4<br> %<br>|  | &nbsp;&nbsp; 78869182 |
| NET OTHER ASSETS (LIABILITIES) | 1.6<br> %<br>|  | &nbsp;&nbsp; 1321447 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $80190629 |

---

<sup>(a)</sup>7-day current yield as of March 31, 2025 is disclosed.<br>

Abbreviations: <br> REG – Registered

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Industrials  | 22.6% |
| Financials  | 15.3  |
| Health Care  | 11.2  |
| Consumer Discretionary  | 10.2  |
| Materials  | 8.5  |
| Utilities  | 6.5  |
| Information Technology  | 6.2  |
| Communication Services  | 6.2  |
| Energy  | 5.8  |
| Consumer Staples  | 3.2  |
| Total | &nbsp;&nbsp; 95.7% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 96.8<br> %<br>|  |  |
| Belgium | 4.3<br> %<br>|  |  |
| KBC Group N.V. |  | 784103 | &nbsp;&nbsp; $71465948 |
| UCB S.A. |  | 443484 | &nbsp;&nbsp; 78081922 |
|  |  |  | &nbsp;&nbsp; 149547870 |
| Canada | 3.0<br> %<br>|  |  |
| Ivanhoe Mines Ltd. - Class A<sup>(a)</sup> <br>|  | 8072304 | &nbsp;&nbsp; 68547691 |
| Wheaton Precious Metals Corp. (Toronto Exchange) |  | 457014 | &nbsp;&nbsp; 35464197 |
|  |  |  | &nbsp;&nbsp; 104011888 |
| France | 4.7<br> %<br>|  |  |
| Danone S.A. |  | 1075500 | &nbsp;&nbsp; 82259915 |
| Schneider Electric S.E. |  | 352765 | &nbsp;&nbsp; 81434178 |
|  |  |  | &nbsp;&nbsp; 163694093 |
| Germany | 9.8<br> %<br>|  |  |
| Deutsche Boerse A.G. |  | 280547 | &nbsp;&nbsp; 82778133 |
| SAP S.E. |  | 312867 | &nbsp;&nbsp; 83832614 |
| Siemens Energy A.G.<sup>(a)</sup> <br>|  | 1444116 | &nbsp;&nbsp; 85610123 |
| Zalando S.E.<sup>(a)(b)</sup> <br>|  | 2511745 | &nbsp;&nbsp; 87120664 |
|  |  |  | &nbsp;&nbsp; 339341534 |
| Hong Kong | 2.5<br> %<br>|  |  |
| Hong Kong Exchanges & Clearing Ltd. |  | 1956524 | &nbsp;&nbsp; 87034423 |
| Italy | 2.1<br> %<br>|  |  |
| Prysmian S.p.A. |  | 1327160 | &nbsp;&nbsp; 73056182 |
| Japan | 31.2<br> %<br>|  |  |
| Hitachi Ltd. |  | 3599497 | &nbsp;&nbsp; 84514048 |
| IHI Corp. |  | 1207960 | &nbsp;&nbsp; 84302140 |
| Japan Exchange Group, Inc. |  | 7580471 | &nbsp;&nbsp; 78010113 |
| Japan Steel Works (The) Ltd. |  | 2371321 | &nbsp;&nbsp; 84324898 |
| LY Corp. |  | 25291110 | &nbsp;&nbsp; 85639685 |
| Maruwa Co. Ltd. |  | 331126 | &nbsp;&nbsp; 68507891 |
| NEC Corp. |  | 4125752 | &nbsp;&nbsp; 87881509 |
| ORIX Corp. |  | 4202850 | &nbsp;&nbsp; 87750911 |
| Rakuten Bank Ltd.<sup>(a)</sup> <br>|  | 1957353 | &nbsp;&nbsp; 85114335 |
| Resona Holdings, Inc. |  | 8467120 | &nbsp;&nbsp; 73933288 |
| SBI Sumishin Net Bank Ltd. |  | 3055457 | &nbsp;&nbsp; 84027875 |
| Sony Group Corp. |  | 3517208 | &nbsp;&nbsp; 88995936 |
| ZOZO, Inc. |  | 8940972 | &nbsp;&nbsp; 85634899 |
|  |  |  | &nbsp;&nbsp; 1078637528 |
| Netherlands | 9.8<br> %<br>|  |  |
| Adyen N.V.<sup>(a)(b)</sup> <br>|  | 55174 | &nbsp;&nbsp; 84570501 |
| Argenx S.E.<sup>(a)</sup> <br>|  | 147918 | &nbsp;&nbsp; 87285849 |
| Euronext N.V.<sup>(b)</sup> <br>|  | 573306 | &nbsp;&nbsp; 83205081 |
| Prosus N.V.<sup>(a)</sup> <br>|  | 1798417 | &nbsp;&nbsp; 83552944 |
|  |  |  | &nbsp;&nbsp; 338614375 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| Singapore | 5.1<br> %<br>|  |  |
| Grab Holdings Ltd. - Class A<sup>(a)</sup> <br>|  | 18509767 | &nbsp;&nbsp; $83849244 |
| Sea Ltd. - ADR<sup>(a)</sup> <br>|  | 692432 | &nbsp;&nbsp; 90355452 |
|  |  |  | &nbsp;&nbsp; 174204696 |
| Sweden | 2.4<br> %<br>|  |  |
| EQT AB |  | 2751683 | &nbsp;&nbsp; 83907206 |
| Switzerland | 9.5<br> %<br>|  |  |
| Galderma Group A.G.<sup>(a)</sup> <br>|  | 712455 | &nbsp;&nbsp; 75294453 |
| Partners Group Holding A.G. |  | 58288 | &nbsp;&nbsp; 82955606 |
| Roche Holding A.G. (Genusschein) |  | 248439 | &nbsp;&nbsp; 81768140 |
| UBS Group A.G. - REG |  | 2844910 | &nbsp;&nbsp; 87380264 |
|  |  |  | &nbsp;&nbsp; 327398463 |
| United Kingdom | 7.4<br> %<br>|  |  |
| London Stock Exchange Group PLC |  | 573173 | &nbsp;&nbsp; 85131820 |
| Rolls-Royce Holdings PLC<sup>(a)</sup> <br>|  | 8582657 | &nbsp;&nbsp; 83417994 |
| Wise PLC - Class A<sup>(a)</sup> <br>|  | 7067119 | &nbsp;&nbsp; 86748163 |
|  |  |  | &nbsp;&nbsp; 255297977 |
| United States | 5.0<br> %<br>|  |  |
| MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 43422 | &nbsp;&nbsp; 84710677 |
| Spotify Technology S.A.<sup>(a)</sup> <br>|  | 158696 | &nbsp;&nbsp; 87287561 |
|  |  |  | &nbsp;&nbsp; 171998238 |
| TOTAL COMMON STOCKS (Cost $2,995,865,762) |  |  | &nbsp;&nbsp; 3346744473 |
| SHORT-TERM INVESTMENTS | 0.0<br> %<br>|  |  |
| Northern Institutional Treasury Portfolio (Premier Class), 4.18%<sup>(c)</sup> <br>|  | 52476 | &nbsp;&nbsp; 52476 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $52,476) |  |  | &nbsp;&nbsp; 52476 |
| TOTAL INVESTMENTS<br> (Cost $2,995,918,238)<br>| 96.8<br> %<br>|  | &nbsp;&nbsp; 3346796949 |
| NET OTHER ASSETS (LIABILITIES) | 3.2<br> %<br>|  | &nbsp;&nbsp; 111083582 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $3457880531 |

---

---

| |
|:---|
| <sup>(a)</sup>Non-income producing security. |
| <sup>(b)</sup>Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. As of March 31, 2025, these securities had a total value of $254,896,246 or 7% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of March 31, 2025 is disclosed. |

---

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

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**March 31, 2025 (Unaudited)** 

------

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

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 36.0% |
| Industrials  | 19.1  |
| Consumer Discretionary  | 12.4  |
| Health Care  | 9.3  |
| Communication Services  | 7.6  |
| Information Technology  | 7.0  |
| Materials  | 3.0  |
| Consumer Staples  | 2.4  |
| Total | &nbsp;&nbsp; 96.8% |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund**<br>| **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund**<br>| **JOHCM**<br> **Global**<br> **Select Fund**<br>|
| Assets: |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $49106212 | &nbsp;&nbsp; $1038446603 | &nbsp;&nbsp; $19161350 |
| Investments, at value  | &nbsp;&nbsp; 50659487 | &nbsp;&nbsp; 1118097744 | &nbsp;&nbsp; 21100135 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 27115 | &nbsp;&nbsp; — |
| Foreign currencies (Cost: $184,901, $67,564 and $585, respectively) | &nbsp;&nbsp; 184614 | &nbsp;&nbsp; 68466 | &nbsp;&nbsp; 567 |
| Receivable for dividends | &nbsp;&nbsp; 98451 | &nbsp;&nbsp; 1814982 | &nbsp;&nbsp; 9339 |
| Reclaims receivable | &nbsp;&nbsp; 10215 | &nbsp;&nbsp; 112131 | &nbsp;&nbsp; 252100 |
| Receivable for investments sold | &nbsp;&nbsp; 816393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 393473 |
| Receivables for capital shares sold | &nbsp;&nbsp; 3298 | &nbsp;&nbsp; 633410 | &nbsp;&nbsp; 186 |
| Receivable from investment adviser | &nbsp;&nbsp; 17453 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7289 |
| Prepaid expenses | &nbsp;&nbsp; 20853 | &nbsp;&nbsp; 57613 | &nbsp;&nbsp; 17213 |
| Total Assets | &nbsp;&nbsp; 51810764 | &nbsp;&nbsp; 1120811461 | &nbsp;&nbsp; 21780302 |
| Liabilities: |  |  |  |
| Securities purchased payable | &nbsp;&nbsp; 314998 | &nbsp;&nbsp; — | &nbsp;&nbsp; 217015 |
| Capital shares redeemed payable | &nbsp;&nbsp; 6674 | &nbsp;&nbsp; 854050 | &nbsp;&nbsp; 52150 |
| Investment advisory fees payable | &nbsp;&nbsp; 47163 | &nbsp;&nbsp; 860963 | &nbsp;&nbsp; 17166 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 158707 | &nbsp;&nbsp; 531558 | &nbsp;&nbsp; 60911 |
| Shareholder Services fees payable - Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 66023 | &nbsp;&nbsp; — |
| Distribution (Rule 12b-1) fees payable - Advisor Shares | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 4090 | &nbsp;&nbsp; 214 |
| Distribution (Rule 12b-1) fees payable - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 5789 | &nbsp;&nbsp; — |
| Audit fees payable | &nbsp;&nbsp; 13902 | &nbsp;&nbsp; 48449 | &nbsp;&nbsp; 15104 |
| Treasurer Service fees payable | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 7284 | &nbsp;&nbsp; 169 |
| Compliance fees payable | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 9903 | &nbsp;&nbsp; 405 |
| Trustee fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 257 |
| Deferred foreign capital gains tax payable | &nbsp;&nbsp; 136936 | &nbsp;&nbsp; 977279 | &nbsp;&nbsp; — |
| Accrued expenses and other payables | &nbsp;&nbsp; 23536 | &nbsp;&nbsp; 159343 | &nbsp;&nbsp; 12035 |
| Total Liabilities | &nbsp;&nbsp; 703191 | &nbsp;&nbsp; 3524731 | &nbsp;&nbsp; 375426 |
| Net Assets | &nbsp;&nbsp; $51107573 | &nbsp;&nbsp; $1117286730 | &nbsp;&nbsp; $21404876 |
| Net Assets: |  |  |  |
| Paid in capital | &nbsp;&nbsp; $49489567 | &nbsp;&nbsp; $1032610988 | &nbsp;&nbsp; $8083218 |
| Distributable earnings (loss) | &nbsp;&nbsp; 1618006 | &nbsp;&nbsp; 84675742 | &nbsp;&nbsp; 13321658 |
| Net Assets | &nbsp;&nbsp; $51107573 | &nbsp;&nbsp; $1117286730 | &nbsp;&nbsp; $21404876 |
| Net Assets: |  |  |  |
| Advisor | &nbsp;&nbsp; $3966902 | &nbsp;&nbsp; $47932168 | &nbsp;&nbsp; $2197583 |
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; 26986236 | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 47140671 | &nbsp;&nbsp; 1042368326 | &nbsp;&nbsp; 19207293 |
| Share of Common Stock Outstanding: |  |  |  |
| Advisor | &nbsp;&nbsp; 319720 | &nbsp;&nbsp; 4000008 | &nbsp;&nbsp; 211543 |
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; 2254184 | &nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp; 3803693 | &nbsp;&nbsp; 86808560 | &nbsp;&nbsp; 1841832 |
| Net Asset Value per Share: |  |  |  |
| Advisor | &nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $10.39 |
| Investor | &nbsp;&nbsp; — | 11.97 | &nbsp;&nbsp; — |
| Institutional Class | 12.39 | 12.01 | 10.43 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF ASSETS & LIABILITIES**

**March 31, 2025 (Unaudited)** 

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **International**<br> **Opportunities Fund**<br>| **JOHCM**<br> **International**<br> **Select Fund**<br>|
| Assets: |  |  |
| Investments, at cost | &nbsp;&nbsp; $78296705 | &nbsp;&nbsp; $2995918238 |
| Investments, at value  | &nbsp;&nbsp; 78869182 | &nbsp;&nbsp; 3346796949 |
| Foreign currencies (Cost: $73,413 and $2,666,683, respectively) | &nbsp;&nbsp; 73413 | &nbsp;&nbsp; 2665472 |
| Receivable for dividends | &nbsp;&nbsp; 384947 | &nbsp;&nbsp; 7181725 |
| Reclaims receivable | &nbsp;&nbsp; 92467 | &nbsp;&nbsp; 20560612 |
| Receivable for investments sold | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 97428756 |
| Receivables for capital shares sold | &nbsp;&nbsp; 2016342 | &nbsp;&nbsp; 620723 |
| Receivable from investment adviser | &nbsp;&nbsp; 22526 | &nbsp;&nbsp; 34663 |
| Prepaid expenses | &nbsp;&nbsp; 14123 | &nbsp;&nbsp; 78831 |
| Total Assets | &nbsp;&nbsp; 81473057 | &nbsp;&nbsp; 3475367731 |
| Liabilities: |  |  |
| Securities purchased payable | &nbsp;&nbsp; 1178272 | &nbsp;&nbsp; 72144 |
| Capital shares redeemed payable | &nbsp;&nbsp; 23420 | &nbsp;&nbsp; 2989865 |
| Investment advisory fees payable | &nbsp;&nbsp; 37489 | &nbsp;&nbsp; 2641323 |
| Accounting and Administration fees payable | &nbsp;&nbsp; 17265 | &nbsp;&nbsp; 2110308 |
| Distribution (Rule 12b-1) fees payable - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 82073 |
| Credit facility payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 8800000 |
| Audit fees payable | &nbsp;&nbsp; 13159 | &nbsp;&nbsp; 168623 |
| Treasurer Service fees payable | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 24683 |
| Compliance fees payable | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 43682 |
| Trustee fees payable | &nbsp;&nbsp; — | &nbsp;&nbsp; 3118 |
| Accrued expenses and other payables | &nbsp;&nbsp; 12180 | &nbsp;&nbsp; 551381 |
| Total Liabilities | &nbsp;&nbsp; 1282428 | &nbsp;&nbsp; 17487200 |
| Net Assets | &nbsp;&nbsp; $80190629 | &nbsp;&nbsp; $3457880531 |
| Net Assets: |  |  |
| Paid in capital | &nbsp;&nbsp; $78151535 | &nbsp;&nbsp; $3398637123 |
| Distributable earnings (loss) | &nbsp;&nbsp; 2039094 | &nbsp;&nbsp; 59243408 |
| Net Assets | &nbsp;&nbsp; $80190629 | &nbsp;&nbsp; $3457880531 |
| Net Assets: |  |  |
| Investor | &nbsp;&nbsp; $— | &nbsp;&nbsp; $372670419 |
| Institutional Class | &nbsp;&nbsp; 80190629 | &nbsp;&nbsp; 3085210112 |
| Share of Common Stock Outstanding: |  |  |
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; 16084333 |
| Institutional Class | &nbsp;&nbsp; 6172900 | &nbsp;&nbsp; 133535621 |
| Net Asset Value per Share: |  |  |
| Investor | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23.17 |
| Institutional Class | 12.99 | 23.10 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund**<br>| **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund**<br>| **JOHCM**<br> **Global**<br> **Select Fund**<br>|
| Investment Income: |  |  |  |
| Dividend income (Net of foreign withholding tax of $40,870, <br> $987,038 and $859, respectively)<br>| &nbsp;&nbsp; $315690 | &nbsp;&nbsp; $10871686 | &nbsp;&nbsp; $100998 |
| Operating expenses: |  |  |  |
| Investment advisory | &nbsp;&nbsp; 299587 | &nbsp;&nbsp; 5026613 | &nbsp;&nbsp; 157947 |
| Distribution (Rule 12b-1) fees - Advisor Shares | &nbsp;&nbsp; 2545 | &nbsp;&nbsp; 22775 | &nbsp;&nbsp; 1695 |
| Distribution (Rule 12b-1) fees - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 33946 | &nbsp;&nbsp; — |
| Accounting and Administration fees | &nbsp;&nbsp; 89997 | &nbsp;&nbsp; 345241 | &nbsp;&nbsp; 15528 |
| Treasurer Service fees | &nbsp;&nbsp; 1134 | &nbsp;&nbsp; 22194 | &nbsp;&nbsp; 709 |
| Audit fees | &nbsp;&nbsp; 11549 | &nbsp;&nbsp; 34878 | &nbsp;&nbsp; 10338 |
| Shareholder Services - Institutional Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 57037 | &nbsp;&nbsp; — |
| Compliance fees | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; 25765 | &nbsp;&nbsp; 1054 |
| Trustees | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 55149 | &nbsp;&nbsp; 2306 |
| Legal | &nbsp;&nbsp; 6193 | &nbsp;&nbsp; 110555 | &nbsp;&nbsp; 4491 |
| Registration | &nbsp;&nbsp; 19316 | &nbsp;&nbsp; 37217 | &nbsp;&nbsp; 16166 |
| Interest expense | &nbsp;&nbsp; 683 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6071 |
| Other | &nbsp;&nbsp; 14082 | &nbsp;&nbsp; 90096 | &nbsp;&nbsp; 7954 |
| Total expenses before reductions | &nbsp;&nbsp; 449675 | &nbsp;&nbsp; 5861466 | &nbsp;&nbsp; 224259 |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (92649)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (42488)<br>|
| Net expenses | &nbsp;&nbsp; 357026 | &nbsp;&nbsp; 5861466 | &nbsp;&nbsp; 181771 |
| Net investment income (loss) | &nbsp;&nbsp; (41336)<br>| &nbsp;&nbsp; 5010220 | &nbsp;&nbsp; (80773)<br>|
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 3095557 | &nbsp;&nbsp; 32455290 | &nbsp;&nbsp; 13592075 |
| Net realized gains (losses) from foreign currency transactions | &nbsp;&nbsp; (28593)<br>| &nbsp;&nbsp; (8328)<br>| &nbsp;&nbsp; 10546 |
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (10160898)<br>| &nbsp;&nbsp; (65482778)<br>| &nbsp;&nbsp; (14661096)<br>|
| Change in unrealized appreciation (depreciation) on foreign <br> currency<br>| &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; (5280)<br>| &nbsp;&nbsp; (6958)<br>|
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (7094244)<br>| &nbsp;&nbsp; (33041096)<br>| &nbsp;&nbsp; (1065433)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $(7135580)<br>| &nbsp;&nbsp; $(28030876)<br>| &nbsp;&nbsp; $(1146206)<br>|

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF OPERATIONS**

**For the six months ended March 31, 2025 (Unaudited)**

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **International**<br> **Opportunities Fund**<br>| **JOHCM**<br> **International**<br> **Select Fund**<br>|
| Investment Income: |  |  |
| Dividend income (Net of foreign withholding tax of $82,496 and $1,484,952, <br> respectively)<br>| &nbsp;&nbsp; $698562 | &nbsp;&nbsp; $17536873 |
| Operating expenses: |  |  |
| Investment advisory | &nbsp;&nbsp; 143945 | &nbsp;&nbsp; 18519324 |
| Distribution (Rule 12b-1) fees - Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; 487864 |
| Accounting and Administration fees | &nbsp;&nbsp; 14570 | &nbsp;&nbsp; 938787 |
| Treasurer Service fees | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 84051 |
| Audit fees | &nbsp;&nbsp; 10844 | &nbsp;&nbsp; 117473 |
| Compliance fees | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 109928 |
| Trustees | &nbsp;&nbsp; 1713 | &nbsp;&nbsp; 234712 |
| Legal | &nbsp;&nbsp; 3477 | &nbsp;&nbsp; 469644 |
| Registration | &nbsp;&nbsp; 10023 | &nbsp;&nbsp; 39093 |
| Interest expense | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 52444 |
| Other | &nbsp;&nbsp; 8250 | &nbsp;&nbsp; 311303 |
| Total expenses before reductions | &nbsp;&nbsp; 194487 | &nbsp;&nbsp; 21364623 |
| Expenses reduced by investment advisor | &nbsp;&nbsp; (98430)<br>| &nbsp;&nbsp; (316229)<br>|
| Net expenses | &nbsp;&nbsp; 96057 | &nbsp;&nbsp; 21048394 |
| Net investment income (loss) | &nbsp;&nbsp; 602505 | &nbsp;&nbsp; (3511521)<br>|
| Realized and Unrealized Gains (Losses) from Investment Activities: |  |  |
| Net realized gains from investment transactions | &nbsp;&nbsp; 1054623 | &nbsp;&nbsp; 422592686 |
| Net realized losses from foreign currency transactions | &nbsp;&nbsp; (7916)<br>| &nbsp;&nbsp; (233502)<br>|
| Change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp; (2116190)<br>| &nbsp;&nbsp; (719503970)<br>|
| Change in unrealized appreciation (depreciation) on foreign currency | &nbsp;&nbsp; (6969)<br>| &nbsp;&nbsp; (456120)<br>|
| Net realized and unrealized losses from investment activities | &nbsp;&nbsp; (1076452)<br>| &nbsp;&nbsp; (297600906)<br>|
| Change in Net Assets Resulting from Operations | &nbsp;&nbsp; $(473947)<br>| &nbsp;&nbsp; $(301112427)<br>|

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund** | **JOHCM**<br> **Emerging Markets**<br> **Discovery Fund** | **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund** | **JOHCM**<br> **Emerging Markets**<br> **Opportunities Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(41336)<br>| &nbsp;&nbsp; $526565 | &nbsp;&nbsp; $5010220 | &nbsp;&nbsp; $16653319 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 3066964 | &nbsp;&nbsp; 4051256 | &nbsp;&nbsp; 32446962 | &nbsp;&nbsp; 50868294 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (10161208)<br>| &nbsp;&nbsp; 7232687 | &nbsp;&nbsp; (65488058)<br>| &nbsp;&nbsp; 128593266 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (7135580)<br>| &nbsp;&nbsp; 11810508 | &nbsp;&nbsp; (28030876)<br>| &nbsp;&nbsp; 196114879 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Advisor Shares | &nbsp;&nbsp; (417671)<br>| &nbsp;&nbsp; (35717)<br>| &nbsp;&nbsp; (494463)<br>| &nbsp;&nbsp; (636301)<br>|
| Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (241935)<br>| &nbsp;&nbsp; (392931)<br>|
| Institutional Shares | &nbsp;&nbsp; (4470860)<br>| &nbsp;&nbsp; (469366)<br>| &nbsp;&nbsp; (12157253)<br>| &nbsp;&nbsp; (14947329)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (4888531)<br>| &nbsp;&nbsp; (505083)<br>| &nbsp;&nbsp; (12893651)<br>| &nbsp;&nbsp; (15976561)<br>|
| Net Capital Transactions: |  |  |  |  |
| Advisor Shares | &nbsp;&nbsp; (2805554)<br>| &nbsp;&nbsp; 2213017 | &nbsp;&nbsp; 4208933 | &nbsp;&nbsp; (175800)<br>|
| Investor Shares | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (126463)<br>| &nbsp;&nbsp; (759822)<br>|
| Institutional Shares | &nbsp;&nbsp; (2512603)<br>| &nbsp;&nbsp; 4593150 | &nbsp;&nbsp; (21920985)<br>| &nbsp;&nbsp; 76614971 |
| Change in net assets from capital transactions | &nbsp;&nbsp; (5318157)<br>| &nbsp;&nbsp; 6806167 | &nbsp;&nbsp; (17838515)<br>| &nbsp;&nbsp; 75679349 |
| Change in net assets | &nbsp;&nbsp; (17342268)<br>| &nbsp;&nbsp; 18111592 | &nbsp;&nbsp; (58763042)<br>| &nbsp;&nbsp; 255817667 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 68449841 | &nbsp;&nbsp; 50338249 | &nbsp;&nbsp; 1176049772 | &nbsp;&nbsp; 920232105 |
| End of period | &nbsp;&nbsp; $51107573 | &nbsp;&nbsp; $68449841 | &nbsp;&nbsp; $1117286730 | &nbsp;&nbsp; $1176049772 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JOHCM**<br> **Global**<br> **Select Fund** | **JOHCM**<br> **Global**<br> **Select Fund** | **JOHCM**<br> **International**<br> **Opportunities Fund** | **JOHCM**<br> **International**<br> **Opportunities Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |  |  |
| Operations: |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(80773)<br>| &nbsp;&nbsp; $116353 | &nbsp;&nbsp; $602505 | &nbsp;&nbsp; $660075 |
| Net realized gains (losses) from investments and <br> foreign currency transactions<br>| &nbsp;&nbsp; 13602621 | &nbsp;&nbsp; 11042801 | &nbsp;&nbsp; 1046707 | &nbsp;&nbsp; 1048649 |
| Change in unrealized appreciation (depreciation) <br> on investments and foreign currency<br>| &nbsp;&nbsp; (14668054)<br>| &nbsp;&nbsp; 5620452 | &nbsp;&nbsp; (2123159)<br>| &nbsp;&nbsp; 2542883 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (1146206)<br>| &nbsp;&nbsp; 16779606 | &nbsp;&nbsp; (473947)<br>| &nbsp;&nbsp; 4251607 |
| Dividends paid to shareholders: |  |  |  |  |
| From distributable earnings: |  |  |  |  |
| Advisor Shares | &nbsp;&nbsp; (677442)<br>| &nbsp;&nbsp; (1288071)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Shares | &nbsp;&nbsp; (8211691)<br>| &nbsp;&nbsp; (5512621)<br>| &nbsp;&nbsp; (1849483)<br>| &nbsp;&nbsp; (50314)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (8889133)<br>| &nbsp;&nbsp; (6800692)<br>| &nbsp;&nbsp; (1849483)<br>| &nbsp;&nbsp; (50314)<br>|
| Net Capital Transactions: |  |  |  |  |
| Advisor Shares | &nbsp;&nbsp; (4427450)<br>| &nbsp;&nbsp; (9585991)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional Shares | &nbsp;&nbsp; (18304200)<br>| &nbsp;&nbsp; (16486567)<br>| &nbsp;&nbsp; 47761471 | &nbsp;&nbsp; 28578703 |
| Change in net assets from capital transactions | &nbsp;&nbsp; (22731650)<br>| &nbsp;&nbsp; (26072558)<br>| &nbsp;&nbsp; 47761471 | &nbsp;&nbsp; 28578703 |
| Change in net assets | &nbsp;&nbsp; (32766989)<br>| &nbsp;&nbsp; (16093644)<br>| &nbsp;&nbsp; 45438041 | &nbsp;&nbsp; 32779996 |
| Net assets: |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 54171865 | &nbsp;&nbsp; 70265509 | &nbsp;&nbsp; 34752588 | &nbsp;&nbsp; 1972592 |
| End of period | &nbsp;&nbsp; $21404876 | &nbsp;&nbsp; $54171865 | &nbsp;&nbsp; $80190629 | &nbsp;&nbsp; $34752588 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the six months ended March 31, 2025 (Unaudited) and the year ended September 30, 2024**

------

---

| | | |
|:---|:---|:---|
|  | **JOHCM**<br> **International**<br> **Select Fund** | **JOHCM**<br> **International**<br> **Select Fund** |
|  | **2025** | **2024** |
| Increase (decrease) in net assets: |  |  |
| Operations: |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(3511521)<br>| &nbsp;&nbsp; $41490321 |
| Net realized gains (losses) from investments and foreign currency transactions | &nbsp;&nbsp; 422359184 | &nbsp;&nbsp; 170800751 |
| Change in unrealized appreciation (depreciation) on investments and foreign currency | &nbsp;&nbsp; (719960090)<br>| &nbsp;&nbsp; 765408081 |
| Change in net assets resulting from operations | &nbsp;&nbsp; (301112427)<br>| &nbsp;&nbsp; 977699153 |
| Dividends paid to shareholders: |  |  |
| From distributable earnings: |  |  |
| Investor Shares | &nbsp;&nbsp; (5371163)<br>| &nbsp;&nbsp; (6337085)<br>|
| Institutional Shares | &nbsp;&nbsp; (64778338)<br>| &nbsp;&nbsp; (98087745)<br>|
| Total dividends paid to shareholders | &nbsp;&nbsp; (70149501)<br>| &nbsp;&nbsp; (104424830)<br>|
| Net Capital Transactions: |  |  |
| Investor Shares | &nbsp;&nbsp; (6598757)<br>| &nbsp;&nbsp; (7116799)<br>|
| Institutional Shares | &nbsp;&nbsp; (1194393152)<br>| &nbsp;&nbsp; (1103226441)<br>|
| Change in net assets from capital transactions | &nbsp;&nbsp; (1200991909)<br>| &nbsp;&nbsp; (1110343240)<br>|
| Change in net assets | &nbsp;&nbsp; (1572253837)<br>| &nbsp;&nbsp; (237068917)<br>|
| Net assets: |  |  |
| Beginning of period | &nbsp;&nbsp; 5030134368 | &nbsp;&nbsp; 5267203285 |
| End of period | &nbsp;&nbsp; $3457880531 | &nbsp;&nbsp; $5030134368 |

---

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Emerging Markets Discovery Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $15.29 | &nbsp;&nbsp;&nbsp; $12.59 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $11.62 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | 0.01 | 0.15 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | 2.29 | &nbsp;&nbsp;&nbsp; (3.22)<br>| 5.00 | 1.70 |
| Total from investment operations | (1.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.80 | 2.32 | &nbsp;&nbsp;&nbsp; (3.15)<br>| 5.01 | 1.85 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.19)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>|
| From net realized gains | (1.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | (1.21)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.07)<br>|
| Change in net asset value | (2.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.70 | 2.21 | &nbsp;&nbsp;&nbsp; (7.97)<br>| 4.95 | 1.78 |
| Net asset value, end of period | $12.41 | &nbsp;&nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $12.59 | &nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $18.35 | &nbsp;&nbsp; $13.40 |
| Total return | (11.64 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.35<br> %<br>| 22.49 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (23.44<br> %)<br>| 37.50<br> %<br>| 15.95<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $3967 | &nbsp;&nbsp;&nbsp; $7826 | &nbsp;&nbsp; $4453 | &nbsp;&nbsp;&nbsp; $8946 | &nbsp;&nbsp; $15209 | &nbsp;&nbsp; $14365 |
| Ratio of net expenses to average net assets | 1.34 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| 1.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> %<br>| 1.63<br> %<br>| 1.64<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.29 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| 0.06<br> %<br>| 1.21<br> %<br>|
| Ratio of gross expenses to average net assets | 1.66 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| 1.94<br> %<br>| 2.29<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | 65.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 119.54<br> %<br>| 155.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123.95<br> %<br>| 163.54<br> %<br>| 136.73<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser reimbursed the Fund $12,829 during the period in connection with an error. Such reimbursement was 0.04% to the Fund's total return on the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM Emerging Markets Discovery Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $15.28 | &nbsp;&nbsp;&nbsp; $12.60 | &nbsp;&nbsp; $10.39 | &nbsp;&nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $13.42 | &nbsp;&nbsp; $11.64 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | 0.03 | 0.04 |
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.69 | 2.28 | &nbsp;&nbsp;&nbsp; (3.24)<br>| 5.00 | 1.83 |
| Total from investment operations | (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.81 | 2.33 | &nbsp;&nbsp;&nbsp; (3.15)<br>| 5.03 | 1.87 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>|
| From net realized gains | (1.02)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions paid | (1.23)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.09)<br>|
| Change in net asset value | (2.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.68 | 2.21 | &nbsp;&nbsp;&nbsp; (7.99)<br>| 4.96 | 1.78 |
| Net asset value, end of period | $12.39 | &nbsp;&nbsp;&nbsp; $15.28 | &nbsp;&nbsp; $12.60 | &nbsp;&nbsp;&nbsp; $10.39 | &nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $13.42 |
| Total return | (11.56 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.44<br> %<br>| 22.58 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (23.44<br> %)<br>| 37.60<br> %<br>| 16.09<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $47141 | &nbsp;&nbsp;&nbsp; $60624 | &nbsp;&nbsp; $45886 | &nbsp;&nbsp;&nbsp; $24382 | &nbsp;&nbsp; $32279 | &nbsp;&nbsp; $29282 |
| Ratio of net expenses to average net assets | 1.24 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| 1.53<br> %<br>| 1.54<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.13 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| 0.18<br> %<br>| 0.33<br> %<br>|
| Ratio of gross expenses to average net assets | 1.57 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65<br> %<br>| 1.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> %<br>| 1.84<br> %<br>| 2.19<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | 65.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 119.54<br> %<br>| 155.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 123.95<br> %<br>| 163.54<br> %<br>| 136.73<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser reimbursed the Fund $12,829 during the period in connection with an error. Such reimbursement was 0.04% to the Fund's total return on the payment date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $12.41 | &nbsp;&nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $10.81 | &nbsp;&nbsp; $10.75 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.18 | 0.29 | 0.20 | 0.08 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 | 0.77 | &nbsp;&nbsp; (2.87)<br>| 1.81 | 0.40 |
| Total from investment operations | (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | 0.95 | &nbsp;&nbsp; (2.58)<br>| 2.01 | 0.48 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total distributions paid | (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.42)<br>|
| Change in net asset value | (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | 0.74 | &nbsp;&nbsp; (3.08)<br>| 1.88 | 0.06 |
| Net asset value, end of period | $11.98 | &nbsp;&nbsp;&nbsp; $12.41 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.69 | &nbsp;&nbsp; $10.81 |
| Total return | (2.42 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.95<br> %<br>| 9.83<br> %<br>| &nbsp;&nbsp; (21.18<br> %)<br>| 18.64<br> %<br>| 4.37<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $47932 | &nbsp;&nbsp;&nbsp; $45146 | &nbsp;&nbsp; $37590 | &nbsp;&nbsp; $65363 | &nbsp;&nbsp; $81462 | &nbsp;&nbsp; $75971 |
| Ratio of net expenses to average net assets | 1.13 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| 1.11<br> %<br>| 1.10<br> %<br>| 1.12<br> %<br>| 1.20<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.85 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| 1.68<br> %<br>| 2.55<br> %<br>| 1.51<br> %<br>| 0.81<br> %<br>|
| Ratio of gross expenses to average net assets | 1.13 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> %<br>| 1.11<br> %<br>| 1.11<br> %<br>| 1.13<br> %<br>| 1.20<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | 9.28 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.00<br> %<br>| 29.34<br> %<br>| 41.23<br> %<br>| 38.60<br> %<br>| 53.30<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $12.39 | &nbsp;&nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $10.80 | &nbsp;&nbsp; $10.74 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | 0.17 | 0.28 | 0.19 | 0.08 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.05 | 0.76 | &nbsp;&nbsp; (2.88)<br>| 1.80 | 0.38 |
| Total from investment operations | (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.23 | 0.93 | &nbsp;&nbsp; (2.60)<br>| 1.99 | 0.46 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total distributions paid | (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.40)<br>|
| Change in net asset value | (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.06 | 0.72 | &nbsp;&nbsp; (3.06)<br>| 1.87 | 0.06 |
| Net asset value, end of period | $11.97 | &nbsp;&nbsp;&nbsp; $12.39 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $12.67 | &nbsp;&nbsp; $10.80 |
| Total return | (2.53 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 21.88<br> %<br>| 9.63<br> %<br>| &nbsp;&nbsp; (21.33<br> %)<br>| 18.42<br> %<br>| 4.26<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $26986 | &nbsp;&nbsp;&nbsp; $28069 | &nbsp;&nbsp; $24014 | &nbsp;&nbsp; $10044 | &nbsp;&nbsp; $9854 | &nbsp;&nbsp; $14268 |
| Ratio of net expenses to average net assets | 1.28 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| 1.27<br> %<br>| 1.25<br> %<br>| 1.27<br> %<br>| 1.35<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.67 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> %<br>| 1.59<br> %<br>| 2.43<br> %<br>| 1.47<br> %<br>| 0.76<br> %<br>|
| Ratio of gross expenses to average net assets | 1.28 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| 1.27<br> %<br>| 1.26<br> %<br>| 1.28<br> %<br>| 1.35<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | 9.28 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.00<br> %<br>| 29.34<br> %<br>| 41.23<br> %<br>| 38.60<br> %<br>| 53.30<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM Emerging Markets Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $12.45 | &nbsp;&nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $10.78 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.18 | 0.31 | 0.21 | 0.11 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 | 0.77 | &nbsp;&nbsp; (2.88)<br>| 1.81 | 0.39 |
| Total from investment operations | (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | 0.95 | &nbsp;&nbsp; (2.57)<br>| 2.02 | 0.50 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions paid | (0.14)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.43)<br>|
| Change in net asset value | (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 | 0.74 | &nbsp;&nbsp; (3.09)<br>| 1.88 | 0.07 |
| Net asset value, end of period | $12.01 | &nbsp;&nbsp;&nbsp; $12.45 | &nbsp;&nbsp; $10.38 | &nbsp;&nbsp; $9.64 | &nbsp;&nbsp; $12.73 | &nbsp;&nbsp; $10.85 |
| Total return | (2.39 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.14<br> %<br>| 9.89<br> %<br>| &nbsp;&nbsp; (21.11<br> %)<br>| 18.70<br> %<br>| 4.56<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $1042368 | &nbsp;&nbsp;&nbsp; $1102835 | &nbsp;&nbsp; $858629 | &nbsp;&nbsp; $575508 | &nbsp;&nbsp; $738534 | &nbsp;&nbsp; $543987 |
| Ratio of net expenses to average net assets | 1.04 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| 1.04<br> %<br>| 1.02<br> %<br>| 1.02<br> %<br>| 1.10<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 0.90 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.75<br> %<br>| 1.69<br> %<br>| 2.70<br> %<br>| 1.61<br> %<br>| 1.04<br> %<br>|
| Ratio of gross expenses to average net assets | 1.04 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| 1.04<br> %<br>| 1.03<br> %<br>| 1.03<br> %<br>| 1.10<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | 9.28 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 37.00<br> %<br>| 29.34<br> %<br>| 41.23<br> %<br>| 38.60<br> %<br>| 53.30<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** | **Advisor Shares** |
| **JOHCM Global Select Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $14.50 | &nbsp;&nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $21.39 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $16.41 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 0.07 | 0.03 | 0.01 | &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | 0.82 | &nbsp;&nbsp; (5.22)<br>| 5.12 | 3.17 |
| Total from investment operations | (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 | 0.89 | &nbsp;&nbsp; (5.19)<br>| 5.13 | 3.13 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income |  | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| From net realized gains | (3.40)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (2.24)<br>|
| Total distributions paid | (3.40)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (2.26)<br>|
| Change in net asset value | (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (8.86)<br>| 4.11 | 0.87 |
| Net asset value, end of period | $10.39 | &nbsp;&nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $21.39 | &nbsp;&nbsp; $17.28 |
| Total return | (8.22 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 30.96<br> %<br>| 6.73<br> %<br>| &nbsp;&nbsp; (30.52<br> %)<br>| 30.60<br> %<br>| 21.26<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $2198 | &nbsp;&nbsp;&nbsp; $7409 | &nbsp;&nbsp; $15416 | &nbsp;&nbsp; $26125 | &nbsp;&nbsp; $49721 | &nbsp;&nbsp; $39213 |
| Ratio of net expenses to average net assets | 1.11 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> %<br>| 1.09<br> %<br>| 1.07<br> %<br>| 1.07<br> %<br>| 1.16<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.54 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| 0.55<br> %<br>| 0.20<br> %<br>| 0.04<br> %<br>| &nbsp;&nbsp; (0.28<br> %)<br>|
| Ratio of gross expenses to average net assets | 1.34 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| 1.14<br> %<br>| 1.07<br> %<br>| 1.08<br> %<br>| 1.16<br> %<br>|
| Ratio of expense recoupment to average net assets |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Portfolio turnover rate<sup>(d)</sup> | 54.31 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 86.19<br> %<br>| 42.65<br> %<br>| 54.44<br> %<br>| 53.91<br> %<br>| 40.21<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM Global Select Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $14.54 | &nbsp;&nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $21.46 | &nbsp;&nbsp; $17.32 | &nbsp;&nbsp; $16.44 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 0.06 | 0.05 | 0.03 | &nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| Net realized and unrealized gains (losses) <br> from investments and foreign currency<br>| (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.54 | 0.83 | &nbsp;&nbsp; (5.24)<br>| 5.13 | 3.15 |
| Total from investment operations | (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.57 | 0.89 | &nbsp;&nbsp; (5.19)<br>| 5.16 | 3.15 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income |  | &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| From net realized gains | (3.40)<br>| &nbsp;&nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (2.23)<br>|
| Total distributions paid | (3.40)<br>| &nbsp;&nbsp;&nbsp; (1.33)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (2.27)<br>|
| Change in net asset value | (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (8.88)<br>| 4.14 | 0.88 |
| Net asset value, end of period | $10.43 | &nbsp;&nbsp;&nbsp; $14.54 | &nbsp;&nbsp; $12.30 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $21.46 | &nbsp;&nbsp; $17.32 |
| Total return | (8.19 %)<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 31.13<br> %<br>| 6.74<br> %<br>| &nbsp;&nbsp; (30.43<br> %)<br>| 30.71<br> %<br>| 21.43<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $19207 | &nbsp;&nbsp;&nbsp; $46763 | &nbsp;&nbsp; $54850 | &nbsp;&nbsp; $255895 | &nbsp;&nbsp; $523270 | &nbsp;&nbsp; $422745 |
| Ratio of net expenses to average net assets | 1.01 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.99<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 1.06<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.44 %)<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| 0.50<br> %<br>| 0.32<br> %<br>| 0.13<br> %<br>| 0.01<br> %<br>|
| Ratio of gross expenses to average net assets | 1.25 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| 1.02<br> %<br>| 0.99<br> %<br>| 0.98<br> %<br>| 1.06<br> %<br>|
| Portfolio turnover rate<sup>(e)</sup> | 54.31 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 86.19<br> %<br>| 42.65<br> %<br>| 54.44<br> %<br>| 53.91<br> %<br>| 40.21<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount is less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM International Opportunities Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $13.51 | &nbsp;&nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $11.82 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $10.65 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | 0.21 | 0.17 | 0.22 | 0.17 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | 2.54 | &nbsp;&nbsp; (2.03)<br>| 1.39 | &nbsp;&nbsp; (0.09)<br>|
| Total from investment operations | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | 2.75 | &nbsp;&nbsp; (1.86)<br>| 1.61 | 0.08 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.23)<br>|
| From net realized gains | (0.41)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.02)<br>|
| Total distributions paid | (0.68)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.25)<br>|
| Change in net asset value | (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.66 | 2.54 | &nbsp;&nbsp; (3.51)<br>| 1.34 | &nbsp;&nbsp; (0.17)<br>|
| Net asset value, end of period | $12.99 | &nbsp;&nbsp;&nbsp; $13.51 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $11.82 | &nbsp;&nbsp; $10.48 |
| Total return | 1.51 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 25.30<br> %<br>| 33.32<br> %<br>| &nbsp;&nbsp; (17.89<br> %)<br>| 15.39<br> %<br>| 0.62<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $80191 | &nbsp;&nbsp;&nbsp; $34753 | &nbsp;&nbsp; $1973 | &nbsp;&nbsp; $1508 | &nbsp;&nbsp; $3465 | &nbsp;&nbsp; $2935 |
| Ratio of net expenses to average net assets | 0.50 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| 0.78<br> %<br>| 0.88<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>|
| Ratio of net investment income to average net <br> assets<br>| 3.14 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> %<br>| 2.00<br> %<br>| 1.66<br> %<br>| 1.83<br> %<br>| 1.60<br> %<br>|
| Ratio of gross expenses to average net assets | 1.01 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> %<br>| 4.20<br> %<br>| 3.34<br> %<br>| 5.73<br> %<br>| 9.42<br> %<br>|
| Portfolio turnover rate<sup>(d)</sup> | 32.02 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.16<br> %<br>| 34.88<br> %<br>| 68.19<br> %<br>| 47.85<br> %<br>| 64.62<br> %<br>|

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** | **Investor Shares** |
| **JOHCM International Select Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $25.21 | &nbsp;&nbsp;&nbsp; $21.39 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $31.07 | &nbsp;&nbsp; $27.53 | &nbsp;&nbsp; $22.54 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | 0.22 | 0.21 | 0.10 | 0.05 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.06 | 3.69 | &nbsp;&nbsp; (10.70)<br>| 4.25 | 5.11 |
| Total from investment operations | (1.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.20 | 3.91 | &nbsp;&nbsp; (10.49)<br>| 4.35 | 5.16 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.17)<br>|
| From net realized gains |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — |
| Total distributions paid | (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.85)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.17)<br>|
| Change in net asset value | (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 3.66 | &nbsp;&nbsp; (13.34)<br>| 3.54 | 4.99 |
| Net asset value, end of period | $23.17 | &nbsp;&nbsp;&nbsp; $25.21 | &nbsp;&nbsp; $21.39 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $31.07 | &nbsp;&nbsp; $27.53 |
| Total return | (6.83<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.88<br> %<br>| 22.13<br> %<br>| &nbsp;&nbsp; (37.43<br> %)<br>| 15.94<br> %<br>| 23.02<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $372670 | &nbsp;&nbsp;&nbsp; $412375 | &nbsp;&nbsp; $356041 | &nbsp;&nbsp; $376893 | &nbsp;&nbsp; $800457 | &nbsp;&nbsp; $643607 |
| Ratio of net expenses to average net assets | 1.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.29 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| 1.03<br> %<br>| 0.82<br> %<br>| 0.33<br> %<br>| 0.20<br> %<br>|
| Ratio of gross expenses to average net assets | 1.24 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| 1.23<br> %<br>| 1.21<br> %<br>| 1.21<br> %<br>| 1.23<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> | 48.97 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.73<br> %<br>| 32.29<br> %<br>| 58.91<br> %<br>| 53.34<br> %<br>| 43.51<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**FINANCIAL HIGHLIGHTS** 

**For the periods indicated**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
| **JOHCM International Select Fund** | **Six Months** <br> **Ended**<br> **March 31,**<br> **2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **September 30,**<br> **2024**<br>| **Year Ended**<br> **September 30,**<br> **2023**<br>| **Year Ended**<br> **September 30,**<br> **2022**<br>| **Year Ended**<br> **September 30,**<br> **2021**<br>| **Year Ended**<br> **September 30,**<br> **2020**<br>|
| Net asset value, beginning of period | $25.17 | &nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $17.74 | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp; $27.53 | &nbsp;&nbsp; $22.54 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 0.26 | 0.27 | 0.18 | 0.11 |
| Net realized and unrealized gains (losses) from <br> investments and foreign currency<br>| (1.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.05 | 3.70 | &nbsp;&nbsp; (10.69)<br>| 4.24 | 5.11 |
| Total from investment operations | (1.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.24 | 3.96 | &nbsp;&nbsp; (10.42)<br>| 4.42 | 5.22 |
| Less distributions paid: |  |  |  |  |  |  |
| From net investment income | (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>|
| From net realized gains |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.62)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — |
| Total distributions paid | (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.23)<br>|
| Change in net asset value | (2.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.80 | 3.63 | &nbsp;&nbsp; (13.34)<br>| 3.55 | 4.99 |
| Net asset value, end of period | $23.10 | &nbsp;&nbsp;&nbsp; $25.17 | &nbsp;&nbsp; $21.37 | &nbsp;&nbsp; $17.74 | &nbsp;&nbsp; $31.08 | &nbsp;&nbsp; $27.53 |
| Total return | (6.69<br> %)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.10<br> %<br>| 22.41<br> %<br>| &nbsp;&nbsp; (37.27<br> %)<br>| 16.24<br> %<br>| 23.30<br> %<br>|
| Ratios/Supplemental data: |  |  |  |  |  |  |
| Net assets, end of period (000's) | $3085210 | &nbsp;&nbsp;&nbsp; $4617759 | &nbsp;&nbsp; $4911162 | &nbsp;&nbsp; $5965713 | &nbsp;&nbsp; $12273819 | &nbsp;&nbsp; $9631884 |
| Ratio of net expenses to average net assets | 0.97 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.96<br> %<br>| 0.98<br> %<br>|
| Ratio of net investment income (loss) to average <br> net assets<br>| (0.15 %)<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| 1.22<br> %<br>| 1.05<br> %<br>| 0.57<br> %<br>| 0.45<br> %<br>|
| Ratio of gross expenses to average net assets | 0.99 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| 0.98<br> %<br>| 0.98<br> %<br>| 0.97<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate<sup>(c)</sup> | 48.97 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 77.73<br> %<br>| 32.29<br> %<br>| 58.91<br> %<br>| 53.34<br> %<br>| 43.51<br> %<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio turnover is calculated at the fund level without regard to each class of
 shares.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods less than one year.

See Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2025, the following classes of shares were in operation:

---

| | | |
|:---|:---|:---|
| **Fund** | **Commencement Date** | **Investment Objective** |
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; Advisor Shares: January 28, 2016<br> Institutional Shares: December 17, 2014<br>| to seek long-term capital appreciation |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; Advisor Shares: November 21, 2012<br> Investor Shares: December 18, 2013<br> Institutional Shares: November 21, 2012<br>| to seek long-term capital appreciation |
| JOHCM Global Select Fund  | &nbsp;&nbsp; Advisor Shares: March 22, 2013 <br> Institutional Class Shares: March 22, <br> 2013<br>| to seek long-term capital appreciation |
| JOHCM International Opportunities Fund  | Institutional Shares: September 29, 2016 | &nbsp;&nbsp; to achieve long-term, risk-adjusted total <br> return by investing in a focused portfolio <br> of international equity securities<br>|
| JOHCM International Select Fund  | &nbsp;&nbsp; Investor Shares: March 31, 2010<br> Institutional Shares: July 29, 2009<br>| to seek long-term capital appreciation |

---

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

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

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

**INVESTMENT VALUATION**

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

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

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

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

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

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

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

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

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

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

The following is a summary of the valuation inputs used as of March 31, 2025 in valuing the Funds' investments based upon the three fair value levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **JOHCM Emerging Markets Discovery Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Brazil | &nbsp;&nbsp; $2355497 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2355497 |
| Canada | &nbsp;&nbsp; 1729281 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1729281 |
| China | &nbsp;&nbsp; 987734 | &nbsp;&nbsp; 6383806 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7371540 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| Mexico | &nbsp;&nbsp; $1528827 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1528827 |
| Peru | &nbsp;&nbsp; 475780 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 475780 |
| Poland | &nbsp;&nbsp; 241843 | &nbsp;&nbsp; 936341 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1178184 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| Thailand | &nbsp;&nbsp; 205805 | &nbsp;&nbsp; 497206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 703011 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 32698132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32698132 |
| Total Common Stocks | &nbsp;&nbsp; $7524767 | &nbsp;&nbsp; $40515485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48040252 |
| Equity-Linked Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1057396 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1057396 |
| Preferred Stocks | &nbsp;&nbsp; 325387 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 325387 |
| Short-Term Investments | &nbsp;&nbsp; 1236452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1236452 |
| Total Investments | &nbsp;&nbsp; $9086606 | &nbsp;&nbsp; $41572881 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50659487 |
| **JOHCM Emerging Markets Opportunities Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| China | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338892085 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338892085 |
| Hong Kong | &nbsp;&nbsp; — | &nbsp;&nbsp; 35261610 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35261610 |
| India | &nbsp;&nbsp; 48490338 | &nbsp;&nbsp; 70798763 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119289101 |
| Indonesia | &nbsp;&nbsp; — | &nbsp;&nbsp; 54646697 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54646697 |
| Russia | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> \*\*<br>| &nbsp;&nbsp; — |
| South Africa | &nbsp;&nbsp; — | &nbsp;&nbsp; 24335737 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24335737 |
| South Korea | &nbsp;&nbsp; — | &nbsp;&nbsp; 58928940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58928940 |
| Taiwan | &nbsp;&nbsp; 5164924 | &nbsp;&nbsp; 112749217 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117914141 |
| United Arab Emirates | &nbsp;&nbsp; — | &nbsp;&nbsp; 87010314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 87010314 |
| Other\* | &nbsp;&nbsp; 235786824 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 235786824 |
| Total Common Stocks | &nbsp;&nbsp; $289442086 | &nbsp;&nbsp; $782623363 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1072065449 |
| Preferred Stocks | &nbsp;&nbsp; $34599838 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34599838 |
| Short-Term Investments | &nbsp;&nbsp; 11432457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11432457 |
| Total Investments | &nbsp;&nbsp; $335474381 | &nbsp;&nbsp; $782623363 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1118097744 |
| **JOHCM Global Select Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $917894 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $917894 |
| Ireland | &nbsp;&nbsp; 511746 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 511746 |
| Netherlands | &nbsp;&nbsp; 572925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 572925 |
| Singapore | &nbsp;&nbsp; 1224036 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1224036 |
| United States | &nbsp;&nbsp; 10877871 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10877871 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 6048031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6048031 |
| Total Common Stocks | &nbsp;&nbsp; $14104472 | &nbsp;&nbsp; $6048031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20152503 |
| Short-Term Investments | &nbsp;&nbsp; $947632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $947632 |
| Total Investments | &nbsp;&nbsp; $15052104 | &nbsp;&nbsp; $6048031 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $21100135 |
| **JOHCM International Opportunities Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $3662807 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3662807 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 73116075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 73116075 |
| Total Common Stocks | &nbsp;&nbsp; $3662807 | &nbsp;&nbsp; $73116075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76778882 |
| Short-Term Investments | &nbsp;&nbsp; $2090300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2090300 |
| Total Investments | &nbsp;&nbsp; $5753107 | &nbsp;&nbsp; $73116075 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78869182 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Level 1 -**<br> **Quoted Prices**<br>| **Level 2 -**<br> **Other Significant**<br> **Observable Inputs**<br>| **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs**<br>| **Total** |
| **JOHCM International Select Fund** |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $104011888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104011888 |
| Singapore | &nbsp;&nbsp; 174204696 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 174204696 |
| United States | &nbsp;&nbsp; 171998238 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171998238 |
| Other\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 2896529651 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2896529651 |
| Total Common Stocks | &nbsp;&nbsp; $450214822 | &nbsp;&nbsp; $2896529651 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3346744473 |
| Short-Term Investments | &nbsp;&nbsp; $52476 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52476 |
| Total Investments | &nbsp;&nbsp; $450267298 | &nbsp;&nbsp; $2896529651 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3346796949 |

---

\* See additional categories in the Schedule of Investments.

\*\* Amount is $0.

As of March 31, 2025, there were Level 3 investments held in certain Funds as noted above and in the corresponding Schedules of Investments. These investments relate to Russian securities held in certain Funds that halted trading in 2022 when United States ("U.S.") sanctions were imposed after the Russian invasion of Ukraine. There was no other Level 3 activity during the period. The value of these securities compared to each Fund's total net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

**EQUITY-LINKED SECURITIES**

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

At March 31, 2025, the Funds held equity-linked securities issued by counterparties as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Value** | **% of**<br> **Net Assets**<br>|
| JOHCM Emerging Markets Discovery Fund | CLSA Global Markets Pte. Ltd. | &nbsp;&nbsp; $1057396 | 2.1<br> %<br>|

---

**CURRENCY TRANSACTIONS**

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

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

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

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

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

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2025.

**INVESTMENT TRANSACTIONS AND INCOME** 

Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, investments are reported as of the trade date. The Funds determine the gain or loss realized from investment transactions by using an identified cost basis method. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recognized on the ex-dividend date. Dividends from non-U.S. securities are recorded on the ex-dividend date, or as soon as the information is available, and reflect applicable foreign withholdings taxes and any related reclaim amounts. Non-cash dividends are recognized as investment income at the fair value of the asset received.

**EXPENSE ALLOCATIONS**

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

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

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

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**DIVIDENDS AND DISTRIBUTIONS**

Distributions of dividends from net investment income, if any, are declared and paid annually.

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

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

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

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

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds' U.S. federal income tax returns for the tax years ended September 30, 2021 through September 30, 2024, as applicable, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

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

**USE OF ESTIMATES**

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

**CAPITAL GAIN TAXES**

Investments in certain non-U.S. securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The JOHCM Emerging Markets Discovery Fund and JOHCM Emerging Markets Opportunities Fund paid $502,120 and $2,659,574, respectively, in capital gain taxes which are netted with any refunds received during the period. This amount is included in the net realized gains (losses) from investment transactions on the Statements of Operations.

**OTHER RISKS**

Securities markets outside the U.S., while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these foreign markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Other risks associated with investing in foreign securities include, among other things, imposition of exchange control regulation by the U.S. or foreign governments, U.S. and non-U.S. withholding taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in foreign nations. There may be less

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

publicly available information about certain foreign companies than would be the case for comparable companies in the U.S., and certain foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.

Certain Funds may invest in emerging market securities. Investing in emerging market securities involves risks which are in addition to the usual risks inherent in foreign investments. These countries generally are located in the Asia and Pacific regions, the Middle East, Eastern Europe, Central America, South America and Africa. Some countries with emerging securities markets have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Moreover, the economies of some countries may differ favorably or unfavorably from the U.S. economy in such respects as rate of growth of gross domestic product, rate of inflation, capital reinvestment, resource self-sufficiency, number and depth of industries forming the economy's base, condition and stability of financial institutions, governmental controls and investment restrictions that are subject to political change and balance of payments position. Further, a Fund may face greater difficulties or restrictions with respect to investments made in emerging markets countries than in the U.S. Satisfactory custodial services may not be available in some emerging markets countries, which may result in a Fund incurring additional costs and delays in the trading and custody of such securities.

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

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. In addition, sanctions imposed on Russia, Russian individuals, and Russian corporate and banking entities by the U.S. and other countries, and any sanctions imposed in the future, may have a significant adverse impact on the Russian economy and related markets. Such actions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund's ability to buy, sell, receive, or deliver Russian securities. In addition, securities market trading halts related to the conflict could adversely impact the value and liquidity of a Fund's holdings and could impair a Fund's ability to transact in and/or value portfolio securities. The ramifications of the conflict and related sanctions may negatively impact other regional and global financial markets (including in Europe and the U.S.), companies in other countries (including those that have done business in Russia), and various sectors, industries and markets for securities and commodities, such as oil and natural gas. The price and liquidity of a Fund's investments may fluctuate widely as a result of the conflict and related events. The extent and duration of the military conflict or future escalation of such hostilities (including cyberattacks), the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant adverse impact on Fund performance and the value of an investment in a Fund.

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

The Trust, on behalf of the Funds, has entered into an Investment Advisory Agreement (the "Agreement") with JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser" or "PAFS") to provide investment management services to the Funds.

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**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Total fees incurred pursuant to the Agreement are reflected as "Investment Advisory" fees on the Statements of Operations. Under the terms of the Agreement, PAFS receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund's respective average daily net assets). The Trust, on behalf of the Funds, and PAFS have entered into an expense limitation agreement (the "Expense Limitation Agreement") whereby PAFS has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund's respective average daily net assets). Additionally, the Trust, on behalf of the JOHCM International Opportunities Fund, has entered into a supplemental expense limitation agreement (the "Supplemental Expense Limitation Agreement") with PAFS whereby PAFS has contractually agreed to reduce the fees payable under the Advisory Agreement (but not below zero) and/or to reimburse other expenses of the Fund, to the extent necessary to limit the total operating expenses of the Fund (exclusive of brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted accounting principles)), calculated as a percentage of the Fund's average daily net assets, to 0.50%, 0.60%, 0.75%, and 0.50% for Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares, respectively. The waiver/reimbursement under the Supplemental Expense Limitation Agreement is imposed only after the fee waiver and expense reimbursement outlined in the Expense Limitation Agreement has been fully applied.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Class** | **Advisory Fee** | &nbsp;&nbsp; **Expense**<br> **Limitation**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor | 1.05% | 1.34% |
| JOHCM Emerging Markets Discovery Fund | Institutional | 1.05% | 1.24% |
| JOHCM Emerging Markets Opportunities Fund | Advisor | 0.90% | 1.14% |
| JOHCM Emerging Markets Opportunities Fund | Investor | 0.90% | 1.29% |
| JOHCM Emerging Markets Opportunities Fund | Institutional | 0.90% | 1.04% |
| JOHCM Global Select Fund | Advisor | 0.87%<sup>(a)</sup> <br>| 1.06%<sup>(b)</sup> <br>|
| JOHCM Global Select Fund | Institutional | 0.87%<sup>(a)</sup> <br>| 0.96%<sup>(c)</sup> <br>|
| JOHCM International Opportunities Fund | Institutional | 0.75% | 0.50%<sup>(d)</sup> <br>|
| JOHCM International Select Fund | Investor | 0.84%<sup>(e)</sup> <br>| 1.18%<sup>(f)</sup> <br>|
| JOHCM International Select Fund | Institutional | 0.84%<sup>(e)</sup> <br>| 0.95%<sup>(c)</sup> <br>|

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<sup>(a)</sup> Prior to February 1, 2025 the advisory fee was 0.89%.

<sup>(b)</sup> Prior to February 1, 2025 the expense limit was 1.08%.

<sup>(c)</sup> Prior to February 1, 2025 the expense limit was 0.98%.

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

<sup>(e)</sup> Prior to February 1, 2025 the advisory fee was 0.89% on assets up to $7 billion and 0.84% on assets in excess of $7 billion.

<sup>(f)</sup> Prior to February 1, 2025 the expense limit was 1.21%

The Expense Limitation Agreement is effective until February 1, 2026 for the Funds, excluding JOHCM International Opportunities Fund. With respect to the JOHCM International Opportunities Fund, the Expense Limitation Agreement and Supplemental Expense Limitation Agreement are effective until February 1, 2028. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (excluding brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with investments in underlying investment companies, and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. Amounts waived or reimbursed pursuant to the Supplemental Expense Limitation agreement for the JOHCM International Opportunities Fund are not subject to repayment in future years. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

For the six months ended March 31, 2025, the Funds incurred advisory fees payable to PAFS, received expense waivers/reimbursements from PAFS, and paid expense recoupments to PAFS as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp; **Advisory**<br> **Fee to**<br> **PAFS**<br>| &nbsp;&nbsp; **Expenses**<br> **Reduced**<br> **by PAFS**<br>| &nbsp;&nbsp; **Advisory Waivers**<br> **Recouped**<br> **by PAFS**<br>|
| JOHCM Emerging Markets Discovery Fund | $299587 | $92649 | $— |
| JOHCM Emerging Markets Opportunities Fund | 5026613 |  |  |
| JOHCM Global Select Fund | 157947 | 42488 |  |
| JOHCM International Opportunities Fund | 143945 | 98430 |  |
| JOHCM International Select Fund | 18519324 | 316229 |  |

---

The balances of recoverable expenses to PAFS by the Funds at March 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended:** | **Expiring** | **JOHCM**<br> **Emerging**<br> **Markets**<br> **Discovery**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **Emerging**<br> **Markets**<br> **Opportunities**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **Global**<br> **Select**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **International**<br> **Opportunities**<br> **Fund**<br>| &nbsp;&nbsp;&nbsp; **JOHCM**<br> **International**<br> **Select**<br> **Fund**<br>|
| September 30, 2022 | &nbsp;&nbsp; September 30, <br> 2025<br>| &nbsp;&nbsp; $108217 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26536 | &nbsp;&nbsp;&nbsp;&nbsp; $52934 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| September 30, 2023 | &nbsp;&nbsp; September 30, <br> 2026<br>| &nbsp;&nbsp; 165037 | &nbsp;&nbsp;&nbsp;&nbsp; 8080 | &nbsp;&nbsp;&nbsp;&nbsp; 69362 | &nbsp;&nbsp;&nbsp;&nbsp; 65002 | &nbsp;&nbsp;&nbsp;&nbsp; 290951 |
| September 30, 2024 | &nbsp;&nbsp; September 30, <br> 2027<br>| &nbsp;&nbsp; 181624 | &nbsp;&nbsp;&nbsp;&nbsp; 86068 | &nbsp;&nbsp;&nbsp;&nbsp; 99663 | &nbsp;&nbsp;&nbsp;&nbsp; 113830 | &nbsp;&nbsp;&nbsp;&nbsp; 395879 |
| Six months ended March 31, <br> 2025<br>| &nbsp;&nbsp; September 30, <br> 2028<br>| &nbsp;&nbsp; 92649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42488 | &nbsp;&nbsp;&nbsp;&nbsp; 25498 | &nbsp;&nbsp;&nbsp;&nbsp; 316229 |
| Balances of Recoverable Expenses <br> to PAFS<br>|  | &nbsp;&nbsp; $547527 | &nbsp;&nbsp;&nbsp;&nbsp; $94148 | &nbsp;&nbsp;&nbsp;&nbsp; $238049 | &nbsp;&nbsp;&nbsp;&nbsp; $257264 | &nbsp;&nbsp;&nbsp;&nbsp; $1003059 |

---

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

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

Foreside Fund Officer Services, LLC, an affiliate of ACA Group, provides principal financial officer and treasurer services for the Funds pursuant to a written agreement with the Trust on behalf of the Funds. The Funds have agreed to pay ACA Group an annual fee based on the level of net assets in the Fund complex, subject to an overall minimum annual fee of $200,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees allocated to the Funds and paid to ACA Group pursuant to these agreements are reflected as "Treasurer Service" fees on the Statements of Operations.

PAFS and the Trust have entered into an Amended and Restated Administration and Compliance Support Services Agreement (the "ACSS Agreement") pursuant to which PAFS provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by PAFS in connection with the services PAFS

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse PAFS in such amounts as are approved by the Board from time to time. Total fees allocated to the Funds and paid to PAFS pursuant to the ACSS Agreement are reflected as "Compliance" fees in the Statements of Operations.

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

Certain officers of the Trust are affiliated with PAFS, ACA Group, Northern Trust, or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. The Trust pays each trustee who is not an "interested person" within the meaning of Section 2(a)(19) of the 1940 Act ("Independent Trustee") compensation for their services based on an annual retainer of $140,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2025, the aggregate Independent Trustee compensation paid by the Trust was $377,000. The amount of total Independent Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds is reflected as "Trustees" expenses on the Statements of Operations.

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

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

**D. Credit Agreements**

The Trust, on behalf of the Funds, has entered into a $150 million revolving credit facility agreement (the "Credit Agreement") with Northern Trust for liquidity or for other temporary or emergency purposes which permits the Funds to borrow up to an aggregate amount of $150 million, $50 million of which is committed and $100 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the Fund's option of the sum of the U.S. Federal Fund Target Rate plus 1.30%, the daily Simple Secured Overnight Financing Rate plus 1.30% or the Prime Rate minus 1.50%.

During the six months ended March 31, 2025, the following Funds had borrowings with the average loan and weighted interest rate as disclosed below:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | Dollar Amount | Days Outstanding | Rate |
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $400500 | &nbsp;&nbsp; 10 | 6.14<br> %<br>|
| JOHCM Global Select Fund | &nbsp;&nbsp; 2336250 | &nbsp;&nbsp; 16 | 5.85 |
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 1 | 5.63 |
| JOHCM International Select Fund | &nbsp;&nbsp; 14020000 | &nbsp;&nbsp; 23 | 5.85 |

---

The JOHCM Emerging Markets Discovery Fund, JOHCM Global Select Fund, JOHCM International Opportunities Fund, and JOHCM International Select Fund incurred interest expense of $683, $6,071, $94 and $52,444, respectively, related to borrowings under the Credit Agreements during the six months ended March 31, 2025. The amounts are included in the "Interest Expense" on the Statements of Operations.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

**E. Investment Transactions**

For the six months ended March 31, 2025, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments and U.S. government securities) for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of Purchases** | **Proceeds from Sales** |
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $37157658 | &nbsp;&nbsp; $48061211 |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; 100922428 | &nbsp;&nbsp; 111705030 |
| JOHCM Global Select Fund | &nbsp;&nbsp; 18782760 | &nbsp;&nbsp; 51515319 |
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 56295586 | &nbsp;&nbsp; 12760837 |
| JOHCM International Select Fund | &nbsp;&nbsp; 2007542239 | &nbsp;&nbsp; 3378309013 |

---

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

As of March 31, 2025, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for U.S. Federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Gross**<br> **Unrealized**<br> **Appreciation**<br>| **Gross**<br> **Unrealized**<br> **(Depreciation)**<br>| **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $50779694<br>| &nbsp;&nbsp; $3584105<br>| &nbsp;&nbsp; $(3704312) <br>| &nbsp;&nbsp; $(120207) <br>|
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; 1051761378<br>| &nbsp;&nbsp; 165692600<br>| &nbsp;&nbsp; (99356234) <br>| &nbsp;&nbsp; 66336366<br>|
| JOHCM Global Select Fund | &nbsp;&nbsp; 19357891<br>| &nbsp;&nbsp; 2856881<br>| &nbsp;&nbsp; (1114637) <br>| &nbsp;&nbsp; 1742244<br>|
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 78427453<br>| &nbsp;&nbsp; 3859413<br>| &nbsp;&nbsp; (3417684) <br>| &nbsp;&nbsp; 441729<br>|
| JOHCM International Select Fund | &nbsp;&nbsp; 3049438293<br>| &nbsp;&nbsp; 468980345<br>| &nbsp;&nbsp; (171621689) <br>| &nbsp;&nbsp; 297358656<br>|

---

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2024 and September 30, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions From**  | **Distributions From**  | **Distributions From**  | **Distributions From**  |
| **Fund** | **Ordinary**<br> **Income\***<br> **2024**<br>| **Long-Term**<br> **Capital Gains**<br> **2024**<br>| **Ordinary**<br> **Income\***<br> **2023**<br>| **Long-Term**<br> **Capital Gains**<br> **2023**<br>|
| JOHCM Emerging Markets Discovery Fund | &nbsp;&nbsp; $505083 | &nbsp;&nbsp; $—<br> \*\*<br>| &nbsp;&nbsp; $440724 | &nbsp;&nbsp; $— |
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; 15976561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15460229 | &nbsp;&nbsp; — |
| JOHCM Global Select Fund | &nbsp;&nbsp; 1179381 | &nbsp;&nbsp; 5,621,311<br> \*\*\*<br>| &nbsp;&nbsp; 1328041 | &nbsp;&nbsp; 20,006,011<br> \*\*\*\*<br>|
| JOHCM International Opportunities Fund | &nbsp;&nbsp; 50314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38383 | &nbsp;&nbsp; — |
| JOHCM International Select Fund | &nbsp;&nbsp; 104424830 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97456711 | &nbsp;&nbsp; — |

---

---

| | |
|:---|:---|
| \* | Ordinary income includes short-term capital gains, if any. |
| \*\* | The amounts do not include tax equalization utilized of $179,204 in net long term capital gains in which the Fund designated as being distributed to shareholders <br> on their redemption of shares.<br>|
| \*\*\* | The amounts do not include the tax equalization utilized of $2,559,800 in net long term capital gains in which the JOHCM Global Select Fund designated as <br> being distributed to shareholders on their redemption of shares.<br>|
| \*\*\*\* | The amounts do not include tax equalization utilized of $5,425,075 in net long term capital gains in which the JOHCM Global Select Fund designated as being <br> distributed to shareholders on their redemption of shares.<br>|

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

As of the latest tax year ended September 30, 2024, the components of accumulated earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income**<br>| &nbsp;&nbsp; **Undistributed**<br> **Long-Term**<br> **Capital**<br> **Gains**<br>| &nbsp;&nbsp; **Accumulated**<br> **Capital and**<br> **Other Losses**<br>| &nbsp;&nbsp; **Other** <br> **Temporary** <br> **Differences**<br>| &nbsp;&nbsp; **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>| &nbsp;&nbsp; **Total**<br> **Accumulated**<br> **Earnings**<br> **(Deficit)**<br>|
| JOHCM Emerging Markets <br> Discovery Fund<br>| $815199 | &nbsp;&nbsp;&nbsp; $2598707 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $10228211 | &nbsp;&nbsp;&nbsp; $13642117 |
| JOHCM Emerging Markets <br> Opportunities Fund<br>| 11123746 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15504895)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 129981418 | &nbsp;&nbsp;&nbsp; 125600269 |
| JOHCM Global Select <br> Fund<br>| 1882122 | &nbsp;&nbsp;&nbsp; 5235280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16239595 | &nbsp;&nbsp;&nbsp; 23356997 |
| JOHCM International <br> Opportunities Fund<br>| 1392016 | &nbsp;&nbsp;&nbsp; 284821 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2685687 | &nbsp;&nbsp;&nbsp; 4362524 |
| JOHCM International <br> Select Fund<br>| 70149356 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (656697300)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1017053280 | &nbsp;&nbsp;&nbsp; 430505336 |

---

As of the latest tax year ended September 30, 2024, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>| **Long-Term**<br> **Capital Loss**<br> **Carry-Forward**<br>|
| JOHCM Emerging Markets Opportunities Fund | &nbsp;&nbsp; $15504895 | &nbsp;&nbsp; $— |
| JOHCM International Select Fund | &nbsp;&nbsp; 656697300 | &nbsp;&nbsp; — |

---

During the latest tax year ended September 30, 2024, the JOHCM Emerging Markets Discovery Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM International Select Fund and JOHCM International Opportunities Fund utilized $1,587,876, $57,980,370, $142,948,432 and $10,601, respectively, in capital loss carry forwards.

**G. Capital Share Transactions**

Transactions in dollars for the six months ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; $727546  | &nbsp;&nbsp; $384989  | &nbsp;&nbsp; $(3918089)  | &nbsp;&nbsp; $(2805554)  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 13124205  | &nbsp;&nbsp; 4198932  | &nbsp;&nbsp; (19835740)  | &nbsp;&nbsp; (2512603)  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 9730972  | &nbsp;&nbsp; 487262  | &nbsp;&nbsp; (6009301)  | &nbsp;&nbsp; 4208933  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 2481664  | &nbsp;&nbsp; 230617  | &nbsp;&nbsp; (2838744)  | &nbsp;&nbsp; (126463)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 92456005  | &nbsp;&nbsp; 9901380  | &nbsp;&nbsp; (124278370)  | &nbsp;&nbsp; (21920985)  |
| JOHCM Global Select Fund | Advisor Shares | &nbsp;&nbsp; 6784  | &nbsp;&nbsp; 677442  | &nbsp;&nbsp; (5111676)  | &nbsp;&nbsp; (4427450)  |
| JOHCM Global Select Fund | Institutional Shares | &nbsp;&nbsp; 849110  | &nbsp;&nbsp; 8142641  | &nbsp;&nbsp; (27295951)  | &nbsp;&nbsp; (18304200)  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 49437653  | &nbsp;&nbsp; 1762924  | &nbsp;&nbsp; (3439106)  | &nbsp;&nbsp; 47761471  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 3556817  | &nbsp;&nbsp; 5168911  | &nbsp;&nbsp; (15324485)  | &nbsp;&nbsp; (6598757)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 180404135  | &nbsp;&nbsp; 38740840  | &nbsp;&nbsp; (1413538127)  | &nbsp;&nbsp; (1194393152)  |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

Transactions in shares for the six months ended March 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; 54049  | &nbsp;&nbsp; 28266  | &nbsp;&nbsp; (274438)  | &nbsp;&nbsp; (192123)  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 1016490  | &nbsp;&nbsp; 308745  | &nbsp;&nbsp; (1489182)  | &nbsp;&nbsp; (163947)  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 827109  | &nbsp;&nbsp; 41575  | &nbsp;&nbsp; (505411)  | &nbsp;&nbsp; 363273  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 207942  | &nbsp;&nbsp; 19677  | &nbsp;&nbsp; (239219)  | &nbsp;&nbsp; (11600)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 7829194  | &nbsp;&nbsp; 843389  | &nbsp;&nbsp; (10471627)  | &nbsp;&nbsp; (1799044)  |
| JOHCM Global Select Fund | Advisor Shares | &nbsp;&nbsp; 467  | &nbsp;&nbsp; 55941  | &nbsp;&nbsp; (355762)  | &nbsp;&nbsp; (299354)  |
| JOHCM Global Select Fund | Institutional Shares | &nbsp;&nbsp; 68265  | &nbsp;&nbsp; 670176  | &nbsp;&nbsp; (2112795)  | &nbsp;&nbsp; (1374354)  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 3735072  | &nbsp;&nbsp; 144621  | &nbsp;&nbsp; (279364)  | &nbsp;&nbsp; 3600329  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 148288  | &nbsp;&nbsp; 215731  | &nbsp;&nbsp; (638102)  | &nbsp;&nbsp; (274083)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 7569647  | &nbsp;&nbsp; 1622993  | &nbsp;&nbsp; (59102687)  | &nbsp;&nbsp; (49910047)  |

---

Transactions in dollars for the year ended September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Proceeds from**<br> **Shares Sold**<br>| **Reinvestments**<br> **of Dividends**<br>| **Payments**<br> **for Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease) in**<br> **Net Assets**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; $3381729  | &nbsp;&nbsp; $34509  | &nbsp;&nbsp; $(1203221)  | &nbsp;&nbsp; $2213017  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 20787950  | &nbsp;&nbsp; 345061  | &nbsp;&nbsp; (16539861)  | &nbsp;&nbsp; 4593150  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 9085437  | &nbsp;&nbsp; 622846  | &nbsp;&nbsp; (9884083)  | &nbsp;&nbsp; (175800)  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 11332956  | &nbsp;&nbsp; 383614  | &nbsp;&nbsp; (12476392)  | &nbsp;&nbsp; (759822)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 386341461  | &nbsp;&nbsp; 11555983  | &nbsp;&nbsp; (321282473)  | &nbsp;&nbsp; 76614971  |
| JOHCM Global Select Fund | Advisor Shares | &nbsp;&nbsp; 499931  | &nbsp;&nbsp; 1274018  | &nbsp;&nbsp; (11359940)  | &nbsp;&nbsp; (9585991)  |
| JOHCM Global Select Fund | Institutional Shares | &nbsp;&nbsp; 11355165  | &nbsp;&nbsp; 4387575  | &nbsp;&nbsp; (32229307)  | &nbsp;&nbsp; (16486567)  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 28844229  | &nbsp;&nbsp; 789  | &nbsp;&nbsp; (266315)  | &nbsp;&nbsp; 28578703  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 7754685  | &nbsp;&nbsp; 6186142  | &nbsp;&nbsp; (21057626)  | &nbsp;&nbsp; (7116799)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 594810235  | &nbsp;&nbsp; 62386683  | &nbsp;&nbsp; (1760423359)  | &nbsp;&nbsp; (1103226441)  |

---

Transactions in shares for the year ended September 30, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Class** | **Shares**<br> **Sold**<br>| **Shares From**<br> **Reinvested**<br> **Dividends**<br>| **Shares**<br> **Redeemed**<br>| **Net Increase**<br> **(Decrease)**<br> **in Shares**<br>|
| JOHCM Emerging Markets Discovery Fund | Advisor Shares | &nbsp;&nbsp; 242543  | &nbsp;&nbsp; 2610  | &nbsp;&nbsp; (86879)  | &nbsp;&nbsp; 158274  |
| JOHCM Emerging Markets Discovery Fund | Institutional Shares | &nbsp;&nbsp; 1458152  | &nbsp;&nbsp; 26141  | &nbsp;&nbsp; (1157654)  | &nbsp;&nbsp; 326639  |
| JOHCM Emerging Markets Opportunities Fund | Advisor Shares | &nbsp;&nbsp; 835748  | &nbsp;&nbsp; 59889  | &nbsp;&nbsp; (891471)  | &nbsp;&nbsp; 4166  |
| JOHCM Emerging Markets Opportunities Fund | Investor Shares | &nbsp;&nbsp; 1065474  | &nbsp;&nbsp; 36921  | &nbsp;&nbsp; (1160472)  | &nbsp;&nbsp; (58077)  |
| JOHCM Emerging Markets Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 34755632  | &nbsp;&nbsp; 1109020  | &nbsp;&nbsp; (29996227)  | &nbsp;&nbsp; 5868425  |
| JOHCM Global Select Fund | Advisor Shares | &nbsp;&nbsp; 36384  | &nbsp;&nbsp; 105204  | &nbsp;&nbsp; (888364)  | &nbsp;&nbsp; (746776)  |
| JOHCM Global Select Fund | Institutional Shares | &nbsp;&nbsp; 854550  | &nbsp;&nbsp; 361713  | &nbsp;&nbsp; (2459701)  | &nbsp;&nbsp; (1243438)  |
| JOHCM International Opportunities Fund | Institutional Shares | &nbsp;&nbsp; 2411352  | &nbsp;&nbsp; 69  | &nbsp;&nbsp; (20642)  | &nbsp;&nbsp; 2390779  |
| JOHCM International Select Fund | Investor Shares | &nbsp;&nbsp; 329735  | &nbsp;&nbsp; 275921  | &nbsp;&nbsp; (891587)  | &nbsp;&nbsp; (285931)  |
| JOHCM International Select Fund | Institutional Shares | &nbsp;&nbsp; 25383741  | &nbsp;&nbsp; 2792600  | &nbsp;&nbsp; (74596627)  | &nbsp;&nbsp; (46420286)  |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**NOTES TO FINANCIAL STATEMENTS**

**March 31, 2025 (Unaudited)**

------

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

**H. Concentration of Ownership**

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

As of March 31, 2025, PAFS or PAFS affiliates held outstanding shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **%**<br> **Ownership**<br>|
| JOHCM Global Select Fund | Institutional Shares | 0.1 |
| JOHCM International Opportunities Fund | Institutional Shares | 36.5 |

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**PERPETUAL AMERICAS FUNDS TRUST**

**PROXY DISCLOSURES**

**March 31, 2025 (Unaudited)**

------

Not Applicable.

------

**PERPETUAL AMERICAS FUNDS TRUST**

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

**March 31, 2025 (Unaudited)**

------

Included on page 42 in the Notes to Financial Statements.

------

**PERPETUAL AMERICAS FUNDS TRUST**

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

**March 31, 2025 (Unaudited)**

------

Prior to and at the December 12-13, 2024 meeting of the Board of Trustees (the "Board"), the Board requested, and JOHCM (USA) Inc d/b/a Perpetual Americas Funds Services (the "Adviser") provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Adviser to the JOHCM Emerging Markets Discovery Fund, JOHCM Emerging Markets Opportunities Fund, JOHCM Global Select Fund, JOHCM International Opportunities Fund, and JOHCM International Select Fund (the "Funds"); (ii) the investment performance of the Funds, including the performance of the each Fund's predecessor fund, as applicable<sup>1</sup>; (iii) the costs of the services provided and the profits realized by the Adviser from its relationship with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds' potential shareholders. The Trustees were assisted in their evaluation of the Investment Advisory Agreement (the "Advisory Agreement") by independent legal counsel, from whom they received assistance and advice, including a review of the legal standards applicable to the consideration of advisory arrangements, and with whom they met separately from management. In reviewing the Advisory Agreement, the Trustees, including all the Independent Trustees, considered the following and other factors with respect to the Funds:

*Nature, Extent and Quality of the Services*

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

*Performance and Profits*

The Trustees reviewed performance information for the Funds, including each Fund's one-year, three-year, five-year and ten-year periods (as available) ended on October 31, 2024. The Board considered a report prepared by an industry standard independent service provider, FUSE Research Network LLC (the "FUSE Report"), which presented comparisons of investment performance, expenses and fees of the Funds relative to their investment categories, competitor fund groups and broader benchmarks. The Trustees also reviewed and considered profitability analyses for the Funds prepared by the Adviser on a consolidated basis included in the Board Materials. The analyses included details on income, direct expenses, staff costs, overhead, taxes, distribution related expenses and operating profit/loss. As part of the review of the profitability analyses, the Trustees also considered information provided by the Adviser related to its operating margin versus that of other investment advisers. The Trustees noted that, based on the information provided, the profits realized and/or to be realized were not excessive. Finally, the Trustees discussed potential adverse impacts to overall profitability as a result of current market conditions.

With respect to the JOHCM Emerging Markets Discovery Fund, the Board noted that the Fund's Contractual Management Fee<sup>2</sup> ranked five out of 12 among the Fund's Expense Group. The Board further noted that the Fund's Contractual Management Fee was 1.05% compared to a median Contractual Management Fee of 1.15% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 12 amongst the Fund's Expense Group and 116 out of 141 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 1.24% compared to a median total expense of 1.29% for the Expense Group and 1.08% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 71 out of 141, 15 out of 127, and 3 out of 117 among the Fund's Performance Universe over the one-, three-, and five-year periods ended October 31, 2024, respectively. The Fund's returns were 23.08%, 3.13%, and 10.79% compared to a median return of the Performance Universe of 23.08%, - 2.65%, and 4.35% over the one-, three-, and five-year periods ended October 31, 2024, respectively.

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

<sup>2</sup> FUSE's Contractual Management Fees (referred to as "Contractual Advisory Fees" in the FUSE report) reflect effective advisory fees calculated using a common asset level and then apply each fund's contractual fee schedule at that asset level. FUSE recommends that more weight and consideration be place on contractual advisory fees for comparison to peer funds.

------

**PERPETUAL AMERICAS FUNDS TRUST**

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

**March 31, 2025 (Unaudited)**

------

Turning to the JOHCM Emerging Markets Opportunities Fund, the Board noted that the Fund's Contractual Management Fee tied with one other fund to rank three out of 13 among the Fund's Expense Group. The Board further noted that the Fund's Contractual Management Fee was 0.90% compared to a median Contractual Management Fee of 1.00% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked five out of 13 among the Fund's Expense Group and 59 out of 141 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 1.04% compared to a median total expense of 1.11% for the Expense Group and 1.08% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 68 out of 141, 30 out of 127, 58 out of 117, and 36 out of 87 among the Fund's Performance Universe over the one-, three-, five- and ten-year periods ended October 31, 2024, respectively. The Fund's returns were 23.39%, 0.39%, 4.37% and 3.88% compared to a median return of the Performance Universe of 23.21%, - 2.65%, 4.35% and 3.35% over the one-, three-, five- and ten-year periods ended October 31, 2024, respectively.

With respect to the JOHCM Global Select Fund, the Board noted that the Fund's Contractual Management Fee tied with one other fund to rank 12 out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Contractual Management Fee was 0.89% compared to a median Contractual Management Fee of 0.80% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked eight out of 14 among the Fund's Expense Group and 48 out of 67 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.98% compared to a median total expense of 0.97% for the Expense Group and 0.93% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 23 out of 67, 57 out of 64, 43 out of 56, and 32 out of 32 among the Fund's Performance Universe over the one-, three-, five- and ten-year periods ended October 31, 2024, respectively. The Fund's returns were 36.61%, - 3.21%, 9.18% and 7.04% compared to a median return of the Performance Universe of 33.07%, 1.68%, 11.38% and 9.76% over the one-, three-, five- and ten-year periods ended October 31, 2024, respectively.

The Board noted that regarding the JOHCM International Opportunities Fund's Contractual Management Fee, the Fund tied with three other funds to rank nine out of 14 among the Fund's Expense Group. The Board further noted that the Fund's Contractual Management Fee was 0.75% compared to a median Contractual Management Fee of 0.72% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked one out of 14 among the Fund's Expense Group and three out of 109 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.50% compared to a median total expense of 0.88% for the Expense Group and 0.86% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 34 out of 108, one out of 99, and 12 out of 93 among the Fund's Performance Universe over the one-, three-, and five-year periods ended October 31, 2024, respectively. The Fund's returns were 23.99%, 8.76%, and 8.24% compared to a median return of the Performance Universe of 22.43%, 1.58%, and 5.97% over the one-, three-, and five-year periods ended October 31, 2024, respectively.

With respect to the JOHCM International Select Fund, the Board noted that the Fund's Contractual Management Fee ranked 12 out of 13 among the Fund's Expense Group. The Board further noted that the Fund's Contractual Management Fee was 0.89% compared to a median Contractual Management Fee of 0.76% for the Expense Group. The Board next considered the Fund's total expenses, after fee waivers and expense reimbursements, and noted that the Fund ranked nine out of 13 among the Fund's Expense Group and 52 out of 66 among the Fund's Expense Universe. The Fund's total expenses, after fee waivers and expense reimbursements, were 0.98% compared to a median total expense of 0.93% for the Expense Group and 0.89% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 53 out of 66, 48 out of 63, 49 out of 59, and 32 out of 36 among the Fund's Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2024, respectively. The Fund's returns were 21.61%, - 5.18%, 4.58%, and 4.84% compared to a median return of the Performance Universe of 25.14%, - 2.79%, 5.80%, and 5.87% over the one-, three-, five-, and ten-year periods ended October 31, 2024, respectively.

The Board then reviewed the expense caps that were in place for each of the Funds and noted that the Adviser had contractually agreed to waive fees and or reimburse expenses to limit total annual fund operating expenses through February 1, 2026. After considering the comparative data, as described above, and as provided in the Board Materials, the Board concluded that the advisory fees and expense ratios were reasonable.

------

**PERPETUAL AMERICAS FUNDS TRUST**

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

**March 31, 2025 (Unaudited)**

------

*Economies of Scale*

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

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

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(This page has been intentionally left blank)

------

**Investment Adviser**

JOHCM (USA) Inc

1 Congress Street, Suite 3101

Boston, Massachusetts 02114

**Custodian**

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, Illinois 60606

**Legal Counsel**

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, Massachusetts 02199

**Distributor**

Perpetual Americas Funds Distributors, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**For Additional Information, call**

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

PAFT 03/25

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included as part of the Financial Statements under Item 7 of this Form N-CSR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

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**Item 19. Exhibits.**

(a)(1) Not applicable - only for annual reports

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) are filed herewith.](Exhibit_a3.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) is filed herewith.](Exhibit_b.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Perpetual Americas Funds Trust

---

| | |
|:---|:---|
| By:  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By:  | /s/ Jonathan Weitz  |
|  | Jonathan Weitz  |
|  | President and Principal Executive Officer  |
| Date:  | June 3, 2025  |

---

---

| | |
|:---|:---|
| By:  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |
| Date:  | June 3, 2025  |

---

------

## Ex-99.Cert

#### Certification
I, Jonathan Weitz, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Jonathan Weitz  |
|  | Jonathan Weitz  |
|  | President and Principal Executive Officer  |

---

I, Troy Sheets, certify that:

1. I have reviewed this report on Form N-CSR of the Perpetual Americas Funds Trust (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

------

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 3, 2025  | /s/ Troy Sheets  |
|  | Troy Sheets  |
|  | Treasurer and Principal Financial Officer  |

---

------

## Exhibit 99.906

#### Certification
This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of the Perpetual Americas Funds Trust (the "registrant").

Jonathan Weitz, Principal Executive Officer, and Troy Sheets, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

1. The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.

---

| | |
|:---|:---|
| June 3, 2025  | June 3, 2025  |
| Date  | Date  |
| /s/ Jonathan Weitz  | /s/ Troy Sheets  |
| Jonathan Weitz  | Troy Sheets  |
| President and Principal Executive Officer  | Treasurer and Principal Financial Officer  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

------