# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-000488
**Filing Date:** 2026-2
**Character Count:** 70038
**Document Hash:** 432371d708322f7b0b42b8db46225fda
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000488.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000488

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**PERIOD START**: 20260930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23615
- **FILM NUMBER:** 26679086

**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 International Select Fund (Series ID: S000070686)

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

## Nport-Ex

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

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

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM EMERGING MARKETS OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

Abbreviations: <br> REG – Registered

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL OPPORTUNITIES FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

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

---

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

---

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

---

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

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

------

**PERPETUAL AMERICAS FUNDS TRUST**

**JOHCM INTERNATIONAL SELECT FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

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

---

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

---

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02114

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

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

- **a. Name of Series:** JOHCM International Select Fund

- **b. EDGAR series identifier (if any):** S000070686

- **c. LEI of Series:** 549300JCQ1U6ZIETTK91

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2892757592.25

**Total Liabilities:** $2762493.82

**Net Assets:** $2889995098.43

**Cash Not Reported:** $482342.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000224759 | 0.00%                | 0.64%                | 1.49%                |
| Class ID C000224761 | 0.00%                | 0.64%                | 1.47%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $70934356.23             | $-69707772.45                              |
| Month 2  | $-20371348.46            | $37696864.41                               |
| Month 3  | $53541563.55             | $-8594530.58                               |

### Schedule of Portfolio Investments

| Name                                | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KBC Group NV                        | KBC Group NV NPV                               | CUSIP: B5337G162<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |    460618 | NS      | $60221664.49  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                              | SAP SE ORD NPV                                 | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |    212448 | NS      | $51618184.28  | 1.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab As                           | Genmab As DKK1                                 | CUSIP: K3967W102<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |    171046 | NS      | $53021537.88  | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                              | UCB SA NPV                                     | CUSIP: B93562120<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |    206978 | NS      | $58037200.49  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                          | Siemens AG NPV(REGD)                           | CUSIP: D69671218<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |    216996 | NS      | $60775507.20  | 2.10%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                 | MTU Aero Engines AG NPV (REGD)                 | CUSIP: D5565H104<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |    116300 | NS      | $48209632.66  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd. | Hong Kong Exchanges & Clearing Ltd. NPV        | CUSIP: Y3506N139<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |   1091927 | NS      | $57187023.17  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd.             | DBS Group Holdings Ltd. NPV                    | CUSIP: Y20246107<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |   1388223 | NS      | $60868405.38  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd.             | Singapore Exchange Ltd. NPV                    | CUSIP: Y79946102<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |   4422081 | NS      | $58346424.27  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Resona Holdings Inc.                | Resona Holdings Inc. NPV                       | CUSIP: J6448E106<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |   5848583 | NS      | $55665178.85  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                    | SBI Holdings Inc NPV                           | CUSIP: J6991H100<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |   2552287 | NS      | $55001811.94  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc            | Japan Exchange Group Inc NPV                   | CUSIP: J2740B106<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |   5138192 | NS      | $54842814.86  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd.                        | Hitachi Ltd. NPV                               | CUSIP: J20454112<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |   1722330 | NS      | $54014975.38  | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Organo Corp                         | Organo Corp NPV                                | CUSIP: J61697108<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    613895 | NS      | $50826256.42  | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Steel Works Ltd               | Japan Steel Works Ltd NPV                      | CUSIP: J27743129<br>LEI: 529900AWFTILIHHO0936 | Long             | EC               | CORP              | JP        |   1134279 | NS      | $55861983.92  | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Kajima Corp.                        | Kajima Corp. NPV                               | CUSIP: J29223120<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1401058 | NS      | $52241972.98  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp.                           | NEC Corp. NPV                                  | CUSIP: J48818207<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |   1719562 | NS      | $58182252.30  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                           | Danone SA EUR0.25                              | CUSIP: F12033134<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |    647335 | NS      | $58410244.85  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp.                     | Advantest Corp. NPV                            | CUSIP: J00210104<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |    473717 | NS      | $59900529.72  | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd.        | Northern Star Resources Ltd. NPV               | CUSIP: Q6951U101<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |   3384809 | NS      | $60379124.60  | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Limited              | Teck Resources Limited CLASS'B'SUB-VTG COM NPV | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |   1230632 | NS      | $58915761.70  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                        | Barclays PLC ORD GBP0.25                       | CUSIP: G08036124<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |   9606932 | NS      | $61633932.39  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA  | Millicom International Cellular SA COM USD1.50 | CUSIP: L6388F110<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |    991912 | NS      | $54991601.28  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Chartered PLC              | Standard Chartered PLC ORD USD0.50             | CUSIP: G84228157<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |   2416210 | NS      | $59341275.90  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrica PLC                        | Centrica PLC ORD GBP0.061728395                | CUSIP: G2018Z143<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |  24729478 | NS      | $56517972.42  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds        | Northern Institutional Funds TREAS PRT PRMR    | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |  24606560 | NS      | $24606559.51  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandvik AB                          | Sandvik AB NPV                                 | CUSIP: W74857165<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |   1913957 | NS      | $61822901.01  | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp.                           | IHI Corp. NPV                                  | CUSIP: J2398N113<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |   3108896 | NS      | $54656239.89  | 1.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisei Corp.                        | Taisei Corp. NPV                               | CUSIP: J79561148<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |    613966 | NS      | $58186123.80  | 2.01%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                             | E.ON SE NPV                                    | CUSIP: D24914133<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |   3166024 | NS      | $59948420.72  | 2.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                    | Roche Holding AG GENUSSCHEINE NPV              | CUSIP: H69293217<br>LEI: 549300U41AUUVOAAOB37 | Long             | EP               | CORP              | CH        |    154527 | NS      | $63815058.00  | 2.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Wheaton Precious Metals Corporation | Wheaton Precious Metals Corporation COM NPV    | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |    500319 | NS      | $58818603.21  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adyen NV                            | Adyen NV EUR0.01                               | CUSIP: N3501V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     34081 | NS      | $55071493.89  | 1.91%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Prosus NV                           | Prosus NV EUR0.05 (N SHARES)                   | CUSIP: N7163R103<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |    867827 | NS      | $53900150.71  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Galderma Group AG                   | Galderma Group AG CHF0.01                      | CUSIP: H3301B107<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |    298995 | NS      | $60885207.12  | 2.11%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Spotify Technology S.A.             | Spotify Technology S.A. COM EUR0.000625        | CUSIP: L8681T102<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |     91213 | NS      | $52968301.23  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                   | Siemens Energy AG NPV                          | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |    434688 | NS      | $60981768.34  | 2.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Mines Ltd.                  | Ivanhoe Mines Ltd. COM NPV CL'A'               | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               | CORP              | CA        |   5448792 | NS      | $61969067.15  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Gold Inc                     | Lundin Gold Inc COM                            | CUSIP: 550371108<br>LEI: 549300ZOV16K515FC525 | Long             | EC               | CORP              | CA        |    723635 | NS      | $61290471.85  | 2.12%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sea Ltd.                            | Sea Ltd. ADS EACH REP ONE CL A SHS             | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |    314166 | NS      | $40078156.62  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG                  | Deutsche Boerse AG NPV(REGD)                   | CUSIP: D1882G119<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |    200500 | NS      | $52695694.54  | 1.82%             |  |  |  | No            |                  2 | On Loan: No      |
| EURONEXT                            | EURONEXT EUR1.60                               | CUSIP: N3113K397<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |    339901 | NS      | $51129817.42  | 1.77%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Argenx SE                           | Argenx SE EUR0.10                              | CUSIP: N0610Q109<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |     69244 | NS      | $58329999.72  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wise PLC                            | Wise PLC CLS A ORD GBP0.01                     | CUSIP: G97229101<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |   4518660 | NS      | $54270172.07  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Rakuten Bank Ltd.                   | Rakuten Bank Ltd. NPV                          | CUSIP: J6S87A100<br>LEI: 3538007HFAF2NOCBUE44 | Long             | EC               | CORP              | JP        |   1220305 | NS      | $53875128.43  | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC            | Rolls-Royce Holdings PLC ORD GBP0.20           | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |   3799590 | NS      | $58899065.76  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                        | UBS Group AG USD0.10 (REGD)                    | CUSIP: H42097107<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |   1365869 | NS      | $63068458.19  | 2.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Comercial Portugues, S.A.     | Banco Comercial Portugues, S.A. NPV            | CUSIP: X03188319<br>LEI: JU1U6S0DG9YLT7N8ZV32 | Long             | EC               | CORP              | PT        |  60440545 | NS      | $63656849.59  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| National Grid PLC                   | National Grid PLC ORD GBP0.12431289            | CUSIP: G6S9A7120<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |   3871144 | NS      | $59564715.57  | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                     | Sandoz Group AG CHF0.05                        | CUSIP: H7140B103<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |    818434 | NS      | $59423364.20  | 2.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Unilever PLC                        | Unilever PLC ORD GBP0.035                      | CUSIP: G92087348<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |    849474 | NS      | $55643636.80  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer