# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-26-000489
**Filing Date:** 2026-2
**Character Count:** 59168
**Document Hash:** ae49ea241eb0891f982b4accf9fd9fb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-26-000489.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0002066578-26-000489

**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:** 26679087

**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

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

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

## Nport-Ex

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY 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 | 98.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apparel & Textile Products | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton S.E. |  | 9980 | &nbsp;&nbsp; $7564881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Management Corp. - Class A |  | 37777 | &nbsp;&nbsp; 6105897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. |  | 14885 | &nbsp;&nbsp; 5316475 |
|  |  |  | &nbsp;&nbsp; 11422372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. - Class H |  | 445240 | &nbsp;&nbsp; 5454872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. |  | 179242 | &nbsp;&nbsp; 3849598 |
|  |  |  | &nbsp;&nbsp; 9304470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 7.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  | 140280 | &nbsp;&nbsp; 7715400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credicorp Ltd. |  | 22961 | &nbsp;&nbsp; 6589807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA |  | 243153 | &nbsp;&nbsp; 6774432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de C.V., Series O |  | 468164 | &nbsp;&nbsp; 4340152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. - ADR |  | 171699 | &nbsp;&nbsp; 6273881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KBC Group N.V. |  | 68544 | &nbsp;&nbsp; 8961512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group (The), Inc. |  | 45305 | &nbsp;&nbsp; 9456513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Mitsui Trust Group, Inc. |  | 154658 | &nbsp;&nbsp; 4713182 |
|  |  |  | &nbsp;&nbsp; 54824879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & Pharmaceuticals | 6.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC |  | 59977 | &nbsp;&nbsp; 11148664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. |  | 55160 | &nbsp;&nbsp; 6770338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. |  | 72017 | &nbsp;&nbsp; 7580509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S - Class B |  | 110042 | &nbsp;&nbsp; 5581163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roche Holding A.G. (Genusschein) |  | 15456 | &nbsp;&nbsp; 6382869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.<sup>(a)</sup> <br>|  | 24800 | &nbsp;&nbsp; 11243328 |
|  |  |  | &nbsp;&nbsp; 48706871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 2.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Liquide S.A. |  | 45864 | &nbsp;&nbsp; 8637914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. |  | 30576 | &nbsp;&nbsp; 8026812 |
|  |  |  | &nbsp;&nbsp; 16664726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brambles Ltd. |  | 255391 | &nbsp;&nbsp; 3913192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC |  | 187602 | &nbsp;&nbsp; 5978039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recruit Holdings Co. Ltd. |  | 74648 | &nbsp;&nbsp; 4194589 |
|  |  |  | &nbsp;&nbsp; 14085820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sika A.G. - REG |  | 22961 | &nbsp;&nbsp; 4661669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Industrials | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens A.G. - REG |  | 36401 | &nbsp;&nbsp; 10195069 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Commerce Discretionary | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre, Inc.<sup>(a)</sup> <br>|  | 4703 | &nbsp;&nbsp; 9473065 |

---

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terna - Rete Elettrica Nazionale |  | 584195 | &nbsp;&nbsp; $6215078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy AB - Class B |  | 171921 | &nbsp;&nbsp; 6641455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. |  | 70992 | &nbsp;&nbsp; 7081975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric S.E. |  | 20664 | &nbsp;&nbsp; 5704391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC |  | 19096 | &nbsp;&nbsp; 7432163 |
|  |  |  | &nbsp;&nbsp; 26859984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc. |  | 10205 | &nbsp;&nbsp; 4307122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment Content | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>(a)</sup> <br>|  | 91840 | &nbsp;&nbsp; 8610918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC - Class A |  | 73696 | &nbsp;&nbsp; 6755389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non Voting) |  | 85008 | &nbsp;&nbsp; 5789895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. - REG |  | 93296 | &nbsp;&nbsp; 9260479 |
|  |  |  | &nbsp;&nbsp; 21805763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas & Water Utilities | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. |  | 58967 | &nbsp;&nbsp; 7695194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. |  | 21841 | &nbsp;&nbsp; 7656363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Construction | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Daiwa House Industry Co. Ltd. |  | 118386 | &nbsp;&nbsp; 3932643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 3.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC |  | 1544837 | &nbsp;&nbsp; 7804698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; L'Oreal S.A. |  | 21841 | &nbsp;&nbsp; 9409722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC |  | 170788 | &nbsp;&nbsp; 11179551 |
|  |  |  | &nbsp;&nbsp; 28393971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Support Services | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc. |  | 7384 | &nbsp;&nbsp; 5976019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon (The) Corp. |  | 87619 | &nbsp;&nbsp; 10171690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. |  | 63786 | &nbsp;&nbsp; 10330780 |
|  |  |  | &nbsp;&nbsp; 20502470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. |  | 585598 | &nbsp;&nbsp; 6011960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allianz S.E. - REG |  | 23017 | &nbsp;&nbsp; 10642539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aviva PLC |  | 379683 | &nbsp;&nbsp; 3502716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travelers (The) Cos., Inc. |  | 22345 | &nbsp;&nbsp; 6481391 |
|  |  |  | &nbsp;&nbsp; 26638606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Media & Services | 7.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. - Class A |  | 149077 | &nbsp;&nbsp; 46661101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spotify Technology S.A.<sup>(a)</sup> <br>|  | 13607 | &nbsp;&nbsp; 7901721 |
|  |  |  | &nbsp;&nbsp; 54562822 |

---

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>(a)</sup> <br>|  | 130760 | &nbsp;&nbsp; $4838120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. - Class A |  | 23632 | &nbsp;&nbsp; 7331592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. |  | 47936 | &nbsp;&nbsp; 4036690 |
|  |  |  | &nbsp;&nbsp; 16206402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlas Copco AB - Class A |  | 307441 | &nbsp;&nbsp; 5473243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. |  | 12599 | &nbsp;&nbsp; 5865716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. |  | 121578 | &nbsp;&nbsp; 4940040 |
|  |  |  | &nbsp;&nbsp; 16278999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Equipment & Devices | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cochlear Ltd. |  | 28561 | &nbsp;&nbsp; 4968228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hoya Corp. |  | 39201 | &nbsp;&nbsp; 5945600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. |  | 13384 | &nbsp;&nbsp; 4704074 |
|  |  |  | &nbsp;&nbsp; 15617902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. |  | 23241 | &nbsp;&nbsp; 4080422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. |  | 63450 | &nbsp;&nbsp; 8100027 |
|  |  |  | &nbsp;&nbsp; 12180449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Services | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>|  | 20608 | &nbsp;&nbsp; 6933974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renewable Energy | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.<sup>(a)</sup> <br>|  | 40264 | &nbsp;&nbsp; 10518165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Consumer Staples | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. |  | 3472 | &nbsp;&nbsp; 2994044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Target Corp. |  | 66696 | &nbsp;&nbsp; 6519534 |
|  |  |  | &nbsp;&nbsp; 9513578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 4.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. |  | 30632 | &nbsp;&nbsp; 6858337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Depot (The), Inc. |  | 16390 | &nbsp;&nbsp; 5639799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. |  | 107913 | &nbsp;&nbsp; 7145003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.<sup>(a)</sup> <br>|  | 19600 | &nbsp;&nbsp; 4073076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TJX (The) Cos., Inc. |  | 59463 | &nbsp;&nbsp; 9134112 |
|  |  |  | &nbsp;&nbsp; 32850327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | 11.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. |  | 29904 | &nbsp;&nbsp; 7685029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding N.V. |  | 8400 | &nbsp;&nbsp; 9095767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies A.G. |  | 299451 | &nbsp;&nbsp; 13065337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. |  | 227366 | &nbsp;&nbsp; 42403759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |  | 39751 | &nbsp;&nbsp; 12079931 |
|  |  |  | &nbsp;&nbsp; 84329823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 10.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>(a)</sup> <br>|  | 27160 | &nbsp;&nbsp; 8489673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. |  | 12428 | &nbsp;&nbsp; 8232556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. |  | 84505 | &nbsp;&nbsp; 40868308 |

---

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG GLOBAL EQUITY 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; Palo Alto Networks, Inc.<sup>(a)</sup> <br>|  | 46466 | &nbsp;&nbsp; $8559037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SAP S.E. |  | 18761 | &nbsp;&nbsp; 4558333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>(a)</sup> <br>|  | 75015 | &nbsp;&nbsp; 11491548 |
|  |  |  | &nbsp;&nbsp; 82199455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. - Class A |  | 49224 | &nbsp;&nbsp; 17263349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. |  | 95089 | &nbsp;&nbsp; 25850896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. |  | 65800 | &nbsp;&nbsp; 5068574 |
|  |  |  | &nbsp;&nbsp; 30919470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. |  | 21280 | &nbsp;&nbsp; 4922490 |
| TOTAL COMMON STOCKS (Cost $513,696,897) |  |  | &nbsp;&nbsp; 749795158 |
| SHORT-TERM INVESTMENTS | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(b)</sup> <br>|  | 8248223 | &nbsp;&nbsp; 8248223 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $8,248,223) |  |  | &nbsp;&nbsp; 8248223 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $521,945,120)<br>| 99.6<br> %<br>|  | &nbsp;&nbsp; 758043381 |
| NET OTHER ASSETS (LIABILITIES) | 0.4<br> %<br>|  | &nbsp;&nbsp; 2830741 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $760874122 |

---

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

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

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

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

At December 31, 2025 the Fund's investments were concentrated in the following countries:

---

| | |
|:---|:---|
| **Country Allocation** | **Percentage**<br> **of Net Assets**<br>|
| United States  | 62.4% |
| United Kingdom  | &nbsp;&nbsp; 5.3  |
| Germany  | &nbsp;&nbsp; 5.0  |
| France  | &nbsp;&nbsp; 4.0  |
| Japan  | &nbsp;&nbsp; 3.6  |
| Switzerland  | &nbsp;&nbsp; 2.6  |
| All other countries less than 2%  | 16.7  |
| Total | &nbsp;&nbsp; 99.6% |

---

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP 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 | 98.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. |  | 6139 | &nbsp;&nbsp; $453672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apparel & Textile Products | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.<sup>(a)</sup> <br>|  | 4950 | &nbsp;&nbsp; 513166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. |  | 1313 | &nbsp;&nbsp; 468964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc. - Class A |  | 5794 | &nbsp;&nbsp; 371801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. |  | 3601 | &nbsp;&nbsp; 450917 |
|  |  |  | &nbsp;&nbsp; 1291682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 7.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. |  | 8579 | &nbsp;&nbsp; 964194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp |  | 8798 | &nbsp;&nbsp; 411834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. |  | 12927 | &nbsp;&nbsp; 813626 |
|  |  |  | &nbsp;&nbsp; 2189654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 4.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. |  | 1600 | &nbsp;&nbsp; 291008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.<sup>(a)</sup> <br>|  | 7746 | &nbsp;&nbsp; 458408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.<sup>(a)</sup> <br>|  | 2351 | &nbsp;&nbsp; 215281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. |  | 2925 | &nbsp;&nbsp; 274804 |
|  |  |  | &nbsp;&nbsp; 1239501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 0.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.<sup>(a)</sup> <br>|  | 6516 | &nbsp;&nbsp; 228581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>(a)</sup> <br>|  | 4356 | &nbsp;&nbsp; 441698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. |  | 2747 | &nbsp;&nbsp; 335024 |
| &nbsp;&nbsp;&nbsp;&nbsp; E-Commerce Discretionary | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.<sup>(a)</sup> <br>|  | 5132 | &nbsp;&nbsp; 284518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 2.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. |  | 4401 | &nbsp;&nbsp; 307762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. |  | 3749 | &nbsp;&nbsp; 414152 |
|  |  |  | &nbsp;&nbsp; 721914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 5.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC |  | 2074 | &nbsp;&nbsp; 330222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. |  | 1318 | &nbsp;&nbsp; 229873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC |  | 3902 | &nbsp;&nbsp; 397887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>(a)</sup> <br>|  | 7400 | &nbsp;&nbsp; 579790 |
|  |  |  | &nbsp;&nbsp; 1537772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.<sup>(a)</sup> <br>|  | 2662 | &nbsp;&nbsp; 581647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. |  | 9508 | &nbsp;&nbsp; 318898 |
|  |  |  | &nbsp;&nbsp; 900545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.<sup>(a)</sup> <br>|  | 4875 | &nbsp;&nbsp; 175500 |

---

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP 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; Lamb Weston Holdings, Inc. |  | 6189 | &nbsp;&nbsp; $259257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non Voting) |  | 6713 | &nbsp;&nbsp; 457223 |
|  |  |  | &nbsp;&nbsp; 891980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 4.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. |  | 4816 | &nbsp;&nbsp; 511170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICON PLC<sup>(a)</sup> <br>|  | 2559 | &nbsp;&nbsp; 466301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. |  | 1882 | &nbsp;&nbsp; 326584 |
|  |  |  | &nbsp;&nbsp; 1304055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 0.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.<sup>(a)</sup> <br>|  | 2979 | &nbsp;&nbsp; 226523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Intermediate Products | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. |  | 1715 | &nbsp;&nbsp; 689979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 4.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group (The), Inc. |  | 2608 | &nbsp;&nbsp; 476664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.<sup>(a)</sup> <br>|  | 2089 | &nbsp;&nbsp; 281514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. |  | 2307 | &nbsp;&nbsp; 469382 |
|  |  |  | &nbsp;&nbsp; 1227560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 3.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cava Group, Inc.<sup>(a)</sup> <br>|  | 3384 | &nbsp;&nbsp; 198607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. |  | 1241 | &nbsp;&nbsp; 517274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC - ADR |  | 3369 | &nbsp;&nbsp; 474456 |
|  |  |  | &nbsp;&nbsp; 1190337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 4.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. |  | 3013 | &nbsp;&nbsp; 722035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middleby (The) Corp.<sup>(a)</sup> <br>|  | 1689 | &nbsp;&nbsp; 251104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. |  | 2781 | &nbsp;&nbsp; 445349 |
|  |  |  | &nbsp;&nbsp; 1418488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Equipment & Devices | 8.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.<sup>(a)</sup> <br>|  | 3650 | &nbsp;&nbsp; 370694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.<sup>(a)</sup> <br>|  | 7360 | &nbsp;&nbsp; 648710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.<sup>(a)</sup> <br>|  | 9722 | &nbsp;&nbsp; 440407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.<sup>(a)</sup> <br>|  | 1452 | &nbsp;&nbsp; 451441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.<sup>(a)</sup> <br>|  | 2411 | &nbsp;&nbsp; 293298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.<sup>(a)</sup> <br>|  | 885 | &nbsp;&nbsp; 336150 |
|  |  |  | &nbsp;&nbsp; 2540700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty Formula One - Class C<sup>(a)</sup> <br>|  | 2910 | &nbsp;&nbsp; 286664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Times (The) Co. - Class A |  | 10461 | &nbsp;&nbsp; 726203 |
|  |  |  | &nbsp;&nbsp; 1012867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 4.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust |  | 1971 | &nbsp;&nbsp; 216968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CubeSmart |  | 6199 | &nbsp;&nbsp; 223474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. |  | 2327 | &nbsp;&nbsp; 414532 |

---

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP 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; Federal Realty Investment Trust |  | 2657 | &nbsp;&nbsp; $267825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co. - Class A |  | 1798 | &nbsp;&nbsp; 227591 |
|  |  |  | &nbsp;&nbsp; 1350390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Services | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>(a)</sup> <br>|  | 2060 | &nbsp;&nbsp; 693128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renewable Energy | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.<sup>(a)</sup> <br>|  | 2272 | &nbsp;&nbsp; 593515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc. - Class A<sup>(a)</sup> <br>|  | 3295 | &nbsp;&nbsp; 287027 |
|  |  |  | &nbsp;&nbsp; 880542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Consumer Staples | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> <br>|  | 5282 | &nbsp;&nbsp; 475538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 4.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>(a)</sup> <br>|  | 2149 | &nbsp;&nbsp; 620739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.<sup>(a)</sup> <br>|  | 3211 | &nbsp;&nbsp; 195646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.<sup>(a)</sup> <br>|  | 692 | &nbsp;&nbsp; 418667 |
|  |  |  | &nbsp;&nbsp; 1235052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.<sup>(a)</sup> <br>|  | 11692 | &nbsp;&nbsp; 308435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.<sup>(a)</sup> <br>|  | 2030 | &nbsp;&nbsp; 716976 |
|  |  |  | &nbsp;&nbsp; 1025411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 7.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.<sup>(a)</sup> <br>|  | 1522 | &nbsp;&nbsp; 678903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>(a)</sup> <br>|  | 11747 | &nbsp;&nbsp; 509115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>(a)</sup> <br>|  | 3067 | &nbsp;&nbsp; 467718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.<sup>(a)</sup> <br>|  | 1477 | &nbsp;&nbsp; 257308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc.<sup>(a)</sup> <br>|  | 6831 | &nbsp;&nbsp; 224057 |
|  |  |  | &nbsp;&nbsp; 2137101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 2.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. |  | 8723 | &nbsp;&nbsp; 395065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. |  | 2396 | &nbsp;&nbsp; 437222 |
|  |  |  | &nbsp;&nbsp; 832287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. |  | 3048 | &nbsp;&nbsp; 592348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. |  | 1733 | &nbsp;&nbsp; 369909 |
| TOTAL COMMON STOCKS (Cost $25,568,335) |  |  | &nbsp;&nbsp; 30231922 |
| SHORT-TERM INVESTMENTS | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 3.63%<sup>(b)</sup> <br>|  | 461205 | &nbsp;&nbsp; 461205 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $461,205) |  |  | &nbsp;&nbsp; 461205 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $26,029,540)<br>| 100.0<br> %<br>|  | &nbsp;&nbsp; 30693127 |
| NET OTHER ASSETS (LIABILITIES) | (0.0 %)<sup>(c)</sup><br>|  | &nbsp;&nbsp; (8800)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $30684327 |

---

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

------

**TRILLIUM MUTUAL FUNDS**

**TRILLIUM ESG SMALL/MID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**December 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>7-day current yield as of December 31, 2025 is disclosed. |
| <sup>(c)</sup>Amount rounds to less than 0.05%. |

---

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

Abbreviations: <br> ADR – American Depositary Receipt

At December 31, 2025 the industry sectors (excluding short-term investments) for the Trillium ESG Small/Mid Cap Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Industrials  | 20.0% |
| Financials  | 18.0  |
| Information Technology  | 14.0  |
| Health Care  | 12.6  |
| Consumer Discretionary  | 11.3  |
| Real Estate  | &nbsp;&nbsp; 6.7  |
| Consumer Staples  | &nbsp;&nbsp; 5.8  |
| Materials  | &nbsp;&nbsp; 4.4  |
| Communication Services  | &nbsp;&nbsp; 3.3  |
| Utilities  | &nbsp;&nbsp; 2.4  |
| Total | &nbsp;&nbsp; 98.5% |

---

------

##External\*Document\*Content##0

------

## 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:** Trillium ESG Small/Mid Cap Fund

- **b. EDGAR series identifier (if any):** S000081439

- **c. LEI of Series:** 5493000KWUKJKUFLWM63

**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:** $30715857.04

**Total Liabilities:** $39608.01

**Net Assets:** $30676249.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000244336 | 0.32%                | 1.58%                | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $105991.42                                 |
| Month 2  | $652693.55               | $-93525.59                                 |
| Month 3  | $625639.91               | $-31845.89                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LPL Financial Holdings Inc.                | LPL Financial Holdings Inc. COM USD0.001                      | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      1313 | NS      | $468964.21    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corporation                 | Avery Dennison Corporation COM USD1                           | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |      1600 | NS      | $291008.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc             | BJ Wholesale Club Holdings Inc COM USD0.01                    | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |      5282 | NS      | $475538.46    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextpower Inc.                             | Nextpower Inc. CLASS A COM                                    | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3295 | NS      | $287027.45    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del                     | Liberty Media Corp Del COM LBTY ONE S C                       | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |      2910 | NS      | $286664.10    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corporation                 | Exact Sciences Corporation COM USD0.01                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      3650 | NS      | $370694.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastgroup Properties, Inc.                 | Eastgroup Properties, Inc. COM USD0.0001                      | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      2327 | NS      | $414531.78    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated          | McCormick & Company, Incorporated COM NPV                     | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      6713 | NS      | $457222.43    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                            | First Solar Inc COM STK USD0.001                              | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2272 | NS      | $593514.56    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Bright Horizons Family Solutions Inc Del   | Bright Horizons Family Solutions Inc Del COM USD0.001         | CUSIP: 109194100<br>LEI: 254900BHOU40CFNXWQ75 | Long             | EC               | CORP              | US        |      4356 | NS      | $441698.40    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                            | Ulta Beauty Inc COM STK USD0.01                               | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       692 | NS      | $418666.92    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CAVA Group Inc.                            | CAVA Group Inc. COM                                           | CUSIP: 148929102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3384 | NS      | $198606.96    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America, Incorporated | Reinsurance Group of America, Incorporated COM USD0.01        | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      2307 | NS      | $469382.22    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust            | Federal Realty Investment Trust SH BEN INT NEW                | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      2657 | NS      | $267825.60    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Incorporated            | Jones Lang LaSalle Incorporated COM USD0.01                   | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |      2060 | NS      | $693128.20    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Jack & Associates Inc.               | Henry Jack & Associates Inc. COM USD0.01                      | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      2396 | NS      | $437222.08    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Company, Inc.                         | Trex Company, Inc. COM USD0.01                                | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6516 | NS      | $228581.28    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                      | Camden Property Trust SBI USD0.01                             | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      1971 | NS      | $216967.68    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                | Rogers Corp CAP USD1                                          | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |      2351 | NS      | $215281.07    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corporation                     | CMS Energy Corporation COM USD0.01                            | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |      4401 | NS      | $307761.93    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fifth Third Bancorp                        | Fifth Third Bancorp COM NPV                                   | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      8798 | NS      | $411834.38    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corporation                         | Hexcel Corporation COM USD0.01                                | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |      6139 | NS      | $453672.10    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                               | Omnicell Inc COM USD0.001                                     | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      9722 | NS      | $440406.60    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hanover Insurance Group, Inc.          | The Hanover Insurance Group, Inc. COM USD0.01                 | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      2608 | NS      | $476664.16    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                              | Dynatrace Inc COM USD0.001                                    | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     11747 | NS      | $509114.98    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. Hunt Transport Services, Inc.        | J. B. Hunt Transport Services, Inc. COM USD0.01               | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               | CORP              | US        |      3048 | NS      | $592348.32    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc.             | Lincoln Electric Holdings Inc. COM NPV                        | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |      3013 | NS      | $722035.32    | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries, Inc.                   | Valmont Industries, Inc. COM USD1                             | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      1715 | NS      | $689978.80    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc.                 | Merit Medical Systems Inc. COM NPV                            | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |      7360 | NS      | $648710.40    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| The New York Times Company                 | The New York Times Company CLASS'A'COM USD0.10                | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     10461 | NS      | $726202.62    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Incorporated             | Quest Diagnostics Incorporated COM USD0.01                    | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      1882 | NS      | $326583.46    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                             | Tetra Tech Inc COM USD0.01                                    | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |      9508 | NS      | $318898.32    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                           | Badger Meter Inc COM USD1                                     | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |      1318 | NS      | $229872.38    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corporation               | Stifel Financial Corporation COM USD0.15                      | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      3601 | NS      | $450917.22    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimble Inc                                | Trimble Inc COM NPV                                           | CUSIP: 896239100<br>LEI: 549300E2MI7NSZFQWS19 | Long             | EC               | CORP              | US        |      7400 | NS      | $579790.00    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensient Technologies Corp                 | Sensient Technologies Corp COM USD0.10                        | CUSIP: 81725T100<br>LEI: CMMZHMFZQG86EI7WZU92 | Long             | EC               | CORP              | US        |      2925 | NS      | $274803.75    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corporation                         | Waters Corporation COM USD0.01                                | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |       885 | NS      | $336149.55    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp.                    | Webster Financial Corp. COM USD0.01                           | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |     12927 | NS      | $813625.38    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Wabtec Corp                                | Wabtec Corp COM USD0.01                                       | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1733 | NS      | $369908.85    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitime Corporation                         | Sitime Corporation COM                                        | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2030 | NS      | $716975.70    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc                   | Allegro MicroSystems Inc COM                                  | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11692 | NS      | $308434.96    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp.                             | Middleby Corp. COM USD0.01                                    | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |      1689 | NS      | $251103.63    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                   | Darling Ingredients, Inc COM USD0.01                          | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      4875 | NS      | $175500.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp.                      | Deckers Outdoor Corp. COM USD0.01                             | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |      4950 | NS      | $513166.50    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominos Pizza Inc.                         | Dominos Pizza Inc. COM USD0.01                                | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      1241 | NS      | $517273.62    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                      | East West Bancorp Inc COM USD0.001                            | CUSIP: 27579R104<br>LEI: 254900O4X656YXFOYB11 | Long             | EC               | CORP              | US        |      8579 | NS      | $964193.81    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                       | Palomar Holdings Inc COM USD0.0001                            | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      2089 | NS      | $281513.64    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc.                     | TransMedics Group Inc. COM NPV                                | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |      2411 | NS      | $293298.15    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group PLC          | InterContinental Hotels Group PLC SPON ADS EACH REP 1 ORD SHS | CUSIP: 45857P806<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |      3369 | NS      | $474456.27    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc                        | StepStone Group Inc COM CL A                                  | CUSIP: 85914M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5794 | NS      | $371800.98    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Company                  | Lamar Advertising Company COM USD0.001 CL A                   | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |      1798 | NS      | $227590.84    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamb Weston Holdings Inc                   | Lamb Weston Holdings Inc COM USD1.00                          | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               | CORP              | US        |      6189 | NS      | $259257.21    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc.                            | MSA Safety Inc. COM NPV                                       | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |      2781 | NS      | $445349.34    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ally Financial Inc.                        | Ally Financial Inc. COM USD0.01                               | CUSIP: 02005N100<br>LEI: 549300JBN1OSM8YNAI90 | Long             | EC               | CORP              | US        |      8723 | NS      | $395064.67    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Institutional Funds               | Northern Institutional Funds TREAS PRT PRMR                   | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    461205 | NS      | $461204.94    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptargroup Inc.                            | Aptargroup Inc. COM USD0.01                                   | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |      2747 | NS      | $335024.12    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc.                    | Ormat Technologies Inc. COM STK USD0.001                      | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      3749 | NS      | $414152.03    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart (Maryland)                       | CubeSmart (Maryland) COM USD0.01                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6199 | NS      | $223473.95    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Inc                                    | PTC Inc COM USD0.01                                           | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      1477 | NS      | $257308.17    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                              | Penumbra Inc. COM USD0.001                                    | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |      1452 | NS      | $451441.32    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NVent Electric PLC                         | NVent Electric PLC COM USD0.01                                | CUSIP: G6700G107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      3902 | NS      | $397886.94    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR Grp Inc                                | MYR Grp Inc COM USD0.01                                       | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               | CORP              | US        |      2662 | NS      | $581647.00    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion PLC                               | Allegion PLC COM USD0.01                                      | CUSIP: G0176J109<br>LEI: 984500560CAC2E6FB757 | Long             | EC               | CORP              | IE        |      2074 | NS      | $330222.28    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingevity Corporation                       | Ingevity Corporation COM USD0.01                              | CUSIP: 45688C107<br>LEI: 5493009UTFC4B5IMGF87 | Long             | EC               | CORP              | US        |      7746 | NS      | $458408.28    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cyberark Software Ltd.                     | Cyberark Software Ltd. COM ILS0.01                            | CUSIP: M2682V108<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |      1522 | NS      | $678903.32    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                     | Burlington Stores Inc. COM USD0.0001                          | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      2149 | NS      | $620738.65    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc                        | Varonis Systems Inc COM USD0.001                              | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      6831 | NS      | $224056.80    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                               | Freshpet Inc COM USD0.001                                     | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |      3211 | NS      | $195646.23    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corporation               | Encompass Health Corporation COM USD0.01                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |      4816 | NS      | $511170.24    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Icon PLC                                   | Icon PLC ORD EUR0.06                                          | CUSIP: G4705A100<br>LEI: 6354008SRQGEMC4XFI67 | Long             | EC               | CORP              | IE        |      2559 | NS      | $466300.98    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation              | Paylocity Holding Corporation COM USD0.001                    | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      3067 | NS      | $467717.50    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                   | Etsy Inc USD0.001                                             | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |      5132 | NS      | $284518.08    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| E L F Beauty Inc                           | E L F Beauty Inc COM USD0.01                                  | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |      2979 | NS      | $226523.16    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

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

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer