# EDGAR Filing Document

**Accession Number:** 0001830437
**File Stem:** 0002066578-25-000203
**Filing Date:** 2025-8
**Character Count:** 93335
**Document Hash:** 8a9c09fa24e2504e3021262a5988a1d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002066578-25-000203.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002066578-25-000203

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**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:** 251253950

**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

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000231393 | Class Z Shares       |  |
| C000231394 | Investor Shares      |  |
| C000231395 | Institutional Shares | TSWHX           |
| C000231396 | Advisor Shares       |  |

## Nport-Ex

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 49.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/28<sup>(a)</sup> <br>|  | $500000 | &nbsp;&nbsp; $510570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/31/33<sup>(a)</sup> <br>|  | 625000 | &nbsp;&nbsp; 625567 |
|  |  |  | &nbsp;&nbsp; 1136137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 3.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc.<br> 4.80%, 07/27/26<br>|  | 1000000 | &nbsp;&nbsp; 998509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ares Capital Corp.<br> 7.00%, 01/15/27<br>|  | 150000 | &nbsp;&nbsp; 154768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp.<br> 5.80%, 03/15/30<br>|  | 250000 | &nbsp;&nbsp; 250407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab (The) Corp.<br> (Variable, U.S. SOFR + 2.21%)<br> 5.64%, 05/19/29<sup>(b)</sup> <br>|  | 175000 | &nbsp;&nbsp; 181390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 330000 | &nbsp;&nbsp; 344594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Group Diversified Holdings LLC<br> 5.00%, 01/15/32<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 42298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp.<br> 6.88%, 08/15/29<br>|  | 200000 | &nbsp;&nbsp; 205096 |
|  |  |  | &nbsp;&nbsp; 2177062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automotive | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co.<br> 5.40%, 10/15/29<br>|  | 100000 | &nbsp;&nbsp; 102097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp.<br> (Variable, U.S. SOFR + 1.91%)<br> 5.43%, 08/15/35<sup>(b)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNB Corp.<br> (Variable, U.S. SOFR Compounded Index + 1.93%)<br> 5.72%, 12/11/30<sup>(b)</sup> <br>|  | 730000 | &nbsp;&nbsp; 734134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br> 3.20%, 06/15/26<br>|  | 300000 | &nbsp;&nbsp; 297124 |
|  |  |  | &nbsp;&nbsp; 1106236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology & Pharmaceuticals | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc.<br> 2.95%, 11/21/26<br>|  | 350000 | &nbsp;&nbsp; 344200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Goods | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc.<br> 5.00%, 10/03/34<br>|  | 500000 | &nbsp;&nbsp; 496221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co.<br> 4.60%, 09/01/29<br>|  | 400000 | &nbsp;&nbsp; 399077 |
|  |  |  | &nbsp;&nbsp; 895298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 0.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 250000 | &nbsp;&nbsp; 264682 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | $450000 | &nbsp;&nbsp; $462744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Non-Cyclical | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.<br> 5.00%, 12/15/34<br>|  | 200000 | &nbsp;&nbsp; 199021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 0.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 480091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S.<br> 6.13%, 02/01/28<sup>(a)</sup> <br>|  | 600000 | &nbsp;&nbsp; 608797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Industrials | 0.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br> 4.20%, 11/21/34<br>|  | 200000 | &nbsp;&nbsp; 190475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 3.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Carolinas LLC<br> 4.85%, 01/15/34<br>|  | 250000 | &nbsp;&nbsp; 249608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Co. of Oklahoma,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/35 |  | 500000 | &nbsp;&nbsp; 499099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/15/36 |  | 1000000 | &nbsp;&nbsp; 1007148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern (The) Co.<br> 3.70%, 04/30/30<br>|  | 400000 | &nbsp;&nbsp; 386837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC<br> 5.70%, 12/30/34<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 254575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Electric Power Co.<br> 4.60%, 10/01/34<br>|  | 200000 | &nbsp;&nbsp; 197740 |
|  |  |  | &nbsp;&nbsp; 2595007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc.<br> 3.15%, 08/15/27<br>|  | 150000 | &nbsp;&nbsp; 146399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.<br> 4.95%, 10/15/34<br>|  | 500000 | &nbsp;&nbsp; 494324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp.<br> 5.13%, 11/19/31<br>|  | 475000 | &nbsp;&nbsp; 489125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/29<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 155875 |
|  |  |  | &nbsp;&nbsp; 1542931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quanta Services, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/27 |  | 200000 | &nbsp;&nbsp; 201678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/09/34 |  | 165000 | &nbsp;&nbsp; 167021 |
|  |  |  | &nbsp;&nbsp; 368699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment Content | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<br> 4.90%, 08/15/34<br>|  | 400000 | &nbsp;&nbsp; 407750 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.<br> 6.50%, 02/09/40<br>|  | $500000 | &nbsp;&nbsp; $533682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 302735 |
|  |  |  | &nbsp;&nbsp; 836417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas & Water Utilities | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Water Capital Corp.<br> 2.95%, 09/01/27<br>|  | 200000 | &nbsp;&nbsp; 194941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp.<br> 5.20%, 08/15/35<br>|  | 410000 | &nbsp;&nbsp; 414793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co.<br> 5.95%, 03/15/35<br>|  | 500000 | &nbsp;&nbsp; 511082 |
|  |  |  | &nbsp;&nbsp; 1120816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 3.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 207236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc.<br> 4.95%, 11/01/31<br>|  | 1000000 | &nbsp;&nbsp; 1013982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings<br> 4.80%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 244398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc.<br> 5.15%, 07/15/34<br>|  | 730000 | &nbsp;&nbsp; 737371 |
|  |  |  | &nbsp;&nbsp; 2406567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Support Services | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc.<br> 5.55%, 05/30/33<sup>(a)</sup> <br>|  | 500000 | &nbsp;&nbsp; 504963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br> 5.50%, 07/15/27<sup>(a)</sup> <br>|  | 1000000 | &nbsp;&nbsp; 1000090 |
|  |  |  | &nbsp;&nbsp; 1505053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group (The), Inc.<br> 3.85%, 01/26/27<br>|  | 900000 | &nbsp;&nbsp; 894018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley<br> 3.95%, 04/23/27<br>|  | 200000 | &nbsp;&nbsp; 198744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 52412 |
|  |  |  | &nbsp;&nbsp; 1145174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 2.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc.<br> 5.13%, 03/27/33<br>|  | 900000 | &nbsp;&nbsp; 914990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Financial Life Global Funding<br> 5.00%, 03/27/30<sup>(a)</sup> <br>|  | 700000 | &nbsp;&nbsp; 710451 |
|  |  |  | &nbsp;&nbsp; 1625441 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Media & Services | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc.<br> 3.25%, 02/15/30<br>|  | $75000 | &nbsp;&nbsp; $70750 |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 2.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp.<br> 5.70%, 02/10/55<br>|  | 750000 | &nbsp;&nbsp; 741638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leidos, Inc.<br> 5.50%, 03/15/35<br>|  | 1000000 | &nbsp;&nbsp; 1015245 |
|  |  |  | &nbsp;&nbsp; 1756883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp.<br> 3.50%, 03/01/27<br>|  | 400000 | &nbsp;&nbsp; 395376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 0.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc.<br> 5.70%, 08/14/33<br>|  | 400000 | &nbsp;&nbsp; 418880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Supply Chain | 5.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | 325000 | &nbsp;&nbsp; 334233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc.<br> 5.85%, 06/01/35<br>|  | 500000 | &nbsp;&nbsp; 518292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX L.P.<br> 5.40%, 04/01/35<br>|  | 1250000 | &nbsp;&nbsp; 1241021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 500000 | &nbsp;&nbsp; 476695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK Partners L.P.<br> 6.85%, 10/15/37<br>|  | 225000 | &nbsp;&nbsp; 246235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 194531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P.<br> 7.25%, 05/01/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 419993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257938 |
|  |  |  | &nbsp;&nbsp; 3688938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | 825000 | &nbsp;&nbsp; 803596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust L.P.<br> 6.15%, 10/01/34<br>|  | 250000 | &nbsp;&nbsp; 249833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp.<br> 4.85%, 03/15/30<br>|  | 250000 | &nbsp;&nbsp; 254469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ventas Realty L.P.<br> 3.00%, 01/15/30<br>|  | 100000 | &nbsp;&nbsp; 93845 |
|  |  |  | &nbsp;&nbsp; 598147 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | $455000 | &nbsp;&nbsp; $471895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co.<br> 4.95%, 08/15/29<br>|  | 275000 | &nbsp;&nbsp; 279216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc.<br> 3.10%, 05/03/27<br>|  | 400000 | &nbsp;&nbsp; 392285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC<br> 5.88%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 49487 |
|  |  |  | &nbsp;&nbsp; 1192883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd.<br> 3.88%, 01/15/27<br>|  | 300000 | &nbsp;&nbsp; 297923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.<br> 4.55%, 02/15/32<br>|  | 500000 | &nbsp;&nbsp; 495374 |
|  |  |  | &nbsp;&nbsp; 793297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp.<br> 4.90%, 02/06/33<br>|  | 400000 | &nbsp;&nbsp; 401070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.<br> 4.50%, 10/15/29<br>|  | 400000 | &nbsp;&nbsp; 400795 |
|  |  |  | &nbsp;&nbsp; 955215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC<br> 9.25%, 07/01/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 210492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp.<br> (Variable, U.S. SOFR + 2.04%)<br> 6.18%, 01/30/36<sup>(b)</sup> <br>|  | 700000 | &nbsp;&nbsp; 712633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 400000 | &nbsp;&nbsp; 413011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GATX Corp.<br> 4.00%, 06/30/30<br>|  | 200000 | &nbsp;&nbsp; 194584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 301500 |
|  |  |  | &nbsp;&nbsp; 1832220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.<br> 4.35%, 02/01/30<br>|  | 660000 | &nbsp;&nbsp; 654127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 50000 | &nbsp;&nbsp; 54768 |
|  |  |  | &nbsp;&nbsp; 708895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telecommunications | 1.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc.<br> 2.25%, 11/15/31<br>|  | 1000000 | &nbsp;&nbsp; 867082 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | $50000 | &nbsp;&nbsp; $50885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale - Consumer Staples | 0.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group, Inc.<br> 6.13%, 09/15/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153440 |
| TOTAL CORPORATE BONDS (Cost $35,577,985) |  |  | &nbsp;&nbsp; 35807182 |
| FOREIGN ISSUER BONDS | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 0.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp.<br> 7.75%, 11/15/29 (Canada)<br>|  | 50000 | &nbsp;&nbsp; 52528 |
| TOTAL FOREIGN ISSUER BONDS (Cost $51,822) |  |  | &nbsp;&nbsp; 52528 |
| MORTGAGE-BACKED SECURITIES | 9.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies | 9.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Pool #SD8276,<br> 5.00%, 12/01/52<br>|  | 188253 | &nbsp;&nbsp; 185394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Pool #SD8233,<br> 5.00%, 07/01/52<br>|  | 1541193 | &nbsp;&nbsp; 1519690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #BM4854,<br> 4.50%, 08/01/44<br>|  | 457987 | &nbsp;&nbsp; 456428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #MA5313,<br> 5.50%, 03/01/44<br>|  | 2798728 | &nbsp;&nbsp; 2838640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae Pool #MA5498,<br> 6.00%, 10/01/54<br>|  | 1854236 | &nbsp;&nbsp; 1884771 |
| TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,863,028) |  |  | &nbsp;&nbsp; 6884923 |
| U.S. GOVERNMENT OBLIGATIONS | 38.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.38%, 08/15/43<br>|  | 250000 | &nbsp;&nbsp; 238291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.75%, 11/15/43<br>|  | 250000 | &nbsp;&nbsp; 249736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.13%, 08/15/44<br>|  | 2350000 | &nbsp;&nbsp; 2152912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 5.00%, 05/15/45<br>|  | 1000000 | &nbsp;&nbsp; 1027188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.13%, 08/15/53<br>|  | 80000 | &nbsp;&nbsp; 71459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.25%, 02/15/54<br>|  | 750000 | &nbsp;&nbsp; 684141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.63%, 05/15/54<br>|  | 750000 | &nbsp;&nbsp; 728438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.25%, 08/15/54<br>|  | 1500000 | &nbsp;&nbsp; 1369805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br> 4.63%, 02/15/55<br>|  | 650000 | &nbsp;&nbsp; 632734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 09/15/26<br>|  | 50000 | &nbsp;&nbsp; 50402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 01/15/27<br>|  | 700000 | &nbsp;&nbsp; 701668 |

---

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 02/29/28<br>|  | $450000 | &nbsp;&nbsp; $453410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.50%, 04/30/28<br>|  | 400000 | &nbsp;&nbsp; 397828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 12/31/28<br>|  | 1000000 | &nbsp;&nbsp; 1000899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.63%, 08/31/29<br>|  | 250000 | &nbsp;&nbsp; 248760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.50%, 09/30/29<br>|  | 1000000 | &nbsp;&nbsp; 989922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 09/30/29<br>|  | 250000 | &nbsp;&nbsp; 251152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 12/31/29<br>|  | 1000000 | &nbsp;&nbsp; 1004258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 03/31/30<br>|  | 2500000 | &nbsp;&nbsp; 2523242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 05/31/30<br>|  | 450000 | &nbsp;&nbsp; 454359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 07/31/30<br>|  | 300000 | &nbsp;&nbsp; 302613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.38%, 11/30/30<br>|  | 1050000 | &nbsp;&nbsp; 1077152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 05/31/31<br>|  | 250000 | &nbsp;&nbsp; 259541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.75%, 08/31/31<br>|  | 350000 | &nbsp;&nbsp; 346733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.63%, 09/30/31<br>|  | 1000000 | &nbsp;&nbsp; 983281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 10/31/31<br>|  | 1600000 | &nbsp;&nbsp; 1616688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 05/31/32<br>|  | 300000 | &nbsp;&nbsp; 302531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.13%, 11/15/32<br>|  | 2600000 | &nbsp;&nbsp; 2617977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.00%, 02/15/34<br>|  | 250000 | &nbsp;&nbsp; 247393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 3.88%, 08/15/34<br>|  | 3250000 | &nbsp;&nbsp; 3173193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br> 4.63%, 02/15/35<br>|  | 1500000 | &nbsp;&nbsp; 1547578 |
| TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $28,132,292) |  |  | &nbsp;&nbsp; 27705284 |

---

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

------

**TSW MUTUAL FUNDS**

**TSW CORE PLUS BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 4.16%<sup>(c)</sup> <br>|  | 618232 | &nbsp;&nbsp; $618232 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $618,232) |  |  | &nbsp;&nbsp; 618232 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $71,243,359)<br>| 98.7<br> %<br>|  | &nbsp;&nbsp; 71068149 |
| NET OTHER ASSETS (LIABILITIES) | 1.3<br> %<br>|  | &nbsp;&nbsp; 926807 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $71994956 |

---

&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 June 30, 2025, these securities had a total value of $10,121,012 or 14% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at June 30, 2025, and the related index and spread are shown parenthetically for each security. |
| <sup>(c)</sup>7-day current yield as of June 30, 2025 is disclosed. |

---

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

Abbreviations: <br> SOFR – Secured Overnight Financing Rate

At June 30, 2025 the TSW Core Plus Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| AAA  | 48.1% |
| A  | &nbsp;&nbsp; 9.2  |
| BBB  | 25.2  |
| BBB-  | &nbsp;&nbsp; 0.3  |
| BB  | 12.3  |
| B  | &nbsp;&nbsp; 2.8  |
| Cash equivalents  | &nbsp;&nbsp; 0.8  |
| Total | 98.7% |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 99.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco BTG Pactual S.A.<sup>(a)</sup> <br>|  | 7900 | &nbsp;&nbsp; $61434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartfit Escola de Ginastica e Danca S.A.<sup>(a)</sup> <br>|  | 9800 | &nbsp;&nbsp; 44805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vale S.A. |  | 3700 | &nbsp;&nbsp; 35855 |
|  |  |  | &nbsp;&nbsp; 142094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canada | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fairfax India Holdings Corp.<sup>(a)(b)</sup> <br>|  | 4500 | &nbsp;&nbsp; 83655 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 17.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. |  | 9800 | &nbsp;&nbsp; 137076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BYD Co. Ltd. - Class H |  | 3000 | &nbsp;&nbsp; 46816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fu Shou Yuan International Group Ltd. |  | 135800 | &nbsp;&nbsp; 64354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdee International Software Group Co. Ltd.<sup>(a)</sup> <br>|  | 29900 | &nbsp;&nbsp; 58810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kweichow Moutai Co. Ltd. - Class A |  | 300 | &nbsp;&nbsp; 59072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. |  | 3300 | &nbsp;&nbsp; 88701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. |  | 3200 | &nbsp;&nbsp; 205046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co. Ltd. - Class H |  | 23000 | &nbsp;&nbsp; 58746 |
|  |  |  | &nbsp;&nbsp; 718621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JUMBO S.A. |  | 1500 | &nbsp;&nbsp; 51771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Oil Hellas Corinth Refineries S.A. |  | 1400 | &nbsp;&nbsp; 39018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPAP S.A. |  | 2100 | &nbsp;&nbsp; 47619 |
|  |  |  | &nbsp;&nbsp; 138408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guatemala | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. |  | 1550 | &nbsp;&nbsp; 58078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group Ltd. |  | 10300 | &nbsp;&nbsp; 92373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group Ltd. |  | 37500 | &nbsp;&nbsp; 45000 |
|  |  |  | &nbsp;&nbsp; 137373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt |  | 1400 | &nbsp;&nbsp; 41267 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 13.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 ONE WAM Ltd. |  | 3900 | &nbsp;&nbsp; 54321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aegis Logistics Ltd. |  | 5500 | &nbsp;&nbsp; 49754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bajaj Finance Ltd. |  | 3100 | &nbsp;&nbsp; 33852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CMS Info Systems Ltd. |  | 8200 | &nbsp;&nbsp; 47855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal India Ltd. |  | 8700 | &nbsp;&nbsp; 39762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank Ltd. |  | 3700 | &nbsp;&nbsp; 86352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEG Ltd. |  | 7600 | &nbsp;&nbsp; 45196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICICI Bank Ltd. - ADR |  | 3700 | &nbsp;&nbsp; 124468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reliance Industries Ltd. - GDR<sup>(b)</sup> <br>|  | 900 | &nbsp;&nbsp; 62820 |
|  |  |  | &nbsp;&nbsp; 544380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero Tbk PT |  | 206000 | &nbsp;&nbsp; 61920 |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan | 2.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexon Co. Ltd. |  | 4500 | &nbsp;&nbsp; $90934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kazakhstan | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of Kazakhstan JSC - REG - GDR |  | 1800 | &nbsp;&nbsp; 44190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 4.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fibra Uno Administracion S.A. de C.V. |  | 30300 | &nbsp;&nbsp; 41855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano S.A.B. de C.V. |  | 4300 | &nbsp;&nbsp; 44273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L |  | 4600 | &nbsp;&nbsp; 43628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. |  | 16200 | &nbsp;&nbsp; 53656 |
|  |  |  | &nbsp;&nbsp; 183412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 2.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBS N.V.<sup>(a)</sup> <br>|  | 7250 | &nbsp;&nbsp; 104364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. |  | 8700 | &nbsp;&nbsp; 63478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Awwal Bank |  | 6700 | &nbsp;&nbsp; 60202 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 3.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Naspers Ltd. - Class N |  | 500 | &nbsp;&nbsp; 155769 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 11.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hugel, Inc.<sup>(a)</sup> <br>|  | 100 | &nbsp;&nbsp; 28749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co. |  | 600 | &nbsp;&nbsp; 90471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KINX, Inc. |  | 1600 | &nbsp;&nbsp; 116183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Systems Corp. |  | 200 | &nbsp;&nbsp; 42309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. |  | 2500 | &nbsp;&nbsp; 110774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group Co. Ltd. |  | 1900 | &nbsp;&nbsp; 86440 |
|  |  |  | &nbsp;&nbsp; 474926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 14.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. |  | 2400 | &nbsp;&nbsp; 59975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acter Group Corp. Ltd. |  | 2600 | &nbsp;&nbsp; 35379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E Ink Holdings, Inc. |  | 10100 | &nbsp;&nbsp; 76410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fusheng Precision Co. Ltd. |  | 4600 | &nbsp;&nbsp; 46769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. |  | 10600 | &nbsp;&nbsp; 384637 |
|  |  |  | &nbsp;&nbsp; 603170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 2.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar A.S. |  | 2100 | &nbsp;&nbsp; 26093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Icecek A.S. |  | 21700 | &nbsp;&nbsp; 26813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KOC Holding A.S. |  | 7000 | &nbsp;&nbsp; 27074 |
|  |  |  | &nbsp;&nbsp; 79980 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC |  | 15400 | &nbsp;&nbsp; 57028 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Capital PLC<sup>(a)</sup> <br>|  | 4000 | &nbsp;&nbsp; 105529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investec PLC |  | 8900 | &nbsp;&nbsp; 66581 |
|  |  |  | &nbsp;&nbsp; 172110 |

---

------

**TSW MUTUAL FUNDS**

**TSW EMERGING MARKETS FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. - Class A<sup>(a)</sup> <br>|  | 2100 | &nbsp;&nbsp; $54390 |
| TOTAL COMMON STOCKS (Cost $3,193,901) |  |  | &nbsp;&nbsp; 4069749 |
| SHORT-TERM INVESTMENTS | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 4.16%<sup>(c)</sup> <br>|  | 39055 | &nbsp;&nbsp; 39055 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $39,055) |  |  | &nbsp;&nbsp; 39055 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $3,232,956)<br>| 100.2<br> %<br>|  | &nbsp;&nbsp; 4108804 |
| NET OTHER ASSETS (LIABILITIES) | (0.2<br> %)<br>|  | &nbsp;&nbsp; (9949)<br>|
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $4098855 |

---

&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 June 30, 2025, these securities had a total value of $146,475 or 4% of net assets.<br>|
| <sup>(c)</sup>7-day current yield as of June 30, 2025 is disclosed. |

---

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

---

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

---

At June 30, 2025 the industry sectors (excluding short-term investments) for the TSW Emerging Markets Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Financials  | 23.5% |
| Information Technology  | 20.3  |
| Consumer Discretionary  | 16.7  |
| Communication Services  | 13.6  |
| Consumer Staples  | &nbsp;&nbsp; 7.7  |
| Industrials  | &nbsp;&nbsp; 6.4  |
| Energy  | &nbsp;&nbsp; 4.7  |
| Real Estate  | &nbsp;&nbsp; 2.4  |
| Materials  | &nbsp;&nbsp; 2.3  |
| Health Care  | &nbsp;&nbsp; 1.7  |
| Total | &nbsp;&nbsp; 99.3% |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| CORPORATE BONDS | 96.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | 1.3<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc.<br> 6.38%, 05/31/33<sup>(a)</sup> <br>|  | $125000 | &nbsp;&nbsp; $125113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset Management | 5.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FS KKR Capital Corp.<br> 7.88%, 01/15/29<br>|  | 150000 | &nbsp;&nbsp; 158274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc.<br> 4.80%, 07/27/26<br>|  | 250000 | &nbsp;&nbsp; 249627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel L.P.<br> 6.38%, 01/23/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 104423 |
|  |  |  | &nbsp;&nbsp; 512324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking | 0.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc.<br> (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.73%)<br> 6.95%, 02/15/30<sup>(b)(c)</sup> <br>|  | 50000 | &nbsp;&nbsp; 51066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable & Satellite | 0.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br> 4.50%, 05/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 93124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Support Services | 3.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<br> 8.25%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 159038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GEO Group (The), Inc.<br> 8.63%, 04/15/29<br>|  | 150000 | &nbsp;&nbsp; 158810 |
|  |  |  | &nbsp;&nbsp; 317848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 1.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.<br> 6.38%, 03/01/32<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Services | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROG Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 192036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upbound Group, Inc.<br> 6.38%, 02/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 148387 |
|  |  |  | &nbsp;&nbsp; 340423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.<br> 7.25%, 06/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 151862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Engineering & Construction | 4.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc.<br> 7.50%, 02/01/32<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc.<br> 5.75%, 02/01/28<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 199367 |
|  |  |  | &nbsp;&nbsp; 397605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc.<br> 6.38%, 03/01/33<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 201823 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities & Services | 1.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.<br> 6.88%, 09/01/32<sup>(a)</sup> <br>|  | $50000 | &nbsp;&nbsp; $51809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 101790 |
|  |  |  | &nbsp;&nbsp; 153599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Construction | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestar Group, Inc.<br> 5.00%, 03/01/28<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 172281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 1.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co.<br> 5.50%, 06/01/28<sup>(a)</sup> <br>|  | 183000 | &nbsp;&nbsp; 182075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Financial Services | 3.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coinbase Global, Inc.<br> 3.63%, 10/01/31<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 111308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.<br> 7.88%, 03/01/31<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 235855 |
|  |  |  | &nbsp;&nbsp; 347163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Facilities & Services | 6.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder International, Inc.<br> 7.50%, 09/01/31<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 156962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.<br> 4.75%, 01/15/28<br>|  | 150000 | &nbsp;&nbsp; 146694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co.<br> 6.60%, 10/01/25<br>|  | 175000 | &nbsp;&nbsp; 174741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VOC Escrow Ltd.<br> 5.00%, 02/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 149242 |
|  |  |  | &nbsp;&nbsp; 627639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 2.9<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<br> 6.30%, 02/15/30<br>|  | 150000 | &nbsp;&nbsp; 157129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.<br> 7.00%, 04/30/28<br>|  | 125000 | &nbsp;&nbsp; 125505 |
|  |  |  | &nbsp;&nbsp; 282634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Supply Chain | 9.0<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream Operations L.P.<br> 6.50%, 06/01/29<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 128551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp.<br> 6.00%, 10/01/32<br>|  | 150000 | &nbsp;&nbsp; 143009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PBF Holding Co. LLC/PBF Finance Corp.<br> 9.88%, 03/15/30<sup>(a)</sup> <br>|  | 125000 | &nbsp;&nbsp; 121582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC<br> 9.88%, 07/15/31<sup>(a)</sup> <br>|  | 147000 | &nbsp;&nbsp; 161024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Midstream Holdings LLC<br> 8.63%, 10/31/29<sup>(a)</sup> <br>|  | 175000 | &nbsp;&nbsp; 179031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunoco L.P./Sunoco Finance Corp.<br> 7.00%, 09/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 154763 |
|  |  |  | &nbsp;&nbsp; 887960 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Publishing & Broadcasting | 1.7<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media, Inc.<br> 4.75%, 11/01/28<sup>(a)</sup> <br>|  | $175000 | &nbsp;&nbsp; $170460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 5.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc.<br> 6.25%, 01/15/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 257051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RHP Hotel Properties L.P./RHP Finance Corp.<br> 7.25%, 07/15/28<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 155253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC<br> 10.50%, 02/15/28<sup>(a)</sup> <br>|  | 118000 | &nbsp;&nbsp; 125085 |
|  |  |  | &nbsp;&nbsp; 537389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail - Discretionary | 12.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Ltd.<br> 6.00%, 11/15/27<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 100252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.<br> 6.88%, 11/01/35<br>|  | 300000 | &nbsp;&nbsp; 311140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.<br> 6.00%, 11/15/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 144240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<br> 5.00%, 03/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 147243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dillard's, Inc.<br> 7.75%, 07/15/26<br>|  | 175000 | &nbsp;&nbsp; 177620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC<br> 5.88%, 04/01/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 98974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<br> 4.75%, 05/01/29<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 145681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.<br> 4.63%, 11/15/29<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 97025 |
|  |  |  | &nbsp;&nbsp; 1222175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 4.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoreWeave, Inc.<br> 9.25%, 06/01/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 153350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc.<br> 6.25%, 04/01/33<sup>(a)</sup> <br>|  | 250000 | &nbsp;&nbsp; 256710 |
|  |  |  | &nbsp;&nbsp; 410060 |

---

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Principal Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Finance | 12.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ILFC E-Capital Trust I<br> 6.43%, 12/21/65<sup>(a)(b)</sup> <br>|  | $150000 | &nbsp;&nbsp; $125421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.<br> 7.00%, 11/01/26<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 99779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burford Capital Global Finance LLC<br> 6.25%, 04/15/28<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 198131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc.<br> 7.38%, 04/01/32<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 157891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC<br> 7.00%, 06/15/32<sup>(a)</sup> <br>|  | 300000 | &nbsp;&nbsp; 309759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.<br> 5.00%, 10/01/29<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 184318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rithm Capital Corp.<br> 8.00%, 07/15/30<sup>(a)</sup> <br>|  | 150000 | &nbsp;&nbsp; 150750 |
|  |  |  | &nbsp;&nbsp; 1226049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NCR Atleos Corp.<br> 9.50%, 04/01/29<sup>(a)</sup> <br>|  | 130000 | &nbsp;&nbsp; 142397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seagate HDD Cayman<br> 8.50%, 07/15/31<br>|  | 150000 | &nbsp;&nbsp; 160977 |
|  |  |  | &nbsp;&nbsp; 303374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation & Logistics | 3.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc.,  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 02/15/28<sup>(a)</sup> <br>|  | 100000 | &nbsp;&nbsp; 102125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/29<sup>(a)</sup> <br>|  | 225000 | &nbsp;&nbsp; 235920 |
|  |  |  | &nbsp;&nbsp; 338045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Equipment | 2.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JB Poindexter & Co., Inc.<br> 8.75%, 12/15/31<sup>(a)</sup> <br>|  | 200000 | &nbsp;&nbsp; 203540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wholesale - Consumer Staples | 0.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.<br> 6.75%, 10/15/28<sup>(a)</sup> <br>|  | 75000 | &nbsp;&nbsp; 74022 |
| TOTAL CORPORATE BONDS (Cost $9,296,849) |  |  | &nbsp;&nbsp; 9432485 |
| FOREIGN ISSUER BONDS | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 1.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp.<br> 7.75%, 11/15/29 (Canada)<br>|  | 100000 | &nbsp;&nbsp; 105056 |
| TOTAL FOREIGN ISSUER BONDS (Cost $101,495) |  |  | &nbsp;&nbsp; 105056 |

---

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

------

**TSW MUTUAL FUNDS**

**TSW HIGH YIELD BOND FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| SHORT-TERM INVESTMENTS | 1.4<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 4.16%<sup>(d)</sup> <br>|  | 137538 | &nbsp;&nbsp; $137538 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $137,538) |  |  | &nbsp;&nbsp; 137538 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $9,535,882)<br>| 98.6<br> %<br>|  | &nbsp;&nbsp; 9675079 |
| NET OTHER ASSETS (LIABILITIES) | 1.4<br> %<br>|  | &nbsp;&nbsp; 137218 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $9812297 |

---

&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 June 30, 2025, these securities had a total value of $7,258,856 or 74% of net assets.<br>|
| <sup>(b)</sup>Variable or floating rate security. The rate presented is the rate in effect at June 30, 2025, and the related index and spread are shown parenthetically for each security. |
| <sup>(c)</sup>Perpetual bond. Maturity date represents next call date. |
| <sup>(d)</sup>7-day current yield as of June 30, 2025 is disclosed. |

---

At June 30, 2025 the TSW High Yield Bond Fund's investments were concentrated as follows:

---

| | |
|:---|:---|
| **Fixed Income Credit Ratings** | **% of Net Assets** |
| BBB  | &nbsp;&nbsp; 2.4% |
| BBB-  | &nbsp;&nbsp; 1.6  |
| BB  | 63.6  |
| B  | 27.8  |
| CCC  | &nbsp;&nbsp; 1.8  |
| Cash equivalents  | &nbsp;&nbsp; 1.4  |
| Total | 98.6% |

---

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| COMMON STOCKS | 90.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belgium | 4.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A./N.V. - ADR |  | 23000 | &nbsp;&nbsp; $1580560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curacao | 1.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schlumberger N.V. |  | 17000 | &nbsp;&nbsp; 574600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Germany | 3.1<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bayer A.G. - ADR |  | 157000 | &nbsp;&nbsp; 1183780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ireland | 3.6<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC<sup>(a)</sup> <br>|  | 6000 | &nbsp;&nbsp; 636720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC |  | 2400 | &nbsp;&nbsp; 735600 |
|  |  |  | &nbsp;&nbsp; 1372320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 1.8<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings N.V. |  | 6000 | &nbsp;&nbsp; 702000 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 76.5<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>(a)</sup> <br>|  | 1500 | &nbsp;&nbsp; 580320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. |  | 3000 | &nbsp;&nbsp; 549210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 971540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. - Class A<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 482640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. |  | 5096 | &nbsp;&nbsp; 1084225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cigna (The) Group |  | 2709 | &nbsp;&nbsp; 895541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  | 15000 | &nbsp;&nbsp; 1276800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>(a)</sup> <br>|  | 2000 | &nbsp;&nbsp; 663640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. |  | 9000 | &nbsp;&nbsp; 924570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. |  | 13200 | &nbsp;&nbsp; 910536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  | 30000 | &nbsp;&nbsp; 1695600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. |  | 1300 | &nbsp;&nbsp; 505648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. |  | 18100 | &nbsp;&nbsp; 1247633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. |  | 2000 | &nbsp;&nbsp; 454620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. - Class A |  | 300 | &nbsp;&nbsp; 586941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. |  | 8800 | &nbsp;&nbsp; 704352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. |  | 8000 | &nbsp;&nbsp; 1108320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. |  | 19000 | &nbsp;&nbsp; 780520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. |  | 20000 | &nbsp;&nbsp; 448000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. |  | 4000 | &nbsp;&nbsp; 525800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson |  | 4000 | &nbsp;&nbsp; 611000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. |  | 35600 | &nbsp;&nbsp; 1046640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz (The) Co. |  | 66800 | &nbsp;&nbsp; 1724776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corp. - Class C<sup>(a)</sup> <br>|  | 13000 | &nbsp;&nbsp; 1278940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. |  | 1800 | &nbsp;&nbsp; 833652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. |  | 800 | &nbsp;&nbsp; 586224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. |  | 9000 | &nbsp;&nbsp; 712440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. |  | 30700 | &nbsp;&nbsp; 744168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progressive (The) Corp. |  | 2600 | &nbsp;&nbsp; 693836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. |  | 1500 | &nbsp;&nbsp; 787500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. |  | 26633 | &nbsp;&nbsp; 611760 |

---

------

**TSW MUTUAL FUNDS**

**TSW LARGE CAP VALUE FUND**

**SCHEDULE OF INVESTMENTS**

**June 30, 2025 (Unaudited)** 

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Percentage**<br> **of Net**<br> **Assets**<br>| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. |  | 8000 | &nbsp;&nbsp; $662400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. |  | 1800 | &nbsp;&nbsp; 561546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.<sup>(a)</sup> <br>|  | 82200 | &nbsp;&nbsp; 942012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos. (The), Inc. |  | 16225 | &nbsp;&nbsp; 1019092 |
|  |  |  | &nbsp;&nbsp; 29212442 |
| TOTAL COMMON STOCKS (Cost $28,602,627) |  |  | &nbsp;&nbsp; 34625702 |
| SHORT-TERM INVESTMENTS | 9.2<br> %<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Institutional Treasury Portfolio (Premier Class), 4.16%<sup>(b)</sup> <br>|  | 3498126 | &nbsp;&nbsp; 3498126 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $3,498,126) |  |  | &nbsp;&nbsp; 3498126 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS<br> (Cost $32,100,753)<br>| 99.8<br> %<br>|  | &nbsp;&nbsp; 38123828 |
| NET OTHER ASSETS (LIABILITIES) | 0.2<br> %<br>|  | &nbsp;&nbsp; 92162 |
| NET ASSETS | 100.0<br> %<br>|  | &nbsp;&nbsp; $38215990 |

---

&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 June 30, 2025 is disclosed.

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

Abbreviations: <br> ADR – American Depositary Receipt

At June 30, 2025 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:

---

| | |
|:---|:---|
| **Sector Allocation** | **% of Net Assets** |
| Health Care  | 22.6% |
| Financials  | 17.6  |
| Energy  | 11.9  |
| Consumer Staples  | &nbsp;&nbsp; 8.6  |
| Industrials  | &nbsp;&nbsp; 8.3  |
| Utilities  | &nbsp;&nbsp; 7.7  |
| Communication Services  | &nbsp;&nbsp; 7.4  |
| Information Technology  | &nbsp;&nbsp; 4.1  |
| Real Estate  | &nbsp;&nbsp; 2.4  |
| Total | &nbsp;&nbsp; 90.6% |

---

------

## 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:** TSW High Yield Bond Fund

- **b. EDGAR series identifier (if any):** S000074042

- **c. LEI of Series:** 549300ED6FDU03Q9TR06

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $9807893.76

**Total Liabilities:** $30461.19

**Net Assets:** $9777432.57

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 45.189301216571 | **5-Year:** 149.392019919206 | **10-Year:** 18.187960714126 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 21.254824273820 | **1-Year:** 590.901944613597 | **5-Year:** 1419.299522340541 | **10-Year:** 363.159077694962 | **30-Year:** 3.905153496541

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231395 | 0.06%                | 1.39%                | 1.58%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-41239.99               | $-3686.54                                  |
| Month 2  | $1816.57                 | $83116.05                                  |
| Month 3  | $-6950.71                | $108991.59                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| StoneX Group Inc                                                                     | SNEX 7.875 03/01/31 144A                    | CUSIP: 861896AA6<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235855.35    | 2.41%             | 2031-03-01      | Fixed         | 7.88%                 | Yes           |                  2 | On Loan: No      |
| Regal Rexnord Corporation                                                            | RRX 6.3 02/15/30 *                          | CUSIP: 758750AN3<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157128.77    | 1.61%             | 2030-02-15      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| Hess Midstream Operations LP                                                         | HESM 6.5 06/01/29 144A                      | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $128551.13    | 1.31%             | 2029-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Seagate HDD Cayman                                                                   | STX 8.5 07/15/31                            | CUSIP: 81180WBP5<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |    150000 | PA      | $160977.15    | 1.65%             | 2031-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Gen Digital Inc                                                                      | GEN 6.25 04/01/33 144A                      | CUSIP: 668771AM0<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256710.50    | 2.63%             | 2033-04-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| JB Poindexter & Co Inc                                                               | JBPOIN 8.75 12/15/31 144A                   | CUSIP: 465965AC5<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203539.77    | 2.08%             | 2031-12-15      | Fixed         | 8.75%                 | Yes           |                  2 | On Loan: No      |
| Corecivic Inc                                                                        | CXW 8.25 04/15/29                           | CUSIP: 21871NAC5<br>LEI: 529900JFA3K6PTLT8B15 | Long             | DBT              | CORP              | US        |    150000 | PA      | $159038.25    | 1.63%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Summit Midstream Holdings, LLC / Summit Midstream Finance Corp.                      | SUMMPL 8.625 10/31/29 144A                  | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $179031.30    | 1.83%             | 2029-10-31      | Fixed         | 8.62%                 | Yes           |                  2 | On Loan: No      |
| Post Holdings Inc.                                                                   | POST 6.375 03/01/33 144A                    | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201823.40    | 2.06%             | 2033-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| FS KKR Capital Corp                                                                  | FSK 7.875 01/15/29                          | CUSIP: 302635AM9<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158274.41    | 1.62%             | 2029-01-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Fortress Transportation & Infrastructure Investors LLC                               | FTAI 7 06/15/32 144A                        | CUSIP: 34960PAG6<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |    300000 | PA      | $309758.40    | 3.17%             | 2032-06-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Light & Wonder International Inc.                                                    | LNW 7.5 09/01/31 144A                       | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    150000 | PA      | $156961.80    | 1.61%             | 2031-09-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| Brundage-Bone Concrete Pumping Holdings Inc.                                         | BBCP 7.5 02/01/32 144A                      | CUSIP: 66981QAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $198238.19    | 2.03%             | 2032-02-01      | Fixed         | 7.50%                 | Yes           |                  2 | On Loan: No      |
| EZCORP Inc.                                                                          | EZPW 7.375 04/01/32 144A                    | CUSIP: 302301AJ5<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $157891.35    | 1.61%             | 2032-04-01      | Fixed         | 7.38%                 | Yes           |                  2 | On Loan: No      |
| Rithm Capital Corp.                                                                  | RITM 8 07/15/30 144A                        | CUSIP: 64828TAC6<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150750.00    | 1.54%             | 2030-07-15      | Fixed         | 8.00%                 | Yes           |                  2 | On Loan: No      |
| Earthstone Energy Holdings LLC                                                       | PR 9.875 07/15/31 144A                      | CUSIP: 27034RAC7<br>LEI: 549300HGVO86L8G72J25 | Long             | DBT              | CORP              | US        |    147000 | PA      | $161023.95    | 1.65%             | 2031-07-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| Citadel LP                                                                           | CITADL 6.375 01/23/32 144A                  | CUSIP: 17288XAC8<br>LEI: 549300IPM6EKPVUPFL67 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104422.44    | 1.07%             | 2032-01-23      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Molina Healthcare, Inc.                                                              | MOH 6.25 01/15/33 144A                      | CUSIP: 60855RAM2<br>LEI: 549300NQQCEQ46YHZ591 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101789.86    | 1.04%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Inc.                                                                       | C V6.95 PERP FF                             | CUSIP: 17327CAV5<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51065.96     | 0.52%             | 2049-12-31      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| PBF Holding Company LLC and PBF Finance Corp.                                        | PBFENE 9.875 03/15/30 144A                  | CUSIP: 69318FAM0<br>LEI: 549300TILVIIV9FLL461 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121582.02    | 1.24%             | 2030-03-15      | Fixed         | 9.88%                 | Yes           |                  2 | On Loan: No      |
| TransDigm, Inc.                                                                      | TDG 6.375 05/31/33 144A                     | CUSIP: 893647BY2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125113.31    | 1.28%             | 2033-05-31      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Dillards, Inc.                                                                       | DDS 7.75 07/15/26                           | CUSIP: 254063AU4<br>LEI: 529900FGYKMWL6019P91 | Long             | DBT              | CORP              | US        |    175000 | PA      | $177620.58    | 1.82%             | 2026-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ILFC E-Capital Trust I                                                               | AER V0 12/21/65 144A                        | CUSIP: 44965TAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $125420.88    | 1.28%             | 2065-12-21      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| Travel Plus Leisure Co                                                               | TNL 5.1 10/01/25                            | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    175000 | PA      | $174741.07    | 1.79%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| Builders Firstsource, Inc.                                                           | BLDR 5 03/01/30 144A                        | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $147243.36    | 1.51%             | 2030-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Sunoco LP                                                                            | SUN 7 09/15/28 144A                         | CUSIP: 86765KAA7<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |    150000 | PA      | $154763.10    | 1.58%             | 2028-09-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| NCR Atleos Escrow Corp.                                                              | NCRATL 9.5 04/01/29 144A                    | CUSIP: 638962AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $142397.19    | 1.46%             | 2029-04-01      | Fixed         | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Voc Escrow Ltd                                                                       | VIKCRU 5 02/15/28 144A                      | CUSIP: 91832VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    150000 | PA      | $149242.29    | 1.53%             | 2028-02-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Quikrete Holdings Inc                                                                | QUIKHO 6.375 03/01/32 144A                  | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102831.99    | 1.05%             | 2032-03-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| CoreWeave Inc.                                                                       | CRWV 9.25 06/01/30 144A                     | CUSIP: 21873SAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $153350.00    | 1.57%             | 2030-06-01      | Fixed         | 9.25%                 | Yes           |                  2 | On Loan: No      |
| Forestar Group Inc.                                                                  | FOR 5 03/01/28 144A                         | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |    175000 | PA      | $172280.94    | 1.76%             | 2028-03-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wesco Distribution, Inc.                                                             | WCC 7.25 06/15/28 144A                      | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    150000 | PA      | $151862.38    | 1.55%             | 2028-06-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Marriott Ownership Resorts Inc                                                       | VAC 4.75 01/15/28                           | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |    150000 | PA      | $146693.39    | 1.50%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Installed Building Products Inc                                                      | IBP 5.75 02/01/28 144A                      | CUSIP: 45780RAA9<br>LEI: 549300I95Y9P9YM5FI86 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199366.38    | 2.04%             | 2028-02-01      | Fixed         | 5.75%                 | Yes           |                  2 | On Loan: No      |
| Bath & Body Works Inc                                                                | BBWI 6.875 11/01/35                         | CUSIP: 501797AL8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $311139.60    | 3.18%             | 2035-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CCO Holdings, LLC/ CCO Holdings Capital Corp.                                        | CHTR 4.5 05/01/32 144A                      | CUSIP: 1248EPCJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $93124.28     | 0.95%             | 2032-05-01      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Edgewell Personal Care Co                                                            | EPC 5.5 06/01/28 144A                       | CUSIP: 28035QAA0<br>LEI: 549300CY8QZDL4Z3RU59 | Long             | DBT              | CORP              | US        |    183000 | PA      | $182074.94    | 1.86%             | 2028-06-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| GEO Group Inc                                                                        | GEO 8.625 04/15/29                          | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $158809.49    | 1.62%             | 2029-04-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| Coinbase Global Inc                                                                  | COIN 3.625 10/01/31 144A                    | CUSIP: 19260QAD9<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |    125000 | PA      | $111307.65    | 1.14%             | 2031-10-01      | Fixed         | 3.62%                 | Yes           |                  2 | On Loan: No      |
| TransAlta Corporation                                                                | TACN 7.75 11/15/29                          | CUSIP: 89346DAH0<br>LEI: GJZNVO2UY6DNFNIYH321 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $105055.60    | 1.07%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Northern Institutional Funds                                                         | Northern Institutional Funds TREAS PRT PRMR | CUSIP: 665279873<br>LEI: 549300Y178DO5JBR1S04 | Long             | STIV             | RF                | US        |    137538 | NS      | $137537.75    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc.                                                              | PATK 4.75 05/01/29 144A                     | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145681.01    | 1.49%             | 2029-05-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| World Acceptance Corporation                                                         | WRLD 7 11/01/26 144A                        | CUSIP: 981419AC8<br>LEI: 529900M7JQUDCH7Q9153 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99778.79     | 1.02%             | 2026-11-01      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Capital LLC | UNIT 10.5 02/15/28 144A                     | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    118000 | PA      | $125085.02    | 1.28%             | 2028-02-15      | Fixed         | 10.50%                | Yes           |                  2 | On Loan: No      |
| Upbound Group Inc                                                                    | UPBD 6.375 02/15/29 144A                    | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    150000 | PA      | $148386.42    | 1.52%             | 2029-02-15      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| Burford Capital Global Finance LLC                                                   | BURLN 6.25 04/15/28 144A                    | CUSIP: 12116LAA7<br>LEI: 549300JVAOO67CSCH406 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198131.00    | 2.03%             | 2028-04-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Sonic Automotive, Inc.                                                               | SAH 4.625 11/15/29 144A                     | CUSIP: 83545GBD3<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97024.63     | 0.99%             | 2029-11-15      | Fixed         | 4.62%                 | Yes           |                  2 | On Loan: No      |
| Academy Ltd / Academy Finance Corp.                                                  | ACALTD 6 11/15/27 144A                      | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100251.65    | 1.03%             | 2027-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| PRA Group Inc.                                                                       | PRAA 5 10/01/29 144A                        | CUSIP: 69354NAD8<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184318.24    | 1.89%             | 2029-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| BlueLinx Holdings Inc.                                                               | BXC 6 11/15/29 144A                         | CUSIP: 09624HAA7<br>LEI: 549300YSX7GU28F5I540 | Long             | DBT              | CORP              | US        |    150000 | PA      | $144239.90    | 1.48%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                              | AAL 8.5 05/15/29 144A                       | CUSIP: 023771T40<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    225000 | PA      | $235920.15    | 2.41%             | 2029-05-15      | Fixed         | 8.50%                 | Yes           |                  2 | On Loan: No      |
| Nexstar Media Inc.                                                                   | NXST 4.75 11/01/28 144A                     | CUSIP: 65336YAN3<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    175000 | PA      | $170459.80    | 1.74%             | 2028-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Macys Retail Holdings LLC                                                            | M 5.875 04/01/29 144A                       | CUSIP: 55617LAP7<br>LEI: 549300JMONK27O4SQQ19 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98974.32     | 1.01%             | 2029-04-01      | Fixed         | 5.88%                 | Yes           |                  2 | On Loan: No      |
| RHP Hotel Properties LP / RHP Finance Corporation                                    | RHP 7.25 07/15/28 144A                      | CUSIP: 749571AJ4<br>LEI: 549300SJMSMA2471GA96 | Long             | DBT              | CORP              | US        |    150000 | PA      | $155252.54    | 1.59%             | 2028-07-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Murphy Oil Corporation                                                               | MUR 6 10/01/32                              | CUSIP: 626717AP7<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143008.41    | 1.46%             | 2032-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Iron Mountain Inc.                                                                   | IRM 6.25 01/15/33 144A                      | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257051.50    | 2.63%             | 2033-01-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Acadian Asset Management Inc                                                         | AAMI 4.8 07/27/26                           | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249627.20    | 2.55%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PROG Holdings Inc.                                                                   | PRG 6 11/15/29 144A                         | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $192036.40    | 1.96%             | 2029-11-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| American Airlines, Inc.                                                              | AAL 7.25 02/15/28 144A                      | CUSIP: 023771T32<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102124.90    | 1.04%             | 2028-02-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Davita Inc                                                                           | DVA 6.875 09/01/32 144A                     | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51809.00     | 0.53%             | 2032-09-01      | Fixed         | 6.88%                 | Yes           |                  2 | On Loan: No      |
| United Natural Foods, Inc.                                                           | UNFI 6.75 10/15/28 144A                     | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |     75000 | PA      | $74022.15     | 0.76%             | 2028-10-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| Titan International, Inc.                                                            | TWI 7 04/30/28                              | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    125000 | PA      | $125505.63    | 1.28%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-21

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

**Signature:** John Stanziani

**Name of Signer:** John Stanziani

**Title:** Treasurer