NPORT-EX 2 edgar.htm EDGAR HTML
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
95.6
%
Austria
0.8
%
ANDRITZ A.G.
8,581
$530,328
Belgium
1.1
%
Cenergy Holdings S.A.
76,939
788,468
Brazil
5.7
%
Afya Ltd. - Class A(a)
14,574
257,231
C&A MODAS S.A.(a)
338,000
564,734
Cia Brasileira de Aluminio(a)
510,500
635,602
Dexco S.A.
177,400
208,180
Embraer S.A. - ADR(a)
23,909
616,852
Hapvida Participacoes e Investimentos S.A.(a)(b)
565,600
387,515
LWSA S.A.(a)(b)
178,700
129,467
Pagseguro Digital Ltd. - Class A(a)
34,818
407,023
Santos Brasil Participacoes S.A.
318,500
777,719
 
3,984,323
Canada
2.3
%
Capstone Copper Corp.(a)
109,903
779,255
Pan American Silver Corp.
41,397
822,972
 
1,602,227
Chile
0.5
%
Enel Chile S.A.
6,266,702
353,607
China
5.5
%
Airtac International Group
17,300
525,096
First Tractor Co. Ltd. - Class H
618,000
585,015
SooChow Securities Co. Ltd. - Class A
385,499
311,237
TAL Education Group - ADR(a)
65,531
699,216
Tongcheng Travel Holdings Ltd.
296,400
587,842
Xinyi Glass Holdings Ltd.
263,000
288,017
Yihai International Holding Ltd.
263,000
439,774
ZJLD Group, Inc.(b)
383,000
395,495
 
3,831,692
Cyprus
0.5
%
Theon International PLC(a)
26,049
355,762
France
0.6
%
Eramet S.A.
4,179
423,139
Greece
0.7
%
Athens International Airport S.A.
27,611
232,935
OPAP S.A.
17,796
279,027
 
511,962
Hong Kong
1.4
%
Pacific Basin Shipping Ltd.
625,000
196,990
Sinotruk Hong Kong Ltd.
314,000
815,101
 
1,012,091
1
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Hungary
0.5
%
Richter Gedeon Nyrt
14,002
$363,794
India
26.4
%
Ashoka Buildcon Ltd.(a)
309,529
831,352
Aster DM Healthcare Ltd.(b)
83,387
345,764
Bikaji Foods International Ltd.
25,379
217,489
Brigade Enterprises Ltd.
76,515
1,235,147
Computer Age Management Services Ltd.
14,850
642,370
CreditAccess Grameen Ltd.(a)
30,760
487,390
Emami Ltd.
44,703
368,944
Exide Industries Ltd.
185,694
1,256,393
Genus Power Infrastructures Ltd.
219,246
812,305
IRB Infrastructure Developers Ltd.
731,339
567,102
Jyothy Labs Ltd.
92,515
477,513
KPIT Technologies Ltd.
32,957
644,445
Lemon Tree Hotels Ltd.(a)(b)
235,563
406,291
Mrs Bectors Food Specialities Ltd.
51,745
851,531
Narayana Hrudayalaya Ltd.
50,032
722,149
PB Fintech Ltd.(a)
62,745
1,051,144
Phoenix Mills (The) Ltd.
42,614
1,830,473
PNC Infratech Ltd.
159,640
919,858
Shriram Finance Ltd.
27,860
970,395
Sobha Ltd.
21,792
509,960
Thermax Ltd.
19,757
1,267,326
VA Tech Wabag Ltd.(a)
47,933
733,616
Varun Beverages Ltd.
71,594
1,396,278
 
18,545,235
Indonesia
3.1
%
Aspirasi Hidup Indonesia Tbk PT
11,089,100
578,654
Bank Syariah Indonesia Tbk PT
2,595,100
414,383
Indosat Tbk PT
956,400
624,644
Jasa Marga Persero Tbk PT
806,000
245,032
Vale Indonesia Tbk PT(a)
1,156,515
297,853
 
2,160,566
Macau
0.8
%
MGM China Holdings Ltd.
354,800
551,529
Malaysia
2.6
%
Dayang Enterprise Holdings Bhd.
719,700
400,892
Econpile Holdings Bhd.(a)
3,520,400
339,115
Gamuda Bhd.
434,900
605,970
Mah Sing Group Bhd.
1,282,400
469,186
 
1,815,163
Mexico
3.0
%
BBB Foods, Inc. - Class A(a)
33,383
796,519
Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR(a)
84,056
534,596
2
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Corp. Inmobiliaria Vesta S.A.B. de C.V.
107,400
$321,290
Grupo Traxion S.A.B. de C.V.(a)(b)
294,055
437,667
 
2,090,072
Philippines
1.0
%
Century Pacific Food, Inc.
585,300
320,708
GT Capital Holdings, Inc.
33,840
357,717
 
678,425
Russia
0.0
%
Ozon Holdings PLC - ADR(a)**
7,516
—
Saudi Arabia
2.7
%
AlKhorayef Water & Power Technologies Co.(a)
7,019
363,107
Saudi Ground Services Co.(a)
37,742
534,429
Savola Group (The)(a)
43,900
545,793
United Electronics Co.
17,902
451,314
 
1,894,643
Singapore
0.7
%
Yangzijiang Shipbuilding Holdings Ltd.
287,200
519,853
South Africa
2.2
%
Aspen Pharmacare Holdings Ltd.
55,283
709,255
Foschini Group (The) Ltd.
65,249
457,986
Nedbank Group Ltd.
28,387
401,871
 
1,569,112
South Korea
6.2
%
Classys, Inc.
21,450
788,235
Eo Technics Co. Ltd.
4,629
620,124
Eugene Technology Co. Ltd.
19,158
684,091
Hyundai Rotem Co. Ltd.
11,078
327,557
NH Investment & Securities Co. Ltd.
72,813
668,834
Soulbrain Co. Ltd.
1,253
262,406
TSE Co. Ltd.(a)
11,142
481,138
WONIK IPS Co. Ltd.(a)
20,760
520,598
 
4,352,983
Switzerland
0.7
%
Avolta A.G.(a)
12,650
491,794
Taiwan
18.0
%
Acer, Inc.
215,000
309,701
Alchip Technologies Ltd.
3,993
300,657
Arcadyan Technology Corp.
142,000
706,527
Asia Vital Components Co. Ltd.
65,750
1,539,608
ASPEED Technology, Inc.
7,120
1,056,542
E Ink Holdings, Inc.
59,000
456,830
Elan Microelectronics Corp.
166,000
787,209
Elite Material Co. Ltd.
54,000
787,176
Ennoconn Corp.
76,000
783,276
Fositek Corp.
15,000
350,490
3
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Gold Circuit Electronics Ltd.
87,000
$552,931
Ingentec Corp.
57,000
406,315
King Yuan Electronics Co. Ltd.
278,000
1,015,697
Kinik Co.
96,000
968,747
Sercomm Corp.
34,000
123,393
Sports Gear Co. Ltd.
125,000
352,386
Universal Microwave Technology, Inc.
83,000
736,309
Visual Photonics Epitaxy Co. Ltd.
154,000
781,724
Voltronic Power Technology Corp.
10,550
624,628
 
12,640,146
Thailand
0.5
%
Ichitan Group PCL - NVDR
760,900
359,987
Turkey
4.0
%
Haci Omer Sabanci Holding A.S.
238,964
706,047
MLP Saglik Hizmetleri A.S.(a)(b)
81,348
871,806
Sok Marketler Ticaret A.S.
142,310
274,127
TAB Gida Sanayi Ve Ticaret A.S.(a)
87,552
561,636
Turkiye Sise ve Cam Fabrikalari A.S.
242,716
372,180
 
2,785,796
United Arab Emirates
1.6
%
Burjeel Holdings PLC(a)
1,064,934
764,738
Emaar Development PJSC
172,641
375,487
 
1,140,225
United Kingdom
1.0
%
Anglogold Ashanti PLC
10,956
276,171
Hikma Pharmaceuticals PLC
18,309
436,231
 
712,402
United States
1.5
%
Gran Tierra Energy, Inc.(a)
59,468
575,056
Laureate Education, Inc.
32,382
483,787
 
1,058,843
TOTAL COMMON STOCKS (Cost $55,952,189)
67,124,167
EQUITY-LINKED SECURITIES
2.2
%
Singapore
2.2
%
Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date
10/25/27(a)
369,519
783,915
Shriram Transport Finance Co. Ltd., Issued by CLSA Global Markets Pte. Ltd.,
Maturity Date 1/31/29(a)
11,416
397,632
VA Tech Wabag Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date
7/30/26(a)
25,485
390,049
 
1,571,596
TOTAL EQUITY-LINKED SECURITIES (Cost $967,034)
1,571,596
4
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS DISCOVERY FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
PREFERRED STOCKS
1.3
%
Brazil
1.3
%
Marcopolo S.A.(a)
722,480
$820,691
Randon S.A. Implementos e Participacoes(a)
30,000
58,604
 
879,295
TOTAL PREFERRED STOCKS (Cost $836,317)
879,295
RIGHTS
0.0
%
India
0.0
%
Sobha Ltd.(a)
2,781
9,815
TOTAL RIGHTS (Cost $—)
9,815
 
 
 
 
 
SHORT-TERM INVESTMENTS
2.1
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c)
1,493,071
1,493,071
TOTAL SHORT-TERM INVESTMENTS (Cost $1,493,071)
1,493,071
TOTAL INVESTMENTS
(Cost $59,248,611)
101.2
%
71,077,944
NET OTHER ASSETS (LIABILITIES)
(1.2
%)
(862,437
)
NET ASSETS
100.0
%
$70,215,507
 
(a)Non-income producing security.
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $2,974,005 or 4% of net assets.
(c)7-day current yield as of June 30, 2024 is disclosed.
**Security valued pursuant to Level 3 unobservable inputs and is restricted for trading.
 
Abbreviations:
ADR – American Depositary Receipt
NVDR – Non-Voting Depositary Receipt
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM Emerging Markets Discovery Fund were: 
Sector Allocation
% of Net Assets
Industrials 
23.8%
Information Technology 
20.2 
Consumer Discretionary 
11.3 
Financials 
9.5 
Consumer Staples 
9.2 
Health Care 
7.6 
Real Estate 
6.8 
Materials 
5.9 
Utilities 
2.5 
Energy 
1.4 
Communication Services 
0.9 
Total
99.1%
5
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
94.5
%
Brazil
8.0
%
Ambev S.A. - ADR(a)
7,395,050
$15,159,852
Arcos Dorados Holdings, Inc. - Class A
564,373
5,079,357
B3 S.A. - Brasil Bolsa Balcao
4,101,776
7,513,674
Banco BTG Pactual S.A.(a)
3,383,653
18,709,632
Petroleo Brasileiro S.A. - ADR
1,348,935
19,546,068
Suzano S.A. - ADR(a)
251,273
2,580,574
Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A.(a)
5,558,018
7,526,555
 
76,115,712
Canada
2.4
%
Barrick Gold Corp.
1,386,582
23,128,188
China
26.3
%
China Oilfield Services Ltd. - Class H
11,290,384
10,825,443
China Resources Land Ltd.
4,916,000
16,745,536
ENN Energy Holdings Ltd.
2,608,076
21,483,546
H World Group Ltd.
1,400,000
4,657,160
Imeik Technology Development Co. Ltd. - Class A
305,620
7,198,104
Kunlun Energy Co. Ltd.
4,072,000
4,213,183
Meituan - Class B(a)(b)
2,140,053
30,419,333
Proya Cosmetics Co. Ltd. - Class A
1,198,883
18,186,300
Tencent Holdings Ltd.
1,672,984
79,366,910
Tongcheng Travel Holdings Ltd.
2,741,624
5,437,385
Trip.com Group Ltd.(a)
620,680
29,374,216
Tsingtao Brewery Co. Ltd. - Class H
3,038,389
20,209,350
Xinyi Solar Holdings Ltd.
4,669,325
2,344,934
 
250,461,400
Hong Kong
1.9
%
Hong Kong Exchanges & Clearing Ltd.
574,463
18,384,627
India
11.3
%
HDFC Bank Ltd. - ADR
417,506
26,858,161
ICICI Bank Ltd. - ADR
364,506
10,501,418
Larsen & Toubro Ltd.
450,917
19,153,879
Mahindra & Mahindra Ltd.
851,435
29,227,697
Reliance Industries Ltd.
252,254
9,456,152
UltraTech Cement Ltd.
89,729
12,536,642
 
107,733,949
Indonesia
6.0
%
Bank Mandiri Persero Tbk PT
67,833,803
25,377,562
Bank Rakyat Indonesia Persero Tbk PT
72,531,954
20,337,708
Mitra Adiperkasa Tbk PT
121,568,409
10,942,689
 
56,657,959
Jersey
0.2
%
Centamin PLC
1,095,483
1,674,108
6
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Mexico
7.6
%
Becle S.A.B. de C.V.
2,800,008
$5,061,288
Bolsa Mexicana de Valores S.A.B. de C.V.
2,467,679
4,178,666
Cemex S.A.B. de C.V. - ADR
3,521,046
22,499,484
Grupo Financiero Banorte S.A.B. de C.V., Series O
2,959,049
23,057,777
Megacable Holdings S.A.B. de C.V. - CPO
714,469
1,795,643
Wal-Mart de Mexico S.A.B. de C.V.
4,632,846
15,766,110
 
72,358,968
Russia
0.0
%
Gazprom PJSC - ADR(a)**
306,786
—
Globaltrans Investment PLC - REG - GDR(a)**
757,185
—
 
—
South Africa
2.5
%
FirstRand Ltd.
5,493,010
23,297,044
South Korea
7.4
%
Samsung Electronics Co. Ltd.
493,731
29,057,954
Samsung Electronics Co. Ltd. - REG - GDR
6,376
9,346,310
SK Hynix, Inc.
110,170
18,696,799
SK Square Co. Ltd.(a)
183,141
13,216,040
 
70,317,103
Taiwan
12.9
%
President Chain Store Corp.
352,927
2,974,566
Taiwan Semiconductor Manufacturing Co. Ltd.
2,683,816
79,515,094
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
114,114
19,834,154
Yuanta Financial Holding Co. Ltd.
21,043,360
20,752,874
 
123,076,688
United Arab Emirates
5.8
%
Abu Dhabi Commercial Bank PJSC
3,102,852
6,759,741
Aldar Properties PJSC
12,138,818
20,690,094
Emaar Properties PJSC
11,118,204
24,843,172
Fertiglobe PLC
4,173,904
2,736,149
 
55,029,156
United States
2.2
%
MercadoLibre, Inc.(a)
12,467
20,488,268
TOTAL COMMON STOCKS (Cost $842,874,335)
898,723,170
PREFERRED STOCKS
3.4
%
Brazil
3.4
%
Azul S.A. - ADR(a)
968,564
3,874,256
Itau Unibanco Holding S.A. - ADR, 3.85%(c)
4,810,378
28,092,608
 
31,966,864
TOTAL PREFERRED STOCKS (Cost $38,040,704)
31,966,864
 
7
PERPETUAL AMERICAS FUNDS TRUST
JOHCM EMERGING MARKETS OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
 
 
SHORT-TERM INVESTMENTS
2.0
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(d)
19,369,777
$19,369,777
TOTAL SHORT-TERM INVESTMENTS (Cost $19,369,777)
19,369,777
TOTAL INVESTMENTS
(Cost $900,284,816)
99.9
%
950,059,811
NET OTHER ASSETS (LIABILITIES)
0.1
%
1,320,590
NET ASSETS
100.0
%
$951,380,401
 
(a)Non-income producing security.
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $30,419,333 or 3% of net assets.
(c)Current yield is disclosed. Dividends are calculated based on a percentage of issuer's net income.
(d)7-day current yield as of June 30, 2024 is disclosed.
**Security valued pursuant to Level 3 unobservable inputs and is restricted for trading.
 
Abbreviations:
ADR – American Depositary Receipt
CPO – Certificados de Partcipatión Ordinario
GDR – Global Depositary Receipt
REG – Registered
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM Emerging Markets Opportunities Fund were: 
Sector Allocation
% of Net Assets
Financials 
24.6%
Information Technology 
16.6 
Consumer Discretionary 
14.4 
Communication Services 
8.5 
Consumer Staples 
8.1 
Materials 
6.9 
Real Estate 
6.6 
Industrials 
4.6 
Energy 
4.1 
Utilities 
2.7 
Health Care 
0.8 
Total
97.9%
8
PERPETUAL AMERICAS FUNDS TRUST
JOHCM GLOBAL SELECT FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
98.6
%
Australia
1.8
%
Fortescue Ltd.
76,510
$1,089,231
Brazil
4.4
%
B3 S.A. - Brasil Bolsa Balcao
596,899
1,093,405
NU Holdings Ltd. - Class A(a)
118,931
1,533,021
 
2,626,426
Canada
2.1
%
Ivanhoe Mines Ltd. - Class A(a)
96,115
1,240,035
Denmark
6.1
%
Novo Nordisk A/S - Class B
11,142
1,594,252
Zealand Pharma A/S(a)
16,007
2,046,096
 
3,640,348
Indonesia
2.1
%
Bank Mandiri Persero Tbk PT
3,319,330
1,241,807
Ireland
4.7
%
CRH PLC
18,428
1,381,732
Linde PLC
3,236
1,419,989
 
2,801,721
Italy
2.0
%
Prysmian S.p.A.
19,273
1,189,857
Japan
9.5
%
Mitsubishi Electric Corp.
66,428
1,064,517
NEC Corp.
19,907
1,641,463
Recruit Holdings Co. Ltd.
28,991
1,559,924
Sony Group Corp.
17,034
1,451,657
 
5,717,561
South Korea
3.0
%
SK Hynix, Inc.
10,569
1,793,650
United Kingdom
4.5
%
Antofagasta PLC
48,047
1,276,899
Compass Group PLC
52,184
1,421,666
 
2,698,565
United States
58.4
%
Alphabet, Inc. - Class A
11,305
2,059,206
Amazon.com, Inc.(a)
9,059
1,750,652
AppLovin Corp. - Class A(a)
14,706
1,223,833
Ares Management Corp. - Class A
10,226
1,362,921
Broadcom, Inc.
1,006
1,615,163
Cadence Design Systems, Inc.(a)
4,805
1,478,739
Chart Industries, Inc.(a)
8,890
1,283,183
Eli Lilly & Co.
1,866
1,689,439
Intercontinental Exchange, Inc.
10,254
1,403,670
Intuit, Inc.
2,132
1,401,172
MercadoLibre, Inc.(a)
810
1,331,154
9
PERPETUAL AMERICAS FUNDS TRUST
JOHCM GLOBAL SELECT FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Micron Technology, Inc.
11,957
$1,572,704
Microsoft Corp.
4,685
2,093,961
NVIDIA Corp.
20,050
2,476,977
PTC, Inc.(a)
7,664
1,392,319
Regeneron Pharmaceuticals, Inc.(a)
1,409
1,480,901
Roper Technologies, Inc.
2,536
1,429,442
S&P Global, Inc.
3,193
1,424,078
Spotify Technology S.A.(a)
4,460
1,399,503
Synopsys, Inc.(a)
2,415
1,437,070
TPG, Inc.
31,322
1,298,297
Vertex Pharmaceuticals, Inc.(a)
3,216
1,507,403
Viking Therapeutics, Inc.(a)
16,257
861,784
 
34,973,571
TOTAL COMMON STOCKS (Cost $42,569,967)
59,012,772
 
 
 
 
 
SHORT-TERM INVESTMENTS
2.3
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b)
1,360,942
1,360,942
TOTAL SHORT-TERM INVESTMENTS (Cost $1,360,942)
1,360,942
TOTAL INVESTMENTS
(Cost $43,930,909)
100.9
%
60,373,714
NET OTHER ASSETS (LIABILITIES)
(0.9
%)
(524,299
)
NET ASSETS
100.0
%
$59,849,415
 
(a)Non-income producing security.
(b)7-day current yield as of June 30, 2024 is disclosed.
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM Global Select Fund were: 
Sector Allocation
% of Net Assets
Information Technology 
32.6%
Financials 
15.8 
Health Care 
15.3 
Materials 
10.7 
Consumer Discretionary 
9.9 
Industrials 
8.6 
Communication Services 
5.7 
Total
98.6%
10
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
97.3
%
Australia
2.5
%
QBE Insurance Group Ltd.
65,200
$752,644
Brazil
1.7
%
Ambev S.A. - ADR(a)
257,130
527,116
Canada
7.7
%
Alimentation Couche-Tard, Inc.
10,291
577,494
Cameco Corp.
13,468
662,645
Intact Financial Corp.
6,569
1,094,841
 
2,334,980
Finland
1.4
%
Kone OYJ - Class B
8,696
431,160
France
16.1
%
Pernod Ricard S.A.
4,367
595,832
Publicis Groupe S.A.
8,348
886,716
Sanofi S.A.
10,507
1,013,327
Schneider Electric S.E.
1,908
457,435
Thales S.A.
6,516
1,042,353
TotalEnergies S.E.
13,174
882,049
 
4,877,712
Germany
11.5
%
Deutsche Boerse A.G.
6,195
1,266,237
Deutsche Post A.G.
12,407
503,810
Infineon Technologies A.G.
22,305
818,600
Merck KGaA
5,477
905,761
 
3,494,408
Ireland
2.9
%
CRH PLC
11,932
884,212
Japan
19.4
%
Daifuku Co. Ltd.
41,249
774,736
Ebara Corp.
46,465
741,118
FUJIFILM Holdings Corp.
42,717
1,002,000
Komatsu Ltd.
34,066
995,052
Murata Manufacturing Co. Ltd.
29,258
605,886
Nitori Holdings Co. Ltd.
5,269
557,813
Pan Pacific International Holdings Corp.
19,585
458,129
SoftBank Corp.
61,249
749,076
 
5,883,810
Netherlands
1.9
%
Heineken Holding N.V.
7,180
565,925
Singapore
2.4
%
DBS Group Holdings Ltd.
27,571
726,187
11
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Sweden
4.1
%
Sandvik AB
30,772
$618,342
Svenska Handelsbanken AB - Class A
66,468
635,178
 
1,253,520
Switzerland
4.9
%
Cie Financiere Richemont S.A. - Class A - REG
3,524
550,741
Roche Holding A.G. (Genusschein)
3,346
927,039
 
1,477,780
United Kingdom
17.7
%
B&M European Value Retail S.A.
131,287
723,258
Beazley PLC
76,036
679,119
Compass Group PLC
40,820
1,112,073
Diageo PLC
14,847
466,107
National Grid PLC
57,333
640,188
Rio Tinto PLC
6,802
446,336
Shell PLC
36,376
1,304,735
 
5,371,816
United States
3.1
%
Philip Morris International, Inc.
9,096
921,698
TOTAL COMMON STOCKS (Cost $29,134,702)
29,502,968
 
 
 
 
 
SHORT-TERM INVESTMENTS
2.5
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b)
749,132
749,132
TOTAL SHORT-TERM INVESTMENTS (Cost $749,132)
749,132
TOTAL INVESTMENTS
(Cost $29,883,834)
99.8
%
30,252,100
NET OTHER ASSETS (LIABILITIES)
0.2
%
69,285
NET ASSETS
100.0
%
$30,321,385
 
(a)Non-income producing security.
(b)7-day current yield as of June 30, 2024 is disclosed.
 
Abbreviations:
ADR – American Depositary Receipt
REG – Registered
12
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM International Opportunities Fund were: 
Sector Allocation
% of Net Assets
Industrials 
18.2%
Financials 
17.0 
Consumer Staples 
12.1 
Consumer Discretionary 
11.2 
Health Care 
9.5 
Energy 
9.4 
Information Technology 
8.0 
Communication Services 
5.4 
Materials 
4.4 
Utilities 
2.1 
Total
97.3%
13
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL SELECT FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
97.7
%
Australia
2.2
%
Fortescue Ltd.
7,605,739
$108,278,787
Brazil
1.6
%
B3 S.A. - Brasil Bolsa Balcao
42,234,201
77,365,024
Canada
4.6
%
Ivanhoe Mines Ltd. - Class A(a)
8,496,042
109,612,325
Lundin Mining Corp.
10,496,794
116,856,966
 
226,469,291
Denmark
6.5
%
Novo Nordisk A/S - Class B
1,091,012
156,107,310
Zealand Pharma A/S(a)
1,279,704
163,578,290
 
319,685,600
France
9.8
%
Air Liquide S.A.
660,408
113,978,119
Danone S.A.
1,808,546
110,773,059
Publicis Groupe S.A.
1,148,932
122,038,434
Schneider Electric S.E.
589,146
141,245,202
 
488,034,814
Germany
2.4
%
Deutsche Boerse A.G.
577,672
118,074,183
Indonesia
1.8
%
Bank Rakyat Indonesia Persero Tbk PT
311,555,783
87,359,161
Ireland
4.9
%
CRH PLC
1,660,074
123,018,496
Linde PLC
277,912
121,950,565
 
244,969,061
Italy
2.6
%
Prysmian S.p.A.
2,123,789
131,116,340
Japan
31.3
%
Chugai Pharmaceutical Co. Ltd.
2,887,186
102,807,918
Disco Corp.
368,405
140,325,337
FUJIFILM Holdings Corp.
6,351,984
148,996,584
Hitachi Ltd.
6,982,875
157,228,692
Japan Exchange Group, Inc.
5,331,543
125,042,625
Komatsu Ltd.
4,332,236
126,542,636
Mitsubishi Electric Corp.
5,759,243
92,292,556
NEC Corp.
1,919,291
158,258,162
ORIX Corp.
6,012,645
133,263,552
Recruit Holdings Co. Ltd.
2,837,523
152,679,089
Sony Group Corp.
1,173,559
100,012,077
Tokyo Electron Ltd.
520,624
113,964,811
 
1,551,414,039
Jersey
2.5
%
Ferguson PLC
646,612
124,011,736
14
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL SELECT FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Netherlands
2.2
%
BE Semiconductor Industries N.V.
657,884
$109,900,387
South Korea
3.0
%
SK Hynix, Inc.
875,342
148,553,083
Sweden
2.6
%
EQT AB
4,464,789
130,895,897
Switzerland
4.9
%
Alcon, Inc.
1,447,581
128,678,243
Partners Group Holding A.G.
87,276
111,761,835
 
240,440,078
United Kingdom
8.6
%
Ashtead Group PLC
1,683,907
112,272,330
B&M European Value Retail S.A.
15,870,340
87,429,476
Compass Group PLC
4,176,210
113,773,896
London Stock Exchange Group PLC
961,087
113,964,153
 
427,439,855
United States
6.2
%
MercadoLibre, Inc.(a)
67,523
110,967,298
Spotify Technology S.A.(a)
316,669
99,367,566
Tenaris S.A.
6,336,077
97,463,684
 
307,798,548
TOTAL COMMON STOCKS (Cost $3,898,080,987)
4,841,805,884
 
 
 
 
 
SHORT-TERM INVESTMENTS
1.9
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b)
95,778,023
95,778,023
TOTAL SHORT-TERM INVESTMENTS (Cost $95,778,023)
95,778,023
TOTAL INVESTMENTS
(Cost $3,993,859,010)
99.6
%
4,937,583,907
NET OTHER ASSETS (LIABILITIES)
0.4
%
18,210,430
NET ASSETS
100.0
%
$4,955,794,337
 
(a)Non-income producing security.
(b)7-day current yield as of June 30, 2024 is disclosed.
15
PERPETUAL AMERICAS FUNDS TRUST
JOHCM INTERNATIONAL SELECT FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
At June 30, 2024 the industry sectors (excluding short-term investments) for the JOHCM International Select Fund were: 
Sector Allocation
% of Net Assets
Industrials 
20.9%
Financials 
18.2 
Information Technology 
16.5 
Materials 
14.0 
Health Care 
11.2 
Consumer Discretionary 
8.2 
Communication Services 
4.5 
Consumer Staples 
2.2 
Energy 
2.0 
Total
97.7%
16
PERPETUAL AMERICAS FUNDS TRUST
REGNAN GLOBAL EQUITY IMPACT SOLUTIONS
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
CLOSED-END FUNDS
1.3
%
Guernsey
1.3
%
Syncona Ltd.(a)
25,353
$34,792
TOTAL CLOSED-END FUNDS (Cost $58,742)
34,792
COMMON STOCKS
93.6
%
Brazil
5.5
%
Afya Ltd. - Class A(a)
4,823
85,126
YDUQS Participacoes S.A.
34,011
63,336
 
148,462
Canada
4.8
%
ATS Corp.(a)
2,699
87,340
Stantec, Inc.
477
39,933
 
127,273
Denmark
7.5
%
Novo Nordisk A/S - Class B
1,025
146,662
Orsted A/S(a)(b)
1,009
53,600
 
200,262
France
2.7
%
Hoffmann Green Cement Technologies S.A.S.(a)
670
6,832
Sartorius Stedim Biotech
401
66,270
 
73,102
Germany
5.9
%
AIXTRON S.E.
4,124
80,913
Carl Zeiss Meditec A.G. - Bearer
456
32,059
Duerr A.G.
2,153
45,562
 
158,534
Indonesia
3.2
%
Bank Rakyat Indonesia Persero Tbk PT
303,611
85,131
Italy
2.6
%
Stevanato Group S.p.A.
3,817
70,004
Japan
3.9
%
Horiba Ltd.
1,291
104,716
Netherlands
4.1
%
QIAGEN N.V.(a)
2,676
110,567
Norway
1.0
%
TOMRA Systems ASA
2,169
25,856
Spain
3.4
%
Befesa S.A.(b)
2,741
90,689
Sweden
3.6
%
Munters Group AB(b)
5,042
94,960
Switzerland
7.8
%
Kardex Holding A.G. - REG
310
78,832
Lonza Group A.G. - REG
237
129,024
 
207,856
17
PERPETUAL AMERICAS FUNDS TRUST
REGNAN GLOBAL EQUITY IMPACT SOLUTIONS
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
United Kingdom
2.7
%
Autolus Therapeutics PLC - ADR(a)
20,281
$70,578
Ilika PLC(a)
3,720
1,149
 
71,727
United States
34.9
%
Advanced Drainage Systems, Inc.
614
98,480
Agilent Technologies, Inc.
402
52,111
ANSYS, Inc.(a)
355
114,133
Ecolab, Inc.
607
144,466
Hannon Armstrong Sustainable Infrastructure Capital, Inc.
3,862
114,315
Itron, Inc.(a)
667
66,006
MSA Safety, Inc.
391
73,387
PTC, Inc.(a)
761
138,251
Xylem, Inc.
991
134,409
 
935,558
TOTAL COMMON STOCKS (Cost $2,145,152)
2,504,697
 
 
 
 
 
SHORT-TERM INVESTMENTS
2.8
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c)
75,866
75,866
TOTAL SHORT-TERM INVESTMENTS (Cost $75,866)
75,866
TOTAL INVESTMENTS
(Cost $2,279,760)
97.7
%
2,615,355
NET OTHER ASSETS (LIABILITIES)
2.3
%
62,504
NET ASSETS
100.0
%
$2,677,859
 
(a)Non-income producing security.
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $239,249 or 9% of net assets.
(c)7-day current yield as of June 30, 2024 is disclosed.
 
Abbreviations:
ADR – American Depositary Receipt
REG – Registered
At June 30, 2024 the industry sectors (excluding short-term investments) for the Regnan Global Equity Impact Solutions were: 
Sector Allocation
% of Net Assets
Industrials 
29.0%
Health Care 
25.2 
Information Technology 
18.8 
Financials 
8.8 
Materials 
5.6 
Consumer Discretionary 
5.5 
Utilities 
2.0 
Total
94.9%
18
PERPETUAL AMERICAS FUNDS TRUST
TSW CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Principal Amount
Value
CORPORATE BONDS
49.4
%
Apparel & Textile Products
3.9
%
Tapestry, Inc.
7.70%, 11/27/30
$100,000
$104,490
Asset Management
9.2
%
Ares Capital Corp.
3.88%, 01/15/26
75,000
72,415
Charles Schwab (The) Corp.
(Variable, U.S. SOFR + 2.21%)
5.64%, 05/19/29(a)
75,000
75,983
Compass Group Diversified Holdings LLC
5.00%, 01/15/32(b)
50,000
45,246
FS KKR Capital Corp.
6.88%, 08/15/29
50,000
49,581
 
243,225
Automotive
3.8
%
General Motors Co.
5.40%, 10/15/29
100,000
99,488
Cable & Satellite
3.7
%
Comcast Corp.
3.95%, 10/15/25
100,000
98,423
Commercial Support Services
1.9
%
GEO Group (The), Inc.
8.63%, 04/15/29(b)
50,000
51,210
Electric Utilities
5.4
%
Duke Energy Carolinas LLC
4.85%, 01/15/34
100,000
96,771
Southern (The) Co.
3.70%, 04/30/30
50,000
46,097
 
142,868
Institutional Financial Services
5.7
%
Nasdaq, Inc.
5.65%, 06/28/25
100,000
100,032
StoneX Group, Inc.
7.88%, 03/01/31(b)
50,000
51,568
 
151,600
Internet Media & Services
2.5
%
Expedia Group, Inc.
3.25%, 02/15/30
75,000
67,604
Machinery
3.9
%
Ingersoll Rand, Inc.
5.70%, 08/14/33
100,000
102,231
Oil & Gas Supply Chain
1.9
%
Sunoco L.P.
7.25%, 05/01/32(b)
50,000
51,718
Retail - Discretionary
1.8
%
Macy's Retail Holdings LLC
5.88%, 04/01/29(b)
50,000
48,525
19
PERPETUAL AMERICAS FUNDS TRUST
TSW CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Principal Amount
Value
Software
3.7
%
Oracle Corp.
4.90%, 02/06/33
$100,000
$97,003
Transportation Equipment
2.0
%
JB Poindexter & Co., Inc.
8.75%, 12/15/31(b)
50,000
51,800
TOTAL CORPORATE BONDS (Cost $1,311,158)
1,310,185
FOREIGN ISSUER BONDS
2.0
%
Electric Utilities
2.0
%
TransAlta Corp.
7.75%, 11/15/29
50,000
52,176
TOTAL FOREIGN ISSUER BONDS (Cost $52,169)
52,176
MORTGAGE-BACKED SECURITIES
7.4
%
U.S. Government Agencies
7.4
%
Freddie Mac
Pool #SD8276,
5.00%, 12/01/52
203,928
197,366
TOTAL MORTGAGE-BACKED SECURITIES (Cost $198,775)
197,366
U.S. GOVERNMENT OBLIGATIONS
40.4
%
U.S. Treasury Bonds,
4.75%, 11/15/43
35,000
35,465
U.S. Treasury Bonds,
4.50%, 02/15/44
275,000
269,758
U.S. Treasury Bonds,
4.13%, 08/15/53
80,000
74,497
U.S. Treasury Notes,
4.50%, 11/15/25
110,000
109,334
U.S. Treasury Notes,
4.00%, 02/29/28
150,000
147,715
U.S. Treasury Notes,
4.00%, 07/31/30
100,000
98,094
U.S. Treasury Notes,
4.63%, 05/31/31
50,000
50,812
U.S. Treasury Notes,
4.38%, 05/15/34
285,000
285,089
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $1,073,132)
1,070,764
 
 
Percentage
of Net
Assets
Shares
Value
SHORT-TERM INVESTMENTS
0.3
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c)
8,363
8,363
TOTAL SHORT-TERM INVESTMENTS (Cost $8,363)
8,363
TOTAL INVESTMENTS
(Cost $2,643,597)
99.5
%
2,638,854
NET OTHER ASSETS (LIABILITIES)
0.5
%
12,455
NET ASSETS
100.0
%
$2,651,309
 
20
PERPETUAL AMERICAS FUNDS TRUST
TSW CORE PLUS BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
(a)Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of June
30, 2024.
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $300,067 or 11% of net assets.
(c)7-day current yield as of June 30, 2024 is disclosed.
At June 30, 2024 the TSW Core Plus Bond Fund's investments were concentrated as follows: 
Fixed Income Credit Ratings
% of Net Assets
AAA 
47.8%
A 
10.2 
BBB 
26.0 
BBB- 
1.9 
BB 
9.6 
B 
3.7 
Cash equivalents 
0.3 
Total
99.5%
21
PERPETUAL AMERICAS FUNDS TRUST
TSW EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
99.0
%
Brazil
5.6
%
Arcos Dorados Holdings, Inc. - Class A
9,000
$81,000
Banco BTG Pactual S.A.(a)
20,600
113,906
JBS S.A.
17,000
98,136
Localiza Rent a Car S.A.(a)
4,012
30,143
NU Holdings Ltd. - Class A(a)
2,500
32,225
Vale S.A.
7,000
77,913
 
433,323
Canada
1.3
%
Fairfax India Holdings Corp.(a)(b)
6,700
96,145
China
14.8
%
Alibaba Group Holding Ltd.
22,000
198,283
Centre Testing International Group Co. Ltd. - Class A
80,000
110,014
Kingdee International Software Group Co. Ltd.(a)
70,000
65,457
NetEase, Inc.
11,000
210,055
Tencent Holdings Ltd.
8,200
389,011
Topsports International Holdings Ltd.(b)
110,000
58,410
Zijin Mining Group Co. Ltd. - Class H
50,000
105,350
 
1,136,580
Czech Republic
1.1
%
Colt CZ Group S.E.
2,800
81,074
Greece
3.2
%
JUMBO S.A.
3,000
86,037
Motor Oil Hellas Corinth Refineries S.A.
3,000
75,256
OPAP S.A.
5,200
81,532
 
242,825
Guatemala
1.4
%
Millicom International Cellular S.A.(a)
4,450
109,248
Hong Kong
6.2
%
AIA Group Ltd.
20,000
135,315
Lenovo Group Ltd.
120,000
168,407
Shougang Fushan Resources Group Ltd.
184,000
75,407
Sinotruk Hong Kong Ltd.
38,000
98,643
 
477,772
Hungary
2.0
%
Richter Gedeon Nyrt
6,000
155,889
India
13.1
%
Aegis Logistics Ltd.
16,000
167,101
HDFC Bank Ltd.
8,100
163,573
HEG Ltd.
3,000
77,774
ICICI Bank Ltd. - ADR
9,500
273,695
Intellect Design Arena Ltd.
7,000
89,588
Reliance Industries Ltd. - GDR(b)
3,100
230,955
 
1,002,686
22
PERPETUAL AMERICAS FUNDS TRUST
TSW EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Kazakhstan
1.9
%
Kaspi.KZ JSC - ADR
1,100
$141,911
Malaysia
1.0
%
Hibiscus Petroleum Bhd.
160,000
78,914
Mexico
3.7
%
El Puerto de Liverpool S.A.B. de C.V.
12,500
89,601
Fibra Uno Administracion S.A. de C.V.
64,000
78,640
Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L
18,000
116,097
 
284,338
Poland
1.5
%
Dino Polska S.A.(a)(b)
600
60,462
Text S.A.
3,000
56,958
 
117,420
South Africa
3.9
%
DRDGOLD Ltd. - ADR
10,000
86,100
Naspers Ltd. - Class N
1,100
216,032
 
302,132
South Korea
14.0
%
Doosan Bobcat, Inc.
2,000
74,045
Hugel, Inc.(a)
700
117,185
KINX, Inc.
1,300
78,260
LG Chem Ltd.
300
74,758
Samsung Electronics Co. Ltd.
8,800
517,914
Shinhan Financial Group Co. Ltd.
4,500
156,879
Value Added Technology Co. Ltd.
3,000
58,543
 
1,077,584
Taiwan
13.5
%
E Ink Holdings, Inc.
23,000
178,086
Parade Technologies Ltd.
4,500
115,677
Taiwan Semiconductor Manufacturing Co. Ltd.
25,000
740,691
 
1,034,454
Thailand
1.1
%
CP ALL PCL - REG
55,000
82,480
Turkey
3.6
%
BIM Birlesik Magazalar A.S.
8,000
133,619
KOC Holding A.S.
20,000
139,177
 
272,796
United Arab Emirates
0.5
%
Emaar Properties PJSC
16,000
35,751
United Kingdom
2.1
%
Georgia Capital PLC(a)
5,000
61,748
Investec PLC
14,000
101,204
 
162,952
United States
2.5
%
MercadoLibre, Inc.(a)
50
82,170
23
PERPETUAL AMERICAS FUNDS TRUST
TSW EMERGING MARKETS FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Tecnoglass, Inc.
1,000
$50,180
Yum China Holdings, Inc.
2,000
61,680
 
194,030
Vietnam
1.0
%
Vinhomes JSC(a)(b)
49,400
72,910
TOTAL COMMON STOCKS (Cost $7,049,470)
7,593,214
RIGHTS
0.0
%
Brazil
0.0
%
Localiza Rent a Car S.A.(a)
40
64
TOTAL RIGHTS (Cost $—)
64
 
 
 
 
 
SHORT-TERM INVESTMENTS
1.2
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c)
89,682
89,682
TOTAL SHORT-TERM INVESTMENTS (Cost $89,682)
89,682
TOTAL INVESTMENTS
(Cost $7,139,152)
100.2
%
7,682,960
NET OTHER ASSETS (LIABILITIES)
(0.2
%)
(11,679
)
NET ASSETS
100.0
%
$7,671,281
 
(a)Non-income producing security.
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $518,882 or 7% of net assets.
(c)7-day current yield as of June 30, 2024 is disclosed.
 
Abbreviations:
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
REG – Registered
At June 30, 2024 the industry sectors (excluding short-term investments) for the TSW Emerging Markets Fund were: 
Sector Allocation
% of Net Assets
Information Technology 
25.1%
Financials 
16.6 
Consumer Discretionary 
12.5 
Communication Services 
10.2 
Industrials 
10.1 
Energy 
7.2 
Materials 
5.5 
Consumer Staples 
5.0 
Health Care 
4.3 
Real Estate 
2.5 
Total
99.0%
24
PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Principal Amount
Value
CORPORATE BONDS
95.1
%
Asset Management
1.7
%
FS KKR Capital Corp.
7.88%, 01/15/29
$150,000
$154,828
Automotive
2.4
%
Clarios Global L.P./Clarios U.S. Finance Co.
6.25%, 05/15/26(a)
224,000
223,777
Cable & Satellite
2.3
%
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 05/01/32(a)
100,000
80,542
Sirius XM Radio, Inc.
4.00%, 07/15/28(a)
150,000
135,503
 
216,045
Commercial Support Services
3.4
%
CoreCivic, Inc.
8.25%, 04/15/29
150,000
155,046
GEO Group (The), Inc.
8.63%, 04/15/29(a)
150,000
153,631
 
308,677
Construction Materials
3.3
%
Eco Material Technologies, Inc.
7.88%, 01/31/27(a)
150,000
150,348
Summit Materials LLC/Summit Materials Finance Corp.
6.50%, 03/15/27(a)
150,000
150,256
 
300,604
Consumer Services
1.6
%
Upbound Group, Inc.
6.38%, 02/15/29(a)
150,000
143,894
Electrical Equipment
1.7
%
WESCO Distribution, Inc.
7.25%, 06/15/28(a)
150,000
152,691
Engineering & Construction
2.1
%
Installed Building Products, Inc.
5.75%, 02/01/28(a)
200,000
195,590
Home Construction
1.8
%
Forestar Group, Inc.
5.00%, 03/01/28(a)
175,000
167,778
Household Products
1.9
%
Edgewell Personal Care Co.
5.50%, 06/01/28(a)
183,000
178,552
Institutional Financial Services
3.6
%
Coinbase Global, Inc.
3.63%, 10/01/31(a)
125,000
100,224
StoneX Group, Inc.
7.88%, 03/01/31(a)
225,000
232,058
 
332,282
25
PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Principal Amount
Value
Insurance
2.7
%
Markel Group, Inc.
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.66%)
6.00%, 06/01/25(b)
$250,000
$248,267
Leisure Facilities & Services
13.2
%
Carnival Corp.
5.75%, 03/01/27(a)
150,000
148,189
Cinemark U.S.A., Inc.
5.88%, 03/15/26(a)
175,000
173,095
Light & Wonder International, Inc.
7.50%, 09/01/31(a)
150,000
154,983
Live Nation Entertainment, Inc.
4.75%, 10/15/27(a)
80,000
76,666
Marriott Ownership Resorts, Inc.
4.75%, 01/15/28
150,000
141,564
NCL Corp. Ltd.
5.88%, 03/15/26(a)
100,000
98,862
Raptor Acquisition Corp./Raptor Co-Issuer LLC
4.88%, 11/01/26(a)
100,000
96,744
Travel + Leisure Co.
6.60%, 10/01/25
175,000
176,080
VOC Escrow Ltd.
5.00%, 02/15/28(a)
150,000
145,408
 
1,211,591
Leisure Products
3.4
%
Vista Outdoor, Inc.
4.50%, 03/15/29(a)
312,000
313,044
Machinery
3.0
%
Regal Rexnord Corp.
6.30%, 02/15/30
150,000
153,352
Titan International, Inc.
7.00%, 04/30/28
125,000
120,210
 
273,562
Oil & Gas Supply Chain
6.4
%
Genesis Energy L.P./Genesis Energy Finance Corp.
8.00%, 01/15/27
150,000
153,369
Permian Resources Operating LLC
9.88%, 07/15/31(a)
250,000
276,726
Sunoco L.P./Sunoco Finance Corp.
7.00%, 09/15/28(a)
150,000
153,751
 
583,846
Publishing & Broadcasting
1.7
%
Nexstar Media, Inc.
4.75%, 11/01/28(a)
175,000
155,593
26
PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Principal Amount
Value
Real Estate Investment Trusts
3.3
%
RHP Hotel Properties L.P./RHP Finance Corp.
7.25%, 07/15/28(a)
$150,000
$155,112
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC
10.50%, 02/15/28(a)
150,000
146,892
 
302,004
Retail - Consumer Staples
3.8
%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC
4.63%, 01/15/27(a)
250,000
241,479
Arko Corp.
5.13%, 11/15/29(a)
125,000
108,816
 
350,295
Retail - Discretionary
9.6
%
Academy Ltd.
6.00%, 11/15/27(a)
100,000
98,456
BlueLinx Holdings, Inc.
6.00%, 11/15/29(a)
150,000
139,494
Builders FirstSource, Inc.
5.00%, 03/01/30(a)
150,000
141,895
Dillard's, Inc.
7.75%, 07/15/26
175,000
180,725
Macy's Retail Holdings LLC
5.88%, 04/01/29(a)
100,000
97,049
Patrick Industries, Inc.
4.75%, 05/01/29(a)
150,000
138,190
Sonic Automotive, Inc.
4.63%, 11/15/29(a)
100,000
90,262
 
886,071
Software
1.7
%
Concentrix Corp.
6.60%, 08/02/28
150,000
151,833
Specialty Finance
12.2
%
Burford Capital Global Finance LLC
6.25%, 04/15/28(a)
200,000
193,328
Credit Acceptance Corp.
6.63%, 03/15/26
100,000
99,860
Enova International, Inc.
8.50%, 09/15/25(a)
150,000
150,112
Fortress Transportation and Infrastructure Investors LLC
7.00%, 06/15/32(a)
200,000
202,829
ILFC E-Capital Trust I
(Variable, 3M CME Term SOFR + 1.81%)
7.14%, 12/21/65(a)(b)
150,000
122,216
PRA Group, Inc.
5.00%, 10/01/29(a)
200,000
171,274
27
PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Principal Amount
Value
Rithm Capital Corp.
6.25%, 10/15/25(a)
$87,000
$86,412
World Acceptance Corp.
7.00%, 11/01/26(a)
100,000
95,317
 
1,121,348
Transportation & Logistics
3.7
%
American Airlines, Inc.
7.25%, 02/15/28(a)
100,000
100,065
GN Bondco LLC
9.50%, 10/15/31(a)
200,000
186,416
United Airlines Holdings, Inc.
4.88%, 01/15/25
50,000
49,638
 
336,119
Transportation Equipment
2.3
%
JB Poindexter & Co., Inc.
8.75%, 12/15/31(a)
200,000
207,198
Wholesale - Consumer Staples
0.7
%
United Natural Foods, Inc.
6.75%, 10/15/28(a)
75,000
67,707
Wholesale - Discretionary
1.6
%
G-III Apparel Group Ltd.
7.88%, 08/15/25(a)
150,000
150,477
TOTAL CORPORATE BONDS (Cost $8,783,658)
8,733,673
FOREIGN ISSUER BONDS
2.7
%
Chemicals
1.6
%
Methanex Corp.
5.25%, 12/15/29
150,000
144,724
Electric Utilities
1.1
%
TransAlta Corp.
7.75%, 11/15/29
100,000
104,352
TOTAL FOREIGN ISSUER BONDS (Cost $258,154)
249,076
 
 
Percentage
of Net
Assets
Shares
Value
SHORT-TERM INVESTMENTS
0.8
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(c)
72,971
72,971
TOTAL SHORT-TERM INVESTMENTS (Cost $72,971)
72,971
TOTAL INVESTMENTS
(Cost $9,114,783)
98.6
%
9,055,720
NET OTHER ASSETS (LIABILITIES)
1.4
%
130,710
NET ASSETS
100.0
%
$9,186,430
 
(a)Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2024, these securities had a total value of $6,948,901 or 76% of net assets.
(b)Floating rate security. The rate presented is the rate in effect at June 30, 2024, and the related index and spread are shown parenthetically for each security.
(c)7-day current yield as of June 30, 2024 is disclosed.
28
PERPETUAL AMERICAS FUNDS TRUST
TSW HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
At June 30, 2024 the TSW High Yield Bond Fund’s investments were concentrated as follows: 
Fixed Income Credit Ratings
% of Net Assets
BBB 
3.0%
BBB- 
1.7 
BB 
63.4 
B 
27.9 
CCC 
1.8 
Cash equivalents 
0.8 
Total
98.6%
29
PERPETUAL AMERICAS FUNDS TRUST
TSW LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
 
Percentage
of Net
Assets
Shares
Value
COMMON STOCKS
90.0
%
Belgium
3.3
%
Anheuser-Busch InBev S.A./N.V. - ADR
21,000
$1,221,150
Germany
3.4
%
Bayer A.G. - ADR
180,000
1,267,200
Ireland
4.3
%
Jazz Pharmaceuticals PLC(a)
5,000
533,650
Willis Towers Watson PLC
4,000
1,048,560
 
1,582,210
Japan
3.2
%
Nintendo Co. Ltd. - ADR
89,000
1,183,700
United States
75.8
%
Alphabet, Inc. - Class C
2,740
502,571
Applied Materials, Inc.
2,000
471,980
Arch Capital Group Ltd.(a)
4,000
403,560
Bank of America Corp.
20,000
795,400
Berkshire Hathaway, Inc. - Class B(a)
3,500
1,423,800
Bio-Rad Laboratories, Inc. - Class A(a)
3,000
819,330
Charles Schwab (The) Corp.
5,100
375,819
Cigna (The) Group
2,709
895,514
Cisco Systems, Inc.
14,000
665,140
Citigroup, Inc.
10,000
634,600
Corpay, Inc.(a)
3,000
799,230
Crown Castle, Inc.
8,000
781,600
CVS Health Corp.
10,200
602,412
Dell Technologies, Inc. - Class C
3,000
413,730
Dominion Energy, Inc.
32,000
1,568,000
Evergy, Inc.
14,000
741,580
FedEx Corp.
2,000
599,680
First Citizens BancShares, Inc. - Class A
300
505,083
Hess Corp.
5,000
737,600
Jacobs Solutions, Inc.
3,000
419,130
Kinder Morgan, Inc.
68,600
1,363,082
Kraft Heinz (The) Co.
33,100
1,066,482
Liberty Broadband Corp. - Class C(a)
26,100
1,430,802
Liberty Media Corp. - Liberty SiriusXM(a)
22,225
492,506
Lockheed Martin Corp.
1,800
840,780
Lowe's Cos., Inc.
3,000
661,380
McKesson Corp.
2,100
1,226,484
Merck & Co., Inc.
4,000
495,200
Occidental Petroleum Corp.
13,000
819,390
Pfizer, Inc.
46,700
1,306,666
Post Holdings, Inc.(a)
3,500
364,560
Progressive (The) Corp.
5,600
1,163,176
Regeneron Pharmaceuticals, Inc.(a)
600
630,618
30
PERPETUAL AMERICAS FUNDS TRUST
TSW LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS
June 30, 2024 (Unaudited)
 
Percentage
of Net
Assets
Shares
Value
Warner Bros Discovery, Inc.(a)
94,000
$699,360
Williams Cos. (The), Inc.
28,225
1,199,562
 
27,915,807
TOTAL COMMON STOCKS (Cost $28,339,883)
33,170,067
 
 
 
 
 
SHORT-TERM INVESTMENTS
9.5
%
Northern Institutional Treasury Portfolio (Premier Class), 5.15%(b)
3,499,980
3,499,980
TOTAL SHORT-TERM INVESTMENTS (Cost $3,499,980)
3,499,980
TOTAL INVESTMENTS
(Cost $31,839,863)
99.5
%
36,670,047
NET OTHER ASSETS (LIABILITIES)
0.5
%
172,137
NET ASSETS
100.0
%
$36,842,184
 
(a)Non-income producing security.
(b)7-day current yield as of June 30, 2024 is disclosed.
 
Abbreviations:
ADR – American Depositary Receipt
At June 30, 2024 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were: 
Sector Allocation
% of Net Assets
Health Care 
21.0%
Financials 
19.5 
Communication Services 
11.7 
Energy 
11.2 
Consumer Staples 
7.2 
Utilities 
6.3 
Industrials 
5.0 
Information Technology 
4.2 
Real Estate 
2.1 
Consumer Discretionary 
1.8 
Total
90.0%
31