JOHCM Funds Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23615

JOHCM Funds Trust

(Exact name of registrant as specified in charter)

53 State Street, 13th Floor

Boston, Massachusetts 02109

(Address of principal executive offices) (Zip code)

Mary Lomasney

53 State Street, 13th Floor

Boston, Massachusetts 02109

(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 933-0712

Date of fiscal year end: September 30

Date of reporting period: March 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

LOGO

SEMI-ANNUAL

REPORT

March 31, 2022

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for the distribution to prospective investors unless preceded or accompanied by an effective prospectus.

JOHCM FUNDS TRUST

TABLE OF CONTENTS

March 31, 2022


SHAREHOLDER LETTER	i

SCHEDULES OF INVESTMENTS	1

STATEMENTS OF ASSETS & LIABILITIES	49

STATEMENTS OF OPERATIONS	53

STATEMENTS OF CHANGES IN NET ASSETS	57

FINANCIAL HIGHLIGHTS	61

NOTES TO FINANCIAL STATEMENTS	80

ADDITIONAL INFORMATION		100

DEAR SHAREHOLDER:

I am pleased to present the JOHCM Funds Trust Semi-Annual Report for the six-months ended March 31, 2022. At the time I last wrote you in connection with the September 30, 2021 Annual Report, I reflected on the then recently completed reorganization of the JOHCM Funds into JOHCM Funds Trust and the benefits derived from the reorganization. I also commented on the then recently completed acquisition of Thompson, Siegel and Walmsley (“TSW”) by our parent company, Pendal Group Limited, and our excitement over the increased range of investment solutions that we would be able to offer to clients across the U.S. market. Since the time of the TSW acquisition, we have made available the TSW High Yield Bond Fund and the TSW Large Cap Value Fund to our clients and have launched the TSW Emerging Markets Fund. We continue to actively evaluate additional fund launches in JOHCM Funds Trust.

During the six-months ended March 31, 2022, the world continued to deal with the impacts from the COVID-19 pandemic, including managing the emergence of new variants, transitioning away from a work from home environment and supply chain disruptions. Additionally, the economic sanctions placed on Russia have contributed to a significant increase in energy and other commodity prices as well as inflationary pressure that will be a challenge for individuals and companies for the foreseeable future.

Against this backdrop, we reaffirm our commitment to attracting, developing and retaining the very best talent in our effort to deliver consistent performance and a superior experience for our clients.

We thank you for the continued trust and confidence that you have placed in us.

Respectfully submitted,

LOGO

Nicholas Good

Chairman of the Board of Trustees

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Shares		Value
COMMON STOCKS		0.1	%
Holding Companies-Diversified		0.1	%
Austerlitz Acquisition Corp. II^(a)					634	$	6,257
CC Neuberger Principal Holdings III^(a)					104		1,036
Northern Star Investment Corp. III^(a)					211		2,070

							9,363

TOTAL COMMON STOCKS (Cost $9,505)							9,363


	Percentage of Net Assets			Principal Amount		Value
CONVERTIBLE BONDS		16.5	%
Biotechnology		2.4	%
Bridgebio Pharma, Inc. 2.25%, 02/01/29				$	50,000		23,150
Innoviva, Inc. 2.50%, 08/15/25					100,000		129,900

							153,050

Internet		4.3	%
Airbnb, Inc. 0.00%, 03/15/26					50,000		48,335
Spotify U.S.A., Inc. 0.00%, 03/15/26					180,000		153,383
Twitter, Inc. 0.00%, 03/15/26					90,000		76,293

							278,011

Media		4.6	%
Liberty Broadband Corp. 2.75%, 09/30/50^(b)					100,000		98,627
Liberty Latin America Ltd. 2.00%, 07/15/24					220,000		199,513

							298,140

Software		5.2	%
Alteryx, Inc. 1.00%, 08/01/26					70,000		61,207
Envestnet, Inc. 0.75%, 08/15/25^(b)					100,000		97,125
Fastly, Inc. 0.00%, 03/15/26					110,000		82,115
Splunk, Inc. 1.13%, 06/15/27					100,000		95,500

							335,947

TOTAL CONVERTIBLE BONDS (Cost $1,121,180)							1,065,148

CORPORATE BONDS		61.7	%
Advertising		4.4	%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28^(b)					300,000		283,929

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value
Aerospace/Defense		3.5	%
Boeing (The) Co. 5.81%, 05/01/50				$	110,000	$	127,021
Hexcel Corp. 4.20%, 02/15/27					100,000		100,574

							227,595

Banks		3.1	%
Bank of America Corp. (Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25^(c)					105,000		99,750
JPMorgan Chase & Co. (Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25^(c)					105,000		99,015

							198,765

Commercial Services		1.6	%
Graham Holdings Co. 5.75%, 06/01/26^(b)					100,000		102,695

Diversified Financial Services		2.4	%
Charles Schwab Corp. (The) (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25^(c)					150,000		154,500

Electrical Component & Equipments		4.1	%
WESCO Distribution, Inc. 7.25%, 06/15/28^(b)					250,000		265,534

Food		1.9	%
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc. 6.50%, 04/15/29^(b)					100,000		106,000
Post Holdings, Inc. 5.75%, 03/01/27^(b)					17,000		17,084

							123,084

Healthcare-Services		3.7	%
Encompass Health Corp. 4.63%, 04/01/31					200,000		187,208
IQVIA, Inc. 5.00%, 10/15/26^(b)					50,000		50,875

							238,083

Internet		16.6	%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/01/27^(b)					120,000		120,546
GrubHub Holdings, Inc. 5.50%, 07/01/27^(b)					100,000		86,580
Netflix, Inc. 6.38%, 05/15/29					260,000		294,003
TripAdvisor, Inc. 7.00%, 07/15/25^(b)					300,000		309,885
Uber Technologies, Inc. 8.00%, 11/01/26^(b)					250,000		265,675

							1,076,689

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value
Machinery-Diversified		0.7	%
Flowserve Corp. 3.50%, 10/01/30				$	50,000	$	47,353

Media		6.2	%
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/23^(b)					50,000		49,979
5.38%, 06/01/29^(b)					150,000		150,000
Paramount Global (Variable, ICE LIBOR USD 3M + 3.90%) 6.25%, 02/28/57^(c)					100,000		100,798
Sirius XM Radio, Inc. 5.50%, 07/01/29^(b)					100,000		101,500

							402,277

Packing & Containers		1.2	%
Berry Global, Inc. 4.88%, 07/15/26^(b)					75,000		75,750

Real Estate Investment Trusts		3.0	%
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 5.75%, 02/01/27					160,000		169,000
SBA Communications Corp. 3.13%, 02/01/29					30,000		27,289

							196,289

Software		6.1	%
MSCI, Inc. 4.00%, 11/15/29^(b)					200,000		194,237
SS&C Technologies, Inc. 5.50%, 09/30/27^(b)					200,000		201,503

							395,740

Transportation		3.2	%
XPO Logistics, Inc. 6.25%, 05/01/25^(b)					200,000		206,714

TOTAL CORPORATE BONDS (Cost $4,224,787)							3,994,997

FOREIGN ISSUER BONDS		5.0	%
Beverages		1.6	%
Bacardi Ltd. 4.70%, 05/15/28^(b)					100,000		104,029

Oil & Gas		1.6	%
BP Capital Markets PLC (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.04%) 4.38%, 06/22/25^(c)					100,000		100,550

Telecommunications		1.8	%
Altice France S.A. 8.13%, 02/01/27^(b)					115,000		118,580

TOTAL FOREIGN ISSUER BONDS (Cost $343,433)							323,159

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Shares		Value
PREFERRED STOCKS		3.1	%
Banks		0.7	%
Morgan Stanley (Variable, ICE LIBOR USD 3M + 3.49%) 5.85%^(c)					1,679	$	43,906

Telecommunications		2.4	%
2020 Cash Mandatory Exchangeable Trust ^(a)(b)					140		156,100

PREFERRED STOCKS (Cost $197,387)							200,006

CLOSED-END FUNDS		0.9	%
Eagle Point Credit Co., Inc.					4,474		58,833

TOTAL CLOSED-END FUNDS (Cost $46,681)							58,833

SHORT-TERM INVESTMENTS		11.0	%
Northern Institutional Treasury Portfolio (Premier Class), 0.12%^(d)					711,271		711,271

TOTAL SHORT-TERM INVESTMENTS (Cost $711,271)							711,271

TOTAL INVESTMENTS (Cost $6,654,244)		98.3	%				6,362,777
NET OTHER ASSETS (LIABILITIES)		1.7	%				111,665

NET ASSETS		100.0	%			$	6,474,442

^(a)Non-income producing security.

^(b)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(c)Floating rate security. The rate presented is the rate in effect at March 31, 2022, and the related index and spread are shown parenthetically for each security.

^(d)7-day current yield as of March 31, 2022 is disclosed.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the JOHCM Credit Income Fund’s investments were concentrated as follows:


Country Allocation	Percentage of Net Assets
United States		90.2	%
Chile		3.1
France		1.8
Bermuda		1.6
United Kingdom		1.6
Total		98.3	%


5 Largest Security Positions
Issuer	% of Net Assets
TripAdvisor, Inc. 7.00%, 7/15/25		4.8	%
Netflix, Inc. 6.38%, 5/15/29		4.6
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28		4.4
Uber Technologies, Inc. 8.00%, 11/1/26		4.1
WESCO Distribution, Inc. 7.25%, 6/15/28		4.1

Total		22.0	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)




	Percentage of Net Assets		Shares		Value

COMMON STOCKS		92.9%
Brazil		8.4%
Ambev S.A. - ADR				4,009,192	$	12,949,690
Petroleo Brasileiro S.A. - ADR				2,563,548		37,940,510
Suzano S.A. - ADR				1,000,440		11,625,113

						62,515,313

Canada		3.3%
Barrick Gold Corp.				996,551		24,445,396

China		24.7%
Anhui Conch Cement Co. Ltd. - Class H				3,103,109		15,903,381
China Oilfield Services. Ltd. - Class H				8,908,000		9,096,584
Country Garden Services Holdings Co. Ltd.				1,387,000		5,893,714
ENN Energy Holdings Ltd.				1,247,405		18,590,000
Jiangsu Expressway Co. Ltd. - Class H				3,996,982		4,177,524
Longfor Group Holdings Ltd.^(a)				4,851,872		24,759,376
Proya Cosmetics Co. Ltd. - Class A				534,384		15,805,457
Tencent Holdings Ltd.				835,324		39,406,734
TravelSky Technology Ltd. - Class H				3,298,000		4,729,139
Trip.com Group Ltd.^(b)				429,366		10,114,018
Tsingtao Brewery Co. Ltd. - Class H				1,637,536		12,962,924
Xinyi Energy Holdings Ltd.				3,002,948		1,818,495
Xinyi Solar Holdings Ltd.				9,933,440		17,455,028
Zhejiang Expressway Co. Ltd. - Class H				4,536,225		3,804,158

						184,516,532

Hong Kong		3.4%
China Resources Land Ltd.				1,665,176		7,718,527
Hong Kong Exchanges & Clearing Ltd.				321,051		15,130,162
Lee & Man Paper Manufacturing Ltd.				4,983,967		2,592,478

						25,441,167

India		12.7%
Apollo Tyres Ltd.				1,150,776		2,880,118
Container Corp. of India Ltd.				1,202,695		10,618,972
HDFC Bank Ltd. - ADR				395,475		24,254,482
Larsen & Toubro Ltd.				826,934		19,172,302
Mahindra & Mahindra Ltd.				1,411,991		14,937,135
State Bank of India				3,517,371		22,739,300

						94,602,309

Jersey		0.7%
Centamin PLC				4,193,722		5,016,318

Mexico		5.8%
Bolsa Mexicana de Valores S.A.B. de C.V.				2,708,622		5,727,734
Cemex S.A.B. de C.V. - ADR^(b)				3,622,910		19,165,194
Megacable Holdings S.A.B. de C.V. - CPO				1,414,168		4,260,990
Wal-Mart de Mexico S.A.B. de C.V.				3,363,380		13,852,594

						43,006,512

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)




	Percentage of Net Assets		Shares		Value

Russia		0.0%
Gazprom PJSC - ADR^(c)				306,786	$	—
Globaltrans Investment PLC - REG - GDR^(c)				757,185		—

						—

South Africa		5.7%
FirstRand Ltd.				4,909,681		25,925,016
Mr Price Group Ltd.				1,120,133		16,534,063

						42,459,079

South Korea		17.5%
Cheil Worldwide, Inc.				521,251		10,098,490
Kangwon Land, Inc.^(b)				323,842		7,391,747
Samsung Electronics Co. Ltd.				1,013,747		57,912,977
Samsung Electronics Co. Ltd. - REG - GDR				1,125		1,589,222
SK Hynix, Inc.				272,331		26,068,358
SK Square Co. Ltd.^(b)				229,146		10,597,030
SK Telecom Co. Ltd.				354,462		16,589,790

						130,247,614

Taiwan		6.1%
Primax Electronics Ltd.				6,762,384		12,234,278
Taiwan Cement Corp.				4,469,000		7,772,454
Tong Yang Industry Co. Ltd.				5,251,643		5,875,554
Win Semiconductors Corp.				509,000		4,711,923
Yuanta Financial Holding Co. Ltd.				16,744,000		15,393,057

						45,987,266

United Arab Emirates		4.6%
Emaar Properties PJSC				18,150,842		29,502,460
Fertiglobe PLC				3,548,524		4,833,086

						34,335,546

TOTAL COMMON STOCKS (Cost $627,614,578)						692,573,052

PREFERRED STOCKS		3.6%
Brazil		3.6%
Azul S.A. - ADR^(b)				626,152		9,423,587
Banco Bradesco S.A. - ADR, 0.82%^(d)				1,509,265		7,002,990
Itau Unibanco Holding S.A. - ADR, 0.73%^(d)				1,815,101		10,364,227

						26,790,804

TOTAL PREFERRED STOCKS (Cost $26,672,843)						26,790,804

TOTAL INVESTMENTS
(Cost $654,287,421)		96.5%				719,363,856
NET OTHER ASSETS (LIABILITIES)		3.5%				26,030,457

NET ASSETS		100.0%			$	745,394,313

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

^(a)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers.

^(b)Non-income producing security.

^(c)Security valued pursuant to Level 3 unobservable inputs and is restricted for trading.

^(d)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

Abbreviations:

ADR – American Depositary Receipt

CPO – Certificados de Partcipatión Ordinario

GDR – Global Depositary Receipt

REG – Registered

At March 31, 2022 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:


Sector Allocation	% of Net Assets
Communication Services		9.4	%
Consumer Discretionary		7.7
Consumer Staples		7.5
Energy		6.3
Financials		17.0
Industrials		6.3
Information Technology		18.2
Materials		12.3
Real Estate		9.1
Utilities		2.7
Total		96.5	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the JOHCM Emerging Markets Opportunities Fund’s investments were concentrated as follows:


Market Exposure

Equity Securities	% of Net Assets
Banks		12.1	%
Semiconductors		12.1
Real Estate		9.1
Internet		6.6
Building Materials		5.7
Oil & Gas		5.1
Diversified Financial Services		4.9
Retail		4.1
Mining		4.0
Beverages		3.5
Telecommunications		2.8
Energy-Alternate Sources		2.6
Engineering & Construction		2.6
Gas		2.5
Cosmetics/Personal Care		2.1
Auto Manufacturers		2.0
Commercial Services		1.7
Computers		1.6
Forest Products & Paper		1.6
Transportation		1.4
Investment Companies		1.4
Advertising		1.4
Airlines		1.3
Oil & Gas Services		1.2
Auto Parts & Equipment		1.2
Lodging		1.0
Chemicals		0.6
Packing & Containers		0.3
Total		96.5	%


5 Largest Security Positions

Issuer	% of Net Assets
Samsung Electronics Co. Ltd.		7.8	%
Tencent Holdings Ltd.		5.3
Petroleo Brasileiro S.A. - ADR		5.1
Emaar Properties PJSC		4.0
SK Hynix, Inc.		3.5
Total		25.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)




	Percentage of Net Assets		Shares		Value

COMMON STOCKS		94.8%
Austria		0.1%
Vienna Insurance Group A.G. Wiener Versicherung Gruppe				1,955	$	50,521

Brazil		7.9%
Ambipar Participacoes e Empreendimentos S.A.				31,800		245,460
Cia Brasileira de Aluminio^(a)				143,600		604,736
Empreendimentos Pague Menos S.A.^(a)				184,700		374,362
Lojas Renner S.A.				79,800		460,928
Oncoclinicas do Brasil Servicos Medicos S.A.^(a)				186,400		413,435
Petro Rio S.A.^(a)				45,800		229,046
Santos Brasil Participacoes S.A.				378,900		606,425
Sinqia S.A.^(a)				121,900		508,487
StoneCo. Ltd. - Class A^(a)				16,931		198,093
Zenvia, Inc. - Class A^(a)				23,232		141,715

						3,782,687

Canada		4.1%
Capstone Copper Corp.^(a)				96,024		543,046
Dundee Precious Metals, Inc.				71,098		424,262
Neo Performance Materials, Inc.				21,978		267,572
Parex Resources, Inc.				27,549		565,238
Yamana Gold, Inc.				27,170		151,609

						1,951,727

Chile		1.0%
Cia Cervecerias Unidas S.A. - ADR				32,248		482,430

China		5.3%
China Datang Corp. Renewable Power Co. Ltd. - Class H				1,547,000		638,616
Chlitina Holding Ltd.				34,000		240,427
New Horizon Health Ltd.^(a)(b)				63,000		181,895
Silergy Corp.				3,313		390,229
Sinopec Engineering Group Co. Ltd. - Class H				360,000		183,422
Uni-President China Holdings Ltd.				591,000		514,161
Xtep International Holdings Ltd.				272,500		408,854

						2,557,604

Czech Republic		1.0%
Moneta Money Bank A.S.^(b)				113,270		459,135

Germany		0.6%
Krones A.G.				3,531		293,882

Greece		2.9%
Eurobank Ergasias Services and Holdings S.A.^(a)				491,672		574,949
Mytilineos S.A.				28,456		464,901
Star Bulk Carriers Corp.				12,341		366,404

						1,406,254

Hong Kong		4.0%
China Power International Development Ltd.				277,000		146,087
CIMC Enric Holdings Ltd.				546,000		677,117

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)




	Percentage of Net Assets		Shares		Value

Pax Global Technology Ltd.				376,000	$	308,345
Towngas Smart Energy Co. Ltd.^(a)				877,000		459,307
Truly International Holdings Ltd.				1,172,000		331,897

						1,922,753

Hungary		0.9%
Richter Gedeon Nyrt				19,944		420,645

India		17.9%
Apollo Tyres Ltd.				90,963		227,659
Aster DM Healthcare Ltd.^(a)(b)				127,172		330,127
Astral Ltd.				8,632		228,480
Bata India Ltd.				15,716		405,175
Computer Age Management Services Ltd.				6,500		197,589
Dr Lal PathLabs Ltd.^(b)				10,939		375,146
Finolex Cables Ltd.				4,600		22,717
Godrej Properties Ltd.^(a)				14,443		316,296
Indian Energy Exchange Ltd.^(b)				204,020		599,688
Ipca Laboratories Ltd.				32,661		457,583
KPIT Technologies Ltd.				110,994		870,296
Lemon Tree Hotels Ltd.^(a)(b)				289,832		240,648
Narayana Hrudayalaya Ltd.^(a)				70,585		692,023
NCC Ltd.				251,037		192,096
PNC Infratech Ltd.				107,083		364,230
PTC India Ltd.				200,233		216,353
PVR Ltd.^(a)				25,216		632,299
Quess Corp. Ltd.^(b)				46,229		400,312
Shriram Transport Finance Co. Ltd.				16,849		250,885
Varun Beverages Ltd.				61,333		756,777
VST Tillers Tractors Ltd.				10,178		320,885
WNS Holdings Ltd. - ADR^(a)				5,771		493,363

						8,590,627

Indonesia		3.8%
Matahari Department Store Tbk PT				1,809,200		781,362
Merdeka Copper Gold Tbk PT^(a)				1,536,400		484,772
Vale Indonesia Tbk PT				1,214,600		566,155

						1,832,289

Mexico		1.8%
Banco del Bajio S.A.^(b)				216,300		593,874
Megacable Holdings S.A.B. de C.V. - CPO				89,200		268,766

						862,640

Norway		0.4%
Scatec ASA^(b)				12,540		190,293

Philippines		1.3%
Metropolitan Bank & Trust Co.				433,970		477,542
Wilcon Depot, Inc.				312,100		162,908

						640,450

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)




	Percentage of Net Assets		Shares		Value

Poland		1.4%
Bank Polska Kasa Opieki S.A.				13,882	$	370,096
STS Holding S.A.^(a)				77,031		315,226

						685,322

Russia		0.0%
Ozon Holdings PLC - ADR^(a)(c)				7,516		—

Saudi Arabia		1.0%
United Electronics Co.				8,392		297,553
United International Transportation Co.				13,868		190,365

						487,918

South Africa		1.9%
Aspen Pharmacare Holdings Ltd.				19,240		260,443
Bidvest Group (The) Ltd.				20,254		309,317
Sappi Ltd.^(a)				90,340		350,617

						920,377

South Korea		11.5%
Dentium Co. Ltd.				7,546		444,530
DGB Financial Group, Inc.				62,576		480,252
Ecopro BM Co. Ltd.				1,150		369,989
Eugene Technology Co. Ltd.				8,216		325,182
Hana Materials, Inc.				10,389		473,918
Hansol Chemical Co. Ltd.				1,707		343,352
Hyundai Mipo Dockyard Co. Ltd.^(a)				6,435		413,547
Iljin Materials Co. Ltd.				3,017		238,616
KH Vatec Co. Ltd.				19,278		334,274
LX Semicon Co. Ltd.				3,969		472,164
Meritz Fire & Marine Insurance Co. Ltd.				8,366		326,527
PSK, Inc.				8,669		357,725
Samsung Engineering Co. Ltd.^(a)				11,483		247,263
SKC Co. Ltd.				3,244		410,008
SL Corp.				14,735		297,653

						5,535,000

Taiwan		16.3%
Alchip Technologies Ltd.				27,300		1,041,667
Arcadyan Technology Corp.				101,000		424,382
ASPEED Technology, Inc.				4,050		456,791
Bizlink Holding, Inc.				27,000		277,891
Chailease Holding Co. Ltd.				63,307		557,083
E Ink Holdings, Inc.				120,000		761,398
Elite Material Co. Ltd.				45,000		401,361
Farglory Land Development Co. Ltd.				107,000		254,470
Fittech Co. Ltd.				50,000		336,477
Makalot Industrial Co. Ltd.				45,000		321,640
Merida Industry Co. Ltd.				32,000		281,271
Realtek Semiconductor Corp.				26,000		387,471

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)




	Percentage of Net Assets		Shares		Value

Sino-American Silicon Products, Inc.				57,000	$	348,832
Taiwan Business Bank				1,571,000		703,081
Taiwan Paiho Ltd.				103,000		257,430
Voltronic Power Technology Corp.				11,450		578,018
Winbond Electronics Corp.				388,000		417,669

						7,806,932

Thailand		6.7%
Bangkok Life Assurance PCL - NVDR				229,400		297,470
Central Plaza Hotel PCL^(a)				79,300		95,633
Central Plaza Hotel PCL - REG^(a)				134,600		162,937
Com7 PCL - REG				407,200		526,604
Fabrinet^(a)				2,566		269,764
Humanica PCL				30,000		11,318
Humanica PCL - REG				754,500		285,916
JMT Network Services PCL				35,500		81,864
JMT Network Services PCL - REG				346,400		802,189
Land & Houses PCL				62,800		17,916
Land & Houses PCL - REG				1,577,500		450,714
Major Cineplex Group PCL - NVDR				366,400		219,778

						3,222,103

Turkey		0.6%
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A.S. - Class D^(a)				252,868		263,435

United States		1.0%
Parade Technologies Ltd.				8,000		500,052

Uruguay		1.4%
Arcos Dorados Holdings, Inc. - Class A				81,198		660,140

TOTAL COMMON STOCKS (Cost $41,856,809)						45,525,216

EQUITY-LINKED SECURITIES		1.1%
India		1.1%
Voltas Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 6/30/25^(a)(b)				32,170		526,899

TOTAL EQUITY-LINKED SECURITIES (Cost $282,764)						526,899

PREFERRED STOCKS		0.9%
Brazil		0.9%
Gerdau S.A. - ADR, 2.43%^(d)				66,814		429,614

TOTAL PREFERRED STOCKS (Cost $204,508)						429,614

TOTAL INVESTMENTS (Cost $42,344,081)		96.8%				46,481,729
NET OTHER ASSETS (LIABILITIES)		3.2%				1,530,507

NET ASSETS		100.0%			$	48,012,236

^(a)Non-income producing security.

^(c)Security valued pursuant to Level 3 unobservable inputs and is restricted for trading.

^(d)Current yield is disclosed. Dividends are calculated based on a percentage of issuer’s net income.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

Abbreviations:

ADR – American Depositary Receipt

CPO – Certificados de Partcipatión Ordinario

NVDR – Non-Voting Depositary Receipt

REG – Registered

At March 31, 2022 the industry sectors for the JOHCM Emerging Markets Small Mid Cap Equity Fund were:


Sector Allocation	% of Net Assets
Communication Services		2.3	%
Consumer Discretionary		12.3
Consumer Staples		4.9
Energy		1.7
Financials		13.8
Health Care		7.4
Industrials		15.2
Information Technology		23.5
Materials		10.1
Real Estate		2.2
Utilities		3.4
Total		96.8	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the JOHCM Emerging Markets Small Mid Cap Fund’s investments were concentrated as follows:


Market Exposure

Equity and Equity-Linked Securities	% of Net Assets

Semiconductors		10.0%
Retail		7.6
Banks		6.6
Commercial Services		6.0
Mining		5.8
Electric		4.3
Healthcare-Services		4.1
Electronics		3.9
Computers		3.3
Diversified Financial Services		3.1
Auto Parts & Equipment		2.9
Miscellaneous Manufacturing		2.8
Engineering & Construction		2.8
Beverages		2.6
Entertainment		2.4
Pharmaceuticals		2.4
Oil & Gas Services		1.8
Oil & Gas		1.7
Home Furnishings		1.6
Apparel		1.5
Telecommunications		1.4
Iron/Steel		1.4
Insurance		1.4
Machinery-Diversified		1.3
Real Estate		1.2
Food		1.1
Lodging		1.0
Home Builders		1.0
Gas		1.0
Healthcare-Products		0.9
Shipbuilding		0.9
Electrical Component & Equipments		0.8
Transportation		0.8
Forest Products & Paper		0.7
Chemicals		0.7
Auto Manufacturers		0.7
Leisure Time		0.6
Textiles		0.5
Environmental Control		0.5
Cosmetics/Personal Care		0.5
Metal Fabricate/Hardware		0.5
Energy-Alternate Sources		0.4
Software		0.3
Internet		0.0	^(a)

Total		96.8%


5 Largest Security Positions
Issuer	% of Net Assets
Alchip Technologies Ltd.		2.2	%
KPIT Technologies Ltd.		1.8
JMT Network Services PCL - REG		1.7
Matahari Department Store Tbk PT		1.7
E Ink Holdings, Inc.		1.6
Total		9.0	%

^(a)	Amount rounds to less than 0.1%.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
COMMON STOCKS		63.1%
Banks		2.6%
Credit Agricole S.A.				37,381	$	446,596
FinecoBank Banca Fineco S.p.A.				29,367		446,019
Lloyds Banking Group PLC				386,666		236,716
Truist Financial Corp.				20,638		1,170,175

						2,299,506

Beverages		1.7%
Coca-Cola Europacific Partners PLC				20,062		975,214
Coca-Cola Femsa S.A.B. de C.V. - ADR				9,026		495,979

						1,471,193

Building Materials		1.5%
Cie de Saint-Gobain				7,015		417,463
CRH PLC				22,714		911,257

						1,328,720

Chemicals		3.4%
Air Products and Chemicals, Inc.				3,717		928,916
International Flavors & Fragrances, Inc.				6,474		850,230
Linde PLC				3,747		1,196,904

						2,976,050

Cosmetics/Personal Care		0.9%
Unilever PLC				18,325		829,568

Diversified Financial Services		2.7%
Azimut Holding S.p.A.				9,868		229,026
Charles Schwab (The) Corp.				9,546		804,823
CME Group, Inc.				831		197,662
Julius Baer Group Ltd.				4,314		250,241
Visa, Inc. - Class A				3,995		885,971

						2,367,723

Electric		1.4%
Terna Rete Elettrica Nazionale S.p.A.				144,203		1,240,236

Electrical Component & Equipments		1.0%
ABB Ltd. - REG				27,155		878,561

Food		1.5%
Danone S.A.				3,758		207,020
Nestle S.A. - REG				8,908		1,156,444

						1,363,464

Food Service		1.1%
Aramark				12,914		485,567
Compass Group PLC				22,041		475,007

						960,574

Gas		1.0%
Enagas S.A.				42,155		936,735

Healthcare-Products		1.5%
Thermo Fisher Scientific, Inc.				2,203		1,301,202

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
Home Builders		1.0%
Sekisui House Ltd.				44,200	$	857,018

Insurance		0.3%
Allianz S.E. - REG				1,045		249,540

Internet		4.0%
Alphabet, Inc. - Class C^(a)				509		1,421,632
Meta Platforms, Inc. - Class A^(a)				4,404		979,273
Naspers Ltd. - Class N				5,531		626,194
Zendesk, Inc.^(a)				4,006		481,882

						3,508,981

Machinery-Diversified		0.6%
Deere & Co.				1,268		526,803

Media		0.3%
NOS SGPS S.A.				61,144		257,570

Mining		1.0%
Anglo American PLC				9,502		490,080
Royal Gold, Inc.				2,881		407,027

						897,107

Oil & Gas		1.8%
Eni S.p.A.				23,875		350,034
Repsol S.A.				61,205		804,789
TotalEnergies S.E.				9,067		460,048

						1,614,871

Oil & Gas Services		0.3%
Subsea 7 S.A.				24,963		232,101

Pharmaceuticals		5.4%
AstraZeneca PLC				7,977		1,057,840
GlaxoSmithKline PLC				23,359		503,712
Novartis A.G. - REG				13,477		1,181,953
Pfizer, Inc.				12,843		664,882
Roche Holding A.G. - ADR				18,174		897,977
Sanofi				4,456		454,442

						4,760,806

Pipelines		4.8%
Cheniere Energy, Inc.				3,805		527,563
Gaztransport Et Technigaz S.A.				6,066		679,646
ONEOK, Inc.				16,285		1,150,210
Pembina Pipeline Corp.				11,224		421,702
Williams Cos. (The), Inc.				44,789		1,496,401

						4,275,522

Real Estate		1.0%
Hang Lung Properties Ltd.				448,343		902,038
Hongkong Land Holdings Ltd.				79		385

						902,423

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
Real Estate Investment Trusts		7.0%
Boston Properties, Inc.				3,719	$	479,007
Champion REIT				819,000		371,520
Crown Castle International Corp.				5,073		936,476
Digital Realty Trust, Inc.				3,213		455,603
Douglas Emmett, Inc.				12,464		416,547
Frasers Logistics & Commercial Trust				840,249		901,567
Mapletree Industrial Trust				471,580		933,620
Suntec Real Estate Investment Trust				413,700		532,346
VICI Properties, Inc.				41,976		1,194,637

						6,221,323

Retail		1.6%
Cie Financiere Richemont S.A. - Class A - REG				2,687		340,842
Dollar Tree, Inc.^(a)				6,760		1,082,614

						1,423,456

Semiconductors		4.3%
Infineon Technologies A.G.				38,292		1,308,186
NXP Semiconductors N.V.				3,984		737,359
ON Semiconductor Corp.^(a)				15,073		943,720
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR				7,459		777,675

						3,766,940

Software		6.7%
Activision Blizzard, Inc.				6,794		544,267
Bill.com Holdings, Inc.^(a)				2,781		630,703
Microsoft Corp.				5,701		1,757,675
Momentive Global, Inc.^(a)				26,603		432,565
Oracle Corp.				15,797		1,306,886
SAP S.E.				11,063		1,234,447

						5,906,543

Telecommunications		2.7%
AT&T, Inc.				39,189		926,036
BT Group PLC				177,482		423,012
Telefonica Deutschland Holding A.G.				86,100		235,171
Vodafone Group PLC				488,349		801,218

						2,385,437

TOTAL COMMON STOCKS (Cost $47,188,159)						55,739,973

	Percentage of Net Assets		Principal Amount		Value
CONVERTIBLE BONDS		6.0%
Internet		2.3%
Airbnb, Inc. 0.00%, 03/15/26			$	510,000		493,013

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Principal Amount		Value
Spotify U.S.A., Inc. 0.00%, 03/15/26			$	1,000,000	$	852,131
Twitter, Inc. 0.00%, 03/15/26				770,000		652,729

						1,997,873

Media		0.9%
Liberty Latin America Ltd. 2.00%, 07/15/24				895,000		811,653

Software		2.8%
Alteryx, Inc. 1.00%, 08/01/26				760,000		664,525
Fastly, Inc. 0.00%, 03/15/26				1,360,000		1,015,240
Splunk, Inc. 1.13%, 06/15/27				840,000		802,200

						2,481,965

TOTAL CONVERTIBLE BONDS (Cost $5,771,735)						5,291,491

CORPORATE BONDS		16.3%
Advertising		1.5%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28^(b)				1,400,000		1,325,002

Aerospace/Defense		0.4%
Boeing (The) Co. 5.81%, 05/01/50				320,000		369,516

Banks		1.5%
Bank of America Corp. (Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25^(c)				450,000		427,500
JPMorgan Chase & Co. (Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25^(c)				900,000		848,700

						1,276,200

Diversified Financial Services		0.6%
Charles Schwab Corp. (The) (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25^(c)				550,000		566,500

Electrical Component & Equipments		1.0%
WESCO Distribution, Inc. 7.25%, 06/15/28^(b)				850,000		902,815

Healthcare-Services		0.7%
Encompass Health Corp. 4.63%, 04/01/31				500,000		468,020
IQVIA, Inc. 5.00%, 10/15/26^(b)				150,000		152,625

						620,645

Internet		2.9%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/01/27^(b)				420,000		421,913

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Principal Amount		Value
GrubHub Holdings, Inc. 5.50%, 07/01/27^(b)			$	450,000	$	389,610
Netflix, Inc. 6.38%, 05/15/29				505,000		571,044
TripAdvisor, Inc. 7.00%, 07/15/25^(b)				1,130,000		1,167,233

						2,549,800

Media		3.1%
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/23^(b)				750,000		749,681
5.38%, 06/01/29^(b)				850,000		850,000
Paramount Global (Variable, ICE LIBOR USD 3M + 3.90%) 6.25%, 02/28/57^(c)				250,000		251,995
Walt Disney (The) Co. 2.00%, 09/01/29				1,000,000		924,513

						2,776,189

Packing & Containers		0.4%
Berry Global, Inc. 4.88%, 07/15/26^(b)				300,000		303,000

Real Estate Investment Trusts		3.0%
American Tower Corp. 3.65%, 03/15/27				900,000		897,595
Digital Realty Trust L.P. 3.60%, 07/01/29				850,000		846,148
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 5.75%, 02/01/27				700,000		739,375
SBA Communications Corp. 3.13%, 02/01/29				175,000		159,183

						2,642,301

Software		1.2%
MSCI, Inc. 4.00%, 11/15/29^(b)				770,000		747,813
SS&C Technologies, Inc. 5.50%, 09/30/27^(b)				325,000		327,442

						1,075,255

TOTAL CORPORATE BONDS (Cost $14,974,119)						14,407,223

	Percentage of Net Assets		Shares		Value
EXCHANGE TRADED FUNDS		3.0%
iShares Gold Trust^(a)				36,376		1,339,728
SPDR Gold Shares^(a)				7,439		1,343,855

TOTAL EXCHANGE TRADED FUNDS (Cost $2,040,189)						2,683,583

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value
FOREIGN ISSUER BONDS		1.8%
Media		0.8%
Videotron Ltd. 5.13%, 04/15/27^(b)				$	700,000	$	708,383

Telecommunications		1.0%
Altice France S.A.,
8.13%, 02/01/27^(b)					650,000		670,235
5.50%, 01/15/28^(b)					200,000		185,340

							855,575

TOTAL FOREIGN ISSUER BONDS (Cost $1,642,066)							1,563,958

	Percentage of Net Assets			Shares		Value
PREFERRED STOCKS		2.3%
Beverages		0.5%
Embotelladora Andina S.A. - Class B 5.07%^(d)					212,415		471,644

Semiconductors		0.8%
Samsung Electronics Co. Ltd. 2.31%^(d)					12,875		665,944

Telecommunications		1.0%
2020 Cash Mandatory Exchangeable Trust ^(a)(b)					790		880,850

PREFERRED STOCKS (Cost $1,833,438)							2,018,438

WARRANTS		0.1%
Diversified Financial Services		0.1%
Forge Global Holdings, Inc., Exp. 12/09/25, Strike $11.50^(a)					55,289		91,780

Retail		0.0%	^(e)
Cie Financiere Richemont S.A., Exp. 11/22/23, Strike $67.00^(a)					10,439		8,247

TOTAL WARRANTS (Cost $64,385)							100,027

CLOSED-END FUNDS		0.5%
Eagle Point Credit Co., Inc.					32,336		425,218

TOTAL CLOSED-END FUNDS (Cost $349,255)							425,218

SHORT-TERM INVESTMENTS		4.8%
Northern Institutional Treasury Portfolio (Premier Class), 0.12%^(f)					4,279,055		4,279,055

TOTAL SHORT-TERM INVESTMENTS (Cost $4,279,055)							4,279,055

TOTAL INVESTMENTS (Cost $78,142,401)		97.9%					86,508,966
NET OTHER ASSETS (LIABILITIES)		2.1%					1,821,549

NET ASSETS		100.0%				$	88,330,515

^(a)Non-income producing security.

^(c)Floating rate security. The rate presented is the rate in effect at March 31, 2022, and the related index and spread are shown parenthetically for each security.

^(d)Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.

^(e)Amount rounds to less than 0.1%.

^(f)7-day current yield as of March 31, 2022 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

REG – Registered

REIT – Real Estate Investment Trust

At March 31, 2022 the JOHCM Global Income Builder Fund’s investments were concentrated as follows:


Country Allocation	Percentage of Net Assets
United States		59.6	%
United Kingdom		8.2
Switzerland		5.3
France		4.0
Germany		3.4
Singapore		2.7
Italy		2.6
Spain		2.0
Chile		1.4
Hong Kong		1.4
Canada		1.3
Ireland		1.0
Japan		1.0
Taiwan		0.9
Netherlands		0.8
South Korea		0.7
South Africa		0.7
Mexico		0.6
Portugal		0.3
Total		97.9	%


5 Largest Security Positions

Issuer	% of Net Assets
Microsoft Corp.		2.0	%
Williams Cos. (The), Inc.		1.7
Alphabet, Inc. - Class C		1.6
SPDR Gold Shares		1.6
iShares Gold Trust		1.5
Total		8.4	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
COMMON STOCKS		98.4%
Australia		3.3%
Fortescue Metals Group Ltd.				1,060,498	$	16,274,223

Denmark		5.2%
Novo Nordisk A/S - Class B				120,595		13,355,495
Orsted A.S.^(a)				96,575		12,160,889

						25,516,384

Germany		1.5%
BioNTech S.E. - ADR^(b)				44,521		7,593,502

Hong Kong		2.0%
Hong Kong Exchanges & Clearing Ltd.				209,544		9,875,174

Ireland		4.9%
Accenture PLC - Class A				35,879		12,099,475
Aptiv PLC^(b)				99,876		11,956,156

						24,055,631

Italy		0.1%
Iveco Group N.V.^(b)				105,073		682,753

Japan		9.6%
Keyence Corp.				25,373		11,796,616
Recruit Holdings Co. Ltd.				264,300		11,570,331
SBI Holdings, Inc.				478,300		12,087,538
Sony Group Corp.				119,100		12,292,428

						47,746,913

Netherlands		6.7%
ASML Holding N.V.				17,227		11,490,401
Koninklijke DSM N.V.				59,250		10,589,124
NXP Semiconductors N.V.				59,155		10,948,407

						33,027,932

Sweden		3.1%
Boliden AB				303,716		15,401,687

Taiwan		2.4%
MediaTek, Inc.				387,508		12,082,068

United Kingdom		5.2%
CNH Industrial N.V.				781,352		12,392,243
Linde PLC				41,715		13,325,022

						25,717,265

United States		54.4%
AGCO Corp.				82,050		11,981,762
Agilent Technologies, Inc.				87,628		11,595,813
Applied Materials, Inc.				97,054		12,791,717
Avantor, Inc.^(b)				327,364		11,071,451
Catalent, Inc.^(b)				104,106		11,545,355
Chart Industries, Inc.^(b)				74,067		12,722,489
Estee Lauder Cos. (The), Inc. - Class A				39,559		10,772,707
Henry Schein, Inc.^(b)				134,129		11,694,708

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
Intercontinental Exchange Inc.				102,549	$	13,548,774
Intuit, Inc.				24,704		11,878,671
Keysight Technologies, Inc.^(b)				75,228		11,883,767
Lam Research Corp.				21,489		11,552,701
Micron Technology, Inc.				165,458		12,887,524
Microsoft Corp.				43,403		13,381,579
Morningstar, Inc.				46,547		12,715,244
Nasdaq, Inc.				66,656		11,878,099
NVIDIA Corp.				45,869		12,515,815
ON Semiconductor Corp.^(b)				184,831		11,572,269
S&P Global, Inc.				31,193		12,794,577
Thermo Fisher Scientific, Inc.				21,779		12,863,766
United Rentals, Inc.^(b)				35,315		12,544,241
Wolfspeed, Inc.^(b)				116,122		13,221,651

						269,414,680

TOTAL COMMON STOCKS (Cost $360,402,550)						487,388,212

TOTAL INVESTMENTS (Cost $360,402,550)		98.4%				487,388,212
NET OTHER ASSETS (LIABILITIES)		1.6%				8,075,023

NET ASSETS		100.0%			$	495,463,235

^(b)Non-income producing security.

Abbreviations:

ADR – American Depositary Receipt

At March 31, 2022 the industry sectors for the JOHCM Global Select Fund were:


Sector Allocation	% of Net Assets
Consumer Discretionary		4.9	%
Consumer Staples		2.2
Financials		14.7
Health Care		16.1
Industrials		12.5
Information Technology		34.3
Materials		11.2
Utilities		2.5
Total		98.4	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the JOHCM Global Select Fund’s investments were concentrated as follows:


Market Exposure

Equity Securities	% of Net Assets
Semiconductors		22.0	%
Commercial Services		10.0
Machinery-Diversified		10.0
Diversified Financial Services		9.6
Healthcare-Products		7.2
Software		5.1
Chemicals		4.8
Electronics		4.7
Iron/Steel		3.3
Mining		3.1
Pharmaceuticals		2.7
Home Furnishings		2.5
Electric		2.5
Computers		2.5
Auto Parts & Equipment		2.4
Healthcare-Services		2.3
Cosmetics/Personal Care		2.2
Biotechnology		1.5
Total		98.4	%


5 Largest Security Positions

Issuer	% of Net Assets
Fortescue Metals Group Ltd.		3.3	%
Boliden AB		3.1
Intercontinental Exchange Inc.		2.8
Microsoft Corp.		2.7
Novo Nordisk A/S - Class B		2.7
Total		14.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
COMMON STOCKS		94.1%
Belgium		2.4%
Proximus SADP				3,247	$	60,434

Canada		4.7%
Alimentation Couche-Tard, Inc.				2,112		95,147
Cameco Corp.				797		23,212

						118,359

Denmark		2.5%
Orsted A.S.^(a)				498		62,709

France		12.7%
Publicis Groupe S.A.				1,144		69,494
Sanofi				1,010		103,004
Thales S.A.				889		112,258
TotalEnergies S.E.				775		39,323

						324,079

Germany		12.9%
Continental A.G.^(b)				952		68,669
Deutsche Boerse A.G.				623		111,915
Henkel A.G. & Co. KGaA				799		52,960
SAP S.E.				414		46,196
Vitesco Technologies Group A.G.^(b)				1,252		49,688

						329,428

Ireland		3.2%
CRH PLC				2,025		81,080

Italy		3.2%
Enel S.p.A.				12,291		82,080

Japan		8.7%
KDDI Corp.				1,207		39,645
Nippon Gas Co. Ltd.				4,300		52,298
Nippon Telegraph & Telephone Corp.				1,379		40,069
Nitori Holdings Co. Ltd.				300		37,675
Sugi Holdings Co. Ltd.				1,060		52,456

						222,143

Netherlands		4.7%
Heineken Holding N.V.				820		64,179
SBM Offshore N.V.				3,501		55,637

						119,816

Portugal		3.2%
Galp Energia SGPS S.A.				6,447		81,586

South Korea		2.3%
LG Household & Health Care Ltd.				83		58,303

Spain		3.0%
Iberdrola S.A.				6,993		76,114

Sweden		3.0%
Svenska Handelsbanken AB - Class A				8,335		76,708

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
Switzerland		1.2%
Roche Holding A.G. (Genusschein)				74	$	29,265

United Kingdom		24.0%
B&M European Value Retail S.A.				11,777		82,509
Beazley PLC				9,782		53,735
Compass Group PLC				3,021		65,106
Hargreaves Lansdown PLC				2,549		33,584
HomeServe PLC				6,031		66,455
Informa PLC^(b)				8,119		63,720
Lancashire Holdings Ltd.				12,244		68,981
Reckitt Benckiser Group PLC				482		36,843
Rio Tinto PLC				—		—
Rio Tinto PLC				660		52,355
Shell PLC				3,183		87,353

						610,641

United States		2.4%
Philip Morris International, Inc.				652		61,249

TOTAL COMMON STOCKS (Cost $2,500,328)						2,393,994

TOTAL INVESTMENTS (Cost $2,500,328)		94.1%				2,393,994
NET OTHER ASSETS (LIABILITIES)		5.9%				149,839

NET ASSETS		100.0%			$	2,543,833

^(b)Non-income producing security.

At March 31, 2022 the industry sectors for the JOHCM International Opportunities Fund were:


Sector Allocation	% of Net Assets
Communication Services		10.8	%
Consumer Discretionary		11.9
Consumer Staples		16.6
Energy		11.3
Financials		13.6
Health Care		5.2
Industrials		7.0
Information Technology		1.8
Materials		5.2
Utilities		10.7
Total		94.1	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the JOHCM International Opportunities Fund’s investments were concentrated as follows:


Market Exposure

Equity Securities	% of Net Assets
Retail		10.5	%
Electric		8.7
Oil & Gas		8.2
Diversified Financial Services		5.7
Telecommunications		5.5
Pharmaceuticals		5.2
Insurance		4.8
Auto Parts & Equipment		4.7
Aerospace/Defense		4.4
Household Products/Wares		3.5
Building Materials		3.2
Banks		3.0
Mining		3.0
Advertising		2.7
Engineering & Construction		2.6
Food Service		2.6
Beverages		2.5
Media		2.5
Agriculture		2.4
Cosmetics/Personal Care		2.3
Oil & Gas Services		2.2
Distribution/Wholesale		2.1
Software		1.8
Total		94.1	%


5 Largest Security Positions

Issuer	% of Net Assets
Thales S.A.		4.4	%
Deutsche Boerse A.G.		4.4
Sanofi		4.1
Alimentation Couche-Tard, Inc.		3.8
Shell PLC		3.4
Total		20.1	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
COMMON STOCKS		95.6%
Australia		2.8%
Fortescue Metals Group Ltd.				20,778,998	$	318,870,986

Canada		3.1%
First Quantum Minerals Ltd.				10,385,577		359,547,072

Denmark		4.8%
Novo Nordisk A/S - Class B				2,626,951		290,926,086
Orsted A/S^(a)				2,090,824		263,280,126

						554,206,212

France		4.5%
L’Oreal S.A.				657,237		263,069,547
Schneider Electric S.E.				1,515,851		253,081,150

						516,150,697

Germany		6.2%
BioNTech S.E. - ADR^(b)				1,140,549		194,532,037
Deutsche Boerse A.G.				1,576,396		283,181,836
Merck KGaA				1,169,943		245,019,855

						722,733,728

Hong Kong		2.0%
Hong Kong Exchanges & Clearing Ltd.				4,906,020		231,205,871

Ireland		6.5%
Accenture PLC - Class A				758,003		255,621,352
Aptiv PLC^(b)				1,966,572		235,418,334
ICON PLC^(b)				1,081,275		262,987,705

						754,027,391

Italy		2.3%
FinecoBank Banca Fineco S.p.A.				32,559		494,499
Iveco Group N.V.^(b)				2,132,754		13,858,414
Tenaris S.A.				16,891,444		254,578,909

						268,931,822

Japan		19.4%
Advantest Corp.				3,202,800		251,216,792
Japan Exchange Group, Inc.				11,404,000		212,487,555
Keyence Corp.				527,026		245,029,111
ORIX Corp.				14,817,300		295,738,291
Recruit Holdings Co. Ltd.				5,755,700		251,968,800
SBI Holdings, Inc.				10,517,583		265,799,046
Sony Group Corp.				2,542,300		262,393,273
Tokyo Electron Ltd.				517,300		265,620,227
Z Holdings Corp.				47,940,900		208,153,169

						2,258,406,264

Netherlands		8.8%
ASML Holding N.V.				379,856		253,363,771
Koninklijke Ahold Delhaize N.V.				8,813,198		283,311,196

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
Koninklijke DSM N.V.				1,418,138	$	253,448,758
NXP Semiconductors N.V.				1,277,968		236,526,317

						1,026,650,042

South Korea		2.2%
SK Hynix, Inc.				2,656,581		254,296,074

Switzerland		8.6%
Alcon, Inc.				3,052,112		241,095,826
Lonza Group A.G. - REG				360,542		261,206,648
Roche Holding A.G. (Genusschein)				611,939		242,006,769
STMicroelectronics N.V.				5,957,043		258,781,124

						1,003,090,367

Taiwan		2.0%
MediaTek, Inc.				7,389,734		230,403,681

United Kingdom		20.0%
Anglo American PLC				6,771,992		349,275,549
Ashtead Group PLC				3,669,476		231,316,909
B&M European Value Retail S.A.				34,757,416		243,508,861
CNH Industrial N.V.				15,774,392		249,773,009
Compass Group PLC				11,691,829		251,971,441
Ferguson PLC				1,890,707		256,644,577
Linde PLC				929,406		299,492,743
London Stock Exchange Group PLC				1,796,030		187,641,561
Rio Tinto PLC				3,184,623		252,623,276

						2,322,247,926

United States		2.4%
S&P Global, Inc.				678,290		278,221,087

TOTAL COMMON STOCKS (Cost $9,038,804,013)						11,098,989,220

TOTAL INVESTMENTS (Cost $9,038,804,013)		95.6%				11,098,989,220
NET OTHER ASSETS (LIABILITIES)		4.4%				516,568,274

NET ASSETS		100.0%			$	11,615,557,494

^(b)Non-income producing security.

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the industry sectors for the JOHCM International Select Fund were:


Sector Allocation	% of Net Assets
Communication Services		1.8	%
Consumer Discretionary		8.5
Consumer Staples		4.7
Energy		2.2
Financials		15.1
Health Care		15.0
Industrials		10.8
Information Technology		19.4
Materials		15.8
Utilities		2.3
Total		95.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the JOHCM International Select Fund’s investments were concentrated as follows:


Market Exposure


Equity Securities	% of Net Assets

Semiconductors		15.1%
Diversified Financial Services		12.7
Mining		8.3
Pharmaceuticals		6.7
Commercial Services		6.5
Chemicals		4.8
Healthcare-Services		4.5
Machinery-Diversified		4.3
Iron/Steel		2.7
Food		2.4
Electric		2.3
Cosmetics/Personal Care		2.3
Home Furnishings		2.2
Distribution/Wholesale		2.2
Computers		2.2
Metal Fabricate/Hardware		2.2
Electrical Component & Equipments		2.2
Food Service		2.2
Retail		2.1
Healthcare-Products		2.1
Auto Parts & Equipment		2.0
Internet		1.8
Biotechnology		1.7
Auto Manufacturers		0.1
Banks		0.0	^(a)

Total		95.6%

^(a)	Amount rounds to less than 0.1%


5 Largest Security Positions

Issuer	% of Net Assets
First Quantum Minerals Ltd.		3.1	%
Anglo American PLC		3.0
Fortescue Metals Group Ltd.		2.8
Linde PLC		2.6
ORIX Corp.		2.6
Total		14.1	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
CLOSED-END FUNDS		1.0%
United Kingdom		1.0%
Syncona Ltd.^(a)				54,900	$	114,671

TOTAL CLOSED-END FUNDS (Cost $143,528)						114,671

COMMON STOCKS		92.7%
Austria		1.5%
Lenzing A.G.^(a)				1,667		168,792

Belgium		4.7%
Umicore S.A.				11,949		516,163

Brazil		6.3%
Afya Ltd. - Class A^(a)				23,105		332,943
YDUQS Participacoes S.A.				80,311		353,223

						686,166

Denmark		8.4%
Novo Nordisk A/S - Class B				5,013		555,173
Orsted A.S.^(b)				2,845		358,247

						913,420

France		7.5%
Hoffmann Green Cement Technologies S.A.S.^(a)				1,501		31,890
Sartorius Stedim Biotech				1,213		497,145
Valeo				16,058		295,031

						824,066

Germany		10.3%
Befesa S.A.^(a)(b)				6,461		509,798
Carl Zeiss Meditec A.G. - Bearer				1,849		299,811
Duerr A.G.				10,556		312,254

						1,121,863

Indonesia		4.8%
Bank Rakyat Indonesia Persero Tbk PT				1,616,211		520,395

Japan		3.4%
Horiba Ltd.				6,791		371,172

Netherlands		9.0%
Alfen Beheer B.V.^(a)(b)				4,915		498,522
QIAGEN N.V.^(a)				10,006		491,152

						989,674

Norway		2.5%
TOMRA Systems ASA				5,455		278,034

Switzerland		4.6%
Lonza Group A.G. - REG				701		507,863

United Kingdom		6.0%
Abcam PLC^(a)				24,401		440,841
Autolus Therapeutics PLC - ADR^(a)				36,538		152,363
Home REIT PLC				22,322		36,321
Ilika PLC^(a)				11,304		21,494

						651,019

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
United States		23.7%
Agilent Technologies, Inc.				3,372	$	446,217
ANSYS, Inc.^(a)				1,400		444,710
Ecolab, Inc.				655		115,647
Evoqua Water Technologies Corp.^(a)				12,294		577,572
Hannon Armstrong Sustainable Infrastructure Capital, Inc.				8,684		411,882
PTC, Inc.^(a)				4,201		452,531
Xylem, Inc.				1,722		146,818

						2,595,377

TOTAL COMMON STOCKS (Cost $10,780,422)						10,144,004

TOTAL INVESTMENTS (Cost $10,923,950)		93.7%				10,258,675
NET OTHER ASSETS (LIABILITIES)		6.3%				688,459

NET ASSETS		100.0%			$	10,947,134

^(a)Non-income producing security.

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

REIT – Real Estate Investment Trust

At March 31, 2022 the industry sectors for the Regnan Global Equity Impact Solutions were:


Sector Allocation	% of Net Assets
Consumer Discretionary		8.9	%
Financials		9.6
Health Care		31.0
Industrials		21.4
Information Technology		11.6
Materials		7.6
Real Estate		0.3
Utilities		3.3
Total		93.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the Regnan Global Equity Impact Solutions’ investments were concentrated as follows:


Market Exposure

Equity Securities	% of Net Assets
Environmental Control		12.5	%
Healthcare-Products		11.8
Software		8.2
Electronics		7.7
Chemicals		7.3
Commercial Services		6.3
Biotechnology		5.4
Pharmaceuticals		5.1
Banks		4.7
Healthcare-Services		4.6
Engineering & Construction		4.5
Machinery-Diversified		4.2
Diversified Financial Services		3.8
Electric		3.3
Auto Parts & Equipment		2.7
Closed-End Funds		1.0
Real Estate Investment Trusts		0.3
Building Materials		0.3
Total		93.7	%


5 Largest Security Positions

Issuer	% of Net Assets
Evoqua Water Technologies Corp.		5.3	%
Novo Nordisk A/S - Class B		5.1
Bank Rakyat Indonesia Persero Tbk PT		4.8
Umicore S.A.		4.7
Befesa S.A.		4.7
Total		24.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
COMMON STOCKS		98.3%
Argentina		1.3%
MercadoLibre, Inc.^(a)				100	$	118,948

Brazil		6.8%
Ambev S.A.				64,500		208,631
B3 S.A. - Brasil Bolsa Balcao				42,000		138,587
Banco BTG Pactual S.A.^(a)				37,000		202,367
Localiza Rent a Car S.A.				7,000		89,833

						639,418

Canada		0.6%
Fairfax India Holdings Corp.^(a)(b)				5,000		61,450

China		20.0%
Alibaba Group Holding Ltd.^(a)				22,000		301,120
Hainan Meilan International Airport Co. Ltd. - Class H^(a)				24,000		54,526
JD.com, Inc. - Class A^(a)				476		13,941
Lenovo Group Ltd.				194,000		210,405
NetEase, Inc.				20,000		360,553
Postal Savings Bank of China Co. Ltd. - Class H^(b)				124,000		100,111
Sinotruk Hong Kong Ltd.				88,000		133,838
Tencent Holdings Ltd.				10,000		471,754
Yum China Holdings, Inc.				2,300		95,542
Zijin Mining Group Co. Ltd. - Class H				90,000		137,808

						1,879,598

Czech Republic		1.6%
CZG - Cezka zbrojovka Group S.E.				5,500		152,805

Egypt		1.4%
Commercial International Bank Egypt S.A.E. - REG - GDR^(a)				55,000		128,635

Georgia		0.5%
Georgia Capital PLC^(a)				5,600		46,119

Greece		3.7%
Motor Oil Hellas Corinth Refineries S.A.				10,000		155,321
OPAP S.A.				13,000		189,120

						344,441

Hong Kong		3.0%
China Resources Cement Holdings Ltd.				150,000		124,566
Kingboard Holdings Ltd.				32,000		154,890

						279,456

Hungary		1.7%
Richter Gedeon Nyrt				7,500		158,185

India		7.0%
ICICI Bank Ltd. - ADR				13,000		246,220
Reliance Industries Ltd. - GDR^(b)				6,000		410,057

						656,277

Kazakhstan		0.5%
Kaspi.KZ JSC - REG - GDR				1,000		49,375

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
Malaysia		2.6%
My EG Services Bhd				1,007,800	$	243,141

Mexico		5.7%
Becle S.A.B. de C.V.				75,000		184,578
Fibra Uno Administracion S.A. de C.V.				152,000		178,059
Qualitas Controladora S.A.B. de C.V.				30,000		171,931

						534,568

Philippines		0.8%
Wilcon Depot, Inc.				140,000		73,076

Poland		2.7%
LiveChat Software S.A.				4,500		109,206
Warsaw Stock Exchange				15,000		145,539

						254,745

Singapore		1.1%
Sea Ltd. - ADR^(a)				900		107,811

South Africa		4.4%
Aspen Pharmacare Holdings Ltd.				3,500		47,378
Naspers Ltd. - Class N				1,500		169,823
Sibanye Stillwater Ltd.				48,000		194,969

						412,170

South Korea		14.3%
AfreecaTV Co. Ltd.				1,000		121,212
Fila Holdings Corp.				6,000		154,744
Hugel, Inc.^(a)				400		45,663
LG Chem Ltd.				300		130,067
NICE Information Service Co. Ltd.				8,000		129,614
Osstem Implant Co. Ltd.**				1,300		91,833
Samsung Electronics Co. Ltd.				7,600		434,170
Shinhan Financial Group Co. Ltd.				7,000		238,750

						1,346,053

Switzerland		1.6%
Wizz Air Holdings PLC^(a)(b)				4,000		150,359

Taiwan		9.9%
Chailease Holding Co. Ltd.				10,000		87,997
Simplo Technology Co. Ltd.				19,000		205,331
Taiwan Semiconductor Manufacturing Co. Ltd.				31,000		640,907

						934,235

Thailand		3.0%
Bangkok Bank PCL - REG				40,000		163,875
CP ALL PCL - REG				60,000		117,293

						281,168

Turkey		2.0%
KOC Holding A.S.				37,000		99,384
Turkiye Sise ve Cam Fabrikalari A.S.				87,000		89,673

						189,057

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets		Shares		Value
United States		2.1%
Liberty Latin America Ltd. - Class C^(a)				8,000	$	76,720
Millicom International Cellular S.A.^(a)				5,000		126,050

						202,770

TOTAL COMMON STOCKS (Cost $9,611,334)						9,243,860

TOTAL INVESTMENTS (Cost $9,611,334)		98.3%				9,243,860
NET OTHER ASSETS (LIABILITIES)		1.7%				160,714

NET ASSETS		100.0%			$	9,404,574

^(a)Non-income producing security.

**Security valued pursuant to Level 3 unobservable inputs and is restricted for trading.

Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

REG – Registered

At March 31, 2022 the industry sectors for the TSW Emerging Markets Fund were:


Sector Allocation	% of Net Assets
Communication Services		13.4	%
Consumer Discretionary		11.9
Consumer Staples		5.4
Energy		6.0
Financials		18.9
Health Care		3.7
Industrials		9.6
Information Technology		21.2
Materials		6.3
Real Estate		1.9
Total		98.3	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the TSW Emerging Markets Fund’s investments were concentrated as follows:


Market Exposure

Equity Securities	% of Net Assets

Internet		16.5	%

Semiconductors		11.4

Banks		9.3

Diversified Financial Services		6.6

Oil & Gas		6.0

Software		5.5

Beverages		4.2

Mining		3.5

Retail		3.0

Chemicals		3.0

Commercial Services		2.3

Computers		2.2

Pharmaceuticals		2.2

Electronics		2.2

Entertainment		2.0

Real Estate Investment Trusts		1.9

Insurance		1.8

Apparel		1.7

Miscellaneous Manufacturing		1.6

Airlines		1.6

Auto Manufacturers		1.4

Telecommunications		1.4

Building Materials		1.3

Holding Companies-Diversified		1.1

Healthcare-Products		1.0

Housewares		1.0

Media		0.8

Investment Companies		0.7

Engineering & Construction		0.6

Biotechnology		0.5

Total		98.3	%


5 Largest Security Positions

Issuer	% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd.		6.8	%

Tencent Holdings Ltd.		5.0

Samsung Electronics Co. Ltd.		4.6

Reliance Industries Ltd. - GDR		4.4

NetEase, Inc.		3.9

Total		24.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value

CORPORATE BONDS		82.2	%
Aerospace/Defense		0.4	%
TransDigm, Inc. 8.00%, 12/15/25^(a)				$	50,000	$	52,289

Auto Parts & Equipment		1.9	%
Clarios Global L.P./Clarios U.S. Finance Co. 6.25%, 05/15/26^(a)					224,000		230,440

Banks		1.6	%
Freedom Mortgage Corp. 6.63%, 01/15/27^(a)					200,000		185,444

Building Materials		1.8	%
Eco Material Technologies, Inc. 7.88%, 01/31/27^(a)					125,000		124,303
Patrick Industries, Inc. 4.75%, 05/01/29^(a)					100,000		86,000

							210,303

Commercial Services		9.9	%
Alta Equipment Group, Inc. 5.63%, 04/15/26^(a)					200,000		190,090
Carriage Services, Inc. 4.25%, 05/15/29^(a)					250,000		232,855
CoreCivic, Inc. 8.25%, 04/15/26					75,000		77,250
Herc Holdings, Inc. 5.50%, 07/15/27^(a)					250,000		253,500
Prime Security Services Borrower LLC/Prime Finance, Inc. 6.25%, 01/15/28^(a)					150,000		146,789
Rent-A-Center, Inc. 6.38%, 02/15/29^(a)					300,000		274,500

							1,174,984

Diversified Financial Services		10.2	%
Burford Capital Global Finance LLC 6.25%, 04/15/28^(a)					300,000		304,560
Enova International, Inc. 8.50%, 09/15/25^(a)					200,000		199,250
ILFC E-Capital Trust I 4.05%, 12/21/65^(a)(b)					150,000		118,500
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/29^(a)					175,000		165,832
PRA Group, Inc. 5.00%, 10/01/29^(a)					200,000		189,544
StoneX Group, Inc. 8.63%, 06/15/25^(a)					100,000		104,126
World Acceptance Corp. 7.00%, 11/01/26^(a)					150,000		132,045

							1,213,857

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value

Energy-Alternate Sources		4.0	%
Enviva Partners L.P./Enviva Partners Finance Corp. 6.50%, 01/15/26^(a)				$	200,000	$	205,626
Renewable Energy Group, Inc. 5.88%, 06/01/28^(a)					250,000		268,532

							474,158

Entertainment		2.8	%
Live Nation Entertainment, Inc. 4.75%, 10/15/27^(a)					80,000		78,000
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.88%, 11/01/26^(a)					100,000		96,050
Scientific Games International, Inc. 7.00%, 05/15/28^(a)					150,000		155,474

							329,524

Food		6.2	%
Chobani LLC/Chobani Finance Corp., Inc. 4.63%, 11/15/28^(a)					250,000		230,625
Fresh Market (The), Inc. 9.75%, 05/01/23^(a)					160,000		156,932
Performance Food Group, Inc. 5.50%, 10/15/27^(a)					150,000		149,280
United Natural Foods, Inc. 6.75%, 10/15/28^(a)					200,000		205,000

							741,837

Healthcare-Services		1.9	%
Tenet Healthcare Corp. 6.25%, 02/01/27^(a)					225,000		230,984

Home Builders		3.0	%
Forestar Group, Inc. 5.00%, 03/01/28^(a)					175,000		164,062
Installed Building Products, Inc. 5.75%, 02/01/28^(a)					200,000		195,000

							359,062

Iron/Steel		3.5	%
Allegheny Ludlum LLC 6.95%, 12/15/25					399,000		420,945

Leisure Time		6.6	%
Carnival Corp. 7.63%, 03/01/26^(a)					175,000		176,143
NCL Corp. Ltd. 5.88%, 03/15/26^(a)					200,000		190,032
Vista Outdoor, Inc. 4.50%, 03/15/29^(a)					312,000		287,040
VOC Escrow Ltd. 5.00%, 02/15/28^(a)					150,000		139,499

							792,714

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value

Lodging		3.6	%
Marriott Ownership Resorts, Inc. 4.75%, 01/15/28				$	250,000	$	240,625
Travel + Leisure Co. 6.60%, 10/01/25					175,000		185,874

							426,499

Media		0.8	%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 05/01/32^(a)					100,000		91,470

Oil & Gas		2.2	%
Colgate Energy Partners III LLC 5.88%, 07/01/29^(a)					250,000		257,737

Oil & Gas Services		2.1	%
Archrock Partners L.P./Archrock Partners Finance Corp. 6.25%, 04/01/28^(a)					250,000		246,398

Pharmaceuticals		1.9	%
AdaptHealth LLC 5.13%, 03/01/30^(a)					250,000		232,188

Pipelines		4.9	%
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.63%, 12/15/25^(a)					100,000		104,561
Genesis Energy L.P./Genesis Energy Finance Corp. 8.00%, 01/15/27					225,000		231,459
NuStar Logistics L.P. 6.00%, 06/01/26					250,000		252,811

							588,831

Real Estate		1.6	%
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/29^(a)					200,000		188,500

Retail		7.9	%
Bath & Body Works, Inc. 6.69%, 01/15/27					150,000		159,356
BlueLinx Holdings, Inc. 6.00%, 11/15/29^(a)					300,000		279,000
Carvana Co. 5.88%, 10/01/28^(a)					350,000		311,675
Dillard’s, Inc. 7.75%, 07/15/26					175,000		189,008

							939,039

Telecommunications		2.2	%
Plantronics, Inc. 4.75%, 03/01/29^(a)					250,000		257,465

Trucking & Leasing		1.2	%
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/25^(a)					150,000		148,875

TOTAL CORPORATE BONDS (Cost $10,261,193)							9,793,543

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Principal Amount		Value

FOREIGN ISSUER BONDS		14.7	%
Chemicals		2.1	%
Methanex Corp. 5.25%, 12/15/29				$	250,000	$	253,750

Commercial Services		2.0	%
Cimpress PLC 7.00%, 06/15/26^(a)					250,000		239,450

Healthcare-Services		1.7	%
Akumin, Inc. 7.00%, 11/01/25^(a)					250,000		207,500

Holding Companies-Diversified		1.7	%
Stena International S.A. 6.13%, 02/01/25^(a)					200,000		200,000

Investment Companies		1.6	%
Adient Global Holdings Ltd. 4.88%, 08/15/26^(a)					200,000		190,342

Mining		1.8	%
First Quantum Minerals Ltd. 6.88%, 10/15/27^(a)					200,000		209,500

Pharmaceuticals		1.7	%
Bausch Health Cos., Inc. 5.00%, 01/30/28^(a)					250,000		205,893

Telecommunications		2.1	%
Sable International Finance Ltd. 5.75%, 09/07/27^(a)					250,000		251,737

TOTAL FOREIGN ISSUER BONDS (Cost $1,876,339)							1,758,172


	Percentage of Net Assets			Shares		Value

SHORT-TERM INVESTMENTS		0.7	%
Northern Institutional Treasury Portfolio (Premier Class), 0.12%^(c)					78,346		78,346

TOTAL SHORT-TERM INVESTMENTS (Cost $78,346)							78,346

TOTAL INVESTMENTS (Cost $12,215,878)		97.6	%				11,630,061
NET OTHER ASSETS (LIABILITIES)		2.4	%				287,683

NET ASSETS		100.0	%			$	11,917,744

^(b)The coupon rate equals 155 basis points plus the highest of the LIBOR 3 Month, the Constant Maturity Treasury 10 year rate, and the Constant Maturity Treasury 30 year rate, with a maximum of 12.95%.

^(c)7-day current yield as of March 31, 2022 is disclosed.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the TSW High Yield Bond Fund’s investments were concentrated as follows:


Country Allocation	Percentage of Net Assets

United States		82.8	%

Canada		7.4

Chile		2.1

Ireland		2.0

Sweden		1.7

Jersey		1.6

Total		97.6	%


5 Largest Security Positions

Issuer	% of Net Assets

Allegheny Ludlum LLC 6.95%, 12/15/25		3.6	%

Carvana Co. 5.88%, 10/1/28		2.6

Burford Capital Global Finance LLC 6.25%, 4/15/28		2.6

Vista Outdoor, Inc. 4.50%, 3/15/29		2.4

BlueLinx Holdings, Inc. 6.00%, 11/15/29		2.4
Total		13.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Shares		Value

COMMON STOCKS		90.6	%
Belgium		2.0	%
Anheuser-Busch InBev S.A./N.V. - ADR					15,000	$	900,900

Japan		1.6	%
Nintendo Co. Ltd. - ADR					11,000		692,010

United Kingdom		4.1	%
Liberty Global PLC - Class A^(a)					44,000		1,122,440
Willis Towers Watson PLC					3,000		708,660

							1,831,100

United States		82.9	%
Alphabet, Inc. - Class C^(a)					237		661,939
American International Group, Inc.					9,000		564,930
Applied Materials, Inc.					3,000		395,400
Arch Capital Group Ltd.^(a)					29,000		1,404,180
AT&T, Inc.					38,100		900,303
Bank of America Corp.					20,000		824,400
BellRing Brands, Inc.^(a)					—		8
Berkshire Hathaway, Inc. - Class B^(a)					5,300		1,870,423
Charles Schwab (The) Corp.					8,100		682,911
Chesapeake Energy Corp.					6,000		522,000
Cigna Corp.					5,709		1,367,933
Cisco Systems, Inc.					14,000		780,640
Comcast Corp. - Class A					15,500		725,710
CVS Health Corp.					13,200		1,335,972
Dell Technologies, Inc. - Class C^(a)					9,000		451,710
DISH Network Corp. - Class A^(a)					28,400		898,860
Dollar Tree, Inc.^(a)					6,000		960,900
Dominion Energy, Inc.					16,000		1,359,520
FleetCor Technologies, Inc.^(a)					6,000		1,494,360
HF Sinclair Corp.^(a)					12,600		502,110
Intel Corp.					26,000		1,288,560
Kinder Morgan, Inc.					60,600		1,145,946
Kraft Heinz (The) Co.					23,100		909,909
Liberty Medi Corp. - Liberty SiriusXM - Class C^(a)					19,225		879,159
Lockheed Martin Corp.					3,800		1,677,320
McKesson Corp.					5,100		1,561,263
Merck & Co, Inc.					17,000		1,394,850
Meta Platforms, Inc. - Class A^(a)					4,000		889,440
Occidental Petroleum Corp.					8,000		453,920
Pfizer, Inc.					14,000		724,780
Post Holdings, Inc.^(a)					20,500		1,419,830
Progressive (The) Corp.					10,600		1,208,294
Raytheon Technologies Corp.					9,000		891,630
Regeneron Pharmaceuticals, Inc.^(a)					1,000		698,420
TJX Cos. (The), Inc.					11,000		666,380

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)



	Percentage of Net Assets			Shares		Value

Verizon Communications, Inc.					19,125	$	974,228
Wells Fargo & Co.					25,000		1,211,500
Williams Cos. (The), Inc.					38,325		1,280,438

							36,980,076

TOTAL COMMON STOCKS (Cost $30,381,048)							40,404,086




SHORT-TERM INVESTMENTS		9.9	%
Northern Institutional Treasury Portfolio (Premier Class), 0.12%^(b)					4,434,375		4,434,375

TOTAL SHORT-TERM INVESTMENTS (Cost $4,434,375)							4,434,375

TOTAL INVESTMENTS (Cost $34,815,423)		100.5	%				44,838,461
NET OTHER ASSETS (LIABILITIES)		(0.5	%)				(221,921	)

NET ASSETS		100.0	%			$	44,616,540

^(a)Non-income producing security.

^(b)7-day current yield as of March 31, 2022 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

At March 31, 2022 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:



Sector Allocation	% of Net Assets
Communication Services		17.4	%
Consumer Discretionary		3.6
Consumer Staples		7.2
Energy		8.8
Financials		19.0
Health Care		15.9
Industrials		5.8
Information Technology		9.9
Utilities		3.0

Total		90.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

March 31, 2022 (Unaudited)

At March 31, 2022 the TSW Large Cap Value Fund’s investments were concentrated as follows:


Market Exposure

Equity Securities	% of Net Assets

Pharmaceuticals		14.3	%

Insurance		12.9

Media		8.1

Telecommunications		6.0

Aerospace/Defense		5.8

Pipelines		5.4

Food		5.2

Banks		4.6

Semiconductors		3.8

Retail		3.6

Internet		3.5

Commercial Services		3.4

Oil & Gas		3.3

Electric		3.0

Beverages		2.0

Biotechnology		1.6

Toys/Games/Hobbies		1.6

Diversified Financial Services		1.5

Computers		1.0

Household Products/Wares		0.0	^(a)

Total		90.6	%

^(a)	Amount rounds to less than 0.1%


5 Largest Security Positions

Issuer	% of Net Assets

Berkshire Hathaway, Inc. - Class B		4.2	%

Lockheed Martin Corp.		3.8

McKesson Corp.		3.5

FleetCor Technologies, Inc.		3.4

Post Holdings, Inc.		3.2

Total		18.1	%

See Notes to Financial Statements.

(This page has been intentionally left blank)

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2022 (Unaudited)


	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund		JOHCM Emerging Markets Small Mid Cap Equity Fund		JOHCM Global Income Builder Fund

Assets:
Investments, at cost	$	6,654,244		$	654,287,421	$	42,344,081	$	78,142,401
Investments, at value		6,362,777			719,363,856		46,481,729		86,508,966
Cash		—			24,871,426		1,026,866		—
Foreign currency (Cost: $0, $260, $228,750, $451,210, $0, $0, $6,232 and $107, respectively)		—			262		229,264		450,559
Receivable for interest		74,439			—		—		231,103
Receivable for dividends		651			2,277,624		101,625		142,899
Reclaims receivable		—			26,375		8,558		228,350
Receivable for investments sold		—			3,167		479,816		4,419,638
Receivable for capital shares sold		—			709,861		11,399		11,094
Receivable from service providers		7,334			1,555		1,555		—
Receivable from investment adviser		7,223			—		9,718		9,393
Prepaid expenses		44,434			31,436		14,751		30,923

Total Assets		6,496,858			747,285,562		48,365,281		92,032,925

Liabilities:
Securities purchased payable		—			—		97,624		3,471,436
Capital shares redeemed payable		—			299,921		5,000		20,778
Distributions payable to shareholders		2,008			—		—		107,726
Investment advisory fees payable		3,019			562,679		51,474		49,863
Accounting and Administration fees payable		8,503			383,985		77,353		41,698
Shareholder Services fees - Institutional Shares payable		—			188,123		—		—
Distribution (Rule 12b-1) fees payable		1			8,834		1,083		690
Treasurer Service fees payable		19			2,151		136		256
JOHCM Compliance fees payable		33			4,743		271		516
Trustee fees payable		50			7,214		400		778
Deferred foreign capital gains tax payable		—			390,052		74,814		—
Accrued expenses and other payables		8,783			43,547		44,890		8,669

Total Liabilities		22,416			1,891,249		353,045		3,702,410

Net Assets	$	6,474,442		$	745,394,313	$	48,012,236	$	88,330,515

Net Assets:
Paid in capital	$	6,763,756		$	719,124,460	$	43,383,481	$	77,875,227
Distributable earnings (loss)		(289,314	)		26,269,853		4,628,755		10,455,288

Net Assets	$	6,474,442		$	745,394,313	$	48,012,236	$	88,330,515

Net Assets:
Advisor	$	9,750		$	91,740,911	$	12,429,952	$	8,060,749
Investor		—			6,629,521		—		63,100
Institutional		6,464,692			647,023,881		35,582,284		80,206,666
Share of Common Stock Outstanding:
Advisor		1,027			7,993,035		941,860		752,040
Investor		—			576,851		—		5,893
Institutional		679,628			56,232,060		2,692,483		7,481,749
Net Asset Value per Share:
Advisor	$	9.50		$	11.48	$	13.20	$	10.72
Investor		—			11.49		—		10.71
Institutional		9.51			11.51		13.22		10.72

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2022 (Unaudited)


JOHCM Global Select Fund		JOHCM International Opportunities Fund		JOHCM International Select Fund		Regnan Global Equity Impact Solutions


$	360,402,550	$	2,500,328	$	9,038,804,013	$	10,923,950
	487,388,212		2,393,994		11,098,989,220		10,258,675
	26,963,513		123,522		531,223,755		601,370

	—		—		50,256,229		108
	—		—		—		—
	518,046		9,103		44,500,031		18,644
	323,631		11,685		16,577,039		1,382
	2,077,056		16,698		75,677,085		—
	108,346		—		9,087,220		—
	1,555		6,209		1,560		—
	—		4,522		—		22,685
	15,525		7,413		78,441		93,447

	517,395,884		2,573,146		11,826,390,580		10,996,311


	9,196,270		5,160		183,401,473		—
	12,072,198		—		11,673,186		—
	—		—		—		—
	376,716		1,596		8,645,635		6,548
	145,930		14,534		3,451,279		13,685
	101,733		—		2,882,252		—
	3,237		—		149,764		—
	1,456		7		33,411		30
	3,008		16		72,333		38
	4,679		25		111,422		59
	—		—		—		—
	27,422		7,975		412,331		28,817

	21,932,649		29,313		210,833,086		49,177

$	495,463,235	$	2,543,833	$	11,615,557,494	$	10,947,134


$	348,187,071	$	2,507,318	$	9,894,736,526	$	11,873,785
	147,276,164		36,515		1,720,820,968		(926,651	)

$	495,463,235	$	2,543,833	$	11,615,557,494	$	10,947,134


$	38,709,840	$	—	$	—	$	—
	—		—		721,833,711		—
	456,753,395		2,543,833		10,893,723,783		10,947,134

	2,259,434		—		—		—
	—		—		27,981,643		—
	26,580,398		258,676		422,698,123		1,337,781

$	17.13	$	—	$	—	$	—
	—		—		25.80		—
	17.18		9.83		25.77		8.18

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

March 31, 2022 (Unaudited)


	TSW Emerging Markets Fund			TSW High Yield Bond Fund			TSW Large Cap Value Fund

Assets:
Investments, at cost	$	9,611,334		$	12,215,878		$	34,815,423
Investments, at value		9,243,860			11,630,061			44,838,461
Cash		59,291			—			—
Receivable for interest		—			205,623			—
Receivable for dividends		18,831			4			25,952
Reclaims receivable		307			—			1,199
Receivable from investment adviser		8,724			13,771			2,827
Prepaid expenses		85,789			97,167			14,515

Total Assets		9,416,802			11,946,626			44,882,954

Liabilities:
Securities purchased payable		—			—			187,230
Capital shares redeemed payable		—			—			30,000
Distributions payable to shareholders		—			7,374			—
Investment advisory fees payable		6,224			5,038			21,424
Accounting and Administration fees payable		2,130			1,565			4,248
Treasurer Service fees payable		27			35			127
JOHCM Compliance fees payable		55			59			292
Trustee fees payable		85			90			3,240
Accrued expenses and other payables		3,707			14,721			19,853

Total Liabilities		12,228			28,882			266,414

Net Assets	$	9,404,574		$	11,917,744		$	44,616,540


Net Assets:
Paid in capital	$	10,000,000		$	12,513,444		$	31,229,877
Distributable earnings (loss)		(595,426	)		(595,700	)		13,386,663

Net Assets	$	9,404,574		$	11,917,744		$	44,616,540


Net Assets:
Institutional Class	$	9,404,574		$	11,917,744		$	44,616,540
Share of Common Stock Outstanding:
Institutional Class		1,000,000			1,251,808			2,983,315
Net Asset Value per Share:
Institutional Class	$	9.40		$	9.52		$	14.96

See Notes to Financial Statements.

(This page has been intentionally left blank)

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the six months ended March 31, 2022 (Unaudited)


	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Small Mid Cap Equity Fund			JOHCM Global Income Builder Fund

Investment Income:
Dividend income (Net of foreign withholding tax of $341, $1,068,891, $63,411, $71,513, $122,857, $4,514, $8,626,380 and $6,008)	$	6,562		$	8,160,641		$	345,838		$	1,294,069
Interest income		100,500			—			—			380,631
Non-cash dividend income		—			16,215,269			—			—

Total investment income		107,062			24,375,910			345,838			1,674,700

Operating expenses:
Investment advisory		15,513			3,735,212			308,440			308,121
Distribution (Rule 12b-1) fees - Advisor Shares		5			42,158			7,323			4,150
Distribution (Rule 12b-1) fees - Investor Shares		—			10,817			—			79
Accounting and Administration		1,589			189,327			49,785			16,575
Treasurer Service fees		94			13,464			763			1,496
Shareholder Services - Institutional Shares		—			184,270			—			—
JOHCM Compliance		61			9,530			535			1,041
Trustees		88			14,238			805			1,575
Legal		86			13,359			750			1,459
Registration		14,219			39,268			18,951			24,257
Printing		152			12,999			739			1,372
Interest expense		—			1,978			236			—
Other		7,457			40,853			21,051			10,554

Total expenses before reductions		39,264			4,307,473			409,378			370,679
Expenses reimbursed by investment advisor		(22,877	)		—			(46,666	)		(35,105	)
Expenses reduced by service providers		—			(6,334	)		(1,632	)		(315	)

Total expense reimbursements		(22,877	)		(6,334	)		(48,298	)		(35,420	)

Net expenses		16,387			4,301,139			361,080			335,259

Net investment income (loss)		90,675			20,074,771			(15,242	)		1,339,441

Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains (losses) from investment transactions		4,358			(32,950,524	)		1,094,595			3,191,414
Net realized gains (losses) from foreign currency transactions		—			(133,944	)		(37,843	)		(38,906	)
Change in unrealized appreciation (depreciation) on investments		(337,043	)		(38,006,955	)		(2,299,994	)		(4,235,737	)
Change in unrealized appreciation (depreciation) on foreign currency		—			(22,205	)		6,454			(488	)

Net realized and unrealized losses from investment activities		(332,685	)		(71,113,628	)		(1,236,788	)		(1,083,717	)

Change in Net Assets Resulting from Operations	$	(242,010	)	$	(51,038,857	)	$	(1,252,030	)	$	255,724

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the six months ended March 31, 2022 (Unaudited)


JOHCM Global Select Fund			JOHCM International Opportunities Fund			JOHCM International Select Fund			Regnan Global Equity Impact Solutions


$	2,412,226		$	28,316		$	98,301,201		$	31,493
	—			—			—			—
	—			5,160			43,890,556			—

	2,412,226			33,476			142,191,757			31,493


	2,474,104			10,651			57,474,705			23,656
	22,450			—			—			—
	—			—			985,450			—
	80,732			5,124			1,856,654			11,378
	9,010			48			209,490			106
	77,914			—			2,382,320			—
	6,335			33			148,292			63
	9,627			51			224,269			85
	8,878			47			207,989			25,826
	22,796			10,357			95,133			28,047
	1,310			466			88,428			5,490
	794			162			8,886			—
	27,034			7,123			453,370			6,519

	2,740,984			34,062			64,134,986			101,170
	—			(21,403	)		—			(73,099	)
	(538	)		—			(8,539	)		—

	(538	)		(21,403	)		(8,539	)		(73,099	)

	2,740,446			12,659			64,126,447			28,071

	(328,220	)		20,817			78,065,310			3,422


	20,812,013			188,416			(355,363,620	)		(256,055	)

	27,457			(1,380	)		(1,974,724	)		(8,417	)

	(44,485,996	)		(268,273	)		(874,078,593	)		(511,376	)

	(11,038	)		(479	)		(878,950	)		(73	)


	(23,657,564	)		(81,716	)		(1,232,295,887	)		(775,921	)

$	(23,985,784	)	$	(60,899	)	$	(1,154,230,577	)	$	(772,499	)

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the six months ended March 31, 2022 (Unaudited)^(d)


	TSW			TSW			TSW
	Emerging Markets			High Yield			Large Cap
	Fund			Bond Fund			Value Fund

	2022^(a)			2022^(b)			2022^(c)			2021^(d)

Investment Income:
Dividend income (Net of foreign withholding tax of $7,544, $0, $2,620 and $1,199)	$	30,719		$	—		$	313,886		$	545,143
Interest income		—			278,901			—			—
Non-cash dividend income		17,363			—			—			—

Total investment income		48,082			278,901			313,886			545,143

Operating expenses:
Investment advisory		21,549			26,001			107,523			284,739
Accounting and Administration		2,131			1,565			34,950			245,073
Treasurer Service fees		109			196			1,132			—
Chief Compliance Officer fees		—			—			—			7,447
JOHCM Compliance		74			127			368			—
Trustees		85			191			2,817			24,917
Legal		11,541			18,782			11,800			31,979
Registration		916			11,521			10,293			26,720
Printing		2,743			4,294			5,431			10,000
Other		4,090			5,906			10,013			40,261

Total expenses before reductions		43,238			68,583			184,327			671,136

Less expenses reimbursed by former investment advisor and fees paid indirectly		—			—			(30,252	)		(215,545	)
Expenses reimbursed by investment advisor		(16,572	)		(34,781	)		(9,285	)		—

Total expense reimbursements		(16,572	)		(34,781	)		(39,537	)		(215,545	)

Net expenses		26,666			33,802			144,790			455,591

Net investment income		21,416			245,099			169,096			89,552

Realized and Unrealized Gains (Losses) from
Investment Activities:
Net realized gains (losses) from investment transactions		(240,779	)		(3,883	)		3,194,535			4,746,582
Net realized losses from foreign currency transactions		(8,387	)		—			—			—
Change in unrealized appreciation (depreciation) on investments		(367,474	)		(585,817	)		53,864			7,908,854
Change in unrealized appreciation (depreciation) on foreign currency		(202	)		—			—			—

Net realized and unrealized gains (losses) from investment activities		(616,842	)		(589,700	)		3,248,399			12,655,436

Change in Net Assets Resulting from Operations	$	(595,426	)	$	(344,601	)	$	3,417,495		$	12,744,988

(a)	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

(b)	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

(c)	For the period from November 1, 2021 to March 31, 2022.

(d)	For the TSW Predecessor Fund’s prior fiscal year ended October 31, 2021 (audited).

See Notes to Financial Statements.

(This page has been intentionally left blank)

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2022 (Unaudited) and the year ended September 30, 2021


													JOHCM
	JOHCM						JOHCM						Emerging Markets
	Credit Income						Emerging Markets						Small Mid Cap
	Fund						Opportunities Fund						Equity Fund

	2022			2021			2022			2021			2022			2021

Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	90,675		$	160,419		$	20,074,771		$	12,686,500		$	(15,242	)	$	68,483
Net realized gains (losses) from investments and foreign currency transactions		4,358			36,684			(33,084,468	)		54,510,065			1,056,752			16,333,548
Change in unrealized appreciation (depreciation) on investments and foreign currency		(337,043	)		72,894			(38,029,160	)		46,876,140			(2,293,540	)		(246,278	)

Change in net assets resulting from operations		(242,010	)		269,997			(51,038,857	)		114,072,705			(1,252,030	)		16,155,753

Dividends paid to shareholders:
From distributable earnings:
Advisor Shares		(218	)		(191	)		(3,261,213	)		(880,457	)		(4,038,102	)		(66,920	)
Investor Shares		—			—			(328,685	)		(172,913	)		—			—
Institutional Shares		(121,928	)		(169,720	)		(30,794,394	)		(7,218,773	)		(8,452,708	)		(154,806	)

Total dividends paid to shareholders		(122,146	)		(169,911	)		(34,384,292	)		(8,272,143	)		(12,490,810	)		(221,726	)

Capital Transactions:
Advisor Shares		185			10,160			19,627,613			(7,468,006	)		1,773,388			(4,406,194	)
Investor Shares		—			—			(2,630,355	)		(7,024,857	)		—			—
Institutional Shares		1,604,897			134,384			(16,029,666	)		104,316,360			12,494,186			(7,687,431	)

Change in net assets from capital transactions		1,605,082			144,544			967,592			89,823,497			14,267,574			(12,093,625	)

Change in net assets		1,240,926			244,630			(84,455,557	)		195,624,059			524,734			3,840,402
Net assets:
Beginning of period		5,233,516			4,988,886			829,849,870			634,225,811			47,487,502			43,647,100

End of period	$	6,474,442		$	5,233,516		$	745,394,313		$	829,849,870		$	48,012,236		$	47,487,502

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2022 (Unaudited) and the year ended September 30, 2021


JOHCM						JOHCM						JOHCM						JOHCM
Global Income						Global						International						International
Builder Fund						Select Fund						Opportunities Fund						Select Fund


2022			2021			2022			2021			2022			2021			2022			2021


$	1,339,441		$	2,697,424		$	(328,220	)	$	702,421		$	20,817		$	64,118		$	78,065,310		$	68,150,102

	3,152,508			3,673,334			20,839,470			99,756,265			187,036			309,614			(357,338,344	)		1,248,707,688

	(4,236,225	)		6,588,545			(44,497,034	)		40,145,033			(268,752	)		80,835			(874,957,543	)		350,123,166


	255,724			12,959,303			(23,985,784	)		140,603,719			(60,899	)		454,567			(1,154,230,577	)		1,666,980,956


	(302,616	)		(264,475	)		(7,478,429	)		(2,257,927	)		—			—			—			—
	(2,268	)		(2,524	)		—			—			—			—			(73,348,631	)		(18,199,079	)
	(3,053,228	)		(2,838,902	)		(87,938,605	)		(24,723,249	)		(370,628	)		(76,392	)		(1,189,249,109	)		(309,630,745	)


	(3,358,112	)		(3,105,901	)		(95,417,034	)		(26,981,176	)		(370,628	)		(76,392	)		(1,262,597,740	)		(327,829,824	)


	139,218			45,443			(2,244,601	)		734,630			—			—			—			—
	4,366			(30,476	)		—			—			—			—			66,060,000			74,878,491
	(6,881,446	)		5,101,698			44,119,527			(3,324,905	)		(489,513	)		151,228			892,049,882			1,384,755,982


	(6,737,862	)		5,116,665			41,874,926			(2,590,275	)		(489,513	)		151,228			958,109,882			1,459,634,473

	(9,840,250	)		14,970,067			(77,527,892	)		111,032,268			(921,040	)		529,403			(1,458,718,435	)		2,798,785,605

	98,170,765			83,200,698			572,991,127			461,958,859			3,464,873			2,935,470			13,074,275,929			10,275,490,324

$	88,330,515		$	98,170,765		$	495,463,235		$	572,991,127		$	2,543,833		$	3,464,873		$	11,615,557,494		$	13,074,275,929

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2022 (Unaudited) and the year ended September 30, 2021


	Regnan Global
	Equity Impact
	Solutions

	2022			2021^(a)

Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	3,422		$	(1,265	)
Net realized gains (losses) from investments and foreign currency transactions		(264,472	)		(2,139	)
Change in unrealized appreciation (depreciation) on investments and foreign currency .		(511,449	)		(153,906	)

Change in net assets resulting from operations		(772,499	)		(157,310	)

Dividends paid to shareholders:
From distributable earnings:
Institutional Shares		—			—

Total dividends paid to shareholders		—			—

Capital Transactions:
Institutional Shares		9,851,938			2,025,005

Change in net assets from capital transactions		9,851,938			2,025,005

Change in net assets		9,079,439			1,867,695
Net assets:
Beginning of period		1,867,695			—

End of period	$	10,947,134		$	1,867,695

(a)	For the period from August 23, 2021, commencement of operations, to September 30, 2021.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended March 31, 2022 (Unaudited) and the year ended September 30, 2021^(d)


	TSW			TSW						TSW
	Emerging Markets			High Yield						Large Cap
	Fund			Bond Fund						Value Fund


	2022^(a)			2022^(b)			2022^(c)			2021^(d)			2020^(d)

Increase (decrease) in net assets:
Operations:
Net investment income	$	21,416		$	245,099		$	169,096		$	89,552		$	229,678
Net realized gains (losses) from investments and foreign currency transactions		(249,166	)		(3,883	)		3,194,535			4,746,582			1,548,363
Change in unrealized appreciation (depreciation) on investments and foreign currency		(367,676	)		(585,817	)		53,864			7,908,854			(3,281,656	)

Change in net assets resulting from operations		(595,426	)		(344,601	)		3,417,495			12,744,988			(1,503,615	)

Dividends paid to shareholders:
From distributable earnings:
Institutional Shares		—			(251,099	)		(4,720,214	)		(1,689,380	)		(1,537,701	)

Total dividends paid to shareholders		—			(251,099	)		(4,720,214	)		(1,689,380	)		(1,537,701	)

Capital Transactions:
Institutional Class Shares		10,000,000			12,513,444			6,474,346			2,204,155			(2,321,018	)

Change in net assets from capital transactions		10,000,000			12,513,444			6,474,346			2,204,155			(2,321,018	)

Change in net assets		9,404,574			11,917,744			5,171,627			8,851,453			(5,362,334	)
Net assets:
Beginning of period		—			—			39,444,913			30,539,460			35,955,794

End of period	$	9,404,574		$	11,917,744		$	44,616,540		$	39,444,913		$	30,593,460

(a)	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

(b)	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

(c)	For the period from November 1, 2021 to March 31, 2022.

(d)	For the TSW Predecessor Fund’s years ended October 31, 2021 and 2020 (audited).

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares


	Six Months Ended
	March 31,			Period Ended
	2022			September 30,
JOHCM Credit Income Fund	(Unaudited)			2021^(a)

Net asset value, beginning of period	$	10.13		$	10.16

Income (loss) from investment operations:
Net investment income^(b)		0.15			0.24
Net realized and unrealized losses from investments and foreign currency		(0.57	)		(0.08	)

Total from investment operations		(0.42	)		0.16

Less distributions paid:
From net investment income		(0.15	)		(0.19	)
From net realized gains		(0.06	)		—

Total distributions paid		(0.21	)		(0.19	)

Change in net asset value		(0.63	)		(0.03	)

Net asset value, end of period	$	9.50		$	10.13

Total return^(c)		(4.16	%)		1.61	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	10		$	10
Ratio of net expenses to average net assets		0.68	%^(d)		0.69	%^(d)
Ratio of net investment income to average net assets		3.12	%^(d)		3.03	%^(d)
Ratio of gross expenses to average net assets		1.44	%^(d)		4.39	%^(d)
Portfolio turnover rate^(e)		7.33	%^(c)		84.76	%^(c)

(a)	For the period from December 18, 2020, commencement of operations, to September 30, 2021.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares



	Six Months Ended
	March 31,			Year Ended			Period Ended
	2022			September 30,			September 30,
JOHCM Credit Income Fund	(Unaudited)			2021			2020^(a)

Net asset value, beginning of period	$	10.15		$	9.95		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.16			0.32			0.03
Net realized and unrealized gains (losses) from investments and foreign currency		(0.58	)		0.21			(0.04	)

Total from investment operations		(0.42	)		0.53			(0.01	)

Less distributions paid:
From net investment income		(0.16	)		(0.32	)		(0.04	)
From net realized gains		(0.06	)		(0.01	)		—

Total distributions paid		(0.22	)		(0.33	)		(0.04	)

Change in net asset value		(0.64	)		0.20			(0.05	)

Net asset value, end of period	$	9.51		$	10.15		$	9.95

Total return^(c)		(4.20	%)		5.27	%		(0.14	%)
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	6,465		$	5,224		$	4,989
Ratio of net expenses to average net assets		0.58	%^(d)		0.59	%		0.65	%^(d)
Ratio of net investment income to average net assets		3.22	%^(d)		3.11	%		2.85	%^(d)
Ratio of gross expenses to average net assets		1.34	%^(d)		4.39	%		5.47	%^(d)
Portfolio turnover rate^(e)		7.33	%^(c)		84.76	%		5.72	%^(c)

(a)	For the period from August 17, 2020, commencement of operations, to September 30, 2020.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares

	Six Months Ended
	March 31,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
JOHCM Emerging Markets	2022			September 30,			September 30,			September 30,			September 30,			September 30,
Opportunities Fund	(Unaudited)			2021			2020			2019			2018			2017

Net asset value, beginning of period	$	12.69		$	10.81		$	10.75		$	11.38		$	11.96		$	10.04

Income (loss) from investment operations:
Net investment income^(a)		0.02			0.20			0.08			0.40			0.14			0.10
Net realized and unrealized gains (losses) from investments and foreign currency		(0.73	)		1.81			0.40			(0.59	)		(0.27	)		1.89

Total from investment operations		(0.71	)		2.01			0.48			(0.19	)		(0.13	)		1.99

Less distributions paid:
From net investment income		(0.50	)		(0.13	)		(0.42	)		(0.10	)		(0.07	)		(0.07	)
From net realized gains		—			—			—			(0.34	)		(0.38	)		—

Total distributions paid		(0.50	)		(0.13	)		(0.42	)		(0.44	)		(0.45	)		(0.07	)

Change in net asset value		(1.21	)		1.88			0.06			(0.63	)		(0.58	)		1.92

Net asset value, end of period	$	11.48		$	12.69		$	10.81		$	10.75		$	11.38		$	11.96

Total return^(b)		(5.84	%)		18.64	%		4.37	%		(1.31	%)		(1.30	%)		20.09	%
Ratios/Supplemental data:
Net assets, end of period (000’s)	$	91,741		$	81,462		$	75,971		$	83,555		$	99,577		$	71,650
Ratio of net expenses to average net assets		1.08	%^(c)		1.12	%		1.20	%		1.32	%		1.34	%		1.38	%
Ratio of net investment income to average net assets		4.57	%^(c)		1.51	%		0.81	%		3.71	%		1.15	%		0.92	%
Ratio of gross expenses to average net assets		1.08	%^(c)		1.13	%		1.20	%		1.32	%		1.34	%		1.38	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(d)		0.02	%		0.01	%
Portfolio turnover rate^(e)		23.81	%^(b)		38.60	%		53.30	%		35.35	%		31.87	%		22.62	%

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

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

(c)	Annualized for periods less than one year.

(d)	Amount rounds to less 0.005%.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Investor Shares

JOHCM Emerging Markets Opportunities Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	12.67		$	10.80		$	10.74		$	11.36		$	11.95		$	10.03

Income (loss) from investment operations:
Net investment income^(a)		0.02			0.19			0.08			0.41			0.12			0.08
Net realized and unrealized gains (losses) from investments and foreign currency		(0.74	)		1.80			0.38			(0.60	)		(0.27	)		1.90

Total from investment operations		(0.72	)		1.99			0.46			(0.19	)		(0.15	)		1.98

Less distributions paid:
From net investment income		(0.46	)		(0.12	)		(0.40	)		(0.09	)		(0.06	)		(0.06	)
From net realized gains		—			—			—			(0.34	)		(0.38	)		—

Total distributions paid		(0.46	)		(0.12	)		(0.40	)		(0.43	)		(0.44	)		(0.06	)

Change in net asset value		(1.18	)		1.87			0.06			(0.62	)		(0.59	)		1.92

Net asset value, end of period	$	11.49		$	12.67		$	10.80		$	10.74		$	11.36		$	11.95

Total return^(b)		(5.94	%)		18.42	%		4.26	%		(1.37	%)		(1.47	%)		19.89	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	6,630		$	9,854		$	14,268		$	13,348		$	8,020		$	5,668
Ratio of net expenses to average net assets		1.23	%^(c)		1.27	%		1.35	%		1.47	%		1.49	%		1.54	%
Ratio of net investment income to average net assets		4.79	%^(c)		1.47	%		0.76	%		3.86	%		1.01	%		0.71	%
Ratio of gross expenses to average net assets		1.23	%^(c)		1.28	%		1.35	%		1.47	%		1.49	%		1.54	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(d)		0.02	%		0.02	%
Portfolio turnover rate^(e)		23.81	%^(b)		38.60	%		53.30	%		35.35	%		31.87	%		22.62	%

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

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

(c)	Annualized for periods less than one year.

(d)	Amount rounds to less 0.005%.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares

JOHCM Emerging Markets Opportunities Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	12.73		$	10.85		$	10.78		$	11.41		$	11.99		$	10.06

Income (loss) from investment operations:
Net investment income^(a)		0.02			0.21			0.11			0.48			0.15			0.13
Net realized and unrealized gains (losses) from investments and foreign currency		(0.72	)		1.81			0.39			(0.66	)		(0.27	)		1.88

Total from investment operations		(0.70	)		2.02			0.50			(0.18	)		(0.12	)		2.01

Less distributions paid:
From net investment income		(0.52	)		(0.14	)		(0.43	)		(0.11	)		(0.08	)		(0.08	)
From net realized gains		—			—			—			(0.34	)		(0.38	)		—

Total distributions paid		(0.52	)		(0.14	)		(0.43	)		(0.45	)		(0.46	)		(0.08	)

Change in net asset value		(1.22	)		1.88			0.07			(0.63	)		(0.58	)		1.93

Net asset value, end of period	$	11.51		$	12.73		$	10.85		$	10.78		$	11.41		$	11.99

Total return^(b)		(5.81	%)		18.70	%		4.56	%		(1.21	%)		(1.23	%)		20.21	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	647,024		$	738,534		$	543,987		$	486,372		$	388,129		$	269,622
Ratio of net expenses to average net assets		1.03	%^(c)		1.02	%		1.10	%		1.22	%		1.24	%		1.29	%
Ratio of net investment income to average net assets		4.87	%^(c)		1.61	%		1.04	%		4.46	%		1.26	%		1.23	%
Ratio of gross expenses to average net assets		1.03	%^(c)		1.03	%		1.10	%		1.22	%		1.24	%		1.29	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(d)		0.02	%		0.01	%
Portfolio turnover rate^(e)		23.81	%^(b)		38.60	%		53.30	%		35.35	%		31.87	%		22.62	%

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

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

(c)	Annualized for periods less than one year.

(d)	Amount rounds to less 0.005%.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares

JOHCM Emerging Markets Small Mid Cap Equity Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	18.35		$	13.40		$	11.62		$	11.85		$	14.00		$	11.78

Income (loss) from investment operations:
Net investment income (loss)^(a)		(0.01	)		0.01			0.15			0.02			0.09			0.06
Net realized and unrealized gains (losses) from investments and foreign currency		(0.32	)		5.00			1.70			(0.20	)		(0.56	)		2.38

Total from investment operations		(0.33	)		5.01			1.85			(0.18	)		(0.47	)		2.44

Less distributions paid:
From net investment income		(0.05	)		(0.06	)		(0.07	)		(0.05	)		(0.13	)		(0.22	)
From net realized gains		(4.77	)		—			—			—			(1.55	)		—

Total distributions paid		(4.82	)		(0.06	)		(0.07	)		(0.05	)		(1.68	)		(0.22	)

Change in net asset value		(5.15	)		4.95			1.78			(0.23	)		(2.15	)		2.22

Net asset value, end of period	$	13.20		$	18.35		$	13.40		$	11.62		$	11.85		$	14.00

Total return^(b)		(2.64	%)^(b)		37.50	%		15.95	%		(1.51	%)		(4.50	%)		21.37	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	12,430		$	15,209		$	14,365		$	415		$	751		$	149
Ratio of net expenses to average net assets		1.59	%^(c)		1.63	%		1.64	%		1.64	%		1.64	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.13	%)^(c)		0.06	%		1.21	%		0.15	%		0.69	%		0.47	%
Ratio of gross expenses to average net assets		1.79	%^(c)		1.94	%		2.29	%		2.66	%		2.65	%		4.37	%
Portfolio turnover rate^(d)		61.84	%^(b)		163.54	%		136.73	%		133.43	%		127.34	%		174.08	%

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

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

(c)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares

JOHCM Emerging Markets Small Mid Cap Equity Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	18.38		$	13.42		$	11.64		$	11.87		$	14.02		$	11.78

Income (loss) from investment operations:
Net investment income (loss)^(a)		(—	)^(b)		0.03			0.04			0.04			0.09			0.05
Net realized and unrealized gains (losses) from investments and foreign currency		(0.32	)		5.00			1.83			(0.21	)		(0.55	)		2.42

Total from investment operations		(0.32	)		5.03			1.87			(0.17	)		(0.46	)		2.47

Less distributions paid:
From net investment income		(0.07	)		(0.07	)		(0.09	)		(0.06	)		(0.14	)		(0.23	)
From net realized gains		(4.77	)		—			—			—			(1.55	)		—

Total distributions paid		(4.84	)		(0.07	)		(0.09	)		(0.06	)		(1.69	)		(0.23	)

Change in net asset value		(5.16	)		4.96			1.78			(0.23	)		(2.15	)		2.24

Net asset value, end of period	$	13.22		$	18.38		$	13.42		$	11.64		$	11.87		$	14.02

Total return^(c)		(2.59	%)		37.60	%		16.09	%		(1.42	%)		(4.43	%)		21.59	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	35,582		$	32,279		$	29,282		$	23,870		$	24,093		$	7,406
Ratio of net expenses to average net assets		1.49	%^(d)		1.53	%		1.54	%		1.54	%		1.54	%		1.54	%
Ratio of net investment income (loss) to average net assets		(0.03	%)^(d)		0.18	%		0.33	%		0.36	%		0.69	%		0.40	%
Ratio of gross expenses to average net assets		1.69	%^(d)		1.84	%		2.19	%		2.56	%		2.48	%		4.38	%
Portfolio turnover rate^(e)		61.84	%^(c)		163.54	%		136.73	%		133.43	%		127.34	%		174.08	%

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

(b)	Amount was less than $0.005 per share.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares

JOHCM Global Income Builder Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Period Ended September 30, 2018^(a)

Net asset value, beginning of period	$	11.10		$	9.89		$	10.09		$	9.71		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.16			0.31			0.21			0.31			0.29
Net realized and unrealized gains (losses) from investments and foreign currency		(0.13	)		1.26			(0.11	)		0.41			(0.30	)

Total from investment operations		0.03			1.57			0.10			0.72			(0.01	)

Less distributions paid:
From net investment income		(0.19	)		(0.36	)		(0.25	)		(0.34	)		(0.28	)
From net realized gains		(0.22	)		—			(0.05	)		—			—

Total distributions paid		(0.41	)		(0.36	)		(0.30	)		(0.34	)		(0.28	)

Change in net asset value		(0.38	)		1.21			(0.20	)		0.38			(0.29	)

Net asset value, end of period	$	10.72		$	11.10		$	9.89		$	10.09		$	9.71

Total return^(c)		0.15	%		16.01	%		0.99	%		7.66	%		(0.06	%)^(c)
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	8,061		$	8,213		$	7,285		$	6,933		$	5,516
Ratio of net expenses to average net assets		0.82	%^(d)		0.83	%		0.93	%		0.98	%		0.98	%^(d)
Ratio of net investment income to average net assets		2.84	%^(d)		2.86	%		2.14	%		3.14	%		3.50	%^(d)
Ratio of gross expenses to average net assets		0.90	%^(d)		1.01	%		1.08	%		1.18	%		1.56	%^(d)
Portfolio turnover rate^(e)		62.45	%^(c)		92.03	%		141.42	%		54.70	%		41.93	%^(c)

(a)	For the period from November 29, 2017, commencement of operations, to September 30, 2018.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Investor Shares

JOHCM Global Income Builder Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019^(a)

Net asset value, beginning of period	$	11.10		$	9.89		$	10.09		$	10.08

Income (loss) from investment operations:
Net investment income^(b)		0.15			0.30			0.20			0.06
Net realized and unrealized gains (losses) from investments and foreign currency		(0.14	)		1.26			(0.12	)		0.01

Total from investment operations		0.01			1.56			0.08			0.07

Less distributions paid:
From net investment income		(0.18	)		(0.35	)		(0.23	)		(0.06	)
From net realized gains		(0.22	)		—			(0.05	)		—

Total distributions paid		(0.40	)		(0.35	)		(0.28	)		(0.06	)

Change in net asset value		(0.39	)		1.21			(0.20	)		0.01

Net asset value, end of period	$	10.71		$	11.10		$	9.89		$	10.09

Total return^(c)		0.03	%		15.88	%		0.86	%		0.75	%^(c)
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	63		$	61		$	81		$	77
Ratio of net expenses to average net assets		0.97	%^(d)		0.98	%		1.08	%		1.13	%^(d)
Ratio of net investment income to average net assets		2.68	%^(d)		2.73	%		2.01	%		2.70	%^(d)
Ratio of gross expenses to average net assets		1.05	%^(d)		1.16	%		1.23	%		1.63	%^(d)
Portfolio turnover rate^(e)		62.45	%^(c)		92.03	%		141.42	%		54.70	%^(c)

(a)	For the period from June 28, 2019, commencement of operations, to September 30, 2019.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares


JOHCM Global Income Builder Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Period Ended September 30, 2018^(a)


Net asset value, beginning of period	$	11.10		$	9.89		$	10.09		$	9.71		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.16			0.32			0.22			0.33			0.30
Net realized and unrealized gains (losses) from investments and foreign currency		(0.13	)		1.26			(0.11	)		0.40			(0.30	)

Total from investment operations		0.03			1.58			0.11			0.73			—

Less distributions paid:
From net investment income		(0.19	)		(0.37	)		(0.26	)		(0.35	)		(0.29	)
From net realized gains		(0.22	)		—			(0.05	)		—			—

Total distributions paid		(0.41	)		(0.37	)		(0.31	)		(0.35	)		(0.29	)

Change in net asset value		(0.38	)		1.21			(0.20	)		0.38			(0.29	)

Net asset value, end of period	$	10.72		$	11.10		$	9.89		$	10.09		$	9.71

Total return^(c)		0.20	%		16.12	%		1.09	%		7.77	%		0.03	%^(c)
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	80,207		$	89,897		$	75,835		$	105,634		$	28,206
Ratio of net expenses to average net assets		0.72	%^(d)		0.73	%		0.83	%		0.88	%		0.88	%^(d)
Ratio of net investment income to average net assets		2.92	%^(d)		2.96	%		2.19	%		3.42	%		3.62	%^(d)
Ratio of gross expenses to average net assets		0.80	%^(d)		0.91	%		0.98	%		1.08	%		1.47	%^(d)
Portfolio turnover rate^(e)		62.45	%^(c)		92.03	%		141.42	%		54.70	%		41.93	%^(c)

(a)	For the period from November 29, 2017, commencement of operations, to September 30, 2018.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares


JOHCM Global Select Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	21.39		$	17.28		$	16.41		$	16.73		$	15.05		$	13.58

Income (loss) from investment operations:
Net investment income (loss)^(a)		(0.02	)		0.01			(0.04	)		0.10			0.07			0.07
Net realized and unrealized gains (losses) from investments and foreign currency		(0.57	)		5.12			3.17			0.25			1.67			1.43

Total from investment operations		(0.59	)		5.13			3.13			0.35			1.74			1.50

Less distributions paid:
From net investment income		(—	)^(b)		—			(0.02	)		(0.18	)		(0.06	)		(0.03	)
From net realized gains		(3.67	)		(1.02	)		(2.24	)		(0.49	)		—			—

Total distributions paid		(3.67	)		(1.02	)		(2.26	)		(0.67	)		(0.06	)		(0.03	)

Change in net asset value		(4.26	)		4.11			0.87			(0.32	)		1.68			1.47

Net asset value, end of period	$	17.13		$	21.39		$	17.28		$	16.41		$	16.73		$	15.05

Total return^(c)		(5.01	%)		30.60	%		21.26	%		2.66	%		11.61	%		11.06	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	38,710		$	49,721		$	39,213		$	157,452		$	189,317		$	216,867
Ratio of net expenses to average net assets		1.05	%^(d)		1.07	%		1.16	%		1.16	%		1.17	%		1.18	%
Ratio of net investment income (loss) to average net assets		(0.21	%)^(d)		0.04	%		(0.28	%)		0.63	%		0.39	%		0.49	%
Ratio of gross expenses to average net assets		1.05	%^(d)		1.08	%		1.16	%		1.17	%		1.17	%		1.18	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(e)		—	^(e)		—	^(e)
Portfolio turnover rate^(f)		19.92	%^(c)		53.91	%		40.21	%		46.36	%		24.81	%		51.44	%

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

(b)	Amount was less than $0.005 per share.

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

(d)	Annualized for periods less than one year.

(e)	Amount rounds to less 0.005%.

(f)	Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares


JOHCM Global Select Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	21.46		$	17.32		$	16.44		$	16.76		$	15.08		$	13.61

Income (loss) from investment operations:
Net investment income (loss)^(a)		(0.01	)		0.03			—	^(b)		0.10			0.09			0.08
Net realized and unrealized gains (losses) from investments and foreign currency		(0.58	)		5.13			3.15			0.26			1.67			1.43

Total from investment operations		(0.59	)		5.16			3.15			0.36			1.76			1.51

Less distributions paid:
From net investment income		(0.02	)		—			(0.04	)		(0.19	)		(0.08	)		(0.04	)
From net realized gains		(3.67	)		(1.02	)		(2.23	)		(0.49	)		—			—

Total distributions paid		(3.69	)		(1.02	)		(2.27	)		(0.68	)		(0.08	)		(0.04	)

Change in net asset value		(4.28	)		4.14			0.88			(0.32	)		1.68			1.47

Net asset value, end of period	$	17.18		$	21.46		$	17.32		$	16.44		$	16.76		$	15.08

Total return^(c)		(4.94	%)		30.71	%		21.43	%		2.76	%		11.76	%		11.15	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	456,753		$	523,270		$	422,745		$	225,884		$	335,636		$	287,089
Ratio of net expenses to average net assets		0.98	%^(d)		0.98	%		1.06	%		1.06	%		1.07	%		1.08	%
Ratio of net investment income (loss) to average net assets		(0.11	%)^(d)		0.13	%		0.01	%		0.66	%		0.57	%		0.57	%
Ratio of gross expenses to average net assets		0.98	%^(d)		0.98	%		1.06	%		1.07	%		1.07	%		1.08	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(e)		—	^(e)		—	^(e)
Portfolio turnover rate^(f)		19.92	%^(c)		53.91	%		40.21	%		46.36	%		24.81	%		51.44	%

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

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

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

(d)	Annualized for periods less than one year.

(e)	Amount rounds to less 0.005%.

(f)	Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares


JOHCM International Opportunities Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	11.82		$	10.48		$	10.65		$	10.71		$	11.19		$	9.98

Income (loss) from investment operations:
Net investment income^(a)		0.08			0.22			0.17			0.24			0.20			0.20
Net realized and unrealized gains (losses) from investments and foreign currency		(0.42	)		1.39			(0.09	)		(0.10	)		(0.02	)		1.09

Total from investment operations		(0.34	)		1.61			0.08			0.14			0.18			1.29

Less distributions paid:
From net investment income		(0.27	)		(0.17	)		(0.23	)		(0.18	)		(0.29	)		(0.08	)
From net realized gains		(1.38	)		(0.10	)		(0.02	)		(0.02	)		(0.37	)		—

Total distributions paid		(1.65	)		(0.27	)		(0.25	)		(0.20	)		(0.66	)		(0.08	)

Change in net asset value		(1.99	)		1.34			(0.17	)		(0.06	)		(0.48	)		1.21

Net asset value, end of period	$	9.83		$	11.82		$	10.48		$	10.65		$	10.71		$	11.19

Total return^(b)		(2.87	%)		15.39	%		0.62	%		1.42	%		1.76	%		13.12	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	2,544		$	3,465		$	2,935		$	2,301		$	2,276		$	2,254
Ratio of net expenses to average net assets		0.89	%^(c)		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of net investment income to average net assets		1.47	%^(c)		1.83	%		1.60	%		2.29	%		1.86	%		1.94	%
Ratio of gross expenses to average net assets		2.34	%^(c)		5.73	%		9.42	%		8.61	%		8.23	%		9.03	%
Portfolio turnover rate^(d)		39.38	%^(b)		47.85	%		64.62	%		34.58	%		57.05	%		68.89	%

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

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

(c)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Investor Shares


JOHCM International Select Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	31.07		$	27.53		$	22.54		$	23.68		$	21.93		$	19.96

Income (loss) from investment operations:
Net investment income^(a)		0.15			0.10			0.05			0.23			0.19			0.26
Net realized and unrealized gains (losses) from investments and foreign currency		(2.57	)		4.25			5.11			(1.10	)		1.76			1.81

Total from investment operations		(2.42	)		4.35			5.16			(0.87	)		1.95			2.07

Less distributions paid:
From net investment income		(0.23	)		(0.04	)		(0.17	)		(0.27	)		(0.20	)		(0.10	)
From net realized gains		(2.62	)		(0.77	)		—			—			—			—

Total distributions paid		(2.85	)		(0.81	)		(0.17	)		(0.27	)		(0.20	)		(0.10	)

Change in net asset value		(5.27	)		3.54			4.99			(1.14	)		1.75			1.97

Net asset value, end of period	$	25.80		$	31.07		$	27.53		$	22.54		$	23.68		$	21.93

Total return^(b)		(8.96	%)		15.94	%		23.02	%		(3.59	%)		8.97	%		10.45	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	721,834		$	800,457		$	643,607		$	588,729		$	551,489		$	400,294
Ratio of net expenses to average net assets		1.19	%^(c)		1.21	%		1.23	%		1.24	%		1.25	%		1.27	%
Ratio of net investment income to average net assets		1.00	%^(c)		0.33	%		0.20	%		1.03	%		0.83	%		1.29	%
Ratio of gross expenses to average net assets		1.19	%^(c)		1.21	%		1.23	%		1.24	%		1.25	%		1.27	%
Ratio of expense recoupment to average net assets		—			—			—			—			—			0.01	%
Portfolio turnover rate^(d)		26.56	%^(b)		53.34	%		43.51	%		33.06	%		26.06	%		34.96	%

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

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

(c)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares

JOHCM International Select Fund	Six Months Ended March 31, 2022 (Unaudited)			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017

Net asset value, beginning of period	$	31.08		$	27.53		$	22.54		$	23.66		$	21.92		$	19.94

Income (loss) from investment operations:
Net investment income^(a)		0.18			0.18			0.11			0.28			0.27			0.30
Net realized and unrealized gains (losses) from investments and foreign currency		(2.57	)		4.24			5.11			(1.09	)		1.73			1.81

Total from investment operations		(2.39	)		4.42			5.22			(0.81	)		2.00			2.11

Less distributions paid:
From net investment income		(0.30	)		(0.10	)		(0.23	)		(0.31	)		(0.26	)		(0.13	)
From net realized gains		(2.62	)		(0.77	)		—			—			—			—

Total distributions paid		(2.92	)		(0.87	)		(0.23	)		(0.31	)		(0.26	)		(0.13	)

Change in net asset value		(5.31	)		3.55			4.99			(1.12	)		1.74			1.98

Net asset value, end of period	$	25.77		$	31.08		$	27.53		$	22.54		$	23.66		$	21.92

Total return^(b)		(8.88	%)		16.24	%		23.30	%		(3.31	%)		9.22	%		10.72	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	10,893,724		$	12,273,819		$	9,631,884		$	7,822,739		$	7,619,731		$	6,081,384
Ratio of net expenses to average net assets		0.98	%^(c)		0.96	%		0.98	%		0.99	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		1.22	%^(c)		0.57	%		0.45	%		1.27	%		1.16	%		1.49	%
Ratio of gross expenses to average net assets		0.98	%^(c)		0.97	%		0.98	%		0.99	%		1.00	%		1.01	%
Portfolio turnover rate^(d)		26.56	%^(b)		53.34	%		43.51	%		33.06	%		26.06	%		34.96	%

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

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

(c)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares

	Six Months Ended
	March 31,			Period Ended
	2022			September 30,
Regnan Global Equity Impact Solutions	(Unaudited)			2021^(a)

Net asset value, beginning of period	$	9.22		$	10.00

Loss from investment operations:
Net investment income^(b)		—			(—	)^(c)
Net realized and unrealized losses from investments and foreign currency		(1.04	)		(0.78	)

Total from investment operations		(1.04	)		(0.78	)

Change in net asset value		(1.04	)		(0.78	)

Net asset value, end of period	$	8.18		$	9.22

Total return^(d)		(11.28	%)		(7.80	%)
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	10,947		$	1,868
Ratio of net expenses to average net assets		0.89	%^(e)		0.89	%^(e)
Ratio of net investment income (loss) to average net assets		0.10	%^(e)		(0.61	%)^(e)
Ratio of gross expenses to average net assets		3.21	%^(e)		8.76	%^(e)
Portfolio turnover rate^(f)		20.92	%		4.30	%^(d)

(a)	For the period from August 23, 2021, commencement of operations, to September 30, 2021.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

(c)	Amount is less than $0.005 per share.

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

(e)	Annualized for periods less than one year.

(f)	Portfolio turnover is calculated at the fund level without regard to each class of shares.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares

	Period Ended
	March 31,
	2022^(a)
TSW Emerging Markets Fund	(Unaudited)

Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.02
Net realized and unrealized losses from investments and foreign currency		(0.62	)

Total from investment operations		(0.60	)

Change in net asset value		(0.60	)

Net asset value, end of period	$	9.40

Total return^(c)		(6.00	%)
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	9,405
Ratio of net expenses to average net assets		0.99	%^(d)
Ratio of net investment income to average net assets		0.80	%^(d)
Ratio of gross expenses to average net assets		1.61	%^(d)
Portfolio turnover rate^(e)		3.87	%^(c)

(a)	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares

	Period Ended
	March 31,
	2022^(a)
TSW High Yield Bond Fund	(Unaudited)

Net asset value, beginning of period	$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.20
Net realized and unrealized losses from investments and foreign currency		(0.48	)

Total from investment operations		(0.28	)

Less distributions paid:
From net investment income		(0.20	)

Total distributions paid		(0.20	)

Change in net asset value		(0.48	)

Net asset value, end of period	$	9.52

Total return^(c)		(2.81	%)
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	11,918
Ratio of net expenses to average net assets		0.65	%^(d)
Ratio of net investment income to average net assets		4.71	%^(d)
Ratio of gross expenses to average net assets		1.32	%^(d)
Portfolio turnover rate^(e)		21.75	%^(c)

(a)	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
TSW Large Cap Value Fund	Period Ended March 31, 2022 (Unaudited)^(a)			Year Ended October 31, 2021			Year Ended October 31, 2020			Year Ended October 31, 2019			Year Ended October 31, 2018			Year Ended October 31, 2017

Net asset value, beginning of period	$	15.60		$	11.46		$	12.50		$	13.69		$	13.37		$	13.11

Income (loss) from investment operations:
Net investment income^(b)		0.06			0.03			0.08			0.22			0.07			0.07
Net realized and unrealized gains (losses) from investments and foreign currency		1.12			4.74			(0.58	)		0.39			1.35			1.56

Total from investment operations		1.18			4.77			(0.50	)		0.61			1.42			1.63

Less distributions paid:
From net investment income		—			(0.05	)		(0.10	)		(0.20	)		(0.07	)		(0.08	)
From net realized gains		(1.82	)		(0.58	)		(0.44	)		(1.60	)		(1.03	)		(1.29	)

Total distributions paid		(1.82	)		(0.63	)		(0.54	)		(1.80	)		(1.10	)		(1.37	)

Change in net asset value		(0.64	)		4.14			(1.04	)		(1.19	)		0.32			0.26

Net asset value, end of period	$	14.96		$	15.60		$	11.46		$	12.50		$	13.69		$	13.37

Total return^(c)		8.43	%		42.90	%		(4.25	%)		6.38	%		11.03	%		13.32	%
Ratios/Supplemental data:

Net assets, end of period (000’s)	$	44,617		$	39,445		$	30,593		$	35,956		$	41,099		$	40,234
Ratio of net expenses to average net assets		0.83	%^(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		0.66	%^(d)		0.24	%		0.70	%		1.78	%		0.54	%		0.56	%
Ratio of gross expenses to average net assets		1.06	%^(d)		1.77	%		1.88	%		1.74	%		1.68	%		1.63	%
Portfolio turnover rate^(e)		23.99	%		29.00	%		64.00	%		46.00	%		60.00	%		40.00	%

(a)	For the period from November 1, 2021 to March 31, 2022.

(b)	Net investment income (loss) for the period ended was calculated using the average shares outstanding method.

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

JOHCM Funds Trust (the “Trust”) is a Massachusetts business trust operating under an Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated December 4, 2020. As an open-end registered investment company (as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”. The JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund (formerly the JOHCM Global Equity Fund), the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, the JOHCM International Select Fund, the Regnan Global Equity Impact Solutions, the TSW High Yield Bond Fund, the TSW Large Cap Value Fund, and the TSW Emerging Markets Fund (each, a “Fund” and collectively, the “Funds”) are each a diversified fund and a series of the Trust. The Trust Agreement permits the Board of Trustees (the “Trustees” or the “Board”) to authorize and issue an unlimited number of shares of beneficial interest in separate series of the Trust.

Each Fund is authorized to issue up to four classes of shares as follows: Advisor, Investor, Institutional and Class Z shares. Each class of shares is distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees and/or sub-transfer agency fees incurred, as applicable. As of March 31, 2022, the following classes of shares were in operation:


Fund	Commencement Date	Investment Objective
JOHCM Credit Income Fund	Advisor Shares: December 18, 2020 Institutional Shares: August 17, 2020	to preserve capital and deliver returns through a combination of income and modest capital appreciation.
JOHCM Emerging Markets Opportunities Fund	Advisor Shares: November 21, 2012 Investor Shares: December 18, 2013 Institutional Shares: November 21, 2012	to seek long-term capital appreciation
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares: January 28, 2016 Institutional Shares: December 17, 2014	to seek long-term capital appreciation
JOHCM Global Select Fund	Advisor Shares: March 22, 2013 Institutional Class Shares: March 22, 2013	to seek long-term capital appreciation
JOHCM Global Income Builder Fund	Advisor Shares: November 29, 2017 Investor Shares: June 28, 2019 Institutional Shares: November 29, 2017	to seek a level of current income that is consistent with the preservation and long-term growth of capital in inflation-adjusted terms
JOHCM International Opportunities Fund	Institutional Shares: September 29, 2016	to achieve long-term total return by investing in a focused portfolio of international equity securities
JOHCM International Select Fund	Investor Shares: March 31, 2010 Institutional Shares: July 29, 2009	to seek long-term capital appreciation
Regnan Global Equity Impact Solutions	Institutional Shares: August 23, 2021	to seek long-term capital appreciation by investing in companies that contribute solutions to addressing the world’s major social and environmental challenges
TSW High Yield Bond Fund	Institutional Shares: October 26, 2021	to seek high current income with a secondary focus on capital appreciation
TSW Large Cap Value Fund	Institutional Shares: July 16, 1992	to seek maximum long-term total return, consistent with reasonable risk to principal
TSW Emerging Markets Fund	Institutional Shares: December 21, 2021	to maximize long-term capital appreciation

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

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

Prior to July 19, 2021, the JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund, the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund operated as the JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Equity Fund, the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund, each a series of Advisers Investment Trust (together the “AIT Predecessor Funds”; each an “AIT Predecessor Fund”). Each AIT Predecessor Fund, except for the JOHCM Credit Income Fund, JOHCM Emerging Markets Small Mid Cap Equity Fund and the JOHCM International Select Fund, were authorized to issue three classes of shares: Class I Shares, Class II Shares, and Institutional Shares. The JOHCM Credit Income Fund was authorized to issue two classes of shares: Class I Shares and Institutional shares. The JOHCM International Select Fund was authorized to issue two classes of shares: Class I Shares and Class II Shares. The JOHCM Emerging Markets Small Mid Cap Equity Fund was authorized to issue four classes of shares: Class I Shares, Class II Shares, Class III Shares, and Institutional Shares. Each class was distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees incurred, as applicable.

On July 19, 2021 the Predecessor Funds were reorganized into JOHCM Funds Trust, pursuant to a Plan of Reorganization approved by the Advisers Investment Trust’s Board of Trustees on December 10, 2020 and by the AIT Predecessor Funds’ shareholders on June 2, 2021 and July 9, 2021 (the “AIT Reorganizations”). At the time of the AIT Reorganizations, each AIT Predecessor Fund transferred all of its assets to its corresponding Fund in exchange for shares of the corresponding JOHCM Fund and the assumption of all of the liabilities of the AIT Predecessor Fund by the corresponding JOHCM Fund. Upon closing of the AIT Reorganizations, holders of an AIT Predecessor Fund’s shares received shares of the corresponding JOHCM Fund’s shares. The AIT Reorganizations were tax-free for U.S federal income tax purposes.

Prior to December 6, 2021, the TSW Large Cap Value Fund operated as the TS&W Equity Portfolio, a series of Advisors’ Inner Circle Fund (the “TSW Predecessor Fund”), with a fiscal year end of October 31st. The TSW Predecessor Fund was authorized to issue one class of shares, Institutional Shares. On December 6, 2021 the TSW Predecessor Fund was reorganized into JOHCM Funds Trust, pursuant to a Plan of Reorganization approved by the Advisors’ Inner Circle Fund’s Board of Trustees on August 17-18, 2021 and by the TSW Predecessor Fund’s shareholders on November 30, 2021 (the “TSW Reorganization”). At the time of the TSW Reorganization, the TSW Predecessor Fund transferred all of its assets to the TSW Large Cap Value Fund in exchange for shares of the TSW Large Cap Value Fund and the assumption of all of the liabilities of the TSW Predecessor Fund by the TSW Large Cap Value Fund. Upon closing of the TSW Reorganization, holders of the TSW Predecessor Fund’s shares received shares of the TSW Large Cap Value Fund’s Institutional Shares, which has a September 30th fiscal year end. The TSW Reorganization was tax-free for U.S federal income tax purposes.

A. Significant accounting policies related to Investments are as follows:

INVESTMENT VALUATION

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

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

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

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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

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

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

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

When the price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), a Fund’s Fair Value Committee may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. In addition, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when a Fund’s net asset value is calculated. The Funds identify possible fluctuations in international securities by monitoring the increase or decrease in the value of a designated benchmark index. In the event of an increase or decrease greater than predetermined levels, the Funds generally use a systematic valuation model provided by an independent third party pricing service to fair value their international equity securities.

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

The following is a summary of the valuation inputs used as of March 31, 2022 in valuing each Fund’s investments based upon the three fair value levels defined above:


					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total

JOHCM Credit Income Fund
Closed-End Funds	$	58,833	$	—	$	—	$	58,833
Common Stocks		—		9,363		—		9,363
Convertible Bonds*		—		1,065,148		—		1,065,148
Corporate Bonds*		—		3,994,997		—		3,994,997
Foreign Issuer Bonds*		—		323,159		—		323,159
Preferred stocks*		43,906		156,100		—		200,006
Short-Term Investments		711,271		—		—		711,271

Total Investments	$	814,010	$	5,548,767	$	—	$	6,362,777

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)


					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total

JOHCM Emerging Markets Opportunities Fund
Common Stocks:
Brazil	$	62,515,313	$	—	$	—	$	62,515,313
Canada		24,445,396		—		—		24,445,396
India		24,254,482		70,347,827		—		94,602,309
Mexico		43,006,512		—		—		43,006,512
Russia		—		—		—**		—
Other*		—		468,003,522		—		468,003,522

Total common stocks	$	154,221,703	$	538,351,349	$	—	$	692,573,052

Preferred stocks	$	26,790,804	$	—	$	—	$	26,790,804

Total Investments	$	181,012,507	$	538,351,349	$	—	$	719,363,856

JOHCM Emerging Markets Small Mid Cap Equity Fund
Common Stocks:
Brazil	$	3,782,687	$	—	$	—	$	3,782,687
Canada		1,951,727		—		—		1,951,727
Chile		482,430		—		—		482,430
Greece		366,404		1,039,850		—		1,406,254
India		493,363		8,097,264		—		8,590,627
Mexico		862,640		—		—		862,640
Russia		—		—		—**		—
Thailand		269,764		2,952,339		—		3,222,103
Uruguay		660,140		—		—		660,140
Other*		—		24,566,608		—		24,566,608

Total common stocks	$	8,869,155	$	36,656,061	$	—	$	45,525,216

Equity-Linked Securities	$	—	$	526,899	$	—	$	526,899
Preferred stocks		429,614		—		—		429,614

Total Investments	$	9,298,769	$	37,182,960	$	—	$	46,481,729

JOHCM Global Income Builder Fund
Closed-End Funds	$	425,218	$	—	$	—	$	425,218
Common Stocks:
Canada		421,702		—		—		421,702
Mexico		495,979		—		—		495,979
Netherlands		737,359		—		—		737,359
Switzerland		897,977		3,808,040		—		4,706,017
Taiwan		777,675		—		—		777,675
United Kingdom		2,172,118		5,049,255		—		7,221,373
United States		25,386,955		—		—		25,386,955
Other*		—		15,992,913		—		15,992,913

Total common stocks	$	30,889,765	$	24,850,208	$	—	$	55,739,973

Convertible Bonds*	$	—	$	5,291,491	$	—	$	5,291,491
Corporate Bonds		—		14,407,223		—		14,407,223
Exchange Traded Funds		2,683,583		—		—		2,683,583
Foreign Issuer Bonds*		—		1,563,958		—		1,563,958
Preferred stocks:
Chile		471,644		—		—		471,644

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)


					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total

Other*	$	—	$	1,546,794	$	—	$	1,546,794

Total preferred stocks	$	471,644	$	1,546,794	$	—	$	2,018,438

Short-Term Investments	$	4,279,055	$	—	$	—	$	4,279,055
Warrants*		100,027		—		—		100,027

Total Investments	$	38,849,292	$	47,659,674	$	—	$	86,508,966

JOHCM Global Select Fund
Common Stocks:
Germany	$	7,593,502	$	—	$	—	$	7,593,502
Ireland		24,055,631		—		—		24,055,631
Netherlands		10,948,407		22,079,525		—		33,027,932
United Kingdom		25,717,265		—		—		25,717,265
United States		269,414,680		—		—		269,414,680
Other*		—		127,579,202		—		127,579,202

Total common stocks	$	337,729,485	$	149,658,727	$	—	$	487,388,212

Total Investments	$	337,729,485	$	149,658,727	$	—	$	487,388,212

JOHCM International Opportunities Fund
Common Stocks:
Canada	$	118,359	$	—	$	—	$	118,359
United States		61,249		—		—		61,249
Other*		—		2,214,386		—		2,214,386

Total common stocks	$	179,608	$	2,214,386	$	—	$	2,393,994

Total Investments	$	179,608	$	2,214,386	$	—	$	2,393,994

JOHCM International Select Fund
Common Stocks:
Canada	$	359,547,072	$	—	$	—	$	359,547,072
Germany		194,532,037		528,201,691		—		722,733,728
Ireland		754,027,391		—		—		754,027,391
Netherlands		236,526,317		790,123,725		—		1,026,650,042
United States		278,221,087		—		—		278,221,087
Other*		—		7,957,809,900		—		7,957,809,900

Total common stocks	$	1,822,853,904	$	9,276,135,316	$	—	$	11,098,989,220

Total Investments	$	1,822,853,904	$	9,276,135,316	$	—	$	11,098,989,220

Regnan Global Equity Impact Solutions
Closed-End Funds	$	—	$	114,671	$	—	$	114,671
Common Stocks:
Brazil		686,166		—		—		686,166
United Kingdom		152,363		498,656		—		651,019
United States		2,595,377		—		—		2,595,377
Other*		—		6,211,442		—		6,211,442

Total common stocks	$	3,433,906	$	6,710,098	$	—	$	10,144,004

Total Investments	$	3,433,906	$	6,824,769	$	—	$	10,258,675

TSW Emerging Markets Fund
Common Stocks:
Argentina	$	118,948	$	—	$	—	$	118,948
Brazil		639,418		—		—		639,418
Canada		61,450		—		—		61,450

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)


					Level 3 -
			Level 2 -		Significant
	Level 1 -		Other Significant		Unobservable
Fund	Quoted Prices		Observable Inputs		Inputs		Total

China	$	95,542	$	1,784,056	$	—	$	1,879,598
India		246,220		410,057		—		656,277
Mexico		534,568		—		—		534,568
Singapore		107,811		—		—		107,811
South Korea		—		1,254,220		91,833		1,346,053
United States		202,770		—		—		202,770
Other*		—		3,696,967		—		3,696,967

Total common stocks	$	2,006,727	$	7,145,300	$	91,833	$	9,243,860

Total Investments	$	2,006,727	$	7,145,300	$	91,833	$	9,243,860

TSW High Yield Bond Fund
Corporate Bonds*	$	—	$	9,793,543	$	—	$	9,793,543
Foreign Issuer Bonds*		—		1,758,172		—		1,758,172
Short-Term Investments		78,346		—		—		78,346

Total Investments	$	78,346	$	11,551,715	$	—	$	11,630,061

TSW Large Cap Value Fund
Common Stocks*	$	40,404,086	$	—	$	—	$	40,404,086
Short-Term Investments		4,434,375		—		—		4,434,375

Total Investments	$	44,838,461	$	—	$	—	$	44,838,461

*	See additional categories in the Schedule of Investments.

**	Amount is $0.

As of March 31, 2022, there were Level 3 investments held in certain Funds as noted above. The value of these securities compared to each Fund’s total net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed.

EQUITY-LINKED SECURITIES

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

At March 31, 2022, the Funds held equity-linked securities issued by counterparties as follows:


					% of
Fund	Counterparty		Fair value		Net Assets

JOHCM Emerging Markets Small Mid Cap Fund		CLSA Global Markets Pte. Ltd.	$	526,899	1.1%

CURRENCY TRANSACTIONS

The functional and reporting currency for the Funds is the U.S. dollar. The market values of foreign securities, currency holdings and other assets and liabilities are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Funds do not separately report the effects of changes in foreign exchange rates from changes in market prices on

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

securities held. Such changes are included in Net realized and unrealized gains (losses) from investment activities on the Statements of Operations. The Funds may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains or losses arising from sales of spot foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in Net realized gains (losses) from foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in Change in unrealized appreciation (depreciation) on foreign currency on the Statements of Operations.

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

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

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

There were no forward foreign currency exchange contracts as of or for the six months ended March 31, 2022.

INVESTMENT TRANSACTIONS AND INCOME

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

EXPENSE ALLOCATIONS

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

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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

DIVIDENDS AND DISTRIBUTIONS

Distributions of dividends from net investment income, if any, are declared and paid as follows:


	Declaration and
	Payment Frequency

JOHCM Credit Income Fund		Daily/Monthly
JOHCM Emerging Markets Opportunities Fund		Annually
JOHCM Emerging Markets Small Mid Cap Equity Fund		Annually
JOHCM Global Select Fund		Annually
JOHCM Global Income Builder Fund		Daily/Monthly
JOHCM International Opportunities Fund		Annually
JOHCM International Select Fund		Annually
Regnan Global Equity Impact Solutions		Annually
TSW High Yield Bond Fund		Daily/Monthly
TSW Large Cap Value Fund		Quarterly
TSW Emerging Markets Fund		Annually

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

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

FEDERAL INCOME TAX INFORMATION

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

The Funds analyzed all open tax years, as defined by the applicable statute of limitations, for all major jurisdictions that remain subject to examination. The Funds’, excluding the TSW Large CapValue Fund, U.S. federal income tax returns for the tax years ended September 30, 2018 through September 30, 2021, as applicable, remain subject to examination by the Internal Revenue Service. The TSW Large Cap Value Fund’s U.S. federal income tax returns for the tax years ended October 31, 2018 through October 31, 2021 remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

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

USE OF ESTIMATES

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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

CAPITAL GAIN TAXES

Investments in certain foreign securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The JOHCM Emerging Markets Small Mid Cap Fund paid $72,839 in capital gain taxes during the period. This amount is included in the net realized gains (losses) from investment transactions on the Statement of Operations.

OTHER RISKS

Securities markets outside the United States (“U.S.”), while growing in volume, have for the most part substantially less volume than U.S. markets, and many securities traded on these foreign markets are less liquid and their prices are more volatile than securities of comparable U.S. companies. In addition, settlement of trades in some non-U.S. markets is much slower and more subject to failure than in U.S. markets. Other risks associated with investing in foreign securities include, among other things, imposition of exchange control regulation by the U.S. or foreign governments, U.S. and foreign withholding taxes, limitations on the removal of funds or other assets, policies of governments with respect to possible nationalization of their industries, and economic or political instability in foreign nations. There may be less publicly available information about certain foreign companies than would be the case for comparable companies in the U.S., and certain foreign companies may not be subject to accounting, auditing and financial reporting standards and requirements comparable to or as uniform as those of U.S. companies.

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

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and may be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of a Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries, for example, an epidemic or pandemic can result in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. All of these disruptive effects were present, for example, in the global pandemic linked to the outbreak of respiratory disease caused by a novel coronavirus designated as COVID-19 that was first reported in China in December 2019. The effects of any disease outbreak may be greater in countries with less developed disease prevention and control programs and may also exacerbate other pre-existing political, social, economic, market and financial risks. A pandemic and its effects may be short term or may last for an extended period of time, and in either case can result in significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession. Infectious illness outbreaks can adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Any such events could have a significant adverse impact on the value of a Fund’s investments.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

Specific risks vary greatly between the various Eastern European markets, but they include, among others, corporate governance, fiscal stability, banking regulations, European Union accession and continued membership, global commodity prices, political stability and market liquidity.

For example, in February 2022, Russia commenced a military invasion of Ukraine. This outbreak of hostilities could result in more widespread conflict and have a severe adverse effect on the region and the markets for securities and commodities. Russia’s invasion of Ukraine has led to, and may lead to additional, sanctions being levied by the United States, European Union and other countries and organizations against Russia and Belarus. Russia’s invasion and the resulting sanctions could adversely affect global energy, commodity and financial markets, and thus could affect the value of the Funds’ investments and broader global markets and economies, even beyond any direct exposure the fund may have to Russian or Ukrainian issuers or the adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial, and may put significant pressure on global financial systems, including on banks and custodians. The market capitalizations of many Russian companies have already experienced significant declines, and Russia closed its securities markets for an extended period of time, before reopening with limited trading. These market disruptions may result in the decline in the value and liquidity of Russian securities, devaluation of Russian currency, a downgrade in Russia’s credit rating, the inability to freely trade sanctioned companies (either due to the sanctions imposed or related operational issues) and/or other adverse consequences to the Russian economy, any of which could negatively impact a Fund’s investments in Russian securities. Sanctions could result in the immediate freeze of Russian securities, impairing the ability of a fund to buy, sell, receive or deliver those securities. Both the current and potential future sanctions and other government actions against Russia also could result in Russia taking counter measures or retaliatory actions, which may impair further the value or liquidity of Russian securities and negatively impact a fund or the broader global markets. Any or all of these potential results could lead Russian and other economic regions into a recession.

Instruments in which the Funds invest may pay interest at floating rates based on the London Interbank Offered Rate (“LIBOR”) or may be subject to interest caps or floors based on LIBOR. On March 5, 2021, the United Kingdom Financial Conduct Authority (“FCA”) and LIBOR’s administrator, ICE Benchmark Administration (“IBA”), announced that most LIBOR settings would no longer be published after the end of 2021 and a majority of U.S. dollar LIBOR settings would no longer be published after June 30, 2023. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR and lead to significant short-term and long-term uncertainty and market instability.

B.	Fees and Transactions with Affiliates and Other Parties

The Funds have entered into an Investment Advisory Agreement (the “Agreement”) with JOHCM USA Inc. (the “Adviser” or “JOHCM”) to provide investment management services to the Funds.

Total fees incurred pursuant to the Agreement are reflected as “Investment Advisory” fees on the Statement of Operations. Under the terms of the Agreement, JOHCM receives an annual fee, computed daily and payable monthly, at the annual rates set forth in the following table (expressed as a percentage of each Fund’s respective average daily net assets). JOHCM has contractually agreed to waive fees and reimburse expenses to the extent that Total Annual Operating Expenses (excluding taxes, extraordinary expenses, expenses associated with investments in underlying investment companies, brokerage commissions, interest, dividends, litigation and indemnification expenses) exceed the rates in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)


Fund	Class	Advisory Fee	Expense Limitation
JOHCM Credit Income Fund	Advisor Shares	0.55%	0.68%
JOHCM Credit Income Fund	Institutional Shares	0.55%	0.58%
JOHCM Emerging Markets Opportunities Fund	Advisor Shares	0.90%	1.12%
JOHCM Emerging Markets Opportunities Fund	Investor Shares	0.90%	1.27%
JOHCM Emerging Markets Opportunities Fund	Institutional Shares	0.90%	1.04%
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares	1.30%	1.59%
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares	1.30%	1.49%
JOHCM Global Income Builder Fund	Advisor Shares	0.67%	0.82%
JOHCM Global Income Builder Fund	Investor Shares	0.67%	0.97%
JOHCM Global Income Builder Fund	Institutional Shares	0.67%	0.72%
JOHCM Global Select Fund	Advisor Shares	0.89%	1.08%
JOHCM Global Select Fund	Institutional Shares	0.89%	0.98%
JOHCM International Opportunities Fund	Institutional Shares	0.75%	0.88%
JOHCM International Select Fund	Investor Shares	0.89%^(a)	1.21%
JOHCM International Select Fund	Institutional Shares	0.89%^(a)	0.98%
Regnan Global Equity Impact Solutions	Institutional Shares	0.75%	0.89%
TSW Emerging Markets Fund	Institutional Shares	0.80%	0.99%
TSW High Yield Bond Fund	Institutional Shares	0.50%	0.65%
TSW Large Cap Value Fund	Institutional Shares	0.58%	0.73%

^(a)	The rate disclosed is the effective rate during the reporting period. As of January 28, 2022 the fee rate is 0.89% on net assets up to $15 billion and 0.87% on net assets in excess of $15 billion. Prior to January 28, 2022 the advisory fee was 0.89% on all net assets.

The expense limitation agreement is effective until January 28, 2023 for the Funds. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements, including prior waivers or reimbursements in the AIT Predecessor Funds that were available for recoupment by J O Hambro Capital Management Limited at the time the AIT reorganizations, for a period not to exceed three years from the date on which the waiver or reimbursement was made to the extent that such a recapture does not cause the Total Annual Fund Operating Expenses (exclusive of brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, interest, taxes, short sale dividends and financing costs associated with the use of the cash proceeds on securities sold short, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses) to exceed the current expense limitation at the time of repayment or the applicable expense limitation that was in effect at the time of the waiver or reimbursement. The agreement to waive fees and reimburse expenses may be terminated by the Board at any time and will terminate automatically upon termination of the Agreement.

Thompson, Siegel & Walmsley LLC (the “Sub-Adviser”) serves as the investment sub-adviser to the TSW Emerging Markets Funds, the TSW High Yield Bond Fund, and the TSW Large Cap Value Fund. For its services, the Sub-Adviser is paid a fee of 0.65%, 0.35%, and 0.43%, based on average daily net assets of the TSW Emerging Markets Funds, the TSW High Yield Bond Fund, and the TSW Large Cap Value Fund, respectively, by the Adviser.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

For the six months ended March 31, 2022, the Funds incurred advisory fees payable to JOHCM, expense waivers/reimbursements from JOHCM, and paid expense recoupments to JOHCM as follows:


Fund	Advisory Fee to JOHCM		Expenses Reduced by JOHCM		Advisory Fees Recouped by JOHCM
JOHCM Credit Income Fund	$	15,513	$	22,877	$	—
JOHCM Emerging Markets Opportunities Fund		3,735,212		—		—
JOHCM Emerging Markets Small Mid Cap Equity Fund		308,440		46,666		—
JOHCM Global Income Builder Fund		308,121		35,105		—
JOHCM Global Select Fund		2,474,104		—		—
JOHCM International Opportunities Fund		10,651		21,403		—
JOHCM International Select Fund		57,474,705		—		—
Regnan Global Equity Impact Solutions		23,656		73,099		—
TSW Emerging Markets Fund*		21,549		16,572		—
TSW High Yield Bond Fund**		26,001		34,781		—
TSW Large Cap Value Fund***		79,813		9,285		—

*	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

**	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

***	For the period from December 6, 2021 to March 31, 2022.

The balances of recoverable expenses to JOHCM by Funds at March 31, 2022 were as follows:


							JOHCM
					JOHCM		Emerging		JOHCM								Regnan				TSW		TSW
			JOHCM		Emerging		Markets		Global		JOHCM		JOHCM		JOHCM		Global		TSW		High		Large
			Credit		Markets		Small		Income		Global		International		International		Equity		Emerging		Yield		Cap
For the year			Income		Opportunities		Mid Cap		Builder		Select		Opportunities		Select		Impact		Markets		Bond		Value
ended:	Expiring		Fund		Fund		Equity Fund		Fund		Fund		Fund		Fund		Solutions		Fund		Fund		Fund
September 30 2019		September 30, 2022	$	—		$ —		$238,798	$	28,639		$ —		$ 21,181		$ —	$	—	$	—	$	—	$	—
September 30, 2020		September 30, 2023		10,656		—		201,003		123,468		—		80,299		—		—		—		—		—
September 30, 2021		September 30, 2024		72,620		—		121,344		64,632		—		47,711		—		16,338		—		—		—
March 31, 2022****		September 30, 2025		22,877		—		46,666		35,105		—		21,403		—		73,099		16,572*		34,781**		9,285***

Balances of Recoverable Expenses to JOHCM				$106,153		$ —		$607,811	$	251,844		$ —		$170,594		$ —		$89,437	$	16,572	$	34,781	$	9,285

*	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

**	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

***	For the period from December 6, 2021 to March 31, 2022.

****	Unless noted otherwise, for the six months ended March 31, 2022.

Prior to December 6, 2021, Thompson, Siegel & Walmsley LLC (“TSW”) acted as the sole investment advisor to the TSW Predecessor Fund at a fee calculated at an annual rate of 0.75% of the average daily net assets of the fund. For the period November 1, 2021 through December 5, 2021, the TSW Predecessor Fund incurred advisory fees payable to TSW of $ 27,710. For the year ended October 31, 2021, the TSW Predecessor Fund incurred advisory fees payable to TSW of $284,739.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

TSW had voluntarily agreed to waive a portion of its advisory fees and to assume expenses in order the keep the TSW Predecessor Fund’s total annual operating expenses form exceeding 1.20% of the average daily net assets of the fund. TSW did not have the ability to recapture previously waived fees or reimbursed expenses. For the period November 1, 2021 through December 5, 2021, TSW waived expenses of $30,252 for the TSW Predecessor Fund. For the year ended October 31, 2021, TSW waived expenses of $215,525.

JOHCM Funds Distributors, LLC (the “Distributor”), provides distribution services to the Funds pursuant to a distribution agreement with the Trust, on behalf of the Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the Funds on a continuous basis. JOHCM, at its own expense, pays the Distributor an annual base fee, an asset-based fee and reimbursement for certain expenses and out-of-pocket costs incurred on behalf of the Funds.

The Northern Trust Company (“Northern Trust”) serves as the administrator, transfer agent, custodian and fund accounting agent for the Funds pursuant to written agreements with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the JOHCM Funds Trust’s complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. Total fees paid to Northern Trust for their services are reflected as “Accounting and Administration” fees on the Statements of Operations. Northern Trust agreed to voluntarily waive its prior minimum fees and certain other expenses. This voluntary waiver agreement terminated at the time of the AIT Reorganizations, and the waivers were not subject to recoupment. Amounts waived by Northern Trust are included in “Expenses reduced by Service Providers” on the Statements of Operations.

For the six months ended March 31, 2022, Northern Trust voluntarily waived expenses as follows:


	Expenses
	Waived by
	Northern
Fund	Trust
JOHCM Emerging Markets Opportunities Fund	$	6,334
JOHCM Emerging Markets Small Mid Cap Equity Fund		1,632
JOHCM Global Income Builder Fund		315
JOHCM Global Select Fund		538
JOHCM International Select Fund		8,539

Prior to December 6, 2021, the TSW Predecessor Fund paid SEI Investments Global Funds Services an administrative services fee, which varied depending on the number of share classes and the average daily net assets of the fund. For the period November 1, 2021 through December 5, 2021 the TSW Predecessor Fund incurred administrative services fees payable to SEI Investments Global Funds Services of $11,301. DST Systems, Inc. served as transfer agent to the TSW Predecessor Fund, and U.S. Bank, N.A. served as custodian prior to December 6, 2021. For the period November 1, 2021 through December 5, 2021 the TSW Predecessor Fund incurred transfer agent fees payable to DST Systems, Inc. of $14,405 and custody fees of $452 payable to U.S. Bank N.A.

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

JOHCM and the Trust have entered into an Administration and Compliance Support Services Agreement (the “ACSS Agreement”) pursuant to which JOHCM provides, coordinates or otherwise supports the provision of, administration and compliance services for the Trust. As full compensation for the services rendered and expenses borne by JOHCM in connection with the services JOHCM provides under the ACSS Agreement, the Trust, on behalf of each Fund, agrees to reimburse JOHCM in such amounts as are approved by the Board of Trustees of the Trust (the “Board”) from time to time. Total fees paid to JOHCM pursuant to the ACSS Agreement are reflected as

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

“JOHCM Compliance” fees in the Statements of Operations. Prior to December 6, 2021, the TSW Predecessor Fund paid the chief compliance officer and his staff, employees of SEI Investments Global Funds Services, for compliance services. For the period November 1, 2021 through December 5, 2021 the TSW Predecessor Fund incurred compliance fees of $2,268.

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

Certain officers and Trustees of the Trust are affiliated with JOHCM, Foreside, Northern Trust, or the Distributor and receive no compensation directly from the Funds for serving in their respective roles. The Trust paid each Independent Trustee compensation for their services based on an annual retainer of $105,000, certain committee and chairperson retainers and reimbursement for certain expenses. For the six months ended March 31, 2022, the aggregate Trustee compensation paid by the Trust was $252,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust to the Funds are reflected as “Trustees” expenses on the Statements of Operations.

C.	Rule 12b-1 Plan

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

D.	Credit Agreements

The Trust, on behalf of the JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund, the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, the JOHCM International Select Fund, and the Regnan Global Equity Impact Solutions, entered into a $100 million revolving credit facility agreement (the “Credit Agreement”) with Northern Trust for liquidity or for other temporary or emergency purposes effective July 19, 2021. The Credit Agreement permits the noted Funds to borrow up to an aggregate amount of $100 million, $50 million of which is committed and $50 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the sum of the U.S. Federal Fund Target Rate plus 1.50% per annum.

During the six months ended March 31, 2022, the following Funds had borrowings with the average loan and weighted interest rate as disclosed below:


Fund	Dollar Amount		Days Outstanding		Rate

JOHCM Emerging Markets Opportunities Fund	$	7,119,286		5		2.00	%
JOHCM Emerging Markets Small Mid Cap Equity Fund		708,206		6		2.00
JOHCM Global Select Fund		4,761,707		3		2.00
JOHCM International Opportunities Fund		582,666		5		2.00
JOHCM International Select Fund		53,318,067		3		2.00

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

The JOCHM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund, the JOHCM International Opportunities Fund and the JOHCM International Select Fund incurred interest expense of $1,978, $236, $794, $162 and $8,886, respectively, related to borrowings under the Credit Agreements during the six months ended March 31, 2022 respectively. The amounts are included in the “Interest Expense” on the Statements of Operations.

E.	Investment Transactions

For the six months ended March 31, 2022, the aggregate cost of purchases and proceeds from sales of securities (excluding short-term investments) for the Funds were as follows:


Fund	Cost of Purchases		Proceeds from sales
JOHCM Credit Income Fund	$	1,575,840	$	383,016
JOHCM Emerging Markets Opportunities Fund		190,429,287		204,246,982
JOHCM Emerging Markets Small Mid Cap Equity Fund		30,432,640		28,686,646
JOHCM Global Income Builder Fund		54,943,962		64,854,598
JOHCM Global Select Fund		106,163,228		139,110,236
JOHCM International Opportunities Fund		1,068,644		1,790,688
JOHCM International Select Fund		3,284,741,899		3,463,821,016
Regnan Global Equity Impact Solutions		10,427,164		1,268,946
TSW Emerging Markets Fund*		10,205,667		355,533
TSW High Yield Bond Fund**		14,740,280		2,570,939
TSW Large Cap Value Fund***		9,221,474		9,288,600

*	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

**	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

***	For the period from November 1, 2021 to March 31, 2022.

F.	Federal Income Tax

As of March 31, 2022, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:


			Gross		Gross			Net Unrealized
			Unrealized		Unrealized			Appreciation
Fund	Cost		Appreciation		(Depreciation)			(Depreciation)

JOHCM Credit Income Fund	$	6,654,244	$	45,171	$	(336,638	)	$	(291,467	)
JOHCM Emerging Markets Opportunities Fund		656,505,052		116,436,958		(53,578,154	)		62,858,804
JOHCM Emerging Markets Small Mid Cap Equity Fund		42,643,834		6,800,154		(2,962,259	)		3,837,895
JOHCM Global Income Builder Fund		79,109,558		9,451,985		(2,052,577	)		7,399,408
JOHCM Global Select Fund		362,336,789		141,558,683		(16,507,260	)		125,051,423
JOHCM International Opportunities Fund		2,526,824		132,066		(264,896	)		(132,830	)
JOHCM International Select Fund		9,137,758,777		2,402,129,906		(440,899,463	)		1,961,230,443
Regnan Global Equity Impact Solutions		11,053,226		144,419		(938,970	)		(794,551	)
TSW Emerging Markets Fund		9,618,079		462,624		(836,843	)		(374,219	)
TSW High Yield Bond Fund		12,215,878		45,012		(630,829	)		(585,817	)
TSW Large Cap Value Fund		34,815,423		10,327,200		(304,162	)		10,023,038

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2021 and September 30, 2020 were as follows:

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)


	Distributions From
	Ordinary			Long-Term			Ordinary		Long-Term		Ordinary		Long-Term
	Income*			Capital Gains			Income*		Capital Gains		Income		Capital Gains
Fund	2021			2021			2020		2020		2019		2019
JOHCM Credit Income Fund	$	169,004		$	754		$	15,908	$	—
JOHCM Emerging Markets Opportunities Fund		8,272,143			—			23,243,067		—
JOHCM Emerging Markets Small Mid Cap Equity Fund		221,726	**		—	**		178,137		—
JOHCM Global Income Builder Fund		3,063,276			—			2,723,962		93,453
JOHCM Global Select Fund		202,822			26,778,354			4,522,375		48,545,641
JOHCM International Opportunities Fund		48,597			27,795			49,029		4,424
JOHCM International Select Fund		60,638,266			267,191,558			83,007,334		—
TSW Large Cap Value Fund***		140,896			1,548,484			280,034		1,257,667	$	618,804	$	4,668,260

*	Ordinary income includes short-term capital gains, if any.

**	The amounts do not include tax equalization utilized of $1,962,464 and $904,584 in ordinary income and net long term capital gains, respectively, in which the Fund designated as being distributed to shareholders on their redemption of shares.

***	For the TSW Predecessor Fund’s prior tax years ended October 31, 2021, 2020 and 2019, respectively.

As of the latest tax year ended September 30, 2021, the components of accumulated earnings on a tax basis were as follows:


			Undistributed								Total
	Undistributed		Long-Term		Accumulated			Unrealized			Accumulated
	Ordinary		Capital		Capital and			Appreciation			Earnings
Fund	Income		Gains		Other Losses			(Depreciation)			(Deficit)

JOHCM Credit Income Fund	$	31,473	$	—	$	(2,207	)	$	45,576		$	74,842
JOHCM Emerging Markets Opportunities Fund		12,919,444		—		(1,431,457	)		100,205,015			111,693,002
JOHCM Emerging Markets Small Mid Cap Equity Fund		8,278,249		3,815,803		—			6,277,543			18,371,595
JOHCM Global Income Builder Fund		872,557		730,529		(105,543	)		12,060,133			13,557,676
JOHCM Global Select Fund		10,311,059		85,105,952		—			171,261,971			266,678,982
JOHCM International Opportunities Fund		257,188		72,706		—			138,148			468,042
JOHCM International Select Fund		234,506,676		1,028,090,909		—			2,875,051,700			4,137,649,285
Regnan Global Equity Impact Solutions		—		—		(37	)		(154,115	)		(154,152	)
TSW Large Cap Value Fund*		1,710,000		3,010,215		(7	)		9,969,174			14,689,382

*	For the TSW Predecessor Fund’s prior tax year ended October 31, 2021.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

As of the tax year ended September 30, 2021, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:


Fund	Short-Term Capital Loss Carry-Forward		Long-Term Capital Loss Carry-Forward

JOHCM Emerging Markets Opportunities Fund	$	1,431,457	$	—
Regnan Global Equity Impact Solutions		37		—

During the tax year ended September 30, 2021, the JOHCM Emerging Markets Opportunities and JOHCM Emerging Markets Small Mid Cap Equity Funds utilized $51,880,809 and $1,104,666, respectively, in capital loss carry forwards.

G.	Capital Share Transactions

Transactions in dollars for fund shares for the six months ended March 31, 2022, were as follows:


Fund	Class	Proceeds from Shares Sold		Reinvestments of Dividends		Payments for Shares Redeemed			Net Increase (Decrease) in Net Assets

JOHCM Credit Income Fund	Advisor Shares	$	—	$	185	$	—		$	185
JOHCM Credit Income Fund	Institutional Shares		1,500,000		104,897		—			1,604,897
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		24,553,073		2,027,795		(6,953,255	)		19,627,613
JOHCM Emerging Markets Opportunities Fund	Investor Shares		4,281,703		323,106		(7,235,164	)		(2,630,355	)
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		117,262,378		25,240,159		(158,532,203	)		(16,029,666	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		1,006,304		3,303,179		(2,536,095	)		1,773,388
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		5,942,408		7,719,433		(1,167,655	)		12,494,186
JOHCM Global Income Builder Fund	Advisor Shares		14,830		266,260		(141,872	)		139,218
JOHCM Global Income Builder Fund	Investor Shares		3,124		2,264		(1,022	)		4,366
JOHCM Global Income Builder Fund	Institutional Shares		7,027,063		1,924,203		(15,832,712	)		(6,881,446	)
JOHCM Global Select Fund	Advisor Shares		2,554,175		7,412,086		(12,210,862	)		(2,244,601	)
JOHCM Global Select Fund	Institutional Shares		14,526,694		76,791,961		(47,199,128	)		44,119,527
JOHCM International Opportunities Fund	Institutional Shares		—		331,277		(820,790	)		(489,513	)
JOHCM International Select Fund	Investor Shares		15,562,850		72,404,775		(21,907,625	)		66,060,000
JOHCM International Select Fund	Institutional Shares		1,637,858,268		754,625,044		(1,500,433,430	)		892,049,882
Regnan Global Equity Impact Solutions	Institutional Shares		10,241,438		—		(389,500	)		9,851,938
TSW Emerging Markets Fund*	Institutional Shares		10,000,000		—		—			10,000,000
TSW High Yield Bond Fund**	Institutional Shares		12,300,000		213,444		—			12,513,444
TSW Large Cap Value Fund***	Institutional Shares		4,195,336		4,680,268		(2,401,258	)		6,474,346

*	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

**	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

***	For the period from November 1, 2021 to March 31, 2022.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

Transactions in shares of fund shares for the six months ended March 31, 2022, were as follows:


Fund	Class	Shares Sold		Shares From Reinvested Dividends		Shares Redeemed			Net Increase (Decrease) in Shares

JOHCM Credit Income Fund	Advisor Shares		—		19		—			19
JOHCM Credit Income Fund	Institutional Shares		154,162		10,669		—			164,831
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		1,977,028		164,727		(566,488	)		1,575,267
JOHCM Emerging Markets Opportunities Fund	Investor Shares		340,873		26,205		(567,686	)		(200,608	)
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		9,490,316		2,045,394		(13,308,686	)		(1,772,976	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		69,032		242,169		(198,152	)		113,049
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		447,950		565,112		(76,920	)		936,142
JOHCM Global Income Builder Fund	Advisor Shares		1,315		23,991		(13,055	)		12,251
JOHCM Global Income Builder Fund	Investor Shares		282		204		(96	)		390
JOHCM Global Income Builder Fund	Institutional Shares		635,493		173,334		(1,423,354	)		(614,527	)
JOHCM Global Select Fund	Advisor Shares		129,403		376,248		(570,665	)		(65,014	)
JOHCM Global Select Fund	Institutional Shares		794,796		3,886,233		(2,484,696	)		2,196,333
JOHCM International Opportunities Fund	Institutional Shares		—		33,769		(68,115	)		(34,346	)
JOHCM International Select Fund	Investor Shares		547,163		2,450,246		(778,528	)		2,218,881
JOHCM International Select Fund	Institutional Shares		56,078,970		25,580,510		(53,880,799	)		27,778,681
Regnan Global Equity Impact Solutions	Institutional Shares		1,177,035		—		(41,747	)		1,135,288
TSW Emerging Markets Fund*	Institutional Shares		1,000,000		—		—			1,000,000
TSW High Yield Bond Fund**	Institutional Shares		1,230,000		21,808		—			1,251,808
TSW Large Cap Value Fund***	Institutional Shares		277,369		336,468		(159,367	)		454,470

*	For the period from December 21, 2021, commencement of operations, to March 31, 2022.

**	For the period from October 26, 2021, commencement of operations, to March 31, 2022.

***	For the period from November 1, 2021 to March 31, 2022.

Transactions in dollars for fund shares for the year ended September 30, 2021, were as follows:


Fund	Class	Proceeds from Shares Sold		Reinvestments of Dividends		Payments for Shares Redeemed			Net Increase (Decrease) in Net Assets

JOHCM Credit Income Fund	Advisor Shares	$	10,009	$	161	$	(10	)	$	10,160
JOHCM Credit Income Fund	Institutional Shares		—		144,384		(10,000	)		134,384
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		11,346,933		583,877		(19,398,816	)		(7,468,006	)
JOHCM Emerging Markets Opportunities Fund	Investor Shares		7,276,833		169,599		(14,471,289	)		(7,024,857	)
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		245,052,553		6,294,356		(147,030,549	)		104,316,360
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		2,350,298		48,955		(6,805,447	)		(4,406,194	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		2,498,407		133,054		(10,318,892	)		(7,687,431	)
JOHCM Global Income Builder Fund	Advisor Shares		75,195		223,080		(252,832	)		45,443
JOHCM Global Income Builder Fund	Investor Shares		29,899		2,518		(62,893	)		(30,476	)
JOHCM Global Income Builder Fund	Institutional Shares		11,176,286		1,820,345		(7,894,933	)		5,101,698
JOHCM Global Select Fund	Advisor Shares		5,687,570		2,248,961		(7,201,901	)		734,630
JOHCM Global Select Fund	Institutional Shares		28,533,160		21,990,488		(53,848,553	)		(3,324,905	)
JOHCM International Opportunities Fund	Institutional Shares		104,634		70,716		(24,122	)		151,228
JOHCM International Select Fund	Investor Shares		124,252,054		17,935,746		(67,309,309	)		74,878,491
JOHCM International Select Fund	Institutional Shares		2,936,315,988		190,985,805		(1,742,545,811	)		1,384,755,982
Regnan Global Equity Impact Solutions*	Institutional Shares		2,025,005		—		—			2,025,005
TSW Large Cap Value Fund**	Institutional Shares		1,350,906		1,668,777		(5,223,838	)		(2,204,155	)

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

**	For the TSW Predecessor Fund’s prior fiscal year ended October 31, 2021. Payments for Shares Redeemed is net of redemption fees of $489.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

Transactions in shares of fund shares for the year ended September 30, 2021, were as follows:


Fund	Class	Shares Sold		Shares From Reinvested Dividends		Shares Redeemed			Net Increase (Decrease) in Shares

JOHCM Credit Income Fund	Advisor Shares		993		16		(1	)		1,008
JOHCM Credit Income Fund	Institutional Shares		—		14,255		(990	)		13,265
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		880,244		47,393		(1,537,226	)		(609,589	)
JOHCM Emerging Markets Opportunities Fund	Investor Shares		572,921		13,766		(1,130,536	)		(543,849	)
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		18,609,679		509,664		(11,273,794	)		7,845,549
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		145,454		3,234		(391,679	)		(242,991	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		146,737		8,782		(581,633	)		(426,114	)
JOHCM Global Income Builder Fund	Advisor Shares		6,723		20,493		(24,090	)		3,126
JOHCM Global Income Builder Fund	Investor Shares		2,856		233		(5,775	)		(2,686	)
JOHCM Global Income Builder Fund	Institutional Shares		1,002,710		167,097		(741,423	)		428,384
JOHCM Global Select Fund	Advisor Shares		285,151		121,829		(351,752	)		55,228
JOHCM Global Select Fund	Institutional Shares		1,440,998		1,188,675		(2,656,545	)		(26,872	)
JOHCM International Opportunities Fund	Institutional Shares		8,859		6,060		(2,018	)		12,901
JOHCM International Select Fund	Investor Shares		3,995,758		609,023		(2,221,380	)		2,383,401
JOHCM International Select Fund	Institutional Shares		95,831,511		6,496,116		(57,258,676	)		45,068,951
Regnan Global Equity Impact Solutions*	Institutional Shares		202,493		—		—			202,493
TSW Large Cap Value Fund**	Institutional Shares		96,540		130,958		(368,264	)		(140,766	)

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

**	For the TSW Predecessor Fund’s prior fiscal year ended October 31, 2021.

Transactions in dollars for the TSW Predecessor Fund shares for the year ended October 31, 2020, were as follows:

Fund

Class

Proceeds from
Shares Sold

Reinvestments
of Dividends

Payments
for Shares
Redeemed*

Net Increase
(Decrease) in

Net Assets

TSW Large Cap Value Fund

Institutional Shares

672,549

1,519,177

(4,512,744

)

(2,321,018

)

*	Net of redemption fees of $2,163.

Transactions in shares of the TSW Predecessor Fund for the year ended October 31, 2020, were as follows:

Fund

Class

Shares
Sold

Shares From
Reinvested
Dividends

Shares
Redeemed

Net Increase
(Decrease)

in Shares

TSW Large Cap Value Fund

Institutional Shares

58,916

123,652

(390,465

)

(207,897

)

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

H.	Concentration of Ownership

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

In addition, as of March 31, 2022, JOHCM or JOHCM affiliates held outstanding shares of the Funds as follows:


Fund	Class	% Ownership

JOHCM Credit Income Fund	Advisor Shares		100.0
JOHCM Credit Income Fund	Institutional Shares		100.0
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		73.4
JOHCM Global Income Builder Fund	Advisor Shares		81.5
JOHCM Global Income Builder Fund	Institutional Shares		31.1
JOHCM International Opportunities Fund	Institutional Shares		100.0
Regnan Global Equity Impact Solutions	Institutional Shares		15.7
TSW Emerging Markets Fund	Institutional Shares		100.0
TSW High Yield Bond Fund	Institutional Shares		100.0

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

A.	Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The examples below are based on an investment of $1,000 invested at October 1, 2021 and held for the entire period through March 31, 2022.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on a Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Actual Expense Example


Fund	Class	Expense Ratio			Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid* 10/1/21-3/31/22

JOHCM Credit Income Fund	Advisor Shares		0.68	%	$	1,000.00	$	958.40	$	3.32
JOHCM Credit Income Fund	Institutional Shares		0.58	%		1,000.00		958.00		2.83
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		1.08	%		1,000.00		941.60		5.23
JOHCM Emerging Markets Opportunities Fund	Investor Shares		1.23	%		1,000.00		940.60		5.95
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		1.03	%		1,000.00		941.90		4.99
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		1.59	%		1,000.00		973.60		7.82
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		1.49	%		1,000.00		974.10		7.33
JOHCM Global Income Builder Fund	Advisor Shares		0.82	%		1,000.00		1,001.50		4.09
JOHCM Global Income Builder Fund	Investor Shares		0.97	%		1,000.00		1,000.30		4.84
JOHCM Global Income Builder Fund	Institutional Shares		0.72	%		1,000.00		1,002.00		3.59
JOHCM Global Select Fund	Advisor Shares		1.05	%		1,000.00		949.90		5.10
JOHCM Global Select Fund	Institutional Shares		0.98	%		1,000.00		950.60		4.77
JOHCM International Opportunities Fund	Institutional Shares		0.89	%		1,000.00		971.30		4.37
JOHCM International Select Fund	Investor Shares		1.19	%		1,000.00		910.40		5.67
JOHCM International Select Fund	Institutional Shares		0.98	%		1,000.00		911.20		4.67
Regnan Global Equity Impact Solutions	Institutional Shares		0.89	%		1,000.00		887.20		4.19
TSW Emerging Markets Fund	Institutional Shares		0.99	%		1,000.00		940.00		2.63
TSW High Yield Bond Fund	Institutional Shares		0.65	%		1,000.00		971.90		2.74
TSW Large Cap Value Fund	Institutional Shares		0.83	%		1,000.00		1,084.30		3.58

Actual expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the actual number of operational days in the most recent half fiscal year (182 days, except for TSW Emerging Markets Fund, TSW High Yield Bond Fund and TSW Large Cap Value Fund which was 100, 156 and 151 days, respectively) and divided by the number of days in the current year (365).

100

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

Hypothetical Expense Example


Fund	Class	Expense Ratio			Beginning Account Value 10/1/2021		Ending Account Value 3/31/2022		Expenses Paid* 10/1/21-3/31/22

JOHCM Credit Income Fund	Advisor Shares		0.68	%	$	1,000.00	$	1,021.54	$	3.43
JOHCM Credit Income Fund	Institutional Shares		0.58	%		1,000.00		1,022.04		2.92
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		1.08	%		1,000.00		1,019.55		5.44
JOHCM Emerging Markets Opportunities Fund	Investor Shares		1.23	%		1,000.00		1,018.80		6.19
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		1.03	%		1,000.00		1,019.80		5.19
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		1.59	%		1,000.00		1,017.00		8.00
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		1.49	%		1,000.00		1,017.50		7.49
JOHCM Global Income Builder Fund	Advisor Shares		0.82	%		1,000.00		1,020.84		4.13
JOHCM Global Income Builder Fund	Investor Shares		0.97	%		1,000.00		1,020.09		4.89
JOHCM Global Income Builder Fund	Institutional Shares		0.72	%		1,000.00		1,021.34		3.63
JOHCM Global Select Fund	Advisor Shares		1.05	%		1,000.00		1,019.70		5.29
JOHCM Global Select Fund	Institutional Shares		0.98	%		1,000.00		1,020.04		4.94
JOHCM International Opportunities Fund	Institutional Shares		0.89	%		1,000.00		1,020.49		4.48
JOHCM International Select Fund	Investor Shares		1.19	%		1,000.00		1,019.00		5.99
JOHCM International Select Fund	Institutional Shares		0.98	%		1,000.00		1,020.04		4.94
Regnan Global Equity Impact Solutions	Institutional Shares		0.89	%		1,000.00		1,020.49		4.48
TSW Emerging Markets Fund	Institutional Shares		0.99	%		1,000.00		1,020.00		4.99
TSW High Yield Bond Fund	Institutional Shares		0.65	%		1,000.00		1,021.69		3.28
TSW Large Cap Value Fund	Institutional Shares		0.83	%		1,000.00		1,020.79		4.18

Hypothetical expenses are calculated using each Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the actual number of operational days in the most recent half fiscal year (182 days) and divided by the number of days in the current year (365).

B.	Board Annual Approval of Investment Advisory Agreement

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that the investment advisory agreement between an investment adviser and a mutual fund be approved by the vote of a majority of the board of trustees, including a majority of the trustees who are not “interested persons,” as that term is defined in the 1940 Act (the “Independent Trustees”), cast in-person at a meeting called for the purpose of voting on such approval. It is the duty of a board to request and evaluate, and the duty of the investment adviser to furnish, such information as may reasonably be necessary to evaluate the terms of the investment advisory agreement. At a meeting held on December 20 & 21, 2021 (the “December Board Meeting”), the Board of Trustees (the “Board”) of JOHCM Funds Trust (the “Trust”) formally considered and approved the investment advisory agreement between the Trust, on behalf of the JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Income Builder Fund, the JOHCM Global Select Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund (collectively, the “Funds”), and JOHCM (USA) Inc. (the “Investment Adviser”) (the “Investment Advisory Agreement”) and approved the continuation of the Investment Advisory Agreement through the end of 2022.

Prior to and at the December Board Meeting, the Board requested, and the Investment Adviser provided, both written and oral reports containing information and data relating to the consideration of: (i) the nature, extent, and quality of the services provided by the Investment Adviser to the Funds; (ii) the investment performance of the Funds, including the performance of each Fund’s predecessor fund which was reorganized into its corresponding Trust Fund effective July 19, 2021; (iii) the costs of the services provided and the profits realized by the Investment Adviser from its relationship with the Funds; (iv) the extent to which economies of scale are expected to be realized as the Funds grow; and (v) whether the proposed fee levels would reflect such economies of scale to the benefit of the Funds’ potential shareholders. The Board also received and reviewed a memorandum from counsel to the Independent Trustees regarding the Board’s responsibilities in evaluating the Investment Advisory Agreement.

101

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

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

In considering the investment performance and expenses of the Funds, the Board reviewed a report prepared by an independent service provider, Broadridge Financial Solutions (the “Broadridge Report”). The Board met with representatives of Broadridge Financial Solutions prior to the December Board Meeting to review the Broadridge Report. The Broadridge Report consisted of comparisons of each Fund versus each of the following: (i) funds with the same Morningstar investment category (the “Performance Universe”), (ii) a group of funds refined by load type (the “Expense Universe”), (iii) a group of funds based on six Broadridge-selected factors (the “Expense Group”), and (iv) benchmarks for the Funds. The Board noted that a higher ranking amongst a Fund’s Expense Group, Expense Universe, and Performance Universe was more favorable than a lower ranking.

The Board noted, that regarding the JOHCM Credit Income Fund’s advisory fee, the Fund ranked one out of 10 among the Fund’s Expense Group and one out of 101 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 0.00% compared to a median advisory fee of 0.097% for the Expense Group and 0.495% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked three out of 10 among the Fund’s Expense Group and 27 out of 101 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.588% compared to a median total expense of 0.704% for the Expense Group and 0.640% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 231 out of 335 among the Fund’s Performance Universe over the one-year period ended October 31, 2021. The Fund’s returns were 5.10% compared to a median return of the Performance Universe of 6.13% over the one-year period ended October 31, 2021.

With respect to the JOHCM Emerging Markets Opportunities Fund, the Board noted that the Fund’s advisory fee ranked four out of seven among the Fund’s Expense Group and 178 out of 262 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 0.92% compared to a median advisory fee of 0.92% for the Expense Group and 0.778% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked two out of seven among the Fund’s Expense Group and 112 out of 262 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 1.021% compared to a median total expense of 1.107% for the Expense Group and 1.08% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 397 out of 772, 575 out of 694, and 353 out of 593 among the Fund’s Performance Universe over the one-, three-, and five-year periods ended October 31, 2021, respectively. The Fund’s returns were 18.27%, 10.28%, and 8.64% compared to a median return of the Performance Universe of 18.47%, 13.025%, and 9.02% over the one-, three-, and five-year periods ended October 31, 2021, respectively.

Turning to the JOHCM Emerging Markets Small Mid Cap Equity Fund, the Board noted that the Fund’s advisory fee ranked four out of six among the Fund’s Expense Group and 235 out of 262 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 1.056% compared to a median advisory fee of 0.99% for the Expense Group and 0.778% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked five out of six amongst the Fund’s Expense Group and 251 out of 262 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 1.532% compared to a median total expense of 1.476% for the Expense Group and 1.08% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 37 out of 772, 50 out of 694, and 77 out of 593 among the Fund’s Performance Universe over the one-, three-, and five-year periods ended October 31, 2021, respectively. The Fund’s returns were 38.66%, 20.68%, and 13.04% compared to a median return of the Performance Universe of 18.47%, 13.025%, and 9.02% over the one-, three-, and five-year periods ended October 31, 2021, respectively.

102

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

The Board noted that regarding the JOHCM Global Income Builder Fund’s advisory fee, the Fund ranked three out of eight among the Fund’s Expense Group and 32 out of 86 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 0.533% compared to a median advisory fee of 0.624% for the Expense Group and 0.628% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked three out of eight among the Fund’s Expense Group and 24 out of 86 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.728% compared to a median total expense of 0.758% for the Expense Group and 0.831% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 224 out of 425 and 185 out of 400 amongst the Fund’s Performance Universe over the one- and three-year periods ended October 31, 2021, respectively. The Fund’s returns were 23.29% and 10.60% compared to a median return of the Performance Universe of 23.95% and 10.45% over the one- and three-year periods ended October 31, 2021, respectively.

With respect to the JOHCM Global Select Fund, the Board noted that the Fund’s advisory fee ranked eight out of 10 among the Fund’s Expense Group and 107 out of 111 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 0.917% compared to a median advisory fee of 0.86% for the Expense Group and 0.64% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked seven out of 10 among the Fund’s Expense Group and 75 out of 111 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.968% compared to a median total expense of 0.956% for the Expense Group and 0.90% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 6 out of 342, 123 out of 295, and 168 out of 253 among the Fund’s Performance Universe over the one-, three-, and five-year periods ended October 31, 2021, respectively. The Fund’s returns were 43.74%, 23.56%, and 17.32% compared to a median return of the Performance Universe of 36.655%, 22.92%, and 18.75% over the one-, three-, and five-year periods ended October 31, 2021, respectively.

The Board noted that regarding the JOHCM International Opportunities Fund’s advisory fee, the Fund ranked one out of seven among the Fund’s Expense Group and 1 out of 212 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 0.00% compared to a median advisory fee of 0.82% for the Expense Group and 0.668% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked two out of seven among the Fund’s Expense Group and 126 out of 212 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.887% compared to a median total expense of 1.075% for the Expense Group and 0.848% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 682 out of 736, 616 out of 670, and 518 out of 582 among the Fund’s Performance Universe over the one-, three-, and five-year periods ended October 31, 2021, respectively. The Fund’s returns were 23.21%, 8.64%, and 7.45% compared to a median return of the Performance Universe of 32.235%, 12.035%, and 9.71% over the one-, three-, and five-year periods ended October 31, 2021, respectively.

With respect to the JOHCM International Select Fund, the Board noted that the Fund’s advisory fee ranked eight out of nine among the Fund’s Expense Group and 147 out of 153 among the Fund’s Expense Universe. The Board further noted that the Fund’s advisory fee, after fee waivers and expense reimbursements, was 0.916% compared to a median advisory fee of 0.837% for the Expense Group and 0.646% for the Expense Universe. The Board next considered the Fund’s total expenses and noted that the Fund ranked five out of nine among the Fund’s Expense Group and 120 out of 153 among the Fund’s Expense Universe. The Fund’s total expenses, after fee waivers and expense reimbursements, were 0.963% compared to a median total expense of 0.963% for the Expense Group and 0.842% for the Expense Universe. With respect to performance, the Board noted that the Fund was ranked 318 out of 432, 266 out of 370, 211 out of 316, and 29 out of 218 among the Fund’s Performance Universe over the one-, three-, five-, and ten-year periods ended October 31, 2021, respectively. The Fund’s returns were 24.55%, 16.27%, 12.53%, and 11.52% compared to a median return of the Performance Universe of 27.345%, 17.555%, 13.155%, and 9.47% over the one-, three-, five-, and ten-year periods ended October 31, 2021, respectively.

In considering the economies of scale for the JOHCM Funds, the Board considered the marketing and distribution plans, capacity, and breakeven points for each of the JOHCM Funds. The Board also considered a proposal from the Adviser to lower the management fee for the International Select Fund from 0.89% per annum to 0.87% per annum for assets under management in excess of $15 billion effective January 28, 2022. The Board noted that the International Select Fund’s assets under management as of September 30, 2021 was

103

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

$13.07 billion. The Board reviewed the management fee paid by the International Select Fund and the total operating expenses of the International Select Fund. After considering the information provided by the Adviser, the Board concluded that lowering the management fee from 0.89% per annum to 0.87% per annum for assets under management in excess of $15 billion effective January 28, 2022 was reasonable.

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

C.	Board Approval of Investment Subadvisory Agreement

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that the investment advisory agreement between an investment adviser and a mutual fund and the investment subadvisory agreement between an investment adviser and investment subadviser be approved by the vote of a majority of the board of trustees, including a majority of the trustees who are not “interested persons,” as that term is defined in the 1940 Act (the “Independent Trustees”), cast in-person at a meeting called for the purpose of voting on such approval. It is the duty of a board to request and evaluate and the duty of the investment adviser and the investment subadviser to furnish such information as may reasonably be necessary to evaluate the terms of the investment advisory agreement and investment subadvisory agreement (together, the “Agreements”). At a meeting held on September 24, 2021 (the “September Board Meeting”), the Board of Trustees (the “Board”) of JOHCM Funds Trust (the “Trust”) formally considered and approved (i) the investment advisory agreement between the Trust, on behalf of the TSW Large Cap Value Fund, the TSW High Yield Bond Fund, and the TSW Emerging Markets Fund (each a “Fund”; collectively, the “Funds”), and JOHCM (USA) Inc. (the “Investment Adviser”) and (ii) the investment subadvisory agreement between Thompson, Siegel & Walmsley LLC (the “Investment Subadviser”) and the Investment Adviser with respect to the Funds.

Prior to and at the September Board Meeting, the Board requested and the Investment Adviser and the Investment Subadviser provided both written and oral reports containing information and data relating to the consideration of: (1) the nature and quality of services to be furnished to the Funds, the Investment Adviser’s and Investment Subadviser’s cost in providing the services and possible economies of scale as the Funds grow larger, and whether and how those benefits of scale may be shared with the Funds; (2) the shareholders’ interests in having a financially strong Investment Adviser and Investment Subadviser capable of competing with other investment advisers and financial institutions in terms of attracting and retaining high quality investment personnel and investigating and employing new investment techniques, and the need to provide staff capable of administering a developing and expanding investment advisory and administrative business; (3) the risks assumed by the Investment Adviser and Investment Subadviser in complying with investment restrictions and applicable securities and tax laws, and its possible substantial liabilities to the Funds for failure to comply; (4) the volatility of the financial markets and thus of investment management fee income; (5) comparative expense ratios and management fees of comparable funds; (6) fall-out financial benefits to the Investment Adviser, Investment Subadviser and their affiliates, if any; and (7) the profitability of the Investment Adviser, Investment Subadviser and their affiliates from providing services to the Funds. The Board also received and reviewed a memorandum from counsel to the Independent Trustees regarding the Board’s responsibilities in evaluating the Agreements.

The Board examined the nature, extent, and quality of services to be provided to the Funds by the Investment Adviser and the Investment Subadviser. The Board considered the investment process and investment strategy of each of the Funds and the coordinated services that would be provided to the Funds by the Investment Adviser and the Investment Subadviser. The Board reviewed, among other things, the investment philosophy and portfolio construction process employed for the Funds and the Investment Adviser’s and the Investment Subadviser’s compliance programs, conflicts of interest, business continuity program, and information security practices. Taking into account the personnel anticipated to be involved in servicing the Funds as well as the anticipated services to be provided by the Investment Adviser and the Investment Subadviser, the Board expressed satisfaction with the quality, extent, and nature of the services expected from the Investment Adviser and the Investment Subadviser.

The Board noted that, because the TSW High Yield Bond Fund and the TSW Emerging Markets Fund were not yet in operation, each had no performance history. The Board noted, however, that the personnel that would be involved in managing the TSW High Yield Bond Fund and the TSW Emerging Markets Fund each managed a separate account that utilized a substantially similar investment strategy to those proposed for the TSW High Yield Bond Fund and the TSW Emerging Markets Fund, respectively.

104

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

The Board next considered the investment performance of the TS&W Equity Portfolio, as the proposed predecessor fund to the TSW Large Cap Value Fund following the anticipated reorganization of the TS&W Equity Portfolio, a series of The Advisers’ Inner Circle Fund (“AIC”), with and into the TSW Large Cap Value Fund of the Trust (the “TSW Reorganization”), and the overall performance of its portfolio managers. The Board reviewed the TS&W Equity Portfolio’s performance in comparison to various self-identified peer funds identified by the Investment Adviser and the Investment Subadviser over various time periods.

The Board noted that the Investment Adviser would receive an advisory fee of 0.58%, 0.80%, and 0.50% of the average daily net assets of the TSW Large Cap Value Fund, the TSW Emerging Markets Fund, and the TSW High Yield Bond Fund, respectively, and that the Investment Subadviser would receive a subadvisory fee, to be paid by the Investment Adviser out of its advisory fee, of 0.43%, 0.65%, and 0.35% of the average daily net assets of the TSW Large Cap Value Fund, the TSW Emerging Markets Fund, and the TSW High Yield Bond Fund, respectively. The Board further noted that, under a proposed Expense Limitation Agreement, the Investment Adviser would contractually agree to waive fees and/or reimburse expenses to the extent necessary to limit the total annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted principles)) of Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares of: the TSW Large CapValue Fund to 0.73%, 0.83%, 0.98%, and 0.73%, respectively; the TSW Emerging Markets Fund to 0.99%, 1.09%, 1.24%, and 0.99%, respectively; and the TSW High Yield Bond Fund to 0.65%, 0.75%, 0.90%, and 0.65%, respectively through January 28, 2023.

The Board also reviewed comparative data from the Investment Adviser and the Investment Subadviser on the advisory fees received for the separate accounts that utilize a substantially similar investment strategy to that proposed for the TSW High Yield Bond Fund and the TSW Emerging Markets Fund and the advisory fees for the TS&W Equity Portfolio, as the proposed predecessor fund to the TSW Large Cap Value Fund. After considering the comparative data provided by the Investment Adviser and the Investment Subadviser the Board concluded that the proposed investment advisory fees, subadvisory fees, and expense ratios after waiver or reimbursement were reasonable.

In considering the anticipated economies of scale for the Funds, the Board considered the proposed seed capital for the TSW High Yield Bond Fund and TSW Emerging Markets Fund and the anticipated approximate assets of the TSW Large Cap Value Fund as of the closing of the TSW Reorganization. The Board also noted the proposed marketing and distribution plans for the Funds, each Funds respective capacity, and each Funds respective anticipated breakeven point.

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

D.	Board Review of Liquidity Risk Management Program

To promote effective liquidity risk management throughout the fund industry and to enhance disclosure regarding fund liquidity and redemption practices, the U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 (the “Rule”) under the 1940 Act. Pursuant to the Rule, each Fund has adopted a liquidity risk management program (the “LRMP”) that, among other things, provides for (i) the assessment, management, and review of liquidity risk, (ii) the classification of a fund’s portfolio investments into one of four liquidity buckets based upon the number of days that such investments may reasonably be expected to be converted into cash or otherwise disposed of without significantly impacting their price, (iii) the establishment of a highly liquid investment minimum where required, and (iv) the establishment of a 15% limitation on illiquid investments. Additionally, the SEC adopted Rule 30b1-10 under the 1940 Act, which generally requires funds to notify the SEC when certain liquidity-related events occur.

The Board of the Trust appointed the Adviser as the administrator for each Fund’s LRMP. Pursuant to the LRMP, the Adviser manages liquidity risks associated with the Funds’ investments by monitoring cash and cash equivalents and the concentration of investments, and by classifying the portfolio holdings of each Fund as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of the Funds’ investments, the Adviser utilizes a third-party provider of liquidity monitoring services.

105

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

March 31, 2022 (Unaudited)

At the Board’s regular meeting on April 1, 2022, the Trust’s Chief Compliance Officer provided a report to the Board on the operation and effectiveness of the LRMP for the period from January 1, 2021 through December 31, 2021 (the “Reporting Period”), noting that the Funds’ LRMP was adequate and operated effectively during the Reporting Period. No significant liquidity events impacting the Funds were noted in the reports, and there were no material changes to the LRMP during the Reporting Period.

E.	Other Information

Investors may obtain, without charge, a copy of the proxy voting policies and procedures by writing to the Trust in the name of the Fund c/o The Northern Trust Company, P.O. Box 4766, Chicago, Illinois 60680-4766, or by calling the Fund at 866-260-9549 (toll free) or 312-557-5913 and on the SEC’s website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities for each 12 month period ending June 30 is available without charge, upon request, by calling the Trust at 866-260-9549 (toll free) or 312-557-5913 and on the The SEC’s website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC website at www.sec.gov.

106

(This page has been intentionally left blank)

Investment Adviser

JOHCM (USA) Inc.

53 State Street, 13th Floor

Boston, Massachusetts 02109

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, IL 60606

Legal Counsel

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199

Distributor

JOHCM Funds Distributors, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

For Additional Information, call

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

JFT 03/22

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	The Schedule of Investments in securities of unaffiliated issuers is included in the report to shareholders filed under Item 1 of this Form.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.


(a)(1)		Not applicable – only for annual reports.

(a)(2)		Certifications pursuant to Rule 30a-2(a) are filed herewith.

(a)(3)		Not applicable.

(a)(4)		Not applicable.

(b)		Certification pursuant to Rule 30a-2(b) is filed herewith.

SIGNATURES

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


JOHCM Funds Trust

By:		/s/ Troy Sheets
		Troy Sheets
		Treasurer and Principal Financial Officer

Date:		June 3, 2022

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


By:		/s/ Jonathan Weitz
		Jonathan Weitz
		President and Principal Executive Officer

Date:		June 3, 2022

By:		/s/ Troy Sheets
		Troy Sheets
		Treasurer and Principal Financial Officer

Date:		June 3, 2022

JOHCM Funds Trust N-CSRSCertified semi-annual shareholder report (management investment company)