JOHCM Funds Trust NCSR Certified 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: September 30, 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).

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ANNUAL REPORT

SEPTEMBER 30, 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

September 30, 2022


SHAREHOLDER LETTER			i

PORTFOLIO COMMENTARY			iii

SCHEDULES OF INVESTMENTS			1

STATEMENTS OF ASSETS & LIABILITIES			48

STATEMENTS OF OPERATIONS			51

STATEMENTS OF CHANGES IN NET ASSETS			54

FINANCIAL HIGHLIGHTS			58

NOTES TO FINANCIAL STATEMENTS			77

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			98

ADDITIONAL INFORMATION			100

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DEAR SHAREHOLDER:

I am pleased to present the Annual Report for the 12-months ended September 30, 2022 for the series of JOHCM Funds Trust (the “Trust”).

On August 25th Pendal Group Limited (“Pendal”), the parent of JOHCM (USA) Inc and Thompson, Siegel & Walmsley LLC (“TSW”), entered into an agreement with Perpetual Limited (“Perpetual”), a diversified financial services firm that has been in existence since 1886, under which Perpetual will acquire Pendal (the “Transaction”) subject to Pendal shareholder approval. Perpetual’s multi-boutique model is complementary to Pendal’s and I believe our fund managers’ investment independence is assured. We have always been confident in our ability to grow Pendal’s business across our key markets organically; however, the combination of the two businesses is expected to deliver a significant increase in scale, an enlarged and enhanced global distribution team, greater product capability, expertise and diversity, and global ESG leadership. All of this should enable us to achieve our strategic goals sooner.

Pendal’s culture of investment autonomy and its well-regarded Pendal, J O Hambro, TSW and Regnan brands will be retained, and Pendal’s clients will continue to experience the same investment approach and teams across each brand. I believe the combined group will be well placed to:

•

Deliver greater diversification of products and expanded distribution footprint;

•

Leverage capabilities of two recognized leaders in ESG and responsible investment that will be readily able to respond to clients’ growing interest in this area;

•

Achieve benefits of greater scale across distribution, technology and infrastructure globally;

•

Increase the impact from recent investments in new teams, data and analytics, marketing, client service, technology and infrastructure; and

•

Attract more top-ranking investment talent to support the combined group’s multi-brand growth strategy.

The Transaction is expected to close in January 2023 and will result in a change in control of JOHCM (USA) Inc, the investment adviser to the Trust, and TSW, the subadviser to the TSW Funds of the Trust (collectively the “Advisers”). This change in control of the Advisers will result in the automatic termination of the related advisory arrangements. As a shareholder of the Trust, you will be asked to vote on new advisory arrangements with JOHCM (USA) Inc and TSW at a special meeting of shareholders to be held in December 2022.

Consistent with our efforts to expand the breadth of offerings in the Trust, we are continuing to develop new products within the Regnan branded strategies. We look forward to sharing more information with you about these new offerings as we bring them to market.

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

Respectfully submitted,

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Nicholas Good

Chairman of the Board of Trustees

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM Credit Income Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from August 17, 2020 to September 30, 2022

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Average Annual Total Returns as of September 30, 2022


	One Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-10.76%	-2.90%	1.60%	0.59%
Advisor Shares	-10.77%	-3.30%	1.70%	0.69%
Bloomberg U.S. Aggregate Bond Index	-14.60%	-7.62%	—	—
I.C.E. BofAML BB-B Global High Yield Constrained Index	-19.47%	-6.52%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM Credit Income Fund of the Advisers Investment Trust for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares and Advisor Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares and Advisor Shares prior to their inception is based on performance of predecessor share classes of the JOHCM Credit Income Fund of the Advisers Investment Trust.

Historical performance for Advisor Shares prior to its July 19, 2021 inception is based on the performance of the Class I Shares predecessor share class. The performance of the Class I Shares predecessor share class, which commenced operations on December 18, 2020, is based on performance of the Institutional Shares predecessor share class, which commenced operations on August 17, 2020, for periods prior to the Class I Shares predecessor share class inception date. Performance of the Class I Shares predecessor share class was adjusted to reflect differences in expenses.

iii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

* Expense ratios are per the most recent Fund Prospectus dated January 28, 2022, as revised March 11, 2022 and July 11, 2022. The Adviser has entered into a contractual expense limitation agreement with respect to the Fund until January 28, 2023.

The performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund’s current performance may be lower or higher than the performance data quoted. Investors may obtain performance information current to the most recent month-end, within 7 business days, by calling 866-260-9549 or 312-557-5913.

The Fund’s benchmarks for performance comparison purposes are the: Bloomberg US Aggregate Bond Index and the I.C.E. BofAML BB-B Global High Yield Constrained Index. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The I.C.E. BofAML BB-B Global High Yield Constrained Index contains all securities in The I.C.E. BofAML Global High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. The table reflects the theoretical reinvestment of dividends on securities in the indices. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the indices calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks to preserve capital and deliver returns through a combination of income and modest capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The fixed income investments give exposure to a wide range of maturities and can include investment grade corporate debt, high yield securities (higher risk, lower rated fixed income securities rated below BBB- by S&P or below Baa3 by Moody’s, also known as “junk bonds”), convertible bonds (including contingent convertible bonds), preferred stock, floating-rate debt, collateralized debt, municipal debt, non-U.S. debt (including in emerging markets), commercial paper, loans and loan participations. The Fund may also gain exposure to up to 10% of equity securities in companies of any size.

Performance

The Fund’s Institutional share class lost -10.76% for the 12 months ended September 30, 2022. During the same time period, the ICE Bank of America (BofA) BB-B Global High Yield Constrained Index lost -19.47%.

The dominant themes of the year have been inflation and the central bankers’ subsequent response. As central banks the world over hiked interest rates aggressively, assets with duration suffered the derating consequences. Moreover, as markets began to fear that the rate cycle (and war in Ukraine) would lead to a recession, credit spreads moved wider, with US Investment grade spreads doubling to nearly 170 basis points over government bonds in the 12 months ending in September and Global High Yield spreads 200 basis points wider during the same period.

We came into the year wary of the path of rates and with less duration than our benchmarks as a result. Beginning in January, we treated every rally as an opportunity to sell our lowest credit quality instruments and redeploy most of the capital into shorter dated and higher quality bonds as our rate fears turned into economic concern. Credit investing requires a keen and constant awareness that return distributions in credit are negatively skewed – the downside is usually much farther down than the upside is up. That is especially true when transitioning from a low/no rate regime into a positive real rate one. As such, our conservative positioning this year reflected our view that things could not get much better but they could get much worse.

More recently, while we have generally not been buyers of rallies, we have also stopped selling into strength. Probabilistically, spreads are more likely to get worse before they get better, and we are well positioned for that outcome. We have begun to extend our duration modestly as rates have moved wider, but we have absolutely not budged on our stance toward the best credit quality. However, we remain vigilant in our hunt for signs that the worst economic paths will fail to come to fruition and instead credit will enjoy a benign default cycle in which both spreads and duration are very attractive. Over the next 12 months, we expect that time will come, and we will look to take advantage of the high return environment in credit that ensues.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM Emerging Markets Opportunities Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from November 20, 2012 to September 30, 2022

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Average Annual Total Returns as of September 30, 2022


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-21.11%	-0.91%	2.61%	1.03%	1.03%
Advisor Shares	-21.18%	-1.01%	2.53%	1.08%	1.08%
Investor Shares	-21.33%	-1.15%	2.38%	1.23%	1.23%
MSCI Emerging Markets Index	-28.11%	-1.81%	1.28%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM Emerging Markets Opportunities Fund of the Advisers Investment Trust and the predecessor JOHCM Emerging Markets Opportunities Fund of the Scotia Institutional Funds for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares, Advisor Shares, and Investor Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares, Advisor Shares, and Investor Shares prior to their inception is based on performance of predecessor share classes of the predecessor JOHCM Emerging Markets Opportunities Fund of the Advisers Investment Trust and the predecessor JOHCM Emerging Markets Opportunities Fund of the Scotia Institutional Funds.

Historical performance for Investor Shares prior to its July 19, 2021 inception is based on the performance of the Class II Shares predecessor share class. The performance of the Class II Shares predecessor share class, which commenced operations on December 18, 2013, is based on the performance of the Class I Shares predecessor share class, which commenced operations on November 21, 2012, for periods prior to the Class II Shares predecessor share class inception date. . Performance of the Class II Shares predecessor share class was adjusted to reflect differences in expenses.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index. The Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies located in emerging market countries. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank) and other countries with similar emerging market characteristics. The Fund may invest in companies of any size, including small- and mid-capitalization companies. The Fund may also invest up to 5% of its assets in frontier markets, which are generally smaller, less liquid, and less developed than emerging markets.

Performance

The 12 months ended September 2022 was a difficult one for global markets, including emerging markets. With inflationary pressures already a concern in many countries, the war in Ukraine drove food, fertilizer, and energy prices sharply higher, exacerbating inflation and creating a more challenging outlook for interest rates and economic growth. As a result, MSCI Emerging Markets Index returned - 28.11%.

The Chinese economy remained weak, despite credit and monetary data suggesting efforts to stimulate. The key causes of the weakness remain the sharp policy-driven slowdown in the real estate sector as well as ongoing Covid lockdowns. The period also saw economic slowdowns in China, Korea and Taiwan. Collectively, these were the weakest markets in the period, with MSCI China returning -35.4%, MSCI Korea -40.7%, MSCI Taiwan -30.5% and MSCI indices in Hungary and Poland each down more than 50%. The portfolio was generally underweight these areas in the period, which was a positive contributor to performance.

Despite higher global interest rates, domestic demand continued to recover in traditionally high-beta, current account economies where trade balances currently support growth. We held overweight positions in Brazil, India and Mexico in the period, and added a position in Indonesia. The equity markets in these countries were among the best-performing in the period, with MSCI Indonesia the strongest emerging market, returning +14.3%, MSCI Brazil up +4.3%, MSCI India down -9.9% and MSCI Mexico down -7.4%, all of these were positive contributors to performance.

Other strongly performing emerging markets were those with significant economic exposure to commodities. MSCI Qatar was up 12.7%, MSCI Kuwait up 6.4% and MSCI UAE was up 5.1%. We chose to be exposed to this area through an overweight position in UAE, which contributed positively to performance. Finally, the effect of sanctions on Russia meant that MSCI Russia returned -100% and was removed from the EM Index in the first quarter of 2022.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM Emerging Markets Discovery Fund

(formerly the JOHCM Emerging Markets Small Mid Cap Equity Fund)

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from December 17, 2014 to September 30, 2022

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Average Annual Total Returns as of September 30, 2022


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-23.44%	2.93%	7.24%	1.65%	1.49%
Advisor Shares	-23.44%	2.84%	7.15%	1.75%	1.59%
MSCI Emerging Markets Small Cap Index	-23.23%	1.25%	3.26%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM Emerging Markets Small Mid Cap Equity Fund of the Advisers Investment Trust for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares and Advisor Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares and Advisor Shares prior to their inception is based on performance of predecessor share classes of the JOHCM Emerging Markets Small Mid Cap Equity Fund of the Advisers Investment Trust.

Historical performance for Advisor Shares prior to its July 19, 2021 inception is based on the performance of the Class I Shares predecessor share class. The performance of the Class I Shares predecessor share class, which commenced operations on January 28, 2016, is based on performance of the Institutional Shares predecessor share class, which commenced operations on December 17, 2014, for periods prior to the Class I Shares predecessor share class inception date. Performance of the Class I Shares predecessor share class was adjusted to reflect differences in expenses.

vii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Emerging Markets Small Cap Index. The Index includes small cap representation across 24 Emerging Markets countries and covers approximately 14% of the free float-adjusted market capitalization in each country. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities issued by companies located in emerging markets, including frontier markets. Equity securities include direct and indirect investments in common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may also obtain exposure to equity securities indirectly through depositary receipts, exchange-traded funds and participatory notes. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index, countries with low to middle-income economies according to the International Bank for Reconstruction and Development (more commonly referred to as the World Bank), and other countries with similar emerging market characteristics. Frontier markets are generally smaller, less liquid, and less developed than emerging markets.

Performance

In a challenging and volatile year for most asset classes, emerging markets corrected in line with the NASDAQ and some other developed markets. We anticipated more than 18 months ago that central banks would miss the reappearance of inflation, and the divergent performance among countries was primarily due to the different speeds with which they officially recognized the problem and tried to address it to one degree or another. The tragic war in Ukraine exacerbated issues with higher commodity prices and disruption in supply chains, thus further intensifying and aggravating the magnitude of market moves.

We underperformed in South Africa and India. However, the two best performing stocks in the portfolio were Indian companies — Varun Beverages and KPIT. Varun Beverages’ somewhat defensive consumer side helped it benefit from the reopening and expansion of India. KPIT Technologies, an Indian software company, outperformed on the increase in demand for higher technical sophistication in the autonomous driving car market. On the other hand, Hansol Chemical, based in Korea, suffered in the technology sector crash.

Importantly, we continue to benefit from our underweight call in China, where the harsh zero-Covid policies dampened several sectors. In addition, we are overweight in Brazil, which has provided us with additional alpha during a tough global economic environment.

We want to especially emphasise the orthodox economic, monetary and fiscal policies run by many of the emerging market economies. It is a striking difference, and a positive one, in comparison with Western Europe, the UK or even the US which were not as proactive with their interest rate increases. Brazil was a remarkable example, as the local central bank did not hesitate to raise interest rates above inflation. This orthodoxy has helped emerging market countries manage the crisis better than their Western counterparts.

viii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM Global Income Builder

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from November 29, 2017 to September 30, 2022

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Average Annual Total Returns as of September 30, 2022


	One Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-15.11%	1.49%	0.80%	0.73%
Advisor Shares	-15.19%	1.39%	0.90%	0.83%
Investor Shares	-15.38%	1.24%	1.05%	0.98%
Bloomberg U.S. Aggregate Bond Index	-14.60%	-0.30%	—	—
MSCI World Index	-19.63%	4.73%	—	—
I.C.E. BofAML BB-B Global High Yield Constrained Index	-19.47%	-0.49%	—	—
MSCI World High Dividend Yield Index	-10.90%	2.22%	—	—
JOHCM Global Income Builder Blended Index (60% MSCI World High Dividend Yield Index/ 20% Bloomberg U.S. Aggregate Bond Index/ 20% ICE BofAML BB-B Global High Yield Constrained Index)	-13.29%	1.38%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM Global Income Builder Fund of the Advisers Investment Trust for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares, Advisor Shares, and Investor Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares, Advisor Shares, and Investor Shares prior to their inception is based on performance of predecessor share classes of the JOHCM Global Income Builder Fund of the Advisers Investment Trust.

Historical performance for Investor Shares prior to its July 19, 2021 inception is based on the performance of the Class II Shares predecessor share class. The performance of the Class II Shares predecessor share class, which commenced operations on June 28, 2019, is based on performance of the Institutional Shares predecessor share class, which commenced operations on November 29, 2017, for periods prior to the Class II Shares predecessor share class inception date. Performance of the Class II Shares predecessor share class was adjusted to reflect differences in expense.

Effective January 28, 2022, the JOHCM Global Income Builder Blended Index, a custom benchmark comprised of 60% MSCI World High Dividend Yield Index / 20% Bloomberg U.S. Aggregate Bond Index / 20% ICE BofAML BB-B Global High Yield Constrained Index, is the Fund’s primary benchmark and replaces all four of the Fund’s prior benchmark indices. JOHCM (USA) Inc believes that the custom benchmark is more representative of the Fund’s investment strategies and provides investors with a more useful point of comparison than the Fund’s current benchmarks.

The Fund’s prior benchmarks for performance comparison purposes were the: Bloomberg US Aggregate Bond Index, I.C.E. BofAML BB-B Global High Yield Constrained Index, Morgan Stanley Capital International (“MSCI”) World Index and MSCI World High Dividend Yield Index. The Bloomberg US Aggregate Bond Index is a broad-based benchmark that measures the investment grade U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The I.C.E. BofAML BB-B Global High Yield Constrained Index contains all securities in The I.C.E. BofAML Global High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed market countries. The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid-cap stocks across 23 developed markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The table reflects the theoretical reinvestment of dividends on securities in the Indices. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Indices calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks a level of current income that is consistent with the preservation and long-term growth of capital in inflation-adjusted terms. The Fund seeks this objective by applying a bottom-up, long-term global value investing philosophy across a broad range of asset classes. In a bottom-up approach, companies and securities are researched and chosen individually.

The Fund normally will invest in a wide range of income-producing equity securities of U.S. and non-U.S. companies, including common stocks that offer attractive dividend yields. The Fund’s equity securities include direct and indirect investments in common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may obtain its exposure to equity securities indirectly through participatory notes and depositary receipts. The Fund also normally will invest in a wide range of fixed income instruments from markets in the United States and multiple countries around the world such as high-yield instruments (commonly referred to as ‘‘junk bonds’’), investment grade instruments, sovereign debt, loans and loan participations. The Fund maintains flexibility to have significant exposure to high-yield instruments in response to current market conditions. The Fund may invest in securities of any maturity or investment rating, as well as unrated securities, and will normally invest in hybrid securities that embody elements of both equity and fixed income securities such as preferred shares and convertible bonds. The Fund

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

may invest in initial public offerings and real estate investment trusts. While the Fund may hold investments in non-income producing securities, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) will be comprised of income producing securities.

Performance

The Fund returned -15.11% for the 12-month period ending September 30, 2022. The Fund’s top contributors were ON Semiconductor, Williams Companies and Cheniere Energy. Despite headwinds facing the semiconductor group, which as a whole delivered substantially negative performance over this time frame, ON performed well thanks to a series of strong earnings results. Williams and Cheniere, both of which are important players in US natural gas infrastructure, benefited from higher natural gas prices and the prospect of greater US gas production, as Russia’s future as a supplier of energy to Europe looks bleak.

The Fund’s top detractors were Meta Platforms, Julius Baer Group and Alphabet. Meta (formerly Facebook) and Alphabet (which operates Google) reached all-time highs in late 2021 but then performed poorly as the outlook for online advertising deteriorated and higher interest rates brought down valuations for growth equities. Julius Baer suffered along with other European financials in the aftermath of the Ukraine-Russia conflict.

Global equity markets posted a strong finish to 2021 but almost immediately began to slide with Russia’s invasion of Ukraine, which among other things exacerbated inflationary pressures that contributed to a hawkish pivot by the Fed and surging interest rates. With rising rates and higher credit spreads, bond markets are experiencing one of the worst years in recent history. Elevated inflation readings in 2022 have taken investors by surprise. High inflation has led to aggressive central bank tightening, which hurts risks assets by raising the cost of capital, pulling liquidity out of the financial system and creating the risk of a recession. A silver lining is that prospective potential returns appear high and many high-quality businesses are available at low prices relative to recent history. We are cautiously taking advantage of opportunities created by negative sentiment, while being mindful of the potential for further deterioration given the uncertain macro environment.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM Global Select Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from March 21, 2013 to September 30, 2022

LOGO

Average Annual Total Returns as of September 30, 2022


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-30.43%	4.85%	7.12%	0.98%	0.98%
Advisor Shares	-30.52%	4.74%	7.03%	1.05%	1.05%
MSCI All Country World Index	-20.66%	4.44%	6.71%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM Global Equity Fund of the Advisers Investment Trust and the predecessor JOHCM Global Equity Fund of the Scotia Institutional Funds for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares and Advisor Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares and Advisor Shares prior to their inception is based on performance of predecessor share classes of the predecessor JOHCM Global Equity Fund of the Advisers Investment Trust and the predecessor JOHCM Global Equity Fund of the Scotia Institutional Funds.

xii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) All Country World Index (ACWI). The Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks long-term capital appreciation by investing primarily in common stocks and other equity securities of U.S. and non-U.S. companies, including direct and indirect investments in common and preferred stock, rights, and warrants. The Fund may obtain its exposure to equity securities indirectly through participatory notes, depositary receipts and exchange-traded funds. The Fund can invest without limit in non-U.S. securities and can invest in any country, including emerging market countries. The Fund normally invests at least 40% of its assets in companies located in countries other than the U.S., provided that the Fund reserves the flexibility to invest as little as 30% of its assets in companies located outside the U.S. when market conditions are unfavorable. Notwithstanding the previous sentence, the Fund may invest a percentage lower than 40% in such non-U.S. securities if the weighting of non-U.S. securities in the Fund’s performance benchmark (currently, the MSCI ACWI) drops below 45%, in which case the minimum level for investments in non-U.S. securities must remain within 5% of the benchmark’s weighting (e.g. if the weighting of non-U.S. securities in the Fund’s performance benchmark is 38%, the minimum level for investing in non-U.S. securities for the Fund would be 33%). Typically, the Fund invests in a number of different countries. The Fund is not required to allocate its investments in any set percentages in any particular countries. The Fund may invest in companies of any size, including small- and mid-capitalization companies, in order to achieve its objective.

Performance

The portfolio underperformed its benchmark, the MSCI ACWI for the 12 months ended September 30, 2022. The current market crisis is very different to anything we have seen recently as ‘safe haven’ government bonds have fallen along with equities. So much so, that this is the worst year for combined equity and bond losses in living memory. Inflation reached 40-year highs in many parts of the world, prompting central banks to hike interest rates much more than expected, leading to fears of a global recession and financial crisis.

During the year the Fund struggled to perform for three main reasons:

1. We got interest rates wrong, expecting moderate rather than near-record rises;

2. Which meant we got the Net Present Value (NPV) wrong for our ‘offense’ growth stocks (in other words, too much duration in most sectors/regions);

3. Which also meant we picked the wrong type of ‘defensive’ stocks (such as traditionally low beta healthcare) as the classic 60/40 asset allocation model that our portfolio construction is based upon stopped working when bonds and equities crashed together. As a result, we did not deliver our usual ‘relative downside protection’.

In response, we sold economically cyclical stocks with earnings risk due to increasing recession risk (for example, stocks such as Nvidia, Micron, Ono, Lam and ASML each in the semiconductor industry and Avantor and DSM in the healthcare and materials sectors, respectively). We purchased more economically resilient stocks such as Danaher, Envista and Perkin Elmer. Within healthcare, we purchased ANSYS, Epam Globant and Repligen. Within emerging markets, we purchased Bank Mandiri and Banco Bradesco (Indonesia and Brazil, respectively).

xiii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM International Opportunities Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from September 29, 2016 to September 30, 2022

LOGO

Average Annual Total Returns as of September 30, 2022


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-17.89%	-0.32%	1.77%	1.93%	0.88%
MSCI EAFE Index	-25.13%	-0.84%	2.19%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM International Opportunities Fund of the Advisers Investment Trust for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares prior to their inception is based on performance of the predecessor share class of the JOHCM International Opportunities Fund of the Advisers Investment Trust.

xiv

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index. The Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks to achieve long-term total return by investing, under normal market conditions, primarily in equity securities of companies located outside the United States, including those located in emerging market countries. The Fund may invest in non-U.S. companies of any size, including small- and mid-capitalization companies, in order to achieve its objective. Equity securities include direct and indirect investments in common and preferred stocks, and include rights and warrants to subscribe to common stock or other equity securities. The Fund may also invest in equity related instruments, such as equity linked notes and participatory notes, all of which derive their value from equities. The equity linked notes and participatory notes in which the Fund invests are securitized and freely transferable. The Fund does not intend to use its investments in equity linked notes as a means of achieving leverage.

Performance

The defining features of the 12 months ended September 30, 2022 have been: further rises in inflation; rising energy prices, partly as a consequence of the Russian invasion of Ukraine in February 2022; rising interest rates; and a very strong U.S. dollar.

The Fund outperformed as conditions which had been headwinds in recent years turned aggressively. Equity market volatility was most pronounced at the extremes: rising interest rates caused a derating of highly-valued ‘growth’ stocks; and cost inflation, refinancing risk and recessionary fears weighed on geared, cyclical and lower quality ‘value’ companies. The Fund outperformed as a result of having little exposure to either of these extremes. We saw positive sector allocation contributions from our underweights in Technology and Industrials, for example. At the same time we benefitted from a re-evaluation of some companies which had suffered unfairly during the first wave of ESG adoption – such as defense company Thales or integrated energy company Shell. Our best performers included names in the ‘forgotten middle’ of what we believe are underappreciated high-quality growing companies outside the technology sector – e.g., Compass, Deutsche Boerse and Alimentation Couche-Tard. Worst performers generally had exposure to Europe or China, given disruption in those economies, including Continental, ENEL and LGH&H. We have continued adding names in the ‘forgotten middle’, such as CRH, Publicis and Merck, funded by selling names with less attractive combinations of growth, resilience in the current challenging environment, and valuation support.

In our opinion, volatility is likely to remain high given tightening liquidity and macro and geopolitical uncertainty. Longer term we expect the 2020s to see higher inflation, interest rates and capital investment than the 2010s. We believe this would likely benefit ‘real world’ companies as opposed to the ‘virtual world’ winners of recent years.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

JOHCM International Select Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from September 30, 2012 to September 30, 2022

LOGO

Average Annual Total Returns as of September 30, 2022


	One Year Return	Five Year Return	Ten Year Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-37.27%	-1.03%	5.41%	0.98%	0.98%
Investor Shares	-37.43%	-1.28%	5.15%	1.19%	1.19%
MSCI EAFE Index	-25.13%	-0.84%	3.67%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor JOHCM International Select Fund of the Advisers Investment Trust and the predecessor JOHCM International Select Fund of the Scotia Institutional Funds for periods prior to the reorganization into the JOHCM Funds Trust on July 19, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares and Investor Shares of the Fund commenced operations on July 19, 2021. Historical performance for Institutional Shares and Investor Shares prior to their inception is based on performance of predecessor share classes of the predecessor JOHCM International Select Fund of the Advisers Investment Trust and the predecessor JOHCM International Select Fund of the Scotia Institutional Funds.

Historical performance for Investor Shares prior to its July 19, 2021 inception is based on the performance of the Class II Shares predecessor share class. The performance of the Class II Shares predecessor share class, which commenced operations on March 31, 2010, is based on performance of the Class I Shares predecessor share class, which commenced operations on July 29, 2009, for periods prior to the Class II Shares predecessor share class inception date. Performance of the Class II Shares predecessor share class was adjusted to reflect differences in expenses.

xvi

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

Investment Philosophy and Process

The Fund seeks long-term capital appreciation by investing primarily in common stocks and other equity securities of companies located outside the United States, including those located in emerging market countries. The Fund’s equity securities include direct and indirect investments in common and preferred stocks, and rights and warrants to subscribe for common stock or other equity securities. The Fund may obtain its exposure to equity securities indirectly through participatory notes, depositary receipts and exchange-traded funds. The Fund may invest in companies of any size, including small- and mid-capitalization companies, in order to achieve its objective.

Performance

The portfolio underperformed its benchmark, the MSCI EAFE NR Index, for the 12 months ended September 30, 2022. The current market crisis is very different to anything we have seen recently as ‘safe haven’ government bonds have fallen along with equities. So much so, that this is the worst year for combined equity and bond losses in living memory. Inflation reached 40-year highs in many parts of the world, prompting central banks to hike interest rates much more than expected, leading to fears of a global recession and financial crisis.

During the year the Fund struggled to perform for three main reasons:

1. We got interest rates wrong, expecting moderate rather than near-record rises;

2. Which meant we got the Net Present Value (NPV) wrong for our ‘offense’ growth stocks (in other words, too much duration in most sectors/regions);

In reesponse, we sold economically cyclical stocks with earnings risk due to increasing recession risk (for example, stocks such as ASML in the semiconductor industry and DSM in the materials sector). We purchased what we believe are more economically resilient stocks such as Danaher, Envista and Perkin Elmer. Within healthcare, we purchased ANSYS, Epam Globant and Repligen. Within emerging markets, we purchased Bank Mandiri and Banco Bradesco (Indonesia and Brazil, respectively).

xvii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

Regnan Global Equity Impact Solutions

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from August 23, 2021 to September 30, 2022

LOGO

Average Annual Total Returns as of September 30, 2022


	One Year Return	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-32.00%	-34.48%	7.10%	0.89%
MSCI All Country World Index Investable Market Index	-21.16%	-21.13%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Fund’s benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) All Country World Index (“ACWI”) Investable Markets Index (“IMI”). The Index captures large, mid and small cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 9,248 constituents, the Index is comprehensive, covering approximately 99% of the global equity investment opportunity set. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

xviii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

Investment Philosophy and Process

The Fund seeks to achieve long-term capital appreciation by investing in companies that contribute solutions to addressing the world’s major social and environmental challenges. The Fund seeks to achieve this objective by investing primarily in a high-conviction global equity portfolio of companies the portfolio managers believe have the potential to contribute solutions to the world’s major social and environmental challenges. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in equity securities of companies that the portfolio managers believe satisfy their criteria for positive social or environmental impact. The portfolio managers currently measure this impact by applying the Regnan Taxonomy and a proprietary impact assessment based upon objective criteria, including the measurement of the activities that currently constitute, or that the portfolio managers expect over the long term will constitute, a significant portion (i.e., at least 30%) of a company’s business (using metrics that may include, without limitation, any of the following: revenues, earnings, capital expenditures, research and development investment, or book value). The Fund gains exposure to equity securities either directly or indirectly, including through equity-linked instruments such as participatory notes or index exchange-traded funds, and may invest in preferred stocks.

Performance

The last quarter of 2021 marked the start of a break-out in the trade-weighted exchange rate of the U.S. dollar, a run that has continued well into 2022. While this has been a headwind to the portfolio given its overweight in Europe and relative underweight to the U.S., the negative effects have been reduced as it has been translated into company earnings through the first half of 2022. Cyclicals continued to outperform through the last quarter of 2021 and into the opening weeks of 2022, at least until investors were roiled by Russia’s invasion of Ukraine on February 24th.

The Fund delivered a positive return of 2.37% but trailed a benchmark return of 6.10% in the first quarter of 2022. The quarter initially favoured a broad range of cyclical sectors. However, in the wake of the invasion, market dynamics supported only the resource complex and more defensively positioned sectors for the remainder of the quarter. The defensive characteristics of the portfolio’s exposure to healthcare and industrials provided the strongest contribution to performance.

In Q2, the Fund underperformed, down -13.34% against a benchmark decline of -5.47%. The environment remained challenging as nominal and real yields in developed markets accelerated upwards fuelled by higher inflation expectations. As a result, industrials, consumer discretionary, materials, utilities, healthcare, real estate and financials all declined. Befesa, a heavy user of energy and zinc, was a key detractor over Q2. We continued to see pressure on the Brazilian education names YDUQS and Afya, driven more by macro sentiment rather than company-specific fundamentals.

After a brief bear-market rally at the start of the summer, the August Federal Reserve meeting saw this quickly unfold; volatility remained the order of the day in Q3, with index measures such as VIX ending the quarter marginally higher than at the start. While the portfolio has been negatively impacted by rising real yields, as central bank policy rates have been revised higher over the course of this year, continued strong fundamental and earnings momentum for many of the names in the portfolio has made our holdings even more attractive.

xix

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

TSW Emerging Markets Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from December 21, 2021 to September 30, 2022

LOGO

Cumulative Total Returns as of September 30, 2022


	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-27.50%	6.18%	0.99%
MSCI Emerging Markets Index	-25.37%	—	—

Investment Philosophy and Process

The Fund seeks to maximize long-term capital appreciation by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies that are located in emerging market countries, including frontier markets. The Fund’s equity securities include direct and indirect investments in common and preferred stocks, and rights and warrants to subscribe to common stock or other equity securities. The Fund obtains its exposure to equity

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

securities either directly or indirectly, including through Depositary Receipts, and may invest in rights and warrants. Emerging market countries are those countries included in the MSCI Emerging Markets Index and MSCI Frontier Markets Index and other countries with similar emerging or frontier market characteristics, (for example, relatively low gross national product per capita compared to the world’s major economies). The portfolio manager considers an investment tied economically to emerging market countries if it trades primarily on an emerging market exchange or if the issuer derives at least 50% of its revenue from emerging market countries. Frontier markets are generally smaller, less liquid, and less developed than other emerging markets.

Performance

Since inception, the TSW Emerging Markets Fund has returned -27.50% through September 30, 2022 (Total Return-Net). Emerging markets have been adversely affected by war in Ukraine and policy tightening by central banks, whose balance sheets are shallow in comparison to developed economies. China and Taiwan, which together comprise one-third of the fund’s holdings, have been especially affected by political tensions and uncertainty concerning their future place in the global supply chain.

The top contributors to return over the period were ICICI Bank (India), Banco BTG Pactual (Brazil) and Turkiye Sise ve Cam Fabrikalari A.S. (Turkey). These companies represent resilient business models and regions that have largely been shielded from the broader concerns regarding stability in some emerging markets. TSMC (Taiwan), Tencent (China) and Samsung Electronics (Korea) were the largest detractors from performance. Investor sentiment toward these tech-focused “national champion” businesses has turned pessimistic amidst slowing global GDP growth. However, rising interest rates are not a new challenge for these businesses, and we believe they have the resources to navigate near-term headwinds and emerge stronger relative to younger, smaller competitors.

xxi

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

TSW High Yield Bond Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from October 26, 2021 to September 30, 2022

LOGO

Cumulative Total Returns as of September 30, 2022


	Since Inception Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-12.75%	1.16%	0.65%
ICE BofA U.S. High Yield Constrained Index	-13.86%	—	—

xxii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the I.C.E. BofA U.S. High Yield Constrained Index. The Index tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market. The table reflects the theoretical reinvestment of dividends on securities in the Index. The impact of transaction costs and the deduction of expenses associated with a mutual fund, such as investment management and administration fees, are not reflected in the Index calculations. It is not possible to invest directly in an index.

Investment Philosophy and Process

The Fund seeks high current income with a secondary focus on capital appreciation by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in high yield fixed income securities, also known as “junk bonds” (higher risk, lower rated fixed income securities rated BB or below by at least one nationally recognized statistical rating organization or determined to be of a similar quality by TSW). The Fund’s fixed income securities include primarily corporate debt, but may also include convertible bonds, preferred securities, loans (senior floating rate loans as well as other secured and unsecured loans) and loan participations. The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds. The Fund expects to invest primarily in securities denominated in U.S. dollars and may invest in companies of any size, including small- and mid-capitalization companies.

Performance

Since inception (October 26, 2021) and through the period ended September 30, 2022, the Fund outperformed its benchmark. Strong inflationary pressures, geopolitical instability and emerging recession fears all weighed heavily on the high yield bond market. During the period ended September 30, 2022, the 5-year treasury yield jumped from, 1.17% to 4.09% and high yield credit spreads widened 277 bps. The Fund’s outperformance was largely attributable to its shorter duration and underweight positioning in CCC credits which underperformed the single B and BB rating buckets. We will continue to monitor the macroeconomic environment and individual valuation at the company level to make adjustments to the portfolio as needed.

xxiii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

TSW Large Cap Value Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares

from September 30, 2012 to September 30, 2022

LOGO

Average Annual Total Returns as of September 30, 2022


	One Year Return	Five Year Return	Ten Year Return	Gross Expense Ratio*	Net Expense Ratio*
Institutional Shares	-3.46%	8.33%	9.66%	0.91%	0.74%
Russell 1000 Value Index	-11.36%	5.29%	9.17%	—	—

Data as of September 30, 2022. The Fund’s performance reflects the performance of the predecessor TS&W Equity Portfolio of the Advisors’ Inner Circle Fund for periods prior to the reorganization into the JOHCM Funds Trust on December 6, 2021. The performance also reflects the reinvestment of dividends as well as the impact of transaction costs and the deduction of fees and expenses. The performance does not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares.

The Institutional Shares of the Fund commenced operations on December 6, 2021. Historical performance for Institutional Shares prior to their inception is based on the performance of predecessor share class of the predecessor TS&W Equity Portfolio of the Advisors’ Inner Circle Fund.

xxiv

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2022 (Unaudited)

The Fund’s benchmark for performance comparison purposes is the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the US equity universe.

Investment Philosophy and Process

The Fund seeks maximum long-term total return, consistent with reasonable risk to principal by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of companies with large market capitalizations. The Fund considers a company’s market capitalization to be large if it equals or exceeds that of the smallest company in the Russell 1000 Index. The Fund will invest primarily in a diversified portfolio of common stocks. Although the Fund will primarily draw its holdings from larger, more seasoned or established companies, it may also invest in companies of varying size as measured by assets, sales or market capitalization. The Fund may invest up to 20% of its total assets in American Depositary Receipts, which are certificates evidencing ownership of shares of a non-U.S. issuer that are issued by depositary banks and traded on U.S. exchanges.

Performance

The TSW Large Cap Value composite outperformed the -11.36% return of the Russell 1000 Value Index by 790 basis points (Total Return – Net). Outperformance for the Fund is generally in-line with our expectations given the shift in favor of valuation and moderation/reversal of the prior few years that rewarded speculative growth stocks with little to no fundamental bearing. It is worth noting that while 2021 forward has generally shown favoritism for value and has presented what we believe to be the potential beginning of a more sustained rotation for value, it certainly has not been a straight line, nor would we expect it to be so as history has shown. Ultimately, we are pleased with the long-awaited market rotation in favor of value over the last year, which has coincided with positive stock selection and overall outperformance, while also protecting capital on a relative basis in a down-market.

The leading industries in terms of contribution to Large Cap Value portfolio’s relative return were Financials, Consumer Staples and Consumer Discretionary. Within Financials, positions across insurance providers, Progressive and Arch Capital, were the primary contributors driven by rate increases across both companies, and overall sound underwriting execution and profitability. Within Consumer Staples, the portfolio benefited from both an overweight allocation to the industry, and positive stock selection across McKesson, a drug distributor, and Post Holdings, a diversified consumer packaged goods company. Both benefited from resilient business models during a period of market stress. Lastly, with Consumer Discretionary, Dollar Tree, a discount retailer, was the standout driven by their announcement of a multi-dollar price point for items, share buy-backs, and activist involvement.

The primary detractors from relative performance were Telecommunications, Technology, and Utilities. Within Telecommunications, our position in Dish Network Corp. was the primary laggard driven by lack of visibility provided by management at a recent analyst day. Within Technology, our positions in Meta Platforms, a social media technology company, and Intel Corp., were the primary laggards driven by advertising spend headwinds and social media competition in the former, and recessionary concerns on semiconductor spend in the latter. Lastly, within Utilities, our underweight allocation was the sole detractor.

xxv

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		0.1	%
Asset Management		0.1	%
Austerlitz Acquisition Corp. II^(a)					634	$	6,220
CC Neuberger Principal Holdings III^(a)					104		1,034
Northern Star Investment Corp. III^(a)					211		2,076

							9,330

TOTAL COMMON STOCKS (Cost $9,505)							9,330


	Percentage of Net Assets			Principal Amount		Value
CONVERTIBLE BONDS		19.7	%
Biotechnology & Pharmaceuticals		2.0	%
Bridgebio Pharma, Inc. 2.25%, 02/01/29				$	50,000		21,685
Innoviva, Inc. 2.50%, 08/15/25					100,000		96,125

							117,810

Cable & Satellite		7.2	%
Liberty Broadband Corp., 1.25%, 09/30/50^(b)					100,000		94,500
2.75%, 09/30/50^(b)					150,000		143,808
Liberty Latin America Ltd. 2.00%, 07/15/24					220,000		192,371

							430,679

Internet Media & Services		2.4	%
Spotify U.S.A., Inc. 0.00%, 03/15/26					180,000		141,300

Software		8.1	%
1Life Healthcare, Inc. 3.00%, 06/15/25					100,000		96,750
Avalara, Inc. 0.25%, 08/01/26					130,000		125,710
Bill.com Holdings, Inc. 0.00%, 04/01/27					100,000		78,050
Envestnet, Inc. 0.75%, 08/15/25					100,000		83,625
Splunk, Inc. 1.13%, 06/15/27					130,000		102,281

							486,416

TOTAL CONVERTIBLE BONDS (Cost $1,301,732)							1,176,205

CORPORATE BONDS		61.4	%
Advertising & Marketing		4.0	%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28^(b)					300,000		237,498

Aerospace & Defense		1.6	%
Hexcel Corp. 4.20%, 02/15/27					100,000		92,285

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
Apparel & Textile Products		1.4	%
Kontoor Brands, Inc. 4.13%, 11/15/29^(b)				$	108,000	$	86,047

Asset Management		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		145,875

Banking		2.9	%
Bank of America Corp. (Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25^(d)					105,000		86,101
JPMorgan Chase & Co. (Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25^(d)					105,000		86,362

							172,463

Biotechnology & Pharmaceuticals		1.6	%
AbbVie, Inc. 3.60%, 05/14/25					100,000		95,987

Cable & Satellite		1.6	%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/23^(b)					50,000		49,712
5.38%, 06/01/29^(b)					50,000		43,766

							93,478

Consumer Services		1.6	%
Graham Holdings Co. 5.75%, 06/01/26^(b)					100,000		96,969

Containers & Packaging		1.2	%
Berry Global, Inc. 4.88%, 07/15/26^(b)					75,000		70,500

Electrical Equipment		4.1	%
WESCO Distribution, Inc. 7.25%, 06/15/28^(b)					250,000		244,863

Health Care Facilities & Services		3.0	%
Cano Health LLC 6.25%, 10/01/28					50,000		47,230
Elevance Health, Inc. 2.88%, 09/15/29					100,000		85,381
IQVIA, Inc. 5.00%, 10/15/26^(b)					50,000		47,643

							180,254

Internet Media & Services		13.1	%
Netflix, Inc. 6.38%, 05/15/29					260,000		258,120
TripAdvisor, Inc. 7.00%, 07/15/25^(b)					300,000		291,663

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
Uber Technologies, Inc., 8.00%, 11/01/26^(b)				$	150,000	$	149,763
4.50%, 08/15/29					100,000		84,062

							783,608

Leisure Products		2.4	%
Mattel, Inc. 5.88%, 12/15/27^(b)					150,000		143,625

Machinery		0.7	%
Flowserve Corp. 3.50%, 10/01/30					50,000		41,114

Real Estate Investment Trusts		4.5	%
Digital Realty Trust L.P. 3.70%, 08/15/27					100,000		92,646
SBA Communications Corp. 3.13%, 02/01/29					30,000		24,128
VICI Properties L.P./VICI Note Co., Inc. 5.75%, 02/01/27^(b)					160,000		150,765

							267,539

Semiconductors		0.9	%
Broadcom, Inc. 3.14%, 11/15/35^(b)					80,000		56,056

Software		3.1	%
SS&C Technologies, Inc. 5.50%, 09/30/27^(b)					200,000		182,439

Technology Hardware		3.9	%
HP, Inc. 4.75%, 03/01/29					230,000		231,225

Technology Services		2.9	%
MSCI, Inc. 4.00%, 11/15/29^(b)					200,000		172,740

Telecommunications		3.0	%
Switch Ltd. 3.75%, 09/15/28^(b)					180,000		178,875

Transportation & Logistics		1.5	%
XPO Logistics, Inc. 6.25%, 05/01/25^(b)					90,000		90,252

TOTAL CORPORATE BONDS (Cost $4,074,177)							3,663,692

FOREIGN ISSUER BONDS		3.1	%
Beverages		1.6	%
Bacardi Ltd. 4.70%, 05/15/28^(b)					100,000		93,426

Oil & Gas Producers		1.5	%
BP Capital Markets PLC (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.04%) 4.38%, 06/22/25^(c)					100,000		92,500

TOTAL FOREIGN ISSUER BONDS (Cost $217,872)							185,926

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
PREFERRED STOCKS		2.6	%
Institutional Financial Services		0.7	%
Morgan Stanley (Variable, ICE LIBOR USD 3M + 3.49%) 5.85%^(d)					1,679	$	40,682

Telecommunications		1.9	%
2020 Cash Mandatory Exchangeable Trust ^(a)(b)					100		112,490

PREFERRED STOCKS (Cost $150,999)							153,172


	Percentage of Net Assets			Principal Amount		Value
U.S. GOVERNMENT OBLIGATIONS		5.9	%
U.S. Treasury Bonds, 2.25%, 02/15/52					100,000		72,656
U.S. Treasury Bonds, 3.00%, 06/30/24					200,000		195,641
U.S. Treasury Bonds, 3.00%, 08/15/52					100,000		86,297

TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $373,510)							354,594


	Percentage of Net Assets			Shares		Value
SHORT-TERM INVESTMENTS		6.9	%
Northern Institutional Treasury Portfolio (Premier Class), 2.38%^(e)					411,340		411,340

TOTAL SHORT-TERM INVESTMENTS (Cost $411,340)							411,340

TOTAL INVESTMENTS (Cost $6,539,135)		99.7	%				5,954,259
NET OTHER ASSETS (LIABILITIES)		0.3	%				16,167

NET ASSETS		100.0	%			$	5,970,426

^(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 September 30, 2022, and the related index and spread are shown parenthetically for each security.

^(d)	Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2022.

^(e)	7-day current yield as of September 30, 2022 is disclosed.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the JOHCM Credit Income Fund’s investments were concentrated as follows:


Fixed Income Credit Ratings (Unaudited)	% of Net Assets
BBB and above		22.7	%
B		14.1
BB		28.6
BBB-		10.5
CCC+		0.8
NR		14.1

Total		90.8	%


5 Largest Security Positions
Issuer	% of Net Assets
TripAdvisor, Inc. 7.00%, 7/15/25		4.9	%
Netflix, Inc. 6.38%, 5/15/29		4.4
WESCO Distribution, Inc. 7.25%, 6/15/28		4.1
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28		4.0
HP, Inc. 4.75%, 3/1/29		3.9

Total		21.3	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		91.6	%
Brazil		6.5	%
Ambev S.A. - ADR					6,364,845	$	18,012,512
Petroleo Brasileiro S.A. - ADR					1,046,568		12,914,649
Suzano S.A. - ADR					1,375,440		11,347,380

							42,274,541

Canada		2.9	%
Barrick Gold Corp.					1,224,323		18,977,007

China		23.9	%
Anhui Conch Cement Co. Ltd. - Class H					3,351,109		10,562,116
China Oilfield Services Ltd.					9,620,000		9,504,958
China Resources Land Ltd.					3,619,785		14,111,811
ENN Energy Holdings Ltd.					1,322,029		17,591,456
Jiangsu Expressway Co. Ltd. - Class H					3,996,982		2,999,140
Lee & Man Paper Manufacturing Ltd.					4,063,402		1,299,288
Proya Cosmetics Co. Ltd. - Class A					807,859		18,425,176
Tencent Holdings Ltd.					932,524		31,493,199
TravelSky Technology Ltd.					3,562,000		5,436,993
Trip.com Group Ltd.^(a)					463,716		12,667,357
Tsingtao Brewery Co. Ltd. - Class H					1,892,536		17,898,779
Xinyi Energy Holdings Ltd.					3,002,948		922,639
Xinyi Solar Holdings Ltd.					9,178,959		9,542,852
Zhejiang Expressway Co. Ltd. - Class H					4,536,225		3,080,448

							155,536,212

Hong Kong		1.8	%
Hong Kong Exchanges & Clearing Ltd.					339,751		11,535,606

India		18.0	%
Container Corp. of India Ltd.					1,298,885		11,312,877
HDFC Bank Ltd. - ADR					421,075		24,599,202
ICICI Bank Ltd. - ADR					336,542		7,057,286
Larsen & Toubro Ltd.					893,071		20,124,225
Mahindra & Mahindra Ltd.					1,524,921		23,553,743
Reliance Industries Ltd.					222,980		6,449,314
State Bank of India					3,688,687		23,851,869

							116,948,516

Indonesia		4.6	%
Bank Mandiri Persero Tbk PT					18,594,854		11,401,357
Bank Rakyat Indonesia Persero Tbk PT					37,101,274		10,914,097
Mitra Adiperkasa Tbk PT^(a)					108,537,065		7,539,542

							29,854,996

Jersey		0.3	%
Centamin PLC					2,098,970		2,091,870

Mexico		8.9	%
Becle S.A.B. de C.V.					3,532,633		6,256,810
Bolsa Mexicana de Valores S.A.B. de C.V.					2,925,222		4,893,405

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Cemex S.A.B. de C.V. - ADR^(a)					3,912,710	$	13,420,595
Grupo Financiero Banorte S.A.B. de C.V., Series O					2,499,444		16,049,460
Megacable Holdings S.A.B. de C.V.					1,527,268		3,077,362
Wal-Mart de Mexico S.A.B. de C.V.					4,075,115		14,332,054

							58,029,686

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

							—

South Africa		4.4	%
FirstRand Ltd.					5,112,837		17,012,459
Mr Price Group Ltd.					1,209,720		11,477,839

							28,490,298

South Korea		11.1	%
Cheil Worldwide, Inc.					562,940		8,872,474
Kangwon Land, Inc.^(a)					437,714		7,155,013
Samsung Electronics Co. Ltd.					705,465		25,921,133
SK Hynix, Inc.					197,723		11,344,980
SK Square Co. Ltd.^(a)					247,473		6,177,276
SK Telecom Co. Ltd.					355,394		12,553,945

							72,024,821

Taiwan		5.1	%
Primax Electronics Ltd.					4,911,876		9,791,274
Taiwan Cement Corp.					5,308,253		5,630,530
Tong Yang Industry Co. Ltd.					2,993,683		4,550,902
Win Semiconductors Corp.					550,000		2,146,393
Yuanta Financial Holding Co. Ltd.					18,625,490		11,425,571

							33,544,670

United Arab Emirates		4.1	%
Emaar Properties PJSC					13,293,556		20,803,609
Fertiglobe PLC					3,832,331		5,952,829

							26,756,438

TOTAL COMMON STOCKS (Cost $657,463,155)							596,064,661

PREFERRED STOCKS		5.9	%
Brazil		5.9	%
Azul S.A. - ADR^(a)					825,252		6,717,551
Banco Bradesco S.A. - ADR, 0.95%^(b)					4,316,659		15,885,305
Itau Unibanco Holding S.A. - ADR, 0.61%^(b)					3,064,862		15,845,337

							38,448,193

TOTAL PREFERRED STOCKS (Cost $45,490,661)							38,448,193

TOTAL INVESTMENTS (Cost $702,953,816)		97.5	%				634,512,854
NET OTHER ASSETS (LIABILITIES)		2.5	%				16,403,119

NET ASSETS		100.0	%			$	650,915,973

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

^(a)	Non-income producing security.

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

**	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 September 30, 2022 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		8.6	%
Consumer Discretionary		10.3
Consumer Staples		11.5
Energy		4.4
Financials		26.2
Industrials		6.8
Information Technology		10.8
Materials		10.6
Real Estate		5.4
Utilities		2.9

Total		97.5	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the JOHCM Emerging Markets Opportunities Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Banking		21.9	%
Internet Media & Services		6.8
Beverages		6.5
Technology Hardware		5.5
Real Estate Owners & Developers		5.4
Construction Materials		4.6
Automotive		4.3
Institutional Financial Services		4.3
Transportation & Logistics		3.7
Metals & Mining		3.2
Engineering & Construction		3.1
Oil & Gas Producers		3.0
Retail - Discretionary		2.9
Household Products		2.8
Gas & Water Utilities		2.7
Telecommunications		2.4
Retail - Consumer Staples		2.2
Semiconductors		2.1
Forestry, Paper & Wood Products		1.7
Renewable Energy		1.6
Oil, Gas Services & Equipment		1.5
Advertising & Marketing		1.4
Leisure Facilities & Services		1.1
Asset Management		0.9
Chemicals		0.9
Technology Services		0.8
Containers & Packaging		0.2

Total		97.5	%


5 Largest Security Positions
Issuer	% of Net Assets
Tencent Holdings Ltd.		4.9	%
Samsung Electronics Co. Ltd.		4.0
HDFC Bank Ltd. - ADR		3.8
State Bank of India		3.7
Mahindra & Mahindra Ltd.		3.6

Total		20.0	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS DISCOVERY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		98.2	%
Brazil		10.7	%
Ambipar Participacoes e Empreendimentos S.A.					30,300	$	153,512
Arcos Dorados Holdings, Inc. - Class A					61,535		448,590
Cia Brasileira de Aluminio					140,200		297,327
Cielo S.A.^(a)					372,100		372,490
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes					53,700		182,672
JHSF Participacoes S.A.					88,700		121,679
Locaweb Servicos de Internet S.A.^(a)(b)					85,800		143,150
Lojas Renner S.A.^(a)					63,400		327,322
Oncoclinicas do Brasil Servicos Medicos S.A.^(a)					160,200		189,769
Petro Rio S.A.^(a)					53,300		272,016
Santos Brasil Participacoes S.A.					160,800		227,740
Sinqia S.A.^(a)					45,800		157,921
StoneCo. Ltd. - Class A^(a)					23,265		221,715
TOTVS S.A.^(a)					32,300		175,740
Tres Tentos Agroindustrial S.A.					82,400		168,028
YDUQS Participacoes S.A.					36,400		97,506

							3,557,177

Canada		2.3	%
Capstone Copper Corp.^(a)					92,874		219,184
Dundee Precious Metals, Inc.					49,793		221,326
Neo Performance Materials, Inc.					14,568		107,466
Parex Resources, Inc.					14,997		218,981

							766,957

Chile		1.2	%
Cia Cervecerias Unidas S.A. - ADR					27,580		297,313
Itau CorpBanca Chile S.A.					55,819,393		105,698

							403,011

China		7.3	%
BOE Varitronix Ltd.					182,000		327,734
China Datang Corp. Renewable Power Co. Ltd. - Class H					879,000		204,555
CIMC Enric Holdings Ltd.					384,000		408,143
New Horizon Health Ltd.^(a)(b)					71,000		130,927
Proya Cosmetics Co. Ltd. - Class A					10,400		237,197
Shanghai Huace Navigation Technology Ltd. - Class A					69,780		295,463
Silergy Corp.					7,852		102,927
Uni-President China Holdings Ltd.					453,000		379,746
Xtep International Holdings Ltd.					338,000		357,913

							2,444,605

Germany		1.4	%
AIXTRON S.E.					3,775		91,282
Krones A.G.					4,360		387,861

							479,143

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS DISCOVERY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Greece		0.9	%
Mytilineos S.A.					22,834	$	310,159

Hong Kong		2.5	%
China Power International Development Ltd.					254,000		100,997
Man Wah Holdings Ltd.					268,400		169,490
PAX Global Technology Ltd.					501,000		379,699
Vinda International Holdings Ltd.					79,000		185,606

							835,792

Hungary		0.7	%
Richter Gedeon Nyrt					13,911		238,207

India		23.3	%
Apollo Tyres Ltd.					50,466		171,722
Aster DM Healthcare Ltd.^(a)(b)					158,915		490,566
Bata India Ltd.					16,086		357,714
Computer Age Management Services Ltd.					5,954		183,327
CreditAccess Grameen Ltd.^(a)					31,047		378,813
Genus Power Infrastructures Ltd.					328,976		320,866
Indian Energy Exchange Ltd.^(b)					94,694		163,696
Ipca Laboratories Ltd.					22,901		256,099
KPIT Technologies Ltd.					98,300		786,573
Lemon Tree Hotels Ltd.^(a)(b)					436,165		464,373
Narayana Hrudayalaya Ltd.					69,145		608,033
Phoenix Mills (The) Ltd.					36,237		622,187
PNC Infratech Ltd.					85,618		276,468
PTC India Ltd.					111,718		104,808
PVR Ltd.^(a)					26,429		575,628
Quess Corp. Ltd.^(b)					51,797		410,170
Shriram Transport Finance Co. Ltd.					20,982		308,228
Varun Beverages Ltd.					87,674		1,121,510
VST Tillers Tractors Ltd.					6,314		173,905

							7,774,686

Indonesia		2.8	%
Kalbe Farma Tbk PT					1,451,100		173,762
Merdeka Copper Gold Tbk PT^(a)					976,200		249,861
Surya Esa Perkasa Tbk PT					2,498,200		162,043
Vale Indonesia Tbk PT^(a)					810,100		337,214

							922,880

Jersey		1.5	%
WNS Holdings Ltd. - ADR^(a)					6,134		502,007

Mexico		1.0	%
Banco del Bajio S.A.^(b)					63,100		159,508
Gruma S.A.B. de C.V. - Class B					17,205		164,793

							324,301

New Zealand		0.5	%
a2 Milk (The) Co. Ltd.^(a)					49,526		171,373

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS DISCOVERY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Philippines		1.8	%
Metropolitan Bank & Trust Co.					419,400	$	347,482
Wilcon Depot, Inc.					453,600		247,073

							594,555

Poland		0.9	%
Bank Polska Kasa Opieki S.A.					12,963		157,155
KGHM Polska Miedz S.A.					7,769		135,781

							292,936

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

Saudi Arabia		0.6	%
United Electronics Co.					7,354		214,434

Singapore		0.8	%
Yangzijiang Shipbuilding Holdings Ltd.					360,700		257,916

South Africa		2.1	%
Aspen Pharmacare Holdings Ltd.					38,016		280,046
Life Healthcare Group Holdings Ltd.					161,634		154,159
Mr Price Group Ltd.					26,738		253,691

							687,896

South Korea		11.5	%
BH Co. Ltd.					15,730		282,080
Cheil Worldwide, Inc.					18,040		284,328
CJ CheilJedang Corp.					1,421		407,874
Dentium Co. Ltd.					5,288		305,921
Ecopro BM Co. Ltd.					3,834		233,741
Han Kuk Carbon Co. Ltd.					28,595		237,459
Hana Materials, Inc.					6,343		125,723
Hansol Chemical Co. Ltd.					1,341		157,288
Hyundai Mipo Dockyard Co. Ltd.^(a)					7,794		556,519
LX Semicon Co. Ltd.					1,886		99,969
Meritz Fire & Marine Insurance Co. Ltd.					10,526		215,791
PSK, Inc.					9,218		91,493
SL Corp.					25,441		567,963
Youngone Corp.					8,244		254,247

							3,820,396

Taiwan		16.1	%
Alchip Technologies Ltd.					22,300		600,663
Arcadyan Technology Corp.					110,000		330,038
ASPEED Technology, Inc.					5,750		316,049
Bizlink Holding, Inc.					40,000		353,888
Chailease Holding Co. Ltd.					66,172		376,477
E Ink Holdings, Inc.					110,000		726,773
Elite Material Co. Ltd.					36,000		179,410
Fulgent Sun International Holding Co. Ltd.					78,000		388,863
Hu Lane Associate, Inc.					16,000		84,085

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS DISCOVERY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Ingentec Corp.					74,460	$	480,589
Kaori Heat Treatment Co Ltd.					45,000		148,051
Sino-American Silicon Products, Inc.					31,000		126,457
Taiwan Business Bank					700,379		278,330
Taiwan Paiho Ltd.					129,000		239,647
Tong Yang Industry Co. Ltd.					100,000		152,017
Voltronic Power Technology Corp.					11,450		501,299
Winbond Electronics Corp.					154,000		94,834

							5,377,470

Thailand		6.7	%
Central Plaza Hotel PCL - REG^(a)					426,200		553,653
Fabrinet^(a)					2,222		212,090
Humanica PCL - REG					858,100		252,516
JMT Network Services PCL - REG					278,900		504,637
Land & Houses PCL					367,700		86,422
Land & Houses PCL - REG					848,500		200,203
Major Cineplex Group PCL					463,200		215,899
TOA Paint Thailand PCL					80,000		69,883
TOA Paint Thailand PCL - REG					168,200		147,153

							2,242,456

Turkey		1.2	%
Turk Traktor ve Ziraat Makineleri A.S.					15,309		230,941
Turkiye Petrol Rafinerileri A.S.^(a)					10,822		169,365

							400,306

Uruguay		0.4	%
Dlocal Ltd.^(a)					5,698		116,923

TOTAL COMMON STOCKS (Cost $35,945,913)							32,735,586

EQUITY-LINKED SECURITIES		1.3	%
Singapore		1.3	%
Cochin Shipyard Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 4/16/24^(a)					22,776		123,356
Voltas Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 6/30/25^(a)(b)					26,338		291,320

							414,676

TOTAL EQUITY-LINKED SECURITIES (Cost $357,442)							414,676

PREFERRED STOCKS		0.8	%
Brazil		0.8	%
Gerdau S.A. - ADR, 12.32%^(c)					57,969		262,020

TOTAL PREFERRED STOCKS (Cost $191,926)							262,020

TOTAL INVESTMENTS (Cost $36,495,281)		100.3	%				33,412,282
NET OTHER ASSETS (LIABILITIES)		(0.3	%)				(84,276	)

NET ASSETS		100.0	%			$	33,328,006

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS DISCOVERY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

^(a)	Non-income producing security.

^(b)

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

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

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

At September 30, 2022 the industry sectors for the JOHCM Emerging Markets Discovery Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		3.2	%
Consumer Discretionary		16.6
Consumer Staples		9.4
Energy		2.0
Financials		9.0
Health Care		8.5
Industrials		15.1
Information Technology		22.9
Materials		9.3
Real Estate		3.1
Utilities		1.2

Total		100.3	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS DISCOVERY FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the JOHCM Emerging Markets Discovery Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity and Equity-Linked Securities	% of Net Assets
Technology Hardware		9.0	%
Leisure Facilities & Services		6.8
Beverages		5.4
Specialty Finance		5.3
Apparel & Textile Products		4.8
Health Care Facilities & Services		4.7
Semiconductors		4.6
Metals & Mining		4.4
Technology Services		4.1
Oil & Gas Producers		3.7
Automotive		3.6
Electrical Equipment		3.3
Banking		3.2
Retail - Discretionary		3.1
Household Products		3.0
Chemicals		2.9
Biotechnology & Pharmaceuticals		2.8
Machinery		2.8
Transportation Equipment		2.8
Food		2.7
Commercial Support Services		2.5
Real Estate Services		1.9
Electric Utilities		1.9
Medical Equipment & Devices		0.9
Real Estate Owners & Developers		0.9
Home Construction		0.9
Advertising & Marketing		0.9
Engineering & Construction		0.8
Steel		0.8
Construction Materials		0.7
Renewable Energy		0.7
Transportation & Logistics		0.7
Insurance		0.7
Industrial Intermediate Products		0.5
Software		0.5
Home & Office Products		0.5
Institutional Financial Services		0.5
Internet Media & Services		0.4
Electric, Gas Marketing & Trading		0.3
Consumer Services		0.3
E-Commerce Discretionary		0.0	^(a)

Total		100.3	%

^(a)	Amount rounds to less than 0.01%.


5 Largest Security Positions
Issuer	% of Net Assets
Varun Beverages Ltd.		3.4	%
KPIT Technologies Ltd.		2.4
E Ink Holdings, Inc.		2.2
Phoenix Mills (The) Ltd.		1.9
Narayana Hrudayalaya Ltd.		1.8

Total		11.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		54.0	%
Asset Management		1.8	%
GQG Partners, Inc. - CDI					178,712	$	171,164
Groupe Bruxelles Lambert N.V.					5,920		411,386
Investor AB - Class B					25,879		377,232
Julius Baer Group Ltd.					6,180		268,912

							1,228,694

Banking		3.4	%
CaixaBank S.A.					42,379		136,562
Citizens Financial Group, Inc.					9,522		327,176
FinecoBank Banca Fineco S.p.A.					27,809		341,803
JPMorgan Chase & Co.					3,129		326,981
Lloyds Banking Group PLC					681,633		311,414
Truist Financial Corp.					18,836		820,119

							2,264,055

Beverages		1.2	%
Coca-Cola Europacific Partners PLC					7,190		306,438
Coca-Cola Femsa S.A.B. de C.V. - ADR					8,238		481,017

							787,455

Biotechnology & Pharmaceuticals		4.1	%
AstraZeneca PLC					5,953		654,652
Euroapi S.A.^(a)					176		2,930
Novartis A.G. - REG					14,444		1,101,113
Pfizer, Inc.					6,968		304,920
Roche Holding A.G. - ADR					8,637		350,835
Sanofi					4,491		342,754

							2,757,204

Cable & Satellite		0.3	%
NOS SGPS S.A.					55,807		182,218

Chemicals		4.2	%
Air Products and Chemicals, Inc.					3,612		840,621
International Flavors & Fragrances, Inc.					8,122		737,721
Linde PLC					3,420		921,998
Nutrien Ltd.					3,920		326,849

							2,827,189

Construction Materials		1.3	%
Cie de Saint-Gobain					6,403		228,356
CRH PLC					20,731		668,501

							896,857

Electric Utilities		1.2	%
Terna - Rete Elettrica Nazionale					131,616		801,785

Electrical Equipment		0.5	%
ABB Ltd. - REG					11,766		302,986

Entertainment Content		0.7	%
Activision Blizzard, Inc.					6,201		460,982

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Food		1.2	%
Danone S.A.					3,430	$	161,611
Nestle S.A. - REG					5,960		645,346

							806,957

Health Care Facilities & Services		1.0	%
Elevance Health, Inc.					1,539		699,075

Home Construction		1.0	%
Sekisui House Ltd.					40,400		670,974

Household Products		1.1	%
Unilever PLC					16,725		735,898

Industrial Intermediate Products		0.7	%
Chart Industries, Inc.^(a)					2,371		437,094

Institutional Financial Services		0.8	%
CME Group, Inc.					2,882		510,489

Insurance		0.3	%
Allianz S.E. - REG					1,143		180,880

Internet Media & Services		3.0	%
Alphabet, Inc. - Class C^(a)					8,638		830,544
Meta Platforms, Inc. - Class A^(a)					3,510		476,237
Naspers Ltd. - Class N					5,675		703,311

							2,010,092

Machinery		0.6	%
Deere & Co.					1,157		386,311

Medical Equipment & Devices		1.2	%
Thermo Fisher Scientific, Inc.					1,633		828,241

Metals & Mining		0.4	%
Anglo American PLC					8,672		261,967

Oil & Gas Producers		5.0	%
Cheniere Energy, Inc.					2,516		417,430
Kinetik Holdings, Inc.					20,878		680,205
New Fortress Energy, Inc.					4,244		185,505
ONEOK, Inc.					9,750		499,590
Pembina Pipeline Corp.					20,943		636,166
Williams Cos. (The), Inc.					32,456		929,216

							3,348,112

Real Estate Investment Trusts		5.5	%
Boston Properties, Inc.					2,892		216,813
Crown Castle International Corp.					6,778		979,760
Digital Realty Trust, Inc.					2,933		290,895
Frasers Logistics & Commercial Trust					766,949		658,011
Mapletree Industrial Trust					430,480		714,554
VICI Properties, Inc.					27,447		819,293

							3,679,326

Real Estate Owners & Developers		1.4	%
Hang Lung Properties Ltd.					343		560

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Hongkong Land Holdings Ltd.					79	$	346
Hysan Development Co. Ltd.					113,000		284,567
Sun Hung Kai Properties Ltd.					58,000		637,720

							923,193

Retail - Consumer Staples		1.4	%
Dollar Tree, Inc.^(a)					6,607		899,213

Semiconductors		3.1	%
NXP Semiconductors N.V.					4,135		609,954
ON Semiconductor Corp.^(a)					11,349		707,383
STMicroelectronics N.V.					11,455		353,439
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR					5,730		392,849

							2,063,625

Software		3.1	%
Bill.com Holdings, Inc.^(a)					1,585		209,807
Microsoft Corp.					4,210		980,509
Oracle Corp.					14,418		880,507

							2,070,823

Technology Services		2.4	%
PayPal Holdings, Inc.^(a)					7,733		665,579
Visa, Inc. - Class A					5,149		914,720

							1,580,299

Telecommunications		2.1	%
AT&T, Inc.					32,798		503,121
BT Group PLC					335,826		454,059
Verizon Communications, Inc.					3,873		147,058
Vodafone Group PLC					247,682		278,959

							1,383,197

TOTAL COMMON STOCKS (Cost $37,291,374)							35,985,191

	Percentage of Net Assets			Principal Amount		Value
CONVERTIBLE BONDS		6.0	%
Cable & Satellite		2.3	%
Liberty Broadband Corp., 1.25%, 09/30/50^(b)				$	500,000		472,500
2.75%, 09/30/50^(b)					300,000		287,617
Liberty Latin America Ltd. 2.00%, 07/15/24					895,000		782,600

							1,542,717

Internet Media & Services		1.2	%
Spotify U.S.A., Inc. 0.00%, 03/15/26					1,000,000		785,000

Software		2.5	%
1Life Healthcare, Inc. 3.00%, 06/15/25					250,000		241,875

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
Avalara, Inc. 0.25%, 08/01/26				$	400,000	$	386,800
Bill.com Holdings, Inc. 0.00%, 04/01/27					250,000		195,125
Splunk, Inc. 1.13%, 06/15/27					1,040,000		818,248

							1,642,048

TOTAL CONVERTIBLE BONDS (Cost $4,409,574)							3,969,765

CORPORATE BONDS		21.0	%
Advertising & Marketing		1.7	%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28^(b)					1,400,000		1,108,324

Apparel & Textile Products		0.5	%
Kontoor Brands, Inc. 4.13%, 11/15/29^(b)					411,000		327,456

Asset Management		0.8	%
Charles Schwab Corp. (The) (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25^(c)					550,000		534,875

Banking		1.7	%
Bank of America Corp. (Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25^(d)					450,000		369,004
JPMorgan Chase & Co. (Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25^(d)					900,000		740,250

							1,109,254

Biotechnology & Pharmaceuticals		0.8	%
AbbVie, Inc. 3.60%, 05/14/25					570,000		547,125

Cable & Satellite		1.8	%
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/23^(b)					750,000		745,676
5.38%, 06/01/29^(b)					550,000		481,426

							1,227,102

Containers & Packaging		0.4	%
Berry Global, Inc. 4.88%, 07/15/26^(b)					300,000		282,000

Electrical Equipment		1.3	%
WESCO Distribution, Inc. 7.25%, 06/15/28^(b)					850,000		832,534

Health Care Facilities & Services		0.6	%
Elevance Health, Inc. 2.88%, 09/15/29					300,000		256,143
IQVIA, Inc. 5.00%, 10/15/26^(b)					150,000		142,929

							399,072

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
Internet Media & Services		3.1	%
Netflix, Inc. 6.38%, 05/15/29				$	505,000	$	501,348
TripAdvisor, Inc. 7.00%, 07/15/25^(b)					1,130,000		1,098,596
Uber Technologies, Inc. 4.50%, 08/15/29^(b)					550,000		462,344

							2,062,288

Leisure Products		0.4	%
Mattel, Inc. 5.88%, 12/15/27^(b)					275,000		263,313

Real Estate Investment Trusts		4.0	%
American Tower Corp. 3.65%, 03/15/27					900,000		823,216
Digital Realty Trust L.P., 3.70%, 08/15/27					300,000		277,938
3.60%, 07/01/29					850,000		745,208
SBA Communications Corp. 3.13%, 02/01/29					175,000		140,747
VICI Properties L.P./VICI Note Co., Inc. 5.75%, 02/01/27^(b)					700,000		659,596

							2,646,705

Semiconductors		0.3	%
Broadcom, Inc. 3.14%, 11/15/35^(b)					280,000		196,196

Software		0.4	%
SS&C Technologies, Inc. 5.50%, 09/30/27^(b)					325,000		296,463

Technology Hardware		1.4	%
HP, Inc. 4.75%, 03/01/29^(b)					920,000		924,901

Technology Services		1.0	%
MSCI, Inc. 4.00%, 11/15/29^(b)					770,000		665,049

Telecommunications		0.8	%
Switch Ltd. 3.75%, 09/15/28^(b)					550,000		546,562

TOTAL CORPORATE BONDS (Cost $15,440,771)							13,969,219

	Percentage of Net Assets			Shares		Value
EXCHANGE TRADED FUNDS		3.4	%
iShares Gold Trust^(a)					36,211		1,141,733
SPDR Gold Shares^(a)					7,375		1,140,691

TOTAL EXCHANGE TRADED FUNDS (Cost $2,018,617)							2,282,424

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
FOREIGN ISSUER BONDS		6.5	%
Beverages		2.6	%
Bacardi Ltd. 4.70%, 05/15/28^(b)				$	900,000	$	840,834
JDE Peet’s N.V. 0.80%, 09/24/24^(b)					1,000,000		915,142

							1,755,976

Technology Services		2.8	%
CGI, Inc. 1.45%, 09/14/26					1,000,000		864,573
Thomson Reuters Corp. 4.30%, 11/23/23					1,000,000		992,386

							1,856,959

Telecommunications		1.1	%
Rogers Communications, Inc. 3.63%, 12/15/25					750,000		708,873

TOTAL FOREIGN ISSUER BONDS (Cost $4,470,375)							4,321,808

	Percentage of Net Assets			Shares		Value
PREFERRED STOCKS		2.1	%
Beverages		0.6	%
Embotelladora Andina S.A. - Class B 5.71%^(e)					216,125		374,218

Technology Hardware		0.6	%
Samsung Electronics Co. Ltd. 3.08%^(e)					11,751		382,360

Telecommunications		0.9	%
2020 Cash Mandatory Exchangeable Trust ^(a)(b)					550		618,695

PREFERRED STOCKS (Cost $1,504,372)							1,375,273

	Percentage of Net Assets			Principal Amount		Value
U.S. GOVERNMENT OBLIGATIONS		1.6	%
U.S. Treasury Bonds, 2.25%, 02/15/52					1,500,000		1,089,844

TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $1,234,404)							1,089,844

	Percentage of Net Assets			Shares		Value
SHORT-TERM INVESTMENTS		3.5	%
Northern Institutional Treasury Portfolio (Premier Class), 2.38%^(f)					2,349,818		2,349,818

TOTAL SHORT-TERM INVESTMENTS (Cost $2,349,818)							2,349,818

TOTAL INVESTMENTS (Cost $68,719,305)		98.1	%				65,343,342
NET OTHER ASSETS (LIABILITIES)		1.9	%				1,260,641

NET ASSETS		100.0	%			$	66,603,983

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

^(a)	Non-income producing security.

^(b)

^(c)	Floating rate security. The rate presented is the rate in effect at September 30, 2022, and the related index and spread are shown parenthetically for each security.

^(d)	Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of September 30, 2022.

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

^(f)	7-day current yield as of September 30, 2022 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

CDI – CREST Depository Interest

REG – Registered

At September 30, 2022, the JOHCM Global Income Builder Fund’s investments were concentrated as follows:


Country Allocation (Unaudited)	Percentage of Net Assets
United States		63.9	%
Canada		5.3
United Kingdom		4.5
Switzerland		4.0
Netherlands		2.8
Ireland		2.4
Singapore		2.1
Chile		1.7
Italy		1.7
Hong Kong		1.4
Bermuda		1.3
France		1.1
South Africa		1.0
Japan		1.0
Mexico		0.7
Belgium		0.6
Taiwan		0.6
South Korea		0.6
Sweden		0.6
Portugal		0.3
Germany		0.3
Spain		0.2

Total		98.1	%


5 Largest Security Positions
Issuer	% of Net Assets
iShares Gold Trust		1.7	%
SPDR Gold Shares		1.7
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28		1.7
Novartis A.G. - REG		1.7
TripAdvisor, Inc. 7.00%, 7/15/25		1.7

Total		8.5	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		97.6	%
Australia		2.2	%
Fortescue Metals Group Ltd.					579,468	$	6,210,387

Brazil		0.7	%
Banco Bradesco S.A. - ADR					563,159		2,072,425

China		4.1	%
Alibaba Group Holding Ltd.^(a)					581,575		5,833,718
Tencent Holdings Ltd.					172,068		5,811,080

							11,644,798

Denmark		4.8	%
Novo Nordisk A/S - Class B					72,923		7,268,527
Orsted A/S^(b)					80,917		6,438,758

							13,707,285

Hong Kong		2.1	%
Hong Kong Exchanges & Clearing Ltd.					171,961		5,838,612

Indonesia		1.4	%
Bank Mandiri Persero Tbk PT					6,328,796		3,880,475

Ireland		4.6	%
Accenture PLC - Class A					24,429		6,285,582
Linde PLC					24,916		6,717,104

							13,002,686

Japan		4.5	%
Keyence Corp.					19,235		6,386,077
Sony Group Corp.					96,787		6,229,436

							12,615,513

Jersey		2.0	%
Aptiv PLC^(a)					71,069		5,558,306

Netherlands		4.4	%
CNH Industrial N.V.					591,711		6,609,412
Prosus N.V.^(a)					110,164		5,741,077

							12,350,489

Sweden		2.4	%
Boliden AB					221,669		6,855,554

United States		64.4	%
AGCO Corp.					68,511		6,588,703
Agilent Technologies, Inc.					56,955		6,922,880
Alphabet, Inc. - Class A^(a)					66,252		6,337,004
ANSYS, Inc.^(a)					29,277		6,490,711
Catalent, Inc.^(a)					83,615		6,050,381
Chart Industries, Inc.^(a)					38,114		7,026,316
Danaher Corp.					24,128		6,232,021
Elevance Health, Inc.					15,015		6,820,414
Envista Holdings Corp.^(a)					187,040		6,136,782
EPAM Systems, Inc.^(a)					17,568		6,362,954
Estee Lauder (The) Cos., Inc. - Class A					28,482		6,149,264

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets				Shares		Value
Globant S.A.^(a)						32,209	$	6,025,660
Henry Schein, Inc.^(a)						94,297		6,201,914
Intercontinental Exchange, Inc.						68,842		6,219,875
Intuit, Inc.						16,923		6,554,616
Keysight Technologies, Inc.^(a)						41,699		6,561,755
Microsoft Corp.						29,602		6,894,306
Morningstar, Inc.						29,351		6,231,804
Nasdaq, Inc.						121,512		6,887,300
PerkinElmer, Inc.						47,673		5,736,492
Regeneron Pharmaceuticals, Inc.^(a)						9,205		6,341,048
Repligen Corp.^(a)						37,016		6,926,064
S&P Global, Inc.						19,887		6,072,495
Tenaris S.A. - ADR						276,096		7,134,321
Thermo Fisher Scientific, Inc.						12,963		6,574,704
TPG, Inc.						242,329		6,746,439
United Rentals, Inc.^(a)				��		23,139		6,250,307
Vertex Pharmaceuticals, Inc.^(a)						24,422		7,071,146

								181,547,676

TOTAL COMMON STOCKS (Cost $275,749,008)								275,284,206

TOTAL INVESTMENTS (Cost $275,749,008)		97.6	%					275,284,206
NET OTHER ASSETS (LIABILITIES)		2.4	%					6,736,292

NET ASSETS		100.0	%				$	282,020,498

^(a)	Non-income producing security.

^(b)

Abbreviations:

ADR – American Depositary Receipt

At September 30, 2022 the industry sectors for the JOHCM Global Select Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		4.3	%
Consumer Discretionary		8.3
Consumer Staples		2.2
Energy		2.5
Financials		15.6
Health Care		27.7
Industrials		9.4
Information Technology		18.3
Materials		7.0
Utilities		2.3

Total		97.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the JOHCM Global Select Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Medical Equipment & Devices		13.7	%
Technology Services		11.0
Biotechnology & Pharmaceuticals		7.3
Software		7.1
Machinery		6.9
Health Care Facilities & Services		6.8
Institutional Financial Services		6.7
Internet Media & Services		6.3
Metals & Mining		4.6
Steel		2.5
Industrial Intermediate Products		2.5
Asset Management		2.4
Chemicals		2.4
Electrical Equipment		2.3
Electric Utilities		2.3
Industrial Support Services		2.2
Technology Hardware		2.2
Household Products		2.2
Banking		2.1
E-Commerce Discretionary		2.1
Automotive		2.0

Total		97.6	%


5 Largest Security Positions
Issuer	% of Net Assets
Novo Nordisk A/S - Class B		2.6	%
Tenaris S.A. - ADR		2.6
Vertex Pharmaceuticals, Inc.		2.5
Chart Industries, Inc.		2.5
Repligen Corp.		2.5

Total		12.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		94.9	%
Belgium		1.0	%
Proximus SADP					1,463	$	15,159

Canada		6.1	%
Alimentation Couche-Tard, Inc.					1,289		51,892
Cameco Corp.					1,488		39,491

							91,383

Finland		3.8	%
Kone OYJ - Class B					636		24,491
Wartsila OYJ Abp					5,074		32,327

							56,818

France		16.1	%
Publicis Groupe S.A.					1,011		47,838
Sanofi					689		52,585
Schneider Electric S.E.					348		39,042
Thales S.A.					538		59,341
TotalEnergies S.E.					938		44,152

							242,958

Germany		11.1	%
Continental A.G.					693		31,135
Deutsche Boerse A.G.					329		54,166
Merck KGaA					254		41,454
Vitesco Technologies Group A.G.^(a)					824		40,367

							167,122

Ireland		4.3	%
CRH PLC					2,041		65,355

Italy		2.6	%
Enel S.p.A.					9,713		39,804

Japan		5.6	%
KDDI Corp.					807		23,669
Nippon Gas Co. Ltd.					2,491		35,236
Nitori Holdings Co. Ltd.					300		25,105

							84,010

Netherlands		5.7	%
Heineken Holding N.V.					742		50,660
SBM Offshore N.V.					2,769		34,606

							85,266

Portugal		3.3	%
Galp Energia SGPS S.A.					5,191		49,750

South Korea		2.1	%
LG H&H Co. Ltd.					74		32,455

Spain		2.0	%
Iberdrola S.A.					3,272		30,418

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Sweden		5.3	%
Sandvik AB					2,289	$	31,170
Svenska Handelsbanken AB - Class A					6,037		49,332

							80,502

Switzerland		2.0	%
Roche Holding A.G.					92		29,997

United Kingdom		21.2	%
B&M European Value Retail S.A.					16,610		56,402
Beazley PLC					6,857		42,538
Compass Group PLC					2,443		48,834
HomeServe PLC					1,218		16,095
Informa PLC					5,691		32,786
Lancashire Holdings Ltd.					6,575		36,265
Rio Tinto PLC					447		24,211
Shell PLC					2,499		62,176

							319,307

United States		2.7	%
Philip Morris International, Inc.					492		40,841

TOTAL COMMON STOCKS (Cost $1,738,541)							1,431,145

TOTAL INVESTMENTS (Cost $1,738,541)		94.9	%				1,431,145
NET OTHER ASSETS (LIABILITIES)		5.1	%				77,156

NET ASSETS		100.0	%			$	1,508,301

^(a)	Non-income producing security.

At September 30, 2022 the industry sectors for the JOHCM International Opportunities Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		7.9	%
Consumer Discretionary		13.4
Consumer Staples		11.7
Energy		15.3
Financials		12.1
Health Care		8.2
Industrials		13.4
Materials		5.9
Utilities		7.0

Total		94.9	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the JOHCM International Opportunities Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Oil & Gas Producers		10.3	%
Biotechnology & Pharmaceuticals		8.2
Retail - Consumer Staples		7.2
Insurance		5.2
Automotive		4.7
Electric Utilities		4.7
Construction Materials		4.3
Metals & Mining		4.2
Electrical Equipment		4.2
Machinery		4.2
Aerospace & Defense		3.9
Institutional Financial Services		3.6
Beverages		3.4
Banking		3.3
Commercial Support Services		3.2
Advertising & Marketing		3.2
Tobacco & Cannabis		2.7
Telecommunications		2.6
Gas & Water Utilities		2.3
Oil, Gas Services & Equipment		2.3
Publishing & Broadcasting		2.2
Household Products		2.2
Retail - Discretionary		1.7
Engineering & Construction		1.1

Total		94.9	%


5 Largest Security Positions
Issuer	% of Net Assets
CRH PLC		4.3	%
Shell PLC		4.1
Thales S.A.		4.0
B&M European Value Retail S.A.		3.8
Deutsche Boerse A.G.		3.6

Total		19.8	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		94.6	%
Australia		2.2	%
Fortescue Metals Group Ltd.					12,776,572	$	136,931,566

China		3.7	%
Alibaba Group Holding Ltd.^(a)					11,629,801		116,657,305
Tencent Holdings Ltd.					3,454,367		116,660,878

							233,318,183

Denmark		4.6	%
Novo Nordisk A/S - Class B					1,629,140		162,382,899
Orsted A/S^(b)					1,601,913		127,468,015

							289,850,914

France		8.9	%
Air Liquide S.A.					1,141,306		129,956,841
L’Oreal S.A.					478,895		152,488,728
Sanofi					1,738,562		132,687,529
Schneider Electric S.E.					1,315,246		147,558,635

							562,691,733

Germany		4.7	%
Deutsche Boerse A.G.					836,060		137,646,414
Merck KGaA					993,057		162,070,307

							299,716,721

Hong Kong		2.1	%
Hong Kong Exchanges & Clearing Ltd.					4,000,984		135,845,880

Indonesia		1.5	%
Bank Rakyat Indonesia Persero Tbk PT					329,226,351		96,848,651

Ireland		6.6	%
Accenture PLC - Class A					565,775		145,573,907
ICON PLC^(a)					748,160		137,496,845
Linde PLC					504,397		137,935,873

							421,006,625

Japan		14.6	%
Advantest Corp.					2,765,400		128,518,078
FANUC Corp.					866,843		119,917,221
Japan Exchange Group, Inc.					9,132,400		123,451,507
Keyence Corp.					416,873		138,403,072
Ono Pharmaceutical Co. Ltd.					5,588,000		129,988,027
ORIX Corp.					10,461,500		147,130,344
Sony Group Corp.					2,151,200		138,456,215

							925,864,464

Jersey		4.3	%
Aptiv PLC^(a)					1,561,696		122,140,244
Ferguson PLC					1,411,120		146,936,696

							269,076,940

Netherlands		10.5	%
CNH Industrial N.V.					12,422,657		138,687,581

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Koninklijke Ahold Delhaize N.V.					5,207,430	$	132,601,719
Prosus N.V.^(a)					2,227,951		116,107,251
QIAGEN N.V.^(a)					3,272,678		135,096,148
STMicroelectronics N.V.					4,708,909		145,291,283

							667,783,982

Sweden		1.8	%
EQT AB					6,050,000		116,389,741

Switzerland		7.0	%
Alcon, Inc.					2,595,716		150,317,968
Lonza Group A.G. - REG					316,255		153,797,612
Roche Holding A.G.					435,315		141,938,390

							446,053,970

United Kingdom		17.4	%
Anglo American PLC					3,938,528		118,976,558
Ashtead Group PLC					3,167,910		141,434,113
AstraZeneca PLC					1,417,040		155,831,990
B&M European Value Retail S.A.					33,077,114		112,318,877
Compass Group PLC					7,532,289		150,564,536
GSK PLC					6,924,702		101,003,639
Haleon PLC^(a)					9,726,431		30,094,470
London Stock Exchange Group PLC					1,789,004		150,855,087
Rio Tinto PLC					2,671,405		144,692,714

							1,105,771,984

United States		4.7	%
Globant S.A.^(a)					686,835		128,493,092
Tenaris S.A.					12,852,690		166,632,983

							295,126,075

TOTAL COMMON STOCKS (Cost $6,955,144,431)							6,002,277,429

PREFERRED STOCKS		4.1	%
Brazil		2.0	%
Itau Unibanco Holding S.A. - ADR, 0.61%^(c)					23,841,986		123,263,068

Germany		2.1	%
Sartorius A.G., 0.36%^(c)					389,109		135,903,538

TOTAL PREFERRED STOCKS (Cost $295,049,614)							259,166,606

TOTAL INVESTMENTS (Cost $7,250,194,045)		98.7	%				6,261,444,035
NET OTHER ASSETS (LIABILITIES)		1.3	%				81,161,905

NET ASSETS		100.0	%			$	6,342,605,940

^(a)	Non-income producing security.

^(b)

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

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the industry sectors for the JOHCM International Select Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		1.8	%
Consumer Discretionary		11.9
Consumer Staples		5.0
Energy		2.6
Financials		16.3
Health Care		26.8
Industrials		11.0
Information Technology		10.8
Materials		10.5
Utilities		2.0

Total		98.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the JOHCM International Select Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Biotechnology & Pharmaceuticals		15.6	%
Institutional Financial Services		8.6
Medical Equipment & Devices		6.6
Metals & Mining		6.3
Machinery		6.3
Health Care Facilities & Services		4.6
Industrial Support Services		4.6
Technology Services		4.3
Semiconductors		4.3
Chemicals		4.2
Retail - Consumer Staples		3.9
Internet Media & Services		3.7
Banking		3.5
Household Products		2.9
Steel		2.6
Commercial Support Services		2.4
Electrical Equipment		2.3
Specialty Finance		2.3
Technology Hardware		2.2
Electric Utilities		2.0
Automotive		1.9
E-Commerce Discretionary		1.8
Asset Management		1.8

Total		98.7	%


5 Largest Security Positions
Issuer	% of Net Assets
Tenaris S.A.		2.6	%
Novo Nordisk A/S - Class B		2.6
Merck KGaA		2.6
AstraZeneca PLC		2.5
Lonza Group A.G. - REG		2.4

Total		12.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
CLOSED-END FUNDS		1.4	%
Guernsey		1.4	%
Syncona Ltd.^(a)					56,085	$	102,834

TOTAL CLOSED-END FUNDS (Cost $143,982)							102,834

COMMON STOCKS		96.6	%
Austria		0.9	%
Lenzing A.G.					1,181		64,247

Belgium		1.2	%
Umicore S.A.					3,062		88,779

Brazil		7.4	%
Afya Ltd. - Class A^(a)					23,604		320,070
YDUQS Participacoes S.A.					84,611		226,650

							546,720

Canada		4.2	%
ATS Automation Tooling Systems, Inc.^(a)					11,605		306,308

Denmark		9.7	%
Novo Nordisk A/S - Class B					4,220		420,624
Orsted A/S^(b)					3,720		296,009

							716,633

France		7.2	%
Hoffmann Green Cement Technologies S.A.S.^(a)					1,535		10,098
Sartorius Stedim Biotech					1,293		395,261
Valeo					8,474		127,367

							532,726

Germany		4.8	%
Carl Zeiss Meditec A.G. - Bearer					1,889		198,927
Duerr A.G.					7,226		151,311

							350,238

Indonesia		4.8	%
Bank Rakyat Indonesia Persero Tbk PT					1,189,911		350,037

Japan		3.7	%
Horiba Ltd.					6,991		271,659

Netherlands		10.2	%
Alfen Beheer B.V.^(a)(b)					3,503		321,765
QIAGEN N.V.^(a)					10,222		430,159

							751,924

Norway		2.5	%
TOMRA Systems ASA					10,366		182,124

Spain		1.7	%
Befesa S.A.^(b)					4,059		123,816

Switzerland		4.8	%
Lonza Group A.G. - REG					734		356,951

United Kingdom		6.4	%
Abcam PLC^(a)					23,987		357,829
Autolus Therapeutics PLC - ADR^(a)					38,484		82,356

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Home REIT PLC					22,833	$	23,071
Ilika PLC^(a)					11,563		6,960

							470,216

United States		27.1	%
Agilent Technologies, Inc.					3,417		415,336
ANSYS, Inc.^(a)					1,568		347,626
Ecolab, Inc.					1,371		198,000
Evoqua Water Technologies Corp.^(a)					10,436		345,119
PTC, Inc.^(a)					3,369		352,397
Xylem, Inc.					3,837		335,200

							1,993,678

TOTAL COMMON STOCKS (Cost $9,271,320)							7,106,056

TOTAL INVESTMENTS (Cost $9,415,302)		98.0	%				7,208,890
NET OTHER ASSETS (LIABILITIES)		2.0	%				147,763

NET ASSETS		100.0	%			$	7,356,653

^(a)	Non-income producing security.

^(b)

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

REIT – Real Estate Investment Trust

At September 30, 2022 the industry sectors for the Regnan Global Equity Impact Solutions were:


Sector Allocation (Unaudited)	% of Net Assets
Consumer Discretionary		9.2	%
Financials		6.2
Health Care		36.1
Industrials		24.1
Information Technology		13.2
Materials		4.9
Real Estate		0.3
Utilities		4.0

Total		98.0	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the Regnan Global Equity Impact Solutions’ investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Medical Equipment & Devices		19.6	%
Machinery		17.9
Biotechnology & Pharmaceuticals		11.7
Software		9.5
Consumer Services		7.4
Health Care Facilities & Services		4.9
Chemicals		4.8
Banking		4.8
Engineering & Construction		4.4
Electric Utilities		4.0
Electrical Equipment		3.7
Automotive		1.7
Commercial Support Services		1.7
Closed-End Funds		1.4
Real Estate Investment Trusts		0.3
Construction Materials		0.1
Technology Hardware		0.1

Total		98.0	%


5 Largest Security Positions
Issuer	% of Net Assets
QIAGEN N.V.		5.9	%
Novo Nordisk A/S - Class B		5.7
Agilent Technologies, Inc.		5.6
Sartorius Stedim Biotech		5.4
Abcam PLC		4.9

Total		27.5	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		98.1	%
Brazil		6.9	%
Ambev S.A.					50,000	$	144,040
B3 S.A. - Brasil Bolsa Balcao					42,000		101,606
Banco BTG Pactual S.A.^(a)					37,000		170,172
JBS S.A.					8,000		37,254
Localiza Rent a Car S.A.					4,000		45,299

							498,371

Canada		0.8	%
Fairfax India Holdings Corp.^(a)(b)					6,000		56,880

Chile		0.7	%
Liberty Latin America Ltd. - Class C^(a)					8,000		49,200

China		18.3	%
Alibaba Group Holding Ltd.^(a)					23,000		230,711
China Resources Cement Holdings Ltd.					130,000		60,207
Hainan Meilan International Airport Co. Ltd. - Class H^(a)					30,000		71,984
JD.com, Inc. - Class A					476		12,020
Kingboard Holdings Ltd.					32,000		89,914
Kingsoft Corp. Ltd.					18,000		47,655
NetEase, Inc.					20,000		303,713
Postal Savings Bank of China Co. Ltd. - Class H^(b)					140,000		81,956
Tencent Holdings Ltd.					10,000		337,720
Zijin Mining Group Co. Ltd. - Class H					95,000		91,572

							1,327,452

Colombia		1.5	%
Millicom International Cellular S.A.^(a)					9,350		106,683

Czech Republic		1.6	%
Colt CZ Group S.E.					5,500		119,648

Egypt		1.2	%
Commercial International Bank Egypt S.A.E. - REG - GDR					82,742		90,192

Greece		3.9	%
Motor Oil Hellas Corinth Refineries S.A.					9,000		141,485
OPAP S.A.					12,000		144,123

							285,608

Hong Kong		2.9	%
Lenovo Group Ltd.					194,000		133,274
Sinotruk Hong Kong Ltd.					88,000		73,471

							206,745

Hungary		1.8	%
Richter Gedeon Nyrt					7,500		128,427

India		8.2	%
ICICI Bank Ltd. - ADR					13,000		272,610
Reliance Industries Ltd. - GDR^(b)					5,500		319,994

							592,604

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Kazakhstan		1.3	%
Kaspi.KZ JSC - REG - GDR					1,700	$	97,779

Malaysia		3.4	%
Hibiscus Petroleum Bhd.					360,000		64,749
My EG Services Bhd					1,007,800		183,096

							247,845

Mexico		4.1	%
Becle S.A.B. de C.V.					75,000		132,836
Fibra Uno Administracion S.A. de C.V.					62,000		63,818
Qualitas Controladora S.A.B. de C.V.					24,000		98,970

							295,624

Philippines		1.2	%
Wilcon Depot, Inc.					155,000		84,427

Poland		2.7	%
LiveChat Software S.A.					4,500		98,662
Warsaw Stock Exchange					15,000		98,853

							197,515

Singapore		0.7	%
Sea Ltd. - ADR^(a)					900		50,445

South Africa		4.5	%
Aspen Pharmacare Holdings Ltd.					3,500		25,783
Naspers Ltd. - Class N					1,500		185,897
Sibanye Stillwater Ltd.					48,000		111,095

							322,775

South Korea		11.6	%
AfreecaTV Co. Ltd.					1,000		43,809
Fila Holdings Corp.					6,000		129,928
Hugel, Inc.^(a)					400		28,260
LG Chem Ltd.					300		111,172
NICE Information Service Co. Ltd.					9,000		83,500
Samsung Electronics Co. Ltd.					7,600		279,249
Shinhan Financial Group Co. Ltd.					7,000		162,827

							838,745

Taiwan		9.2	%
Chailease Holding Co. Ltd.					13,950		79,367
E Ink Holdings, Inc.					9,000		59,463
Simplo Technology Co. Ltd.					15,000		123,795
Taiwan Semiconductor Manufacturing Co. Ltd.					31,000		407,473

							670,098

Thailand		3.2	%
Bangkok Bank PCL - REG					40,000		144,751
CP ALL PCL - REG					60,000		89,475

							234,226

Turkey		4.1	%
KOC Holding A.S.					33,000		80,766

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Sok Marketler Ticaret A.S.^(a)					100,000	$	111,573
Turkiye Sise ve Cam Fabrikalari A.S.					75,300		103,404

							295,743

United Kingdom		1.0	%
Georgia Capital PLC^(a)					11,000		76,016

United States		3.3	%
MercadoLibre, Inc.^(a)					100		82,778
Parade Technologies Ltd.					2,500		46,762
Yum China Holdings, Inc.					2,300		108,859

							238,399

TOTAL COMMON STOCKS (Cost $9,608,553)							7,111,447

RIGHTS		0.0	%
Brazil		0.0	%
Localiza Rent a Car S.A.^(a)					12		25

TOTAL RIGHTS (Cost $—)							25

TOTAL INVESTMENTS (Cost $9,608,553)		98.1	%				7,111,472
NET OTHER ASSETS (LIABILITIES)		1.9	%				141,297

NET ASSETS		100.0	%			$	7,252,769

^(a)	Non-income producing security.

^(b)

Abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

REG – Registered

At September 30, 2022 the industry sectors for the TSW Emerging Markets Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		12.9	%
Consumer Discretionary		13.5
Consumer Staples		7.1
Energy		7.3
Financials		21.1
Health Care		2.5
Industrials		8.0
Information Technology		19.6
Materials		5.2
Real Estate		0.9

Total		98.1	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the TSW Emerging Markets Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Internet Media & Services		11.7	%
Banking		10.4
Technology Hardware		8.9
Oil & Gas Producers		8.4
Semiconductors		5.6
E-Commerce Discretionary		5.2
Institutional Financial Services		5.1
Entertainment Content		4.8
Beverages		3.8
Leisure Facilities & Services		3.5
Metals & Mining		2.8
Chemicals		2.8
Retail - Consumer Staples		2.8
Biotechnology & Pharmaceuticals		2.5
Construction Materials		2.3
Asset Management		1.8
Apparel & Textile Products		1.8
Retail - Discretionary		1.8
Leisure Products		1.6
Telecommunications		1.5
Insurance		1.4
Software		1.3
Technology Services		1.1
Specialty Finance		1.1
Transportation Equipment		1.0
Transportation & Logistics		1.0
Real Estate Investment Trusts		0.9
Cable & Satellite		0.7
Food		0.5

Total		98.1	%


5 Largest Security Positions
Issuer	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.		5.6	%
Tencent Holdings Ltd.		4.7
Reliance Industries Ltd. - GDR		4.4
NetEase, Inc.		4.2
Samsung Electronics Co. Ltd.		3.9

Total		22.8	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
CORPORATE BONDS		80.6	%
Aerospace & Defense		0.4	%
TransDigm, Inc. 8.00%, 12/15/25^(a)				$	50,000	$	50,711

Automotive		1.9	%
Clarios Global L.P./Clarios U.S. Finance Co. 6.25%, 05/15/26^(a)					224,000		213,920

Cable & Satellite		0.7	%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 05/01/32^(a)					100,000		76,267

Commercial Support Services		1.8	%
CoreCivic, Inc. 8.25%, 04/15/26					75,000		74,667
Prime Security Services Borrower LLC/Prime Finance, Inc. 6.25%, 01/15/28^(a)					150,000		128,006

							202,673

Construction Materials		1.0	%
Eco Material Technologies, Inc. 7.88%, 01/31/27^(a)					125,000		110,705

Consumer Services		3.9	%
Carriage Services, Inc. 4.25%, 05/15/29^(a)					250,000		197,706
Rent-A-Center, Inc. 6.38%, 02/15/29^(a)					300,000		234,000

							431,706

Electrical Equipment		2.4	%
Vertiv Group Corp. 4.13%, 11/15/28^(a)					150,000		120,750
WESCO Distribution, Inc. 7.13%, 06/15/25^(a)					150,000		150,083

							270,833

Engineering & Construction		1.6	%
Installed Building Products, Inc. 5.75%, 02/01/28^(a)					200,000		178,990

Food		1.9	%
Chobani LLC/Chobani Finance Corp., Inc. 4.63%, 11/15/28^(a)					250,000		212,635

Forestry, Paper & Wood Products		0.5	%
Glatfelter Corp. 4.75%, 11/15/29^(a)					100,000		57,500

Health Care Facilities & Services		3.7	%
AdaptHealth LLC 5.13%, 03/01/30^(a)					250,000		206,131
Tenet Healthcare Corp. 6.25%, 02/01/27^(a)					225,000		209,959

							416,090

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
Home Construction		1.3	%
Forestar Group, Inc. 5.00%, 03/01/28^(a)				$	175,000	$	140,390

Industrial Support Services		3.5	%
Alta Equipment Group, Inc. 5.63%, 04/15/26^(a)					200,000		167,594
Herc Holdings, Inc. 5.50%, 07/15/27^(a)					250,000		225,000

							392,594

Institutional Financial Services		2.2	%
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/29^(a)					175,000		150,500
StoneX Group, Inc. 8.63%, 06/15/25^(a)					100,000		101,008

							251,508

Leisure Facilities & Services		9.7	%
Carnival Corp. 7.63%, 03/01/26^(a)					175,000		133,000
Live Nation Entertainment, Inc. 4.75%, 10/15/27^(a)					80,000		69,455
Marriott Ownership Resorts, Inc. 4.75%, 01/15/28					250,000		208,482
NCL Corp. Ltd. 5.88%, 03/15/26^(a)					200,000		152,148
Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.88%, 11/01/26^(a)					100,000		86,003
Scientific Games International, Inc. 7.00%, 05/15/28^(a)					150,000		141,427
Travel + Leisure Co. 6.60%, 10/01/25					175,000		170,691
VOC Escrow Ltd. 5.00%, 02/15/28^(a)					150,000		122,004

							1,083,210

Leisure Products		3.7	%
Mattel, Inc. 5.88%, 12/15/27^(a)					200,000		191,500
Vista Outdoor, Inc. 4.50%, 03/15/29^(a)					312,000		220,383

							411,883

Oil & Gas Producers		8.1	%
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.63%, 12/15/25^(a)					100,000		96,000
Colgate Energy Partners III LLC 5.88%, 07/01/29^(a)					250,000		223,157
Genesis Energy L.P./Genesis Energy Finance Corp. 8.00%, 01/15/27					225,000		197,438

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
NuStar Logistics L.P. 6.00%, 06/01/26				$	250,000	$	228,846
Sunoco L.P./Sunoco Finance Corp. 5.88%, 03/15/28					175,000		158,803

							904,244

Oil, Gas Services & Equipment		2.0	%
Archrock Partners L.P./Archrock Partners Finance Corp. 6.25%, 04/01/28^(a)					250,000		219,749

Real Estate Services		1.3	%
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/29^(a)					200,000		144,250

Renewable Energy		1.7	%
Enviva Partners L.P./Enviva Partners Finance Corp. 6.50%, 01/15/26^(a)					200,000		189,072

Retail - Consumer Staples		0.9	%
Arko Corp. 5.13%, 11/15/29^(a)					125,000		97,500

Retail - Discretionary		5.7	%
Bath & Body Works, Inc. 6.69%, 01/15/27					150,000		140,228
BlueLinx Holdings, Inc. 6.00%, 11/15/29^(a)					300,000		235,333
Dillard’s, Inc. 7.75%, 07/15/26					175,000		182,209
Patrick Industries, Inc. 4.75%, 05/01/29^(a)					100,000		74,536

							632,306

Specialty Finance		11.6	%
Burford Capital Global Finance LLC 6.25%, 04/15/28^(a)					300,000		262,758
Credit Acceptance Corp. 6.63%, 03/15/26					100,000		92,750
Enova International, Inc. 8.50%, 09/15/25^(a)					200,000		175,250
Fortress Transportation and Infrastructure Investors LLC 6.50%, 10/01/25^(a)					114,000		107,093
Freedom Mortgage Corp. 6.63%, 01/15/27^(a)					200,000		142,527
ILFC E-Capital Trust I 5.12%, 12/21/65^(a)(b)					150,000		97,552
PRA Group, Inc. 5.00%, 10/01/29^(a)					200,000		161,708
Rithm Capital Corp. 6.25%, 10/15/25^(a)					200,000		169,370
World Acceptance Corp. 7.00%, 11/01/26^(a)					150,000		93,162

							1,302,170

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Principal Amount		Value
Steel		3.5	%
Allegheny Ludlum LLC 6.95%, 12/15/25				$	399,000	$	391,020

Technology Hardware		1.0	%
Western Digital Corp. 4.75%, 02/15/26					125,000		115,748

Transportation & Logistics		1.7	%
United Airlines, Inc., 4.38%, 04/15/26^(a)					100,000		89,250
4.63%, 04/15/29^(a)					126,000		104,257

							193,507

Wholesale - Consumer Staples		2.9	%
Performance Food Group, Inc. 5.50%, 10/15/27^(a)					150,000		136,324
United Natural Foods, Inc. 6.75%, 10/15/28^(a)					200,000		182,920

							319,244

TOTAL CORPORATE BONDS (Cost $10,631,612)							9,010,425

FOREIGN ISSUER BONDS		14.3	%
Aerospace & Defense		1.6	%
Rolls-Royce PLC 5.75%, 10/15/27^(a)					200,000		173,750

Automotive		1.6	%
Adient Global Holdings Ltd. 4.88%, 08/15/26^(a)					200,000		175,286

Biotechnology & Pharmaceuticals		0.8	%
Bausch Health Cos., Inc. 5.00%, 01/30/28^(a)					250,000		92,053

Chemicals		1.8	%
Methanex Corp. 5.25%, 12/15/29					250,000		198,726

Commercial Support Services		1.5	%
Cimpress PLC 7.00%, 06/15/26^(a)					250,000		170,000

Health Care Facilities & Services		1.8	%
Akumin, Inc. 7.00%, 11/01/25^(a)					250,000		205,248

Metals & Mining		1.6	%
First Quantum Minerals Ltd. 6.88%, 10/15/27^(a)					200,000		180,000

Telecommunications		1.9	%
Sable International Finance Ltd. 5.75%, 09/07/27^(a)					250,000		218,437

Transportation & Logistics		1.7	%
Stena International S.A. 6.13%, 02/01/25^(a)					200,000		187,595

TOTAL FOREIGN ISSUER BONDS (Cost $2,057,146)							1,601,095

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW HIGH YIELD BOND FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
SHORT-TERM INVESTMENTS		3.6	%
Northern Institutional Treasury Portfolio (Premier Class), 2.38%^(c)					401,475	$	401,475

TOTAL SHORT-TERM INVESTMENTS (Cost $401,475)							401,475

TOTAL INVESTMENTS (Cost $13,090,233)		98.5	%				11,012,995
NET OTHER ASSETS (LIABILITIES)		1.5	%				170,592

NET ASSETS		100.0	%			$	11,183,587

^(a)

^(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 September 30, 2022 is disclosed.

At September 30, 2022 the TSW High Yield Bond Fund’s investments were concentrated as follows:


Fixed Income Credit Ratings (Unaudited)	% of Net Assets
BAA		2.7	%
BA		27.4
B		61.1
CAA		2.9
CA		0.8
Cash equivalents		3.6

Total		98.5	%


5 Largest Security Positions
Issuer	% of Net Assets
Allegheny Ludlum LLC 6.95%, 12/15/25		3.5	%
Burford Capital Global Finance LLC 6.25%, 4/15/28		2.4
BlueLinx Holdings, Inc. 6.00%, 11/15/29		2.1
Rent-A-Center, Inc. 6.38%, 2/15/29		2.1
NuStar Logistics L.P. 6.00%, 6/1/26		2.1

Total		12.2	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
COMMON STOCKS		91.1	%
Belgium		2.2	%
Anheuser-Busch InBev S.A./N.V. - ADR					17,000	$	767,720

Ireland		2.3	%
Willis Towers Watson PLC					4,000		803,760

Japan		3.0	%
Nintendo Co. Ltd. - ADR					21,000		1,070,370

United States		83.6	%
Alphabet, Inc. - Class C^(a)					8,740		840,351
Applied Materials, Inc.					5,000		409,650
Arch Capital Group Ltd.^(a)					29,000		1,320,660
Bank of America Corp.					20,000		604,000
Berkshire Hathaway, Inc. - Class B^(a)					6,300		1,682,226
Charles Schwab (The) Corp.					12,100		869,627
Chesapeake Energy Corp.					6,000		565,260
Cigna Corp.					3,709		1,029,136
Cisco Systems, Inc.					14,000		560,000
Cleveland-Cliffs, Inc.^(a)					26,000		350,220
CVS Health Corp.					10,200		972,774
Dell Technologies, Inc. - Class C					11,000		375,870
Dollar Tree, Inc.^(a)					4,000		544,400
Dominion Energy, Inc.					11,000		760,210
FedEx Corp.					3,000		445,410
FleetCor Technologies, Inc.^(a)					3,000		528,510
HF Sinclair Corp.					8,600		463,024
Kinder Morgan, Inc.					61,600		1,025,024
Kraft Heinz (The) Co.					23,100		770,385
Liberty Broadband Corp. - Class C^(a)					12,100		892,980
Liberty Media Corp. - Liberty SiriusXM - Class C^(a)					19,225		724,975
Lockheed Martin Corp.					3,800		1,467,902
McKesson Corp.					2,100		713,727
Merck & Co., Inc.					13,000		1,119,560
Mosaic (The) Co.					7,000		338,310
Occidental Petroleum Corp.					8,000		491,600
Pfizer, Inc.					24,700		1,080,872
Post Holdings, Inc.^(a)					17,500		1,433,425
Progressive (The) Corp.					8,600		999,406
Raytheon Technologies Corp.					11,000		900,460
Regeneron Pharmaceuticals, Inc.^(a)					1,400		964,418
TJX Cos. (The), Inc.					11,000		683,320
Verizon Communications, Inc.					28,125		1,067,906
Wells Fargo & Co.					25,000		1,005,500

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

September 30, 2022


	Percentage of Net Assets			Shares		Value
Westlake Corp.					4,000	$	347,520
Williams Cos. (The), Inc.					38,325		1,097,245

							29,445,863

TOTAL COMMON STOCKS (Cost $28,105,266)							32,087,713

SHORT-TERM INVESTMENTS		9.0	%
Northern Institutional Treasury Portfolio (Premier Class), 2.38%^(b)					3,155,490		3,155,490

TOTAL SHORT-TERM INVESTMENTS (Cost $3,155,490)							3,155,490

TOTAL INVESTMENTS (Cost $31,260,756)		100.1	%				35,243,203
NET OTHER ASSETS (LIABILITIES)		(0.1	%)				(28,630	)

NET ASSETS		100.0	%			$	35,214,573

^(a)	Non-income producing security.

^(b)	7-day current yield as of September 30, 2022 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

At September 30, 2022 the industry sectors (excluding short-term investments) for the TSW Large Cap Value Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		13.1	%
Consumer Discretionary		3.5
Consumer Staples		8.4
Energy		10.3
Financials		20.7
Health Care		16.7
Industrials		8.0
Information Technology		5.3
Materials		2.9
Utilities		2.2

Total		91.1	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

TSW LARGE CAP VALUE FUND

SCHEDULE OF INVESTMENTS

September 30, 2022

At September 30, 2022 the TSW Large Cap Value Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Insurance		13.6	%
Oil & Gas Producers		10.3
Biotechnology & Pharmaceuticals		9.0
Health Care Facilities & Services		7.7
Aerospace & Defense		6.7
Food		6.3
Technology Hardware		5.7
Cable & Satellite		4.6
Banking		4.6
Telecommunications		3.0
Asset Management		2.5
Internet Media & Services		2.4
Beverages		2.2
Electric Utilities		2.2
Chemicals		1.9
Retail - Discretionary		1.9
Retail - Consumer Staples		1.5
Technology Services		1.5
Transportation & Logistics		1.3
Semiconductors		1.2
Steel		1.0

Total		91.1	%


5 Largest Security Positions
Issuer	% of Net Assets
Berkshire Hathaway, Inc. - Class B		4.8	%
Lockheed Martin Corp.		4.2
Post Holdings, Inc.		4.1
Arch Capital Group Ltd.		3.7
Merck & Co., Inc.		3.2

Total		20.0	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2022


	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Discovery Fund			JOHCM Global Income Builder Fund
Assets:
Investments, at cost	$	6,539,135		$	702,953,816		$	36,495,281		$	68,719,305
Investments, at value		5,954,259			634,512,854			33,412,282			65,343,342
Cash		—			22,386,582			1,153			—
Foreign currency (Cost: $0, $36,019, $88,993 and $20,335, respectively)		—			36,015			88,993			20,390
Receivable for interest		61,343			—			—			238,469
Receivable for dividends		1,316			1,131,105			85,256			62,199
Reclaims receivable		—			21,293			16,061			244,388
Receivable for investments sold		—			—			250,502			736,375
Receivable for capital shares sold		—			844,288			9,372			157,005
Receivable from investment adviser		29,476			—			1,708			37,889
Prepaid expenses		9,964			18,519			1,403			18,700

Total Assets		6,056,358			658,950,656			33,866,730			66,858,757

Liabilities:
Securities purchased payable		47,017			1,542,613			200,485			—
Capital shares redeemed payable		—			4,730,717			13,612			30,652
Distributions payable to shareholders		15,990			—			—			100,846
Investment advisory fees payable		2,752			517,108			38,990			38,590
Accounting and Administration fees payable		3,725			433,157			83,357			48,023
Shareholder Services fees - Institutional Shares payable		—			46,120			—			—
Distribution (Rule 12b-1) fees payable		1			8,166			841			575
Treasurer Service fees payable		41			4,739			249			482
JOHCM Compliance fees payable		122			12,553			578			1,081
Deferred foreign capital gains tax payable		—			608,324			94,757			—
Accrued expenses and other payables		16,284			131,186			105,855			34,525

Total Liabilities		85,932			8,034,683			538,724			254,774

Net Assets	$	5,970,426		$	650,915,973		$	33,328,006		$	66,603,983


Net Assets:
Paid in capital	$	6,812,773		$	749,280,103		$	38,644,372		$	70,614,978
Distributable earnings (loss)		(842,347	)		(98,364,130	)		(5,316,366	)		(4,010,995	)

Net Assets	$	5,970,426		$	650,915,973		$	33,328,006		$	66,603,983

Net Assets:
Advisor	$	8,962		$	65,363,386		$	8,945,846		$	6,548,890
Investor		—			10,044,447			—			52,743
Institutional		5,961,464			575,508,140			24,382,160			60,002,350
Share of Common Stock Outstanding:
Advisor		1,032			6,802,084			861,775			733,096
Investor		—			1,044,838			—			5,910
Institutional		685,007			59,708,540			2,346,829			6,715,983
Net Asset Value per Share:
Advisor	$	8.69	^(a)	$	9.61		$	10.38		$	8.93
Investor		—			9.61			—			8.92
Institutional		8.70			9.64			10.39			8.93

(a)	Based on unrounded net assets and shares of $8,961.72 and 1,031.594, respectively.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2022


	JOHCM Global Select Fund		JOHCM International Opportunities Fund			JOHCM International Select Fund			Regnan Global Equity Impact Solutions
Assets:
Investments, at cost	$	275,749,008	$	1,738,541		$	7,250,194,045		$	9,415,302
Investments, at value		275,284,206		1,431,145			6,261,444,035			7,208,890
Cash		9,598,277		72,359			10,064,654			—
Foreign currency (Cost: $0, $0, $5,522 and $98, respectively)		—		—			5,521			96
Receivable for dividends		91,600		2,864			10,442,602			2,718
Reclaims receivable		234,569		10,657			16,900,229			5,704
Receivable for investments sold		—		8,218			116,720,056			608,801
Receivable for capital shares sold		—		—			4,047,902			—
Receivable from investment adviser		23,243		7,649			—			47,820
Prepaid expenses		21,484		1,393			213,889			216

Total Assets		285,253,379		1,534,285			6,419,838,888			7,874,245

Liabilities:
Cash overdraft		—		—			—			417,066
Securities purchased payable		2,451,453		—			33,128,575			—
Capital shares redeemed payable		303,496		—			33,080,489			—
Investment advisory fees payable		228,114		987			5,297,048			5,434
Accounting and Administration fees payable		184,188		6,293			4,220,098			23,399
Shareholder Services fees - Institutional Shares payable		—		—			327,060			—
Distribution (Rule 12b-1) fees payable		2,319		—			87,479			—
Treasurer Service fees payable		2,194		11			51,964			62
JOHCM Compliance fees payable		2,795		17			66,795			225
Accrued expenses and other payables		58,322		18,676			973,440			71,406

Total Liabilities		3,232,881		25,984			77,232,948			517,592

Net Assets	$	282,020,498	$	1,508,301		$	6,342,605,940		$	7,356,653

Net Assets:
Paid in capital	$	263,133,552	$	1,807,318		$	7,953,278,216		$	10,805,788
Distributable earnings (loss)		18,886,946		(299,017	)		(1,610,672,276	)		(3,449,135	)

Net Assets	$	282,020,498	$	1,508,301		$	6,342,605,940		$	7,356,653

Net Assets:
Advisor	$	26,125,400	$	—		$	—		$	—
Investor		—		—			376,892,858			—
Institutional		255,895,098		1,508,301			5,965,713,082			7,356,653
Share of Common Stock Outstanding:
Advisor		2,084,817		—			—			—
Investor		—		—			21,254,287			—
Institutional		20,346,362		181,413			336,304,777			1,173,485
Net Asset Value per Share:
Advisor	$	12.53	$	—		$	—		$	—
Investor		—		—			17.73			—
Institutional		12.58		8.31			17.74			6.27

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2022


	TSW Emerging Markets Fund			TSW High Yield Bond Fund			TSW Large Cap Value Fund
Assets:
Investments, at cost	$	9,608,553		$	13,090,233		$	31,260,756
Investments, at value		7,111,472			11,012,995			35,243,203
Cash		104,381			—			—
Receivable for interest		—			210,535			—
Receivable for dividends		8,926			514			31,496
Reclaims receivable		1,558			—			2,663
Receivable from investment adviser		14,431			14,640			14,351
Prepaid expenses		41,411			26,855			5,580

Total Assets		7,282,179			11,265,539			35,297,293

Liabilities:
Distributions payable to shareholders		—			49,162			—
Investment advisory fees payable		5,147			4,541			17,868
Accounting and Administration fees payable		5,996			3,500			11,212
Treasurer Service fees payable		54			75			261
JOHCM Compliance fees payable		162			216			831
Accrued expenses and other payables		18,051			24,458			52,548

Total Liabilities		29,410			81,952			82,720

Net Assets	$	7,252,769		$	11,183,587		$	35,214,573

Net Assets:
Paid in capital	$	9,994,259		$	13,305,377		$	28,494,313
Distributable earnings (loss)		(2,741,490	)		(2,121,790	)		6,720,260

Net Assets	$	7,252,769		$	11,183,587		$	35,214,573

Net Assets:
Institutional	$	7,252,769		$	11,183,587		$	35,214,573
Share of Common Stock Outstanding:
Institutional		1,000,000			1,344,845			2,771,427
Net Asset Value per Share:
Institutional	$	7.25		$	8.32		$	12.71

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the year ended September 30, 2022


	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Discovery Fund			JOHCM Global Income Builder Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $341, $2,690,869, $142,996, and $184,425, respectively)	$	14,850		$	28,763,332		$	956,741		$	1,996,131
Interest income		224,552			—			—			884,361

Total investment income		239,402			28,763,332			956,741			2,880,492

Operating expenses:
Investment advisory		32,618			6,959,164			571,603			571,792
Distribution (Rule 12b-1) fees - Advisor Shares		11			82,534			12,839			7,805
Distribution (Rule 12b-1) fees - Investor Shares		—			21,117			—			153
Accounting and Administration		11,424			399,898			90,010			39,066
Treasurer Service fees		213			27,221			1,536			3,003
Shareholder Services - Institutional Shares		—			178,319			—			—
JOHCM Compliance		239			27,847			1,468			2,799
Trustees		227			31,556			1,803			3,519
Legal		5,912			90,331			13,117			15,737
Registration		62,467			74,280			37,830			66,361
Printing		3,262			62,458			5,794			7,862
Interest expense		—			4,677			236			1,757
Other		23,107			105,864			55,715			39,389

Total expenses before reductions		139,480			8,065,266			791,951			759,243
Expenses reduced by investment advisor		(98,309	)		—			(108,217	)		(128,903	)
Expenses reduced by service providers		(6,765	)		(70,471	)		(15,513	)		(7,857	)

Total expense reimbursements		(105,074	)		(70,471	)		(123,730	)		(136,760	)

Net expenses		34,406			7,994,795			668,221			622,483

Net investment income		204,996			20,768,537			288,520			2,258,009

Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains (losses) from investment transactions		(257,804	)		(24,101,465	)		(1,863,323	)		1,150,953
Net realized losses from foreign currency transactions		—			(563,926	)		(74,504	)		(111,874	)
Change in unrealized appreciation (depreciation) on investments		(630,452	)		(171,742,624	)		(9,540,584	)		(15,978,265	)
Change in unrealized appreciation (depreciation) on foreign currency		—			(33,361	)		(7,259	)		(24,195	)

Net realized and unrealized losses from investment activities		(888,256	)		(196,441,376	)		(11,485,670	)		(14,963,381	)

Change in Net Assets Resulting from Operations	$	(683,260	)	$	(175,672,839	)	$	(11,197,150	)	$	(12,705,372	)

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the year ended September 30, 2022


	JOHCM Global Select Fund			JOHCM International Opportunities Fund			JOHCM International Select Fund			Regnan Global Equity Impact Solutions
Investment Income:
Dividend income (Net of foreign withholding tax of $456,006, $10,716, $21,112,599, and $14,255, respectively)	$	5,647,268		$	58,723		$	221,063,182		$	85,693
Non-cash dividend income		403,965			3,024			1,177,677			—
Other income		—			—			—			7,869

Total investment income		6,051,233			61,747			222,240,859			93,562

Operating expenses:
Investment advisory		4,164,417			18,237			97,454,154			59,728
Distribution (Rule 12b-1) fees - Advisor Shares		38,372			—			—			—
Distribution (Rule 12b-1) fees - Investor Shares		—			—			1,662,227			—
Accounting and Administration		171,519			11,065			3,728,685			21,973
Treasurer Service fees		16,259			86			380,976			290
Shareholder Services - Institutional Shares		64,127			—			2,565,892			—
JOHCM Compliance		12,570			68			293,603			376
Trustees		18,934			101			445,537			340
Legal		62,912			6,794			1,147,525			115,276
Registration		39,756			18,608			56,181			93,625
Printing		595			3,616			242,021			11,849
Interest expense		3,470			347			21,707			—
Other		65,565			22,348			955,979			17,421

Total expenses before reductions		4,658,496			81,270			108,954,487			320,878
Expenses reduced by investment advisor		(26,536	)		(53,119	)		—			(250,001	)
Expenses reduced by service providers		(7,309	)		(6,591	)		(135,415	)		—

Total expense reimbursements		(33,845	)		(59,710	)		(135,415	)		(250,001	)

Net expenses		4,624,651			21,560			108,819,072			70,877

Net investment income		1,426,582			40,187			113,421,787			22,685

Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains (losses) from investment transactions		24,181,428			37,099			(661,575,248	)		(1,251,430	)
Net realized losses from foreign currency transactions		(98,705	)		(2,794	)		(11,629,732	)		(10,359	)
Change in unrealized appreciation (depreciation) on investments		(171,936,460	)		(469,335	)		(3,923,013,810	)		(2,052,513	)
Change in unrealized appreciation (depreciation) on foreign currency		(46,922	)		(1,588	)		(2,926,817	)		(3,299	)

Net realized and unrealized losses from investment activities		(147,900,659	)		(436,618	)		(4,599,145,607	)		(3,317,601	)

Change in Net Assets Resulting from Operations	$	(146,474,077	)	$	(396,431	)	$	(4,485,723,820	)	$	(3,294,916	)

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the year ended September 30, 2022


	TSW Emerging Markets Fund			TSW High Yield Bond Fund			TSW Large Cap Value Fund
	2022^(a)			2022^(b)			2022^(c)			2021^(d)
Investment Income:
Dividend income (Net of foreign withholding tax of $24,140, $0, $5,235, and $1,199, respectively)	$	181,188		$	1,269		$	690,659		$	545,143
Interest income		—			611,997			—			—
Non-cash dividend income		17,363			—			—			—

Total investment income		198,551			613,266			690,659			545,143

Operating expenses:
Investment advisory		55,262			54,139			227,840			284,739
Accounting and Administration		5,996			3,500			41,912			245,073
Treasurer Service fees		268			409			1,931			—
Chief Compliance Officer fees		—			—			—			7,447
JOHCM Compliance		307			444			1,503			—
Trustees		302			492			975			24,917
Legal		61,710			96,845			30,866			31,979
Insurance		49			67			—			—
Registration		1,500			23,488			29,486			26,720
Printing		8,208			9,373			10,979			10,000
Other		19,494			16,866			28,517			40,261

Total expenses before reductions		153,096			205,623			374,009			671,136

Expenses reduced by investment advisor		(84,709	)		(135,241	)		(47,532	)		—
Expenses reduced by former investment advisor and fees paid indirectly		—			—			(30,252	)		(215,545	)

Total expense reimbursements		(84,709	)		(135,241	)		(77,784	)		(215,545	)

Net expenses		68,387			70,382			296,225			455,591

Net investment income		130,164			542,884			394,434			89,552

Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains (losses) from investment transactions		(370,536	)		(46,754	)		2,931,779			4,746,582
Net realized losses from foreign currency transactions		(9,616	)		—			—			—
Change in unrealized appreciation (depreciation) on investments		(2,497,081	)		(2,077,238	)		(5,986,727	)		7,908,854
Change in unrealized appreciation (depreciation) on foreign currency		(162	)		—			—			—

Net realized and unrealized gains (losses) from investment activities		(2,877,395	)		(2,123,992	)		(3,054,948	)		12,655,436

Change in Net Assets Resulting from Operations	$	(2,747,231	)	$	(1,581,108	)	$	(2,660,514	)	$	12,744,988

(a)	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

(b)	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

(c)	For the period from November 1, 2021 to September 30, 2022.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2022 and 2021


	JOHCM Credit Income Fund						JOHCM Emerging Markets Opportunities Fund						JOHCM Emerging Markets Discovery Fund
	2022			2021			2022			2021			2022			2021
Increase (decrease) in net assets:
Operations:
Net investment income	$	204,996		$	160,419		$	20,768,537		$	12,686,500		$	288,520		$	68,483
Net realized gains (losses) from investments and foreign currency transactions		(257,804	)		36,684			(24,665,391	)		54,510,065			(1,937,827	)		16,333,548
Change in unrealized appreciation (depreciation) on investments and foreign currency		(630,452	)		72,894			(171,775,985	)		46,876,140			(9,547,843	)		(246,278	)

Change in net assets resulting from operations		(683,260	)		269,997			(175,672,839	)		114,072,705			(11,197,150	)		16,155,753

Dividends paid to shareholders:
From distributable earnings:
Advisor Shares		(381	)		(191	)		(3,261,214	)		(880,457	)		(4,038,103	)		(66,920	)
Investor Shares		—			—			(328,686	)		(172,913	)		—			—
Institutional Shares		(233,548	)		(169,720	)		(30,794,394	)		(7,218,773	)		(8,452,708	)		(154,806	)

Total dividends paid to shareholders		(233,929	)		(169,911	)		(34,384,294	)		(8,272,143	)		(12,490,811	)		(221,726	)

Net Capital Transactions:
Advisor Shares		230			10,160			7,797,295			(7,468,006	)		940,803			(4,406,194	)
Investor Shares		—			—			2,287,247			(7,024,857	)		—			—
Institutional Shares		1,653,869			134,384			21,038,694			104,316,360			8,587,662			(7,687,431	)

Change in net assets from capital transactions		1,654,099			144,544			31,123,236			89,823,497			9,528,465			(12,093,625	)

Change in net assets		736,910			244,630			(178,933,897	)		195,624,059			(14,159,496	)		3,840,402
Net assets:
Beginning of year		5,233,516			4,988,886			829,849,870			634,225,811			47,487,502			43,647,100

End of year	$	5,970,426		$	5,233,516		$	650,915,973		$	829,849,870		$	33,328,006		$	47,487,502

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2022 and 2021


	JOHCM Global Income Builder Fund						JOHCM Global Select Fund						JOHCM International Opportunities Fund
	2022			2021			2022			2021			2022			2021
Increase (decrease) in net assets:
Operations:
Net investment income	$	2,258,009		$	2,697,424		$	1,426,582		$	702,421		$	40,187		$	64,118
Net realized gains (losses) from investments and foreign currency transactions		1,039,079			3,673,334			24,082,723			99,756,265			34,305			309,614
Change in unrealized appreciation (depreciation) on investments and foreign currency		(16,002,460	)		6,588,545			(171,983,382	)		40,145,033			(470,923	)		80,835

Change in net assets resulting from operations		(12,705,372	)		12,959,303			(146,474,077	)		140,603,719			(396,431	)		454,567

Dividends paid to shareholders:
From distributable earnings:
Advisor Shares		(421,591	)		(264,475	)		(7,478,429	)		(2,257,927	)		—			—
Investor Shares		(3,183	)		(2,524	)		—			—			—			—
Institutional Shares		(4,262,076	)		(2,838,902	)		(87,938,605	)		(24,723,249	)		(370,628	)		(76,392	)

Total dividends paid to shareholders		(4,686,850	)		(3,105,901	)		(95,417,034	)		(26,981,176	)		(370,628	)		(76,392	)

Net Capital Transactions:
Advisor Shares		(59,099	)		45,443			(4,391,486	)		734,630			—			—
Investor Shares		4,556			(30,476	)		—			—			—			—
Institutional Shares		(14,120,017	)		5,101,698			(44,688,032	)		(3,324,905	)		(1,189,513	)		151,228

Change in net assets from capital transactions		(14,174,560	)		5,116,665			(49,079,518	)		(2,590,275	)		(1,189,513	)		151,228

Change in net assets .		(31,566,782	)		14,970,067			(290,970,629	)		111,032,268			(1,956,572	)		529,403
Net assets:
Beginning of year		98,170,765			83,200,698			572,991,127			461,958,859			3,464,873			2,935,470

End of year	$	66,603,983		$	98,170,765		$	282,020,498		$	572,991,127		$	1,508,301		$	3,464,873

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2022 and 2021


	JOHCM International Select Fund						Regnan Global Equity Impact Solutions


	2022			2021			2022			2021^(a)
Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	113,421,787		$	68,150,102		$	22,685		$	(1,265	)
Net realized gains (losses) from investments and foreign currency transactions		(673,204,980	)		1,248,707,688			(1,261,789	)		(2,139	)
Change in unrealized appreciation (depreciation) on investments and foreign currency		(3,925,940,627	)		350,123,166			(2,055,812	)		(153,906	)

Change in net assets resulting from operations		(4,485,723,820	)		1,666,980,956			(3,294,916	)		(157,310	)

Dividends paid to shareholders:
From distributable earnings:
Investor Shares		(73,348,632	)		(18,199,079	)		—			—
Institutional Shares		(1,189,249,109	)		(309,630,745	)		—			—

Total dividends paid to shareholders		(1,262,597,741	)		(327,829,824	)		—			—

Net Capital Transactions:
Investor Shares		(75,588,299	)		74,878,491			—			—
Institutional Shares		(907,760,129	)		1,384,755,982			8,783,874			2,025,005

Change in net assets from capital transactions		(983,348,428	)		1,459,634,473			8,783,874			2,025,005

Change in net assets		(6,731,669,989	)		2,798,785,605			5,488,958			1,867,695
Net assets:
Beginning of year		13,074,275,929			10,275,490,324			1,867,695			—

End of year	$	6,342,605,940		$	13,074,275,929		$	7,356,653		$	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 years ended September 30, 2022 and 2021


	TSW Emerging Markets Fund			TSW High Yield Bond Fund			TSW Large Cap Value Fund
	2022^(a)			2022^(b)			2022^(c)			2021^(d)			2020^(d)
Increase (decrease) in net assets:
Operations:
Net investment income	$	130,164		$	542,884		$	394,434		$	89,552		$	229,678
Net realized gains (losses) from investments and foreign currency transactions		(380,152	)		(46,754	)		2,931,779			4,746,582			1,548,363
Change in unrealized appreciation (depreciation) on investments and foreign currency		(2,497,243	)		(2,077,238	)		(5,986,727	)		7,908,854			(3,281,656	)

Change in net assets resulting from operations		(2,747,231	)		(1,581,108	)		(2,660,514	)		12,744,988			(1,503,615	)

Dividends paid to shareholders:
From distributable earnings:
Institutional Shares		—			(548,885	)		(5,044,727	)		(1,689,380	)		(1,537,701	)

Total dividends paid to shareholders		—			(548,885	)		(5,044,727	)		(1,689,380	)		(1,537,701	)

Capital Transactions:
Institutional Shares		10,000,000			13,313,580			3,474,901			(2,204,155	)		(2,321,018	)

Change in net assets from capital transactions		10,000,000			13,313,580			3,474,901			(2,204,155	)		(2,321,018	)

Change in net assets		7,252,769			11,183,587			(4,230,340	)		8,851,453			(5,362,334	)
Net assets:
Beginning of year		—			—			39,444,913			30,593,460			35,955,794

End of year	$	7,252,769		$	11,183,587		$	35,214,573		$	39,444,913		$	30,593,460

(a)	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

(b)	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

(c)	For the period from November 1, 2021 to September 30, 2022.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares
JOHCM Credit Income Fund	Year Ended September 30, 2022			Period Ended September 30, 2021^(a)
Net asset value, beginning of year	$	10.13		$	10.16

Income (loss) from investment operations:
Net investment income^(b)		0.32			0.24
Net realized and unrealized losses from investments and foreign currency		(1.39	)		(0.08	)

Total from investment operations		(1.07	)		0.16

Less distributions paid:
From net investment income		(0.31	)		(0.19	)
From net realized gains		(0.06	)		—

Total distributions paid		(0.37	)		(0.19	)

Change in net asset value		(1.44	)		(0.03	)

Net asset value, end of year	$	8.69		$	10.13

Total return		(10.77	%)		1.61	%^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	9		$	10
Ratio of net expenses to average net assets		0.68	%		0.69	%^(d)
Ratio of net investment income to average net assets		3.34	%		3.03	%^(d)
Ratio of gross expenses to average net assets		2.45	%		4.39	%^(d)
Portfolio turnover rate^(e)		48.18	%		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 year 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 Credit Income Fund	Year Ended September 30, 2022			Year Ended September 30, 2021			Period Ended September 30, 2020^(a)
Net asset value, beginning of year	$	10.15		$	9.95		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.33			0.32			0.03
Net realized and unrealized gains (losses) from investments and foreign currency		(1.40	)		0.21			(0.04	)

Total from investment operations		(1.07	)		0.53			(0.01	)

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

Total distributions paid		(0.38	)		(0.33	)		(0.04	)

Change in net asset value		(1.45	)		0.20			(0.05	)

Net asset value, end of year	$	8.70		$	10.15		$	9.95

Total return		(10.76	%)		5.27	%		(0.14	%)^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	5,961		$	5,224		$	4,989
Ratio of net expenses to average net assets		0.58	%		0.59	%		0.65	%^(d)
Ratio of net investment income to average net assets		3.46	%		3.11	%		2.85	%^(d)
Ratio of gross expenses to average net assets		2.35	%		4.39	%		5.47	%^(d)
Portfolio turnover rate^(e)		48.18	%		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 year 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 Emerging Markets Opportunities Fund	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	12.69		$	10.81		$	10.75		$	11.38		$	11.96

Income (loss) from investment operations:
Net investment income^(a)		0.29			0.20			0.08			0.40			0.14
Net realized and unrealized gains (losses) from investments and foreign currency		(2.87	)		1.81			0.40			(0.59	)		(0.27	)

Total from investment operations		(2.58	)		2.01			0.48			(0.19	)		(0.13	)

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

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

Change in net asset value		(3.08	)		1.88			0.06			(0.63	)		(0.58	)

Net asset value, end of year	$	9.61		$	12.69		$	10.81		$	10.75		$	11.38

Total return		(21.18	%)		18.64	%		4.37	%		(1.31	%)		(1.30	%)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	65,363		$	81,462		$	75,971		$	83,555		$	99,577
Ratio of net expenses to average net assets		1.10	%		1.12	%		1.20	%		1.32	%		1.34	%
Ratio of net investment income to average net assets		2.55	%		1.51	%		0.81	%		3.71	%		1.15	%
Ratio of gross expenses to average net assets		1.11	%		1.13	%		1.20	%		1.32	%		1.34	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(b)		0.02	%
Portfolio turnover rate^(c)		41.23	%		38.60	%		53.30	%		35.35	%		31.87	%

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

(b)	Amount rounds to less 0.005%.

(c)	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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	12.67		$	10.80		$	10.74		$	11.36		$	11.95

Income (loss) from investment operations:
Net investment income^(a)		0.28			0.19			0.08			0.41			0.12
Net realized and unrealized gains (losses) from investments and foreign currency		(2.88	)		1.80			0.38			(0.60	)		(0.27	)

Total from investment operations		(2.60	)		1.99			0.46			(0.19	)		(0.15	)

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

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

Change in net asset value		(3.06	)		1.87			0.06			(0.62	)		(0.59	)

Net asset value, end of year	$	9.61		$	12.67		$	10.80		$	10.74		$	11.36

Total return		(21.33	%)		18.42	%		4.26	%		(1.37	%)		(1.47	%)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	10,044		$	9,854		$	14,268		$	13,348		$	8,020
Ratio of net expenses to average net assets		1.25	%		1.27	%		1.35	%		1.47	%		1.49	%
Ratio of net investment income to average net assets		2.43	%		1.47	%		0.76	%		3.86	%		1.01	%
Ratio of gross expenses to average net assets		1.26	%		1.28	%		1.35	%		1.47	%		1.49	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(b)		0.02	%
Portfolio turnover rate^(c)		41.23	%		38.60	%		53.30	%		35.35	%		31.87	%

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

(b)	Amount rounds to less 0.005%.

(c)	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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	12.73		$	10.85		$	10.78		$	11.41		$	11.99

Income (loss) from investment operations:
Net investment income^(a)		0.31			0.21			0.11			0.48			0.15
Net realized and unrealized gains (losses) from investments and foreign currency		(2.88	)		1.81			0.39			(0.66	)		(0.27	)

Total from investment operations		(2.57	)		2.02			0.50			(0.18	)		(0.12	)

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

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

Change in net asset value		(3.09	)		1.88			0.07			(0.63	)		(0.58	)

Net asset value, end of year	$	9.64		$	12.73		$	10.85		$	10.78		$	11.41

Total return		(21.11	%)		18.70	%		4.56	%		(1.21	%)		(1.23	%)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	575,508		$	738,534		$	543,987		$	486,372		$	388,129
Ratio of net expenses to average net assets		1.02	%		1.02	%		1.10	%		1.22	%		1.24	%
Ratio of net investment income to average net assets		2.70	%		1.61	%		1.04	%		4.46	%		1.26	%
Ratio of gross expenses to average net assets		1.03	%		1.03	%		1.10	%		1.22	%		1.24	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(b)		0.02	%
Portfolio turnover rate^(c)		41.23	%		38.60	%		53.30	%		35.35	%		31.87	%

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

(b)	Amount rounds to less 0.005%.

(c)	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 Discovery Fund	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	18.35		$	13.40		$	11.62		$	11.85		$	14.00

Income (loss) from investment operations:
Net investment income^(a)		0.07			0.01			0.15			0.02			0.09
Net realized and unrealized gains (losses) from investments and foreign currency		(3.22	)		5.00			1.70			(0.20	)		(0.56	)

Total from investment operations		(3.15	)		5.01			1.85			(0.18	)		(0.47	)

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

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

Change in net asset value		(7.97	)		4.95			1.78			(0.23	)		(2.15	)

Net asset value, end of year	$	10.38		$	18.35		$	13.40		$	11.62		$	11.85

Total return		(23.44	%)		37.50	%		15.95	%		(1.51	%)		(4.50	%)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	8,946		$	15,209		$	14,365		$	415		$	751
Ratio of net expenses to average net assets		1.59	%		1.63	%		1.64	%		1.64	%		1.64	%
Ratio of net investment income to average net assets		0.53	%		0.06	%		1.21	%		0.15	%		0.69	%
Ratio of gross expenses to average net assets		1.86	%		1.94	%		2.29	%		2.66	%		2.65	%
Portfolio turnover rate^(b)		123.95	%		163.54	%		136.73	%		133.43	%		127.34	%

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

(b)	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 Discovery Fund	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	18.38		$	13.42		$	11.64		$	11.87		$	14.02

Income (loss) from investment operations:
Net investment income^(a)		0.09			0.03			0.04			0.04			0.09
Net realized and unrealized gains (losses) from investments and foreign currency		(3.24	)		5.00			1.83			(0.21	)		(0.55	)

Total from investment operations		(3.15	)		5.03			1.87			(0.17	)		(0.46	)

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

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

Change in net asset value		(7.99	)		4.96			1.78			(0.23	)		(2.15	)

Net asset value, end of year	$	10.39		$	18.38		$	13.42		$	11.64		$	11.87

Total return		(23.44	%)		37.60	%		16.09	%		(1.42	%)		(4.43	%)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	24,382		$	32,279		$	29,282		$	23,870		$	24,093
Ratio of net expenses to average net assets		1.49	%		1.53	%		1.54	%		1.54	%		1.54	%
Ratio of net investment income to average net assets		0.71	%		0.18	%		0.33	%		0.36	%		0.69	%
Ratio of gross expenses to average net assets		1.76	%		1.84	%		2.19	%		2.56	%		2.48	%
Portfolio turnover rate^(b)		123.95	%		163.54	%		136.73	%		133.43	%		127.34	%

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

(b)	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	Year Ended September 30, 2022			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 year	$	11.10		$	9.89		$	10.09		$	9.71		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.32			0.31			0.21			0.31			0.29
Net realized and unrealized gains (losses) from investments and foreign currency		(1.92	)		1.26			(0.11	)		0.41			(0.30	)

Total from investment operations		(1.60	)		1.57			0.10			0.72			(0.01	)

Less distributions paid:
From net investment income		(0.35	)		(0.36	)		(0.25	)		(0.34	)		(0.28	)
From net realized gains		(0.22	)		—			(0.05	)		—			—

Total distributions paid		(0.57	)		(0.36	)		(0.30	)		(0.34	)		(0.28	)

Change in net asset value		(2.17	)		1.21			(0.20	)		0.38			(0.29	)

Net asset value, end of year	$	8.93		$	11.10		$	9.89		$	10.09		$	9.71

Total return		(15.19	%)		16.01	%		0.99	%		7.66	%		(0.06	%)^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	6,549		$	8,213		$	7,285		$	6,933		$	5,516
Ratio of net expenses to average net assets		0.82	%		0.83	%		0.93	%		0.98	%		0.98	%^(d)
Ratio of net investment income to average net assets		2.52	%		2.86	%		2.14	%		3.14	%		3.50	%^(d)
Ratio of gross expenses to average net assets		0.98	%		1.01	%		1.08	%		1.18	%		1.56	%^(d)
Portfolio turnover rate^(e)		122.58	%		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 year 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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019^(a)
Net asset value, beginning of year	$	11.10		$	9.89		$	10.09		$	10.08

Income (loss) from investment operations:
Net investment income^(b)		0.30			0.30			0.20			0.06
Net realized and unrealized gains (losses) from investments and foreign currency		(1.92	)		1.26			(0.12	)		0.01

Total from investment operations		(1.62	)		1.56			0.08			0.07

Less distributions paid:
From net investment income		(0.34	)		(0.35	)		(0.23	)		(0.06	)
From net realized gains		(0.22	)		—			(0.05	)		—

Total distributions paid		(0.56	)		(0.35	)		(0.28	)		(0.06	)

Change in net asset value		(2.18	)		1.21			(0.20	)		0.01

Net asset value, end of year	$	8.92		$	11.10		$	9.89		$	10.09

Total return		(15.38	%)		15.88	%		0.86	%		0.75	%^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	53		$	61		$	81		$	77
Ratio of net expenses to average net assets		0.97	%		0.98	%		1.08	%		1.13	%^(d)
Ratio of net investment income to average net assets		2.35	%		2.73	%		2.01	%		2.70	%^(d)
Ratio of gross expenses to average net assets		1.13	%		1.16	%		1.23	%		1.63	%^(d)
Portfolio turnover rate^(e)		122.58	%		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 year 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	Year Ended September 30, 2022			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 year	$	11.10		$	9.89		$	10.09		$	9.71		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.33			0.32			0.22			0.33			0.30
Net realized and unrealized gains (losses) from investments and foreign currency		(1.92	)		1.26			(0.11	)		0.40			(0.30	)

Total from investment operations		(1.59	)		1.58			0.11			0.73			—

Less distributions paid:
From net investment income		(0.36	)		(0.37	)		(0.26	)		(0.35	)		(0.29	)
From net realized gains		(0.22	)		—			(0.05	)		—			—

Total distributions paid		(0.58	)		(0.37	)		(0.31	)		(0.35	)		(0.29	)

Change in net asset value		(2.17	)		1.21			(0.20	)		0.38			(0.29	)

Net asset value, end of year	$	8.93		$	11.10		$	9.89		$	10.09		$	9.71

Total return		(15.11	%)		16.12	%		1.09	%		7.77	%		0.03	%^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	60,002		$	89,897		$	75,835		$	105,634		$	28,206
Ratio of net expenses to average net assets		0.72	%		0.73	%		0.83	%		0.88	%		0.88	%^(d)
Ratio of net investment income to average net assets		2.66	%		2.96	%		2.19	%		3.42	%		3.62	%^(d)
Ratio of gross expenses to average net assets		0.88	%		0.91	%		0.98	%		1.08	%		1.47	%^(d)
Portfolio turnover rate^(e)		122.58	%		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 year 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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	21.39		$	17.28		$	16.41		$	16.73		$	15.05

Income (loss) from investment operations:
Net investment income (loss)^(a)		0.03			0.01			(0.04	)		0.10			0.07
Net realized and unrealized gains (losses) from investments and foreign currency		(5.22	)		5.12			3.17			0.25			1.67

Total from investment operations		(5.19	)		5.13			3.13			0.35			1.74

Less distributions paid:
From net investment income		(0.01	)		—			(0.02	)		(0.18	)		(0.06	)
From net realized gains		(3.66	)		(1.02	)		(2.24	)		(0.49	)		—

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

Change in net asset value		(8.86	)		4.11			0.87			(0.32	)		1.68

Net asset value, end of year	$	12.53		$	21.39		$	17.28		$	16.41		$	16.73

Total return		(30.52	%)		30.60	%		21.26	%		2.66	%		11.61	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	26,125		$	49,721		$	39,213		$	157,452		$	189,317
Ratio of net expenses to average net assets		1.07	%		1.07	%		1.16	%		1.16	%		1.17	%
Ratio of net investment income (loss) to average net assets		0.20	%		0.04	%		(0.28	%)		0.63	%		0.39	%
Ratio of gross expenses to average net assets		1.07	%		1.08	%		1.16	%		1.17	%		1.17	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(b)		—	^(b)
Portfolio turnover rate^(c)		54.44	%		53.91	%		40.21	%		46.36	%		24.81	%

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

(b)	Amount rounds to less 0.005%.

(c)	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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	21.46		$	17.32		$	16.44		$	16.76		$	15.08

Income (loss) from investment operations:
Net investment income^(a)		0.05			0.03			—	^(b)		0.10			0.09
Net realized and unrealized gains (losses) from investments and foreign currency		(5.24	)		5.13			3.15			0.26			1.67

Total from investment operations		(5.19	)		5.16			3.15			0.36			1.76

Less distributions paid:
From net investment income		(0.03	)		—			(0.04	)		(0.19	)		(0.08	)
From net realized gains		(3.66	)		(1.02	)		(2.23	)		(0.49	)		—

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

Change in net asset value		(8.88	)		4.14			0.88			(0.32	)		1.68

Net asset value, end of year	$	12.58		$	21.46		$	17.32		$	16.44		$	16.76

Total return		(30.43	%)		30.71	%		21.43	%		2.76	%		11.76	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	255,895		$	523,270		$	422,745		$	225,884		$	335,636
Ratio of net expenses to average net assets		0.98	%		0.98	%		1.06	%		1.06	%		1.07	%
Ratio of net investment income to average net assets		0.32	%		0.13	%		0.01	%		0.66	%		0.57	%
Ratio of gross expenses to average net assets		0.99	%		0.98	%		1.06	%		1.07	%		1.07	%
Ratio of expense recoupment to average net assets		—			—			—			—	^(c)		—	^(c)
Portfolio turnover rate^(d)		54.44	%		53.91	%		40.21	%		46.36	%		24.81	%

(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)	Amount rounds to less 0.005%.

(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 Opportunities Fund	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	11.82		$	10.48		$	10.65		$	10.71		$	11.19

Income (loss) from investment operations:
Net investment income^(a)		0.17			0.22			0.17			0.24			0.20
Net realized and unrealized gains (losses) from investments and foreign currency		(2.03	)		1.39			(0.09	)		(0.10	)		(0.02	)

Total from investment operations		(1.86	)		1.61			0.08			0.14			0.18

Less distributions paid:
From net investment income		(0.27	)		(0.17	)		(0.23	)		(0.18	)		(0.29	)
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	)

Change in net asset value		(3.51	)		1.34			(0.17	)		(0.06	)		(0.48	)

Net asset value, end of year	$	8.31		$	11.82		$	10.48		$	10.65		$	10.71

Total return		(17.89	%)		15.39	%		0.62	%		1.42	%		1.76	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	1,508		$	3,465		$	2,935		$	2,301		$	2,276
Ratio of net expenses to average net assets		0.88	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of net investment income to average net assets		1.66	%		1.83	%		1.60	%		2.29	%		1.86	%
Ratio of gross expenses to average net assets		3.34	%		5.73	%		9.42	%		8.61	%		8.23	%
Portfolio turnover rate^(b)		68.19	%		47.85	%		64.62	%		34.58	%		57.05	%

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

(b)	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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	31.07		$	27.53		$	22.54		$	23.68 $			21.93

Income (loss) from investment operations:
Net investment income^(a)		0.21			0.10			0.05			0.23			0.19
Net realized and unrealized gains (losses) from investments and foreign currency		(10.70	)		4.25			5.11			(1.10	)		1.76

Total from investment operations		(10.49	)		4.35			5.16			(0.87	)		1.95

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

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

Change in net asset value		(13.34	)		3.54			4.99			(1.14	)		1.75

Net asset value, end of year	$	17.73		$	31.07		$	27.53		$	22.54		$	23.68

Total return		(37.43	%)		15.94	%		23.02	%		(3.59	%)		8.97	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	376,893		$	800,457		$	643,607		$	588,729		$	551,489
Ratio of net expenses to average net assets		1.21	%		1.21	%		1.23	%		1.24	%		1.25	%
Ratio of net investment income to average net assets		0.82	%		0.33	%		0.20	%		1.03	%		0.83	%
Ratio of gross expenses to average net assets		1.21	%		1.21	%		1.23	%		1.24	%		1.25	%
Portfolio turnover rate^(b)		58.91	%		53.34	%		43.51	%		33.06	%		26.06	%

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

(b)	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	Year Ended September 30, 2022			Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018
Net asset value, beginning of year	$	31.08		$	27.53		$	22.54		$	23.66		$	21.92

Income (loss) from investment operations:
Net investment income^(a)		0.27			0.18			0.11			0.28			0.27
Net realized and unrealized gains (losses) from investments and foreign currency		(10.69	)		4.24			5.11			(1.09	)		1.73

Total from investment operations		(10.42	)		4.42			5.22			(0.81	)		2.00

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

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

Change in net asset value		(13.34	)		3.55			4.99			(1.12	)		1.74

Net asset value, end of year	$	17.74		$	31.08		$	27.53		$	22.54		$	23.66

Total return		(37.27	%)		16.24	%		23.30	%		(3.31	%)		9.22	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	5,965,713		$	12,273,819		$	9,631,884		$	7,822,739		$	7,619,731
Ratio of net expenses to average net assets		0.98	%		0.96	%		0.98	%		0.99	%		1.00	%
Ratio of net investment income to average net assets		1.05	%		0.57	%		0.45	%		1.27	%		1.16	%
Ratio of gross expenses to average net assets		0.98	%		0.97	%		0.98	%		0.99	%		1.00	%
Portfolio turnover rate^(b)		58.91	%		53.34	%		43.51	%		33.06	%		26.06	%

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

(b)	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
Regnan Global Equity Impact Solutions	Year Ended September 30, 2022			Period Ended September 30, 2021^(a)
Net asset value, beginning of year	$	9.22		$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.02			(—	)^(c)
Net realized and unrealized losses from investments and foreign currency		(2.97	)		(0.78	)

Total from investment operations		(2.95	)		(0.78	)

Change in net asset value		(2.95	)		(0.78	)

Net asset value, end of year	$	6.27		$	9.22

Total return		(32.00	%)^(d)		(7.80	%)^(e)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	7,357		$	1,868
Ratio of net expenses to average net assets		0.89	%		0.89	%^(f)
Ratio of net investment income (loss) to average net assets		0.28	%		(0.61	%)^(f)
Ratio of gross expenses to average net assets		4.03	%		8.76	%^(f)
Portfolio turnover rate^(g)		49.28	%		4.30	%^(e)

(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)	The Adviser reimbursed the Fund $7,869 during the period in connection with an error. Such reimbursement was 0.13% to the Fund’s total return on the payment date.

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

(f)	Annualized for periods less than one year.

(g)	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 Emerging Markets Fund	Period Ended September 30, 2022^(a)
Net asset value, beginning of year	$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.13
Net realized and unrealized losses from investments and foreign currency		(2.88	)

Total from investment operations		(2.75	)

Change in net asset value		(2.75	)

Net asset value, end of year	$	7.25

Total return		(27.50	%)^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	7,253
Ratio of net expenses to average net assets		0.99	%^(d)
Ratio of net investment income to average net assets		1.88	%^(d)
Ratio of gross expenses to average net assets		2.22	%^(d)
Portfolio turnover rate^(e)		11.47	%^(c)

(a)	For the period from December 21, 2021, commencement of operations, to September 30, 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 High Yield Bond Fund	Period Ended September 30, 2022^(a)
Net asset value, beginning of year	$	10.00

Income (loss) from investment operations:
Net investment income^(b)		0.43
Net realized and unrealized losses from investments and foreign currency		(1.67	)

Total from investment operations		(1.24	)

Less distributions paid:
From net investment income		(0.44	)

Total distributions paid		(0.44	)

Change in net asset value		(1.68	)

Net asset value, end of year	$	8.32

Total return		(12.75	%)^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	11,184
Ratio of net expenses to average net assets		0.65	%^(d)
Ratio of net investment income to average net assets		5.01	%^(d)
Ratio of gross expenses to average net assets		1.90	%^(d)
Portfolio turnover rate^(e)		31.64	%^(c)

(a)	For the period from October 26, 2021, commencement of operations, to September 30, 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 September 30, 2022^(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 year	$	15.60		$	11.46		$	12.50		$	13.69		$	13.37		$	13.11

Income (loss) from investment operations:
Net investment income^(b)		0.14			0.03			0.08			0.22			0.07			0.07
Net realized and unrealized gains (losses) from investments and foreign currency		(1.10	)		4.74			(0.58	)		0.39			1.35			1.56

Total from investment operations		(0.96	)		4.77			(0.50	)		0.61			1.42			1.63

Less distributions paid:
From net investment income		(0.11	)		(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		(1.93	)		(0.63	)		(0.54	)		(1.80	)		(1.10	)		(1.37	)

Change in net asset value		(2.89	)		4.14			(1.04	)		(1.19	)		0.32			0.26

Net asset value, end of year	$	12.71		$	15.60		$	11.46		$	12.50		$	13.69		$	13.37

Total return		(7.11	%)^(c)		42.90	%		(4.25	%)		6.38	%		11.03	%		13.32	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	35,215		$	39,445		$	30,593		$	35,956		$	41,099		$	40,234
Ratio of net expenses to average net assets		0.78	%^(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		1.03	%^(d)		0.24	%		0.70	%		1.78	%		0.54	%		0.56	%
Ratio of gross expenses to average net assets		0.98	%^(d)		1.77	%		1.88	%		1.74	%		1.68	%		1.63	%
Portfolio turnover rate^(e)		46.37	%^(c)		29.00	%		64.00	%		46.00	%		60.00	%		40.00	%

(a)	For the period from November 1, 2021 to September 30, 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

September 30, 2022

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 Discovery Fund (formerly 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, 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 September 30, 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 Discovery 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 Emerging Markets Fund	Institutional Shares: December 21, 2021	to maximize long-term capital appreciation

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

*	Formerly known as JOHCM Emerging Markets Small Mid Cap Equity Fund.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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 AIT 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 have 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

September 30, 2022

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 approved independent third party pricing service 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 approved independent pricing source. 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.

Prior to September 8, 2022, when the price of a security was not readily available or deemed unreliable (e.g., an approved pricing service did not provide a price, a furnished price was in error, certain stale prices, or an event occurred that materially affected the furnished price), a Fund’s Fair Value Committee would in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision of the Trustees. Since September 8, 2022, the Trustees designated JOHCM (USA) Inc, as investment adviser to the Funds, as the Funds’ Valuation Designee with responsibility for establishing fair value, in accordance with the Trust’s valuation policy, when the price of a security is not readily available or deemed unreliable. 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 approved 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 September 30, 2022 in valuing each Fund’s investments based upon the three fair value levels defined above:


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
JOHCM Credit Income Fund
Common Stocks	$	7,254	$	2,076	$	—	$	9,330
Convertible Bonds		—		1,176,205		—		1,176,205
Corporate Bonds		—		3,663,692		—		3,663,692
Foreign Issuer Bonds		—		185,926		—		185,926
Preferred stocks		40,682		112,490		—		153,172
Short-Term Investments		411,340		—		—		411,340

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Total
U.S. Government Obligations	$	—	$	354,594	$	—		$	354,594

Total Investments	$	459,276	$	5,494,983	$	—		$	5,954,259

JOHCM Emerging Markets Opportunities Fund
Common Stocks:
Brazil	$	42,274,541	$	—	$	—		$	42,274,541
Canada		18,977,007		—		—			18,977,007
India		31,656,488		85,292,028		—			116,948,516
Mexico		58,029,686		—		—			58,029,686
Russia		—		—		—	**		—
Other*		—		359,834,911		—			359,834,911

Total common stocks	$	150,937,722	$	445,126,939	$	—		$	596,064,661

Preferred stocks	$	38,448,193	$	—	$	—		$	38,448,193

Total Investments	$	189,385,915	$	445,126,939	$	—		$	634,512,854

JOHCM Emerging Markets Discovery Fund
Common Stocks:
Brazil	$	3,557,177	$	—	$	—		$	3,557,177
Canada		766,957		—		—			766,957
Chile		403,011		—		—			403,011
Jersey		502,007		—		—			502,007
Mexico		324,301		—		—			324,301
Russia		—		—		—	**		—
Thailand		212,090		2,030,366		—			2,242,456
Uruguay		116,923		—		—			116,923
Other*		—		24,822,754		—			24,822,754

Total common stocks	$	5,882,466	$	26,853,120	$	—		$	32,735,586

Equity-Linked Securities*	$	—	$	414,676	$	—		$	414,676
Preferred stocks*		262,020		—		—			262,020

Total Investments	$	6,144,486	$	27,267,796	$	—		$	33,412,282

JOHCM Global Income Builder Fund
Common Stocks:
Canada	$	963,015	$	—	$	—		$	963,015
Ireland		921,998		668,501		—			1,590,499
Mexico		481,017		—		—			481,017
Netherlands		609,954		353,439		—			963,393
Switzerland		350,835		2,318,357		—			2,669,192
Taiwan		392,849		—		—			392,849
United Kingdom		306,438		2,696,949		—			3,003,387
United States		18,913,115		171,164		—			19,084,279
Other*		—		6,837,560		—			6,837,560

Total common stocks	$	22,939,221	$	13,045,970	$	—		$	35,985,191

Convertible Bonds*	$	—	$	3,969,765	$	—		$	3,969,765
Corporate Bonds*		—		13,969,219		—			13,969,219
Exchange Traded Funds		2,282,424		—		—			2,282,424
Foreign Issuer Bonds*		—		4,321,808		—			4,321,808
Preferred stocks*		—		1,375,273		—			1,375,273
Short-Term Investments		2,349,818		—		—			2,349,818

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Government Obligations	$	—	$	1,089,844	$	—	$	1,089,844

Total Investments	$	27,571,463	$	37,771,879	$	—	$	65,343,342

JOHCM Global Select Fund
Common Stocks:
Brazil	$	2,072,425	$	—	$	—	$	2,072,425
Ireland		13,002,686		—		—		13,002,686
Jersey		5,558,306		—		—		5,558,306
Netherlands		6,609,412		5,741,077		—		12,350,489
United States		181,547,676		—		—		181,547,676
Other*		—		60,752,624		—		60,752,624

Total common stocks	$	208,790,505	$	66,493,701	$	—	$	275,284,206

Total Investments	$	208,790,505	$	66,493,701	$	—	$	275,284,206

JOHCM International Opportunities Fund
Common Stocks:
Canada	$	91,383	$	—	$	—	$	91,383
United States		40,841		—		—		40,841
Other*		—		1,298,921		—		1,298,921

Total common stocks	$	132,224	$	1,298,921	$	—	$	1,431,145

Total Investments	$	132,224	$	1,298,921	$	—	$	1,431,145

JOHCM International Select Fund
Common Stocks:
Ireland	$	283,070,752	$	137,935,873	$	—	$	421,006,625
Jersey		122,140,244		146,936,696		—		269,076,940
Netherlands		135,096,148		532,687,834		—		667,783,982
United States		128,493,092		166,632,983		—		295,126,075
Other*		—		4,349,283,807		—		4,349,283,807

Total common stocks	$	668,800,236	$	5,333,477,193	$	—	$	6,002,277,429

Preferred stocks:
Brazil	$	123,263,068	$	—	$	—	$	123,263,068
Germany		—		135,903,538		—		135,903,538

Total preferred stocks	$	123,263,068	$	135,903,538	$	—	$	259,166,606

Total Investments	$	792,063,304	$	5,469,380,731	$	—	$	6,261,444,035

Regnan Global Equity Impact Solutions
Closed-End Funds	$	—	$	102,834	$	—	$	102,834
Common Stocks:
Brazil		546,720		—		—		546,720
Canada		306,308		—		—		306,308
United Kingdom		82,356		387,860		—		470,216
United States		1,993,678		—		—		1,993,678
Other*		—		3,789,134		—		3,789,134

Total common stocks	$	2,929,062	$	4,176,994	$	—	$	7,106,056

Total Investments	$	2,929,062	$	4,279,828	$	—	$	7,208,890

TSW Emerging Markets Fund
Common Stocks:
Brazil	$	498,371	$	—	$	—	$	498,371
Canada		56,880		—		—		56,880

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Chile	$	49,200	$	—	$	—	$	49,200
Colombia		106,683		—		—		106,683
India		272,610		319,994		—		592,604
Mexico		295,624		—		—		295,624
Singapore		50,445		—		—		50,445
United States		191,637		46,762		—		238,399
Other*		—		5,223,241		—		5,223,241

Total common stocks	$	1,521,450	$	5,589,997	$	—	$	7,111,447

Rights*	$	25	$	—	$	—	$	25

Total Investments	$	1,521,475	$	5,589,997	$	—	$	7,111,472

TSW High Yield Bond Fund
Corporate Bonds*	$	—	$	9,010,425	$	—	$	9,010,425
Foreign Issuer Bonds*		—		1,601,095		—		1,601,095
Short-Term Investments		401,475		—		—		401,475

Total Investments	$	401,475	$	10,611,520	$	—	$	11,012,995

TSW Large Cap Value Fund
Common Stocks*	$	32,087,713	$	—	$	—	$	32,087,713
Short-Term Investments		3,155,490		—		—		3,155,490

Total Investments	$	35,243,203	$	—	$	—	$	35,243,203

*	See additional categories in the Schedule of Investments.

**	Amount is $0.

As of September 30, 2022, there were Level 3 investments held in certain Funds as noted above and in the corresponding Schedules of Investments. These investments relate to Russian securities held in certain Funds that halted from trading during the year when U.S. sanctions were imposed after the Russian invasion of Ukraine. There was no other Level 3 activity during the year. 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 September 30, 2022, the Funds held equity-linked securities issued by counterparties as follows:


Fund	Counterparty	Fair value		% of Net Assets
JOHCM Emerging Markets Discovery Fund	CLSA Global Markets Pte. Ltd.	$	414,676		1.3	%

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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 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 year ended September 30, 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 determine 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.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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.

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 Discovery 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.

U.S. 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 Cap Value Fund, U.S. federal income tax returns for the tax years ended September 30, 2019 through September 30, 2022, 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, 2019 through October 31, 2021, and through September 30, 2022 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.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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.

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 Discovery Fund paid $76,222 in capital gain taxes during the year. 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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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.

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 non-U.S. dollar 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

September 30, 2022


Fund	Class	Advisory Fee			Expense Limitation
JOHCM Credit Income Fund	Advisor		0.55	%		0.68	%
JOHCM Credit Income Fund	Institutional		0.55	%		0.58	%
JOHCM Emerging Markets Opportunities Fund	Advisor		0.90	%		1.12	%
JOHCM Emerging Markets Opportunities Fund	Investor		0.90	%		1.27	%
JOHCM Emerging Markets Opportunities Fund	Institutional		0.90	%		1.04	%
JOHCM Emerging Markets Discovery Fund	Advisor		1.30	%		1.59	%
JOHCM Emerging Markets Discovery Fund	Institutional		1.30	%		1.49	%
JOHCM Global Income Builder Fund	Advisor		0.67	%		0.82	%
JOHCM Global Income Builder Fund	Investor		0.67	%		0.97	%
JOHCM Global Income Builder Fund	Institutional		0.67	%		0.72	%
JOHCM Global Select Fund	Advisor		0.89	%		1.08	%
JOHCM Global Select Fund	Institutional		0.89	%		0.98	%
JOHCM International Opportunities Fund	Institutional		0.75	%		0.88	%
JOHCM International Select Fund	Investor		0.89	%^(a)		1.21	%
JOHCM International Select Fund	Institutional		0.89	%^(a)		0.98	%
Regnan Global Equity Impact Solutions	Institutional		0.75	%		0.89	%
TSW Emerging Markets Fund	Institutional		0.80	%		0.99	%
TSW High Yield Bond Fund	Institutional		0.50	%		0.65	%
TSW Large Cap Value Fund	Institutional		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 of 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 Fund, 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 Fund, the TSW High Yield Bond Fund, and the TSW Large Cap Value Fund, respectively, by the Adviser.

For the year ended September 30, 2022, the Funds incurred advisory fees payable to JOHCM, received expense waivers/reimbursements from JOHCM, and paid expense recoupments to JOHCM as follows:

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022


Fund	Advisory Fee to JOHCM		Expenses Reduced by JOHCM			Advisory Fees Recouped by JOHCM
JOHCM Credit Income Fund	$	32,618	$	98,309		$	—
JOHCM Emerging Markets Opportunities Fund		6,959,164		—			—
JOHCM Emerging Markets Discovery Fund		571,603		108,217			—
JOHCM Global Income Builder Fund		571,792		128,903	*		—
JOHCM Global Select Fund		4,164,417		26,536			—
JOHCM International Opportunities Fund		18,237		53,119	*		—
JOHCM International Select Fund		97,454,154		—			—
Regnan Global Equity Impact Solutions		59,728		250,001			—
TSW Emerging Markets Fund**		55,262		84,709			—
TSW High Yield Bond Fund***		54,139		135,241			—
TSW Large Cap Value Fund****		200,130		47,532			—

*	Includes voluntary expense reimbursements of $1,694 and $185 for the JOHCM Global Income Builder Fund and the JOHCM International Opportunities Fund, respectively. Such amounts are not subject to recoupment.

**	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

***	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

****	For the period from December 6, 2021 to September 30, 2022.

The balances of recoverable expenses to JOHCM by Funds at September 30, 2022 were as follows:


For the year ended:	Expiring	JOHCM Credit Income Fund		JOHCM Emerging Markets Opportunities Fund		JOHCM Emerging Markets Discovery Fund		JOHCM Global Income Builder Fund		JOHCM Global Select Fund		JOHCM International Opportunities Fund		JOHCM International Select Fund		Regnan Global Equity Impact Solutions		TSW Emerging Markets Fund			TSW High Yield Bond Fund			TSW Large Cap Value Fund
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		—			—			—
September 30, 2022	September 30, 2025		98,309		—		108,217		127,209		26,536		52,934		—		250,001		84,709	*		135,241	**		47,532	***

Balances of Recoverable Expenses to JOHCM		$	181,585	$	—	$	430,564	$	315,309	$	26,536	$	180,944	$	—	$	266,339	$	84,709		$	135,241		$	47,532

*	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

**	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

***	For the period from December 6, 2021 to September 30, 2022.

Prior to December 6, 2021, Thompson, Siegel & Walmsley LLC (“TSW”) acted as the sole investment adviser 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.

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 from 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 TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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 may voluntarily waive certain fees from time to time. Amounts waived by Northern Trust are included in “Expenses reduced by Service Providers” on the Statements of Operations and are not subject to recoupment.

For the year ended September 30, 2022, Northern Trust voluntarily waived expenses as follows:


Fund	Expenses Waived by Northern Trust
JOHCM Credit Income Fund	$	6,765
JOHCM Emerging Markets Opportunities Fund		70,471
JOHCM Emerging Markets Discovery Fund		15,513
JOHCM Global Income Builder Fund		7,857
JOHCM Global Select Fund		7,309
JOHCM International Opportunities Fund		6,591
JOHCM International Select Fund		135,415

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 level of net assets in the Fund complex, 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 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 FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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 year ended September 30, 2022, the aggregate Trustee compensation paid by the Trust was $504,000. 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.

During the year ended September 30, 2022, Regnan Global Equity Impact Solutions received a $7,869 cash contribution from JOHCM in connection with a trade error. This amount is included in “Other income” on the Statements of Operations and represented $0.01 per share and 0.13% to the total return of the Fund on the payment date.

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 promotional 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 therewith 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 certain of the Funds, 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 and amended July 18, 2022. The Credit Agreement will expire on July 17, 2023 unless extended or renewed. The Credit Agreement permits the applicable 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 Borrower’s option of the sum of the U.S. Federal Fund Target Rate plus 1.30% (1.50% prior to July 18, 2022) or daily Simple SOFR plus 1.40% (daily LIBOR plus 1.50% prior to July 18, 2022).

During the year ended September 30, 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	$	6,934,393		10		2.43	%
JOHCM Emerging Markets Discovery Fund		612,033		7		2.02
JOHCM Global Income Builder Fund		3,461,507		6		3.04
JOHCM Global Select Fund		4,476,092		10		2.79
JOHCM International Opportunities Fund		563,437		9		2.46
JOHCM International Select Fund		29,187,850		9		3.00

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

The JOCHM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Discovery Fund, the JOHCM Global Income Builder Fund, the JOHCM Global Select Fund, the JOHCM International Opportunities Fund and the JOHCM International Select Fund incurred interest expense of $4,677, $236, $1,757, $3,470, $347 and $21,707, respectively, related to borrowings under the Credit Agreements during the year ended September 30, 2022 respectively. The amounts are included in the “Interest Expense” on the Statements of Operations.

E.	Investment Transactions

For the year ended September 30, 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	$	4,248,065	$	2,599,683
JOHCM Emerging Markets Opportunities Fund		350,210,083		307,823,508
JOHCM Emerging Markets Discovery Fund		52,493,708		53,624,511
JOHCM Global Income Builder Fund		99,505,631		114,472,648
JOHCM Global Select Fund		243,939,912		364,909,766
JOHCM International Opportunities Fund		1,567,565		2,894,928
JOHCM International Select Fund		6,171,519,537		7,789,070,456
Regnan Global Equity Impact Solutions		12,312,443		3,654,422
TSW Emerging Markets Fund*		10,951,237		975,705
TSW High Yield Bond Fund**		16,361,774		3,571,329
TSW Large Cap Value Fund***		17,534,276		19,603,718

*	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

**	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

***	For the period from November 1, 2021 to September 30, 2022.

F.	Federal Income Tax

As of September 30, 2022, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:


Fund	Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
JOHCM Credit Income Fund	$	6,539,135	$	18,640	$	(603,516	)	$	(584,876	)
JOHCM Emerging Markets Opportunities Fund		719,765,215		45,380,120		(130,632,481	)		(85,252,361	)
JOHCM Emerging Markets Discovery Fund		37,649,432		2,397,214		(6,634,364	)		(4,237,150	)
JOHCM Global Income Builder Fund		69,221,968		2,735,647		(6,614,273	)		(3,878,626	)
JOHCM Global Select Fund		277,686,657		45,939,821		(48,342,272	)		(2,402,451	)
JOHCM International Opportunities Fund		1,763,391		33,218		(365,464	)		(332,246	)
JOHCM International Select Fund		7,299,965,901		448,277,182		(1,486,799,048	)		(1,038,521,866	)
Regnan Global Equity Impact Solutions		9,685,445		49,328		(2,525,883	)		(2,476,555	)
TSW Emerging Markets Fund		9,615,298		136,997		(2,640,823	)		(2,503,826	)
TSW High Yield Bond Fund		13,090,233		1,621		(2,078,859	)		(2,077,238	)
TSW Large Cap Value Fund		31,260,757		6,103,009		(2,120,563	)		3,982,446

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2022 and September 30, 2021 were as follows:


	Distributions From
Fund	Ordinary Income* 2022		Long-Term Capital Gains 2022			Ordinary Income* 2021			Long-Term Capital Gains 2021			Ordinary Income* 2020		Long-Term Capital Gains 2020
JOHCM Credit Income Fund	$	220,146	$	—		$	169,004		$	754
JOHCM Emerging Markets Opportunities Fund		34,384,294		—			8,272,143			—
JOHCM Emerging Markets Discovery Fund		8,448,031		4,042,780			221,726	**		—	**
JOHCM Global Income Builder Fund		3,505,803		1,185,744	***		3,063,276			—
JOHCM Global Select Fund		10,311,082		85,105,952	***		202,822			26,778,354
JOHCM International Opportunities Fund		261,431		109,197			48,597			27,795
JOHCM International Select Fund		234,506,832		1,028,090,909			60,638,266			267,191,558
TSW High Yield Bond Fund		499,723		—			—			—
TSW Large Cap Value Fund****		2,034,512		3,010,215	***		140,896			1,548,484		$	280,034	$	1,257,667

*	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.

***

The amounts do not include tax equalization utilized of $176,449, $5,900,925, and $263,881 in net long term capital gains in which the JOHCM Global Income Builder, JOHCM Global Select, and TSW Large Cap Value Funds, respectively, designated as being distributed to shareholders on their redemption of shares.

****	For the TSW Predecessor Fund’s prior tax years ended October 31, 2021 and 2020, respectively.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

As of the tax year ended September 30, 2022, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
JOHCM Credit Income Fund	$	16,411	$	—	$	(273,882	)	$	(584,876	)	$	(842,347	)
JOHCM Emerging Markets Opportunities Fund		14,913,103		—		(27,390,563	)		(85,886,670	)		(98,364,130	)
JOHCM Emerging Markets Discovery Fund		440,724		—		(1,419,762	)		(4,337,328	)		(5,316,366	)
JOHCM Global Income Builder Fund		—		—		(100,846	)		(3,910,149	)		(4,010,995	)
JOHCM Global Select Fund		1,328,026		20,006,008		—			(2,447,088	)		18,886,946
JOHCM International Opportunities Fund		38,383		—		(3,536	)		(333,864	)		(299,017	)
JOHCM International Select Fund		97,456,492		—		(666,783,142	)		(1,041,345,626	)		(1,610,672,276	)
Regnan Global Equity Impact Solutions		12,268		—		(981,543	)		(2,479,860	)		(3,449,135	)
TSW Emerging Markets Fund		127,689		—		(365,191	)		(2,503,988	)		(2,741,490	)
TSW High Yield Bond Fund		51,364		—		(95,916	)		(2,077,238	)		(2,121,790	)
TSW Large Cap Value Fund		69,922		2,667,898		—			3,982,440			6,720,260

For the period subsequent to October 31, 2021, through the fiscal year ended September 30, 2022, the JOHCM Emerging Markets Discovery and JOHCM International Opportunities Funds incurred net capital losses and/or late year ordinary loss deferral in the amount of $1,419,762 and $3,536, respectively, which the Funds intend to treat as having been incurred in the following fiscal year.

As of the tax year ended September 30, 2022, 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 Credit Income Fund	$	127,072	$	130,820
JOHCM Emerging Markets Opportunities Fund		27,390,563		—
JOHCM International Select Fund		666,783,142		—
Regnan Global Equity Impact Solutions*		978,667		2,876
TSW Emerging Markets Fund		365,191		—
TSW High Yield Bond Fund		46,754		—

*	A portion of the capital loss carryforward may be subject to limitations under Section 382 of the Internal Revenue Service Code, and is available to the extent by tax law to offset future net capital gains, if any

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

Primarily as a result of differing book/tax treatment of non-deductible expenses and tax equalization, the Funds made reclassifications among certain capital accounts. These reclassifications have no effect on net assets or net asset value per share. As of September 30, 2022, the following reclassifications were made to the Funds’ Statements of Assets and Liabilities:


Fund	Distributable Earnings (Loss)			Paid-in Capital
JOHCM Global Income Builder Fund	$	(176,449	)	$	176,449
JOHCM Global Select Fund		(5,900,925	)		5,900,925
Regnan Global Equity Impact Solutions		(67	)		67
TSW Emerging Markets Fund		5,741			(5,741	)
TSW High Yield Bond Fund		8,203			(8,203	)
TSW Large Cap Value Fund		(263,881	)		263,881

G.	Capital Share Transactions

Transactions in dollars for fund shares for the year ended September 30, 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	$	—	$	230	$	—		$	230
JOHCM Credit Income Fund	Institutional Shares		1,500,000		153,869		—			1,653,869
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		35,573,321		2,027,795		(29,803,821	)		7,797,295
JOHCM Emerging Markets Opportunities Fund	Investor Shares		12,683,392		323,106		(10,719,251	)		2,287,247
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		285,279,477		25,240,159		(289,480,942	)		21,038,694
JOHCM Emerging Markets Discovery Fund	Advisor Shares		1,407,750		3,303,179		(3,770,126	)		940,803
JOHCM Emerging Markets Discovery Fund	Institutional Shares		10,540,313		7,719,433		(9,672,084	)		8,587,662
JOHCM Global Income Builder Fund	Advisor Shares		148,930		327,279		(535,308	)		(59,099	)
JOHCM Global Income Builder Fund	Investor Shares		3,430		3,170		(2,044	)		4,556
JOHCM Global Income Builder Fund	Institutional Shares		14,837,702		2,514,239		(31,471,958	)		(14,120,017	)
JOHCM Global Select Fund	Advisor Shares		5,138,615		7,412,087		(16,942,188	)		(4,391,486	)
JOHCM Global Select Fund	Institutional Shares		17,740,444		76,791,960		(139,220,436	)		(44,688,032	)
JOHCM International Opportunities Fund	Institutional Shares		—		331,277		(1,520,790	)		(1,189,513	)
JOHCM International Select Fund	Investor Shares		26,569,860		72,404,775		(174,562,934	)		(75,588,299	)
JOHCM International Select Fund	Institutional Shares		2,579,824,065		754,625,044		(4,242,209,238	)		(907,760,129	)
Regnan Global Equity Impact Solutions	Institutional Shares		10,461,500		—		(1,677,626	)		8,783,874
TSW Emerging Markets Fund*	Institutional Shares		10,000,000		—		—			10,000,000
TSW High Yield Bond Fund**	Institutional Shares		13,016,972		296,608		—			13,313,580
TSW Large Cap Value Fund***	Institutional Shares		4,954,476		5,001,015		(6,480,590	)		3,474,901

*	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

**	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

***	For the period from November 1, 2021 to September 30, 2022.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

Transactions in shares of fund shares for the year ended September 30, 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		—		24		—			24
JOHCM Credit Income Fund	Institutional Shares		154,163		16,047		—			170,210
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		3,031,927		164,727		(2,812,338	)		384,316
JOHCM Emerging Markets Opportunities Fund	Investor Shares		1,145,993		26,205		(904,819	)		267,379
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		25,523,191		2,045,394		(25,865,081	)		1,703,504
JOHCM Emerging Markets Discovery Fund	Advisor Shares		102,086		242,169		(311,291	)		32,964
JOHCM Emerging Markets Discovery Fund	Institutional Shares		863,049		565,112		(837,673	)		590,488
JOHCM Global Income Builder Fund	Advisor Shares		14,853		29,999		(51,545	)		(6,693	)
JOHCM Global Income Builder Fund	Investor Shares		313		295		(201	)		407
JOHCM Global Income Builder Fund	Institutional Shares		1,433,359		232,430		(3,046,082	)		(1,380,293	)
JOHCM Global Select Fund	Advisor Shares		296,932		376,248		(912,811	)		(239,631	)
JOHCM Global Select Fund	Institutional Shares		1,019,426		3,886,233		(8,943,362	)		(4,037,703	)
JOHCM International Opportunities Fund	Institutional Shares		—		33,769		(145,378	)		(111,609	)
JOHCM International Select Fund	Investor Shares		1,049,147		2,450,246		(8,007,868	)		(4,508,475	)
JOHCM International Select Fund	Institutional Shares		100,054,720		25,580,510		(184,249,895	)		(58,614,665	)
Regnan Global Equity Impact Solutions	Institutional Shares		1,209,512		—		(238,520	)		970,992
TSW Emerging Markets Fund*	Institutional Shares		1,000,000		—		—			1,000,000
TSW High Yield Bond Fund**	Institutional Shares		1,313,944		30,901		—			1,344,845
TSW Large Cap Value Fund***	Institutional Shares		331,208		360,439		(449,065	)		242,582

*	For the period from December 21, 2021, commencement of operations, to September 30, 2022.

**	For the period from October 26, 2021, commencement of operations, to September 30, 2022.

***	For the period from November 1, 2021 to September 30, 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 Discovery Fund	Advisor Shares		2,350,298		48,955		(6,805,447	)		(4,406,194	)
JOHCM Emerging Markets Discovery 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 (audited). Payments for Shares Redeemed is net of redemption fees of $489.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2022

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 Discovery Fund	Advisor Shares		145,454		3,234		(391,679	)		(242,991	)
JOHCM Emerging Markets Discovery 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 (audited).

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

September 30, 2022

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 September 30, 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 Discovery Fund	Institutional Shares		57.5
JOHCM Global Income Builder Fund	Advisor Shares		85.0
JOHCM Global Income Builder Fund	Institutional Shares		19.7
JOHCM International Opportunities Fund	Institutional Shares		100.0
Regnan Global Equity Impact Solutions	Institutional Shares		17.9
TSW Emerging Markets Fund	Institutional Shares		100.0
TSW High Yield Bond Fund	Institutional Shares		93.7

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of JOHCM Funds Trust and Shareholders of each of the eleven funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting JOHCM Funds Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of each of their operations, the changes in each of their net assets, and each of their financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.


JOHCM Credit Income Fund (1), (8)		JOHCM Global Income Builder Fund (1), (7)
JOHCM Emerging Markets Opportunities Fund (1), (6)		JOHCM International Opportunities Fund (1), (6)
JOHCM Emerging Markets Discovery Fund (1), (6)		JOHCM International Select Fund (1), (6)
JOHCM Global Select Fund (1), (6)		Regnan Global Equity Impact Solutions (2)
TSW Emerging Markets Fund (3)		TSW High Yield Bond Fund (4)
TSW Large Cap Value Fund (formerly known as TS&W Equity Portfolio) (5)

(1)	Statement of operations for the year ended September 30, 2022 and statement of changes in net assets for each of the two years in the period ended September 30, 2022

(2)	Statement of operations for the year ended September 30, 2022, and statement of changes in net assets and financial highlights for the year ended September 30, 2022 and for the period from August 23, 2021 (commencement of operations) through September 30, 2021

(3)	Statement of operations, statement of changes in net assets, and financial highlights for the period December 21, 2021 (commencement of operations) through September 30, 2022

(4)	Statement of operations, statement of changes in net assets, and financial highlights for the period October 26, 2021 (commencement of operations) through September 30, 2022

(5)	Statement of operations, statement of changes in net assets, and financial highlights for the period November 1, 2021 through September 30, 2022

(6)	Financial highlights for each of the five years in the period ended September 30, 2022

(7)	Financial highlights for each of the four years in the period ended September 30, 2022 and for the period November 29, 2017 (commencement of operations) through September 30, 2018

(8)	Financial highlights for each of the two years in the period ended September 30, 2022 and for the period August 17, 2020 (commencement of operations) through September 30, 2020

PricewaterhouseCoopers LLP, One North Wacker, Chicago, IL 60606

T: (312) 298 2000, www.pwc.com/us

The financial statements and financial highlights of TSW Large Cap Value Fund (formerly known as TS&W Equity Portfolio) as of October 31, 2021, including the statement of operations for the year ended October 31, 2021, the statements of changes in net assets for the two years ended October 31, 2021, and the financial highlights for each of the five years ended October 31, 2021, were audited by other auditors whose report dated December 23, 2021 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, IL

November 23, 2022

We have served as the auditor of one or more investment companies in JOHCM Funds Trust since 2014.

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 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; distribution (12b-1) 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 April 1, 2022 and held for the entire period through September 30, 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 Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s 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 4/1/2022		Ending Account Value 9/30/2022		Expenses Paid* 4/1/22–9/30/22
JOHCM Credit Income Fund	Advisor Shares		0.68	%	$	1,000.00	$	931.00	$	3.29
JOHCM Credit Income Fund	Institutional Shares		0.58	%		1,000.00		931.60		2.81
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		1.12	%		1,000.00		837.10		5.16
JOHCM Emerging Markets Opportunities Fund	Investor Shares		1.27	%		1,000.00		836.40		5.85
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		1.02	%		1,000.00		837.50		4.70
JOHCM Emerging Markets Discovery Fund	Advisor Shares		1.59	%		1,000.00		786.40		7.12
JOHCM Emerging Markets Discovery Fund	Institutional Shares		1.49	%		1,000.00		785.90		6.67
JOHCM Global Income Builder Fund	Advisor Shares		0.82	%		1,000.00		846.80		3.80
JOHCM Global Income Builder Fund	Investor Shares		0.97	%		1,000.00		846.00		4.49
JOHCM Global Income Builder Fund	Institutional Shares		0.72	%		1,000.00		847.20		3.33
JOHCM Global Select Fund	Advisor Shares		1.08	%		1,000.00		731.50		4.69
JOHCM Global Select Fund	Institutional Shares		0.98	%		1,000.00		731.80		4.25
JOHCM International Opportunities Fund	Institutional Shares		0.90	%		1,000.00		845.40		4.16
JOHCM International Select Fund	Investor Shares		1.21	%		1,000.00		687.20		5.12
JOHCM International Select Fund	Institutional Shares		0.98	%		1,000.00		688.40		4.15
Regnan Global Equity Impact Solutions	Institutional Shares		0.89	%		1,000.00		766.50		3.94
TSW Emerging Markets Fund	Institutional Shares		0.99	%		1,000.00		771.30		4.40
TSW High Yield Bond Fund	Institutional Shares		0.65	%		1,000.00		897.70		3.09
TSW Large Cap Value Fund	Institutional Shares		0.73	%		1,000.00		856.70		3.40

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 (183) and divided by the number of days in the current year (365).

100

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2022 (Unaudited)

Hypothetical Expense Example


Fund	Class	Expense Ratio			Beginning Account Value 4/1/2022		Ending Account Value 9/30/2022		Expenses Paid* 4/1/22–9/30/22
JOHCM Credit Income Fund	Advisor Shares		0.68	%	$	1,000.00	$	1,021.66	$	3.45
JOHCM Credit Income Fund	Institutional Shares		0.58	%		1,000.00		1,022.16		2.94
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		1.12	%		1,000.00		1,019.45		5.67
JOHCM Emerging Markets Opportunities Fund	Investor Shares		1.27	%		1,000.00		1,018.70		6.43
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		1.02	%		1,000.00		1,019.95		5.16
JOHCM Emerging Markets Discovery Fund	Advisor Shares		1.59	%		1,000.00		1,017.10		8.04
JOHCM Emerging Markets Discovery Fund	Institutional Shares		1.49	%		1,000.00		1,017.60		7.54
JOHCM Global Income Builder Fund	Advisor Shares		0.82	%		1,000.00		1,020.96		4.15
JOHCM Global Income Builder Fund	Investor Shares		0.97	%		1,000.00		1,020.21		4.91
JOHCM Global Income Builder Fund	Institutional Shares		0.72	%		1,000.00		1,021.46		3.65
JOHCM Global Select Fund	Advisor Shares		1.08	%		1,000.00		1,019.65		5.47
JOHCM Global Select Fund	Institutional Shares		0.98	%		1,000.00		1,020.16		4.96
JOHCM International Opportunities Fund	Institutional Shares		0.90	%		1,000.00		1,020.56		4.56
JOHCM International Select Fund	Investor Shares		1.21	%		1,000.00		1,019.00		6.12
JOHCM International Select Fund	Institutional Shares		0.98	%		1,000.00		1,020.16		4.96
Regnan Global Equity Impact Solutions	Institutional Shares		0.89	%		1,000.00		1,020.61		4.51
TSW Emerging Markets Fund	Institutional Shares		0.99	%		1,000.00		1,020.10		5.01
TSW High Yield Bond Fund	Institutional Shares		0.65	%		1,000.00		1,021.81		3.29
TSW Large Cap Value Fund	Institutional Shares		0.73	%		1,000.00		1,021.41		3.70

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 (183 days) and divided by the number of days in the current year (365).

101

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2022 (Unaudited)

B.	Qualified Dividend Income (QDI)

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended September 30, 2022 are designated as Qualified Dividend Income (“QDI”), as defined in the Act, subject to reduced tax rates in 2022:


Fund	QDI Percentage
JOHCM Credit Income Fund		1.25	%
JOHCM Emerging Markets Opportunities Fund		100.00	%
JOHCM Emerging Markets Discovery Fund		100.00	%
JOHCM Global Income Builder Fund		49.30	%
JOHCM Global Select Fund		2.84	%
JOHCM International Opportunities Fund		10.13	%
JOHCM International Select Fund		37.10	%
TSW Large Cap Value Fund		100.00	%

C.	Corporate Dividends Received Deduction (DRD)

A percentage of the dividends distributed during the fiscal year for the Fund qualifies for the Dividends-Received Deduction (“DRD”) for corporate shareholders:


Fund	Corporate DRD Percentage
JOHCM Credit Income Fund		1.24	%
JOHCM Global Income Builder Fund		11.76	%
JOHCM Global Select Fund		0.76	%
JOHCM International Opportunities Fund		0.59	%
TSW Large Cap Value Fund		100.00	%

D.	Foreign Tax Credit

The Funds below intends to make an election that will allow shareholders to treat their proportionate share of foreign taxes paid by the Funds as having been paid by them. The amounts per share which represent income from sources within, and taxes paid to, foreign countries are as follows:


Fund	Foreign Tax Credit		Foreign Source Income
JOHCM Emerging Markets Opportunities Fund	$	0.0337	$	0.5871
JOHCM Emerging Markets Discovery Fund	$	0.0616	$	0.1345
JOHCM International Opportunities Fund	$	0.0563	$	0.2965
JOHCM International Select Fund	$	0.0590	$	0.4970
Regnan Global Equity Impact Solutions	$	0.0120	$	0.0210
TSW Emerging Markets Fund	$	0.0226	$	0.1530

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.

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JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2022 (Unaudited)

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.

103

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2022 (Unaudited)

F.	Trustees and Officers

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act (each an “Independent Trustee”).


Name, Address and Year of Birth¹	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Joseph P. Gennaco (1961)	Trustee	Since inception	Sole Principal at JPG Consulting, LLC (April 2019 – present); Independent Non-Executive Director at BNY Mellon International Limited (January 2019 – May 2021); Executive at BNY Mellon (July 2005 – December 2018).	11	None
Barbara A. McCann (1961)	Trustee	Since inception	None	11	None
Kevin J. McKenna (1957)	Trustee	Since Inception	None	11	None
Beth K. Werths (1968)	Trustee	Since Inception	Executive Vice President and International General Counsel at Natixis Investment Management (February 2007 - November 2020).	11	None

¹	The mailing address of each Trustee is 53 State Street, 13th Floor Boston, MA, 02109.

104

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2022 (Unaudited)

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act and each officer of the Trust.


Name, Address and Year of Birth¹	Position(s) Held with the Trust	Term of Office/Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Trust Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years
Nicholas Good² (1973)	Trustee	Since inception	Chief Executive Officer of Pendal Group Limited (2021—present); Chief Executive Officer of JOHCM (USA) Inc (December 2019 – 2021) ; Executive Vice President and Chief Growth & Strategy Officer at State Street Global Advisors (April 2018 – November 2019); Co-Head of Global SPDR Business at State Street Global Advisors (May 2016 – April 2018).	11	None
Jonathan Weitz (1976)	President and Chief Executive Officer	Since inception	Chief Operating Officer, US, JOHCM (USA) Inc (2020 to present); Senior Vice President—Business Manager JOHCM (USA) Inc (2016 to 2020); Partner and Management Committee Member Century Capital Management (2003 to 2016).	N/A	N/A
Troy Sheets (1971)	Treasurer	Since inception	Senior Principal Consultant, ACA Group (2022 to present); Senior Director, Foreside Financial Group, LLC (2016 to 2022).	N/A	N/A
David Lebisky (1972)	Chief Compliance Officer	Since 2021	Compliance Manager, US, JOHCM (USA) Inc (March 2021 to present); President, Lebisky Compliance Consulting LLC (2015 to 2020).	N/A	N/A
Mary Lomasney (1957)	Secretary	Since inception	Head of Legal and Compliance, US, JOHCM (USA) Inc (2016 to present); Managing Director BNY Mellon (2007 to 2015).	N/A	N/A
Matthew J. Broucek (1988)	Assistant Secretary	Since inception	Vice President, Northern Trust Global Fund Services Fund Governance Solutions (2016 to present).	N/A	N/A

¹	The mailing address of each Trustee and Officer is 53 State Street, 13th Floor Boston, MA, 02109.

²	Nicholas Good is an “interested person” of the Trust because he is the Chief Executive Officer of Pendal Group Limited.

The Funds’ Statement of Additional Information includes additional information about the Trust’s Trustees and Officers. To receive your free copy of the Statement of Additional Information, call toll-free 866-260-9549.

105

JOHCM FUNDS TRUST

I.	Safeguarding Privacy

We recognize and respect the privacy expectations of each of our investors and we believe the confidentiality and protection of investor information is one of our fundamental responsibilities. New technologies have dramatically changed the way information is gathered and used, but our continuing commitment to preserving the security and confidentiality of investor information has remained a core value of the Trust.

II.

Information We Collect And Sources Of Information

We may collect information about our customers to help identify you, evaluate your application, service and manage your account and offer services and products you may find valuable. We collect this information from a variety of sources including:

•

Information we receive from you on applications or other forms (e.g. your name, address, date of birth, social security number and investment information);

•

Information about your transactions and experiences with us and our affiliates (e.g. your account balance, transaction history and investment selections); and

•

Information we obtain from third parties regarding their brokerage, investment advisory, custodial or other relationship with you (e.g. your account number, account balance and transaction history.

III.

Information We Share With Service Providers

We may disclose all non-public personal information we collect, as described above, to companies (including affiliates) that perform services on our behalf, including those that assist us in responding to inquiries, processing transactions, preparing and mailing account statements and other forms of shareholder services provided they use the information solely for these purposes and they enter into confidentiality agreements regarding the information.

IV.

Information We May Share With Affiliates

If we have affiliates which are financial service providers that offer investment advisory, brokerage and other financial services, we may (subject to Board approval) share information among our affiliates to better assist you in achieving your financial goals.

V.	Safeguarding Customer Information

We will safeguard, according to federal standards of security and confidentiality, any non-public personal information our customers share with us.

We will limit the collection and use of non-public customer information to the minimum necessary to deliver superior service to our customers which includes advising our customers about our products and services and to administer our business.

We will permit only authorized employees who are trained in the proper handling of non-public customer information to have access to that information.

We will not reveal non-public customer information to any external organization unless we have previously informed the customer in disclosures or agreements, have been authorized by the customer or are required by law or our regulators.

We value you as a customer and take your personal privacy seriously. We will inform you of our policies for collecting, using, securing and sharing nonpublic personal information the first time we do business and, except as described below, every year that you are a customer of the Trust, or anytime we make a material change to our privacy policy.

We may combine a privacy notice with another document (for example, an account statement, annual report, prospectus, trade confirmation) or may deliver the notice electronically where appropriate consent has been obtained. We generally will not deliver an annual notice as long as (i) we disclose non-public personal information only as described above policy, and (ii) we have not changed our policies and practices with regard to disclosing non-public personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers pursuant to this policy.

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Investment Adviser

JOHCM (USA) Inc

53 State Street, 13th Floor

Boston, Massachusetts 02109

Investment SubAdviser

Thompson, Siegel & Walmsley LLC

6641 W. Board Street, Suite 600

Richmond, Virginia 23230

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 09/22

(b) Not applicable.

Item 2. Code of Ethics.

As of September 30, 2022, the registrant had adopted a “code of ethics” (as such term is defined in Item 2 of Form N-CSR) that applies to the registrant’s principal executive officer and principal financial officer. There were no substantive amendments or waivers to the code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined the registrant has at least one “audit committee financial expert” (as such term is defined in Item 3 of Form N-CSR) serving on its Audit Committee. The “audit committee financial expert” is Joseph P. Gennaco, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees

2022: $309,650

2021: $220,000

The fees paid to PricewaterhouseCoopers LLP relate to the audit of the registrant’s annual financial statements and letters for filings of the registrant’s Form N-CEN and N-1A.

(b)	Audit-Related Fees

2022: $0

2021: $0

(c)

Tax Fees

2022: $62,260

2021: $48,720

The fees to PricewaterhouseCoopers LLP relate to the preparation of the registrant’s tax returns, review of annual distributions, and additional tax provision support fees.

(d)	All Other Fees

2022: $0

2021: $0

(e)

(1)

Except as permitted by rule 2-01(c)(7)(i)(C) of regulation S-X the registrant’s audit committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the registrant. Prior to the commencement of any audit or non-audit services to the registrant, the audit committee reviews the services to determine whether they are appropriate and permissible under applicable law.

(e)

(2)

2022: 0%

2021: 0%

(f)

Not applicable.

(g)

2022: $62,260

2021: $220,391

(h)

The Audit Committee considered the non-audit services rendered to the registrant’s investment adviser and believes the services are compatible with the principal accountant’s independence.

(i)

The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j)

The registrant is not a foreign issuer.

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)

The Code of Ethics that is the subject of the disclosure required by Item 2 is incorporated by reference to the Registrant’s Form N-CSR filed December 3, 2021.

(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:		December 2, 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:		December 2, 2022

By:		/s/ Troy Sheets
		Troy Sheets
		Treasurer and Principal Financial Officer

Date:		December 2, 2022

JOHCM Funds Trust N-CSRCertified annual shareholder report (management investment company)