Form N-CSR JOHCM Funds Trust For: Sep 30

Form N-CSR JOHCM Funds Trust For: Sep 30

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December 3, 2021 12:47 PM EST

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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, 2021

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

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

Item 1. Reports to Stockholders.

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

LOGO

ANNUAL REPORT

SEPTEMBER 30, 2021

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, 2021



SHAREHOLDER LETTER			i

PORTFOLIO COMMENTARY			iii

SCHEDULES OF INVESTMENTS			1

STATEMENTS OF ASSETS & LIABILITIES			37

STATEMENTS OF OPERATIONS			39

STATEMENTS OF CHANGES IN NET ASSETS			41

FINANCIAL HIGHLIGHTS			44

NOTES TO FINANCIAL STATEMENTS			60

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			78

ADDITIONAL INFORMATION			80

JOHCM FUNDS TRUST

SHAREHOLDER LETTER

September 30, 2021 (Unaudited)

LOGO

DEAR SHAREHOLDER:

I am pleased to present the inaugural JOHCM Funds Trust Annual Report for the 12-months ended September 30, 2021. As you are aware, and thanks to your approval, the JOHCM Funds were reorganized into JOHCM Funds Trust in July. We believe the reorganizations were in the best interests of shareholders by providing each fund with oversight by a dedicated board of trustees with responsibility for a smaller number of funds. It also allowed us to directly engage with key third party service providers and negotiate lower fees for the services they perform. As part of our ongoing commitment to shareholders, JOHCM also agreed to lower the contractual expense limitations for each of the JOHCM Funds. We believe the reorganizations are a natural progression for the JOHCM Funds as assets have grown by 25% year over year to $14.6B and better position JOHCM to be able to capitalize on new opportunities to expand our product range to better serve our shareholders.

In light of the above and in line with our strategic priorities, JOHCM’s parent company, Pendal Group Limited, closed on the acquisition of Thompson, Siegel and Walmsley (“TSW”) on July 22nd. TSW is a Richmond, Virginia based value-oriented investment manager with over 50 years of operating history, and $23.9B in assets under management. TSW’s strategy range includes International and Domestic equity, as well as Multi-Asset and Fixed Income capabilities. This strategic acquisition significantly broadens the range of investment solutions that we can offer to clients across the U.S. market. As complementary businesses with almost no overlap of investment strategies, we will be better placed to take advantage of the growth opportunities we see in the U.S. market.

Since the TSW acquisition, we have been focused on bringing select TSW strategies to market under JOHCM Funds Trust. The first step in this product evolution was the launch of the TSW High Yield Bond Fund in late October. In addition, we expect to launch the TSW Emerging Markets Fund by year-end. We also expect, subject to shareholder approval, to reorganize the existing TS&W Equity Portfolio (Large Cap Value) into a newly established fund of JOHCM Funds Trust in December 2021. These new TSW branded funds, in conjunction with the August launch of our first fund under the Regnan brand - Regnan Global Equity Impact Solutions, which focuses on responsible investing solutions, will provide an enhanced product range to help clients meet the challenges of an ever-evolving investment landscape.

JOHCM FUNDS TRUST

SHAREHOLDER LETTER

September 30, 2021 (Unaudited)

Our success is ultimately determined by our ability to attract, develop and retain the very best talent. Many of our fund managers are regarded as thought leaders within our industry. We actively recruit investment talent with deep expertise and a strong sense of conviction, and we deliberately create an environment of independence and autonomy in which they can thrive. Our investment teams are supported by dedicated and highly experienced specialists across our business who share the same commitment to excellence and a “can do” mindset.

As we look to the future, we will be focused on the delivery of our core principles. We are a company that is talent-led, defined by conviction, and deeply connected with our clients. We have a spirit of entrepreneurialism that compels us to grow, build and to seek opportunity. Our commitment to delivering consistent performance and a superior experience for our clients has been, and will continue to be, our ongoing priority.

We thank you for the trust and confidence you place in us by choosing to invest in the JOHCM Funds.


Respectfully submitted,



Nicholas Good
Chairman of the Board of Trustees

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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, 2021

LOGO

Average Annual Total Returns as of September 30, 2021


	One Year Return	Since Inception Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	5.42%	5.27%	1.99%	0.58%
Advisor Shares	4.54%	4.37%	2.09%	0.68%
Bloomberg U.S. Aggregate Bond Index	(0.90%)	(1.03%)	-	-
I.C.E. BofAML BB-B Global High Yield Constrained Index	8.37%	7.62%	-	-

Data as of September 30, 2021. 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 inception is based on the performance of the Class I Shares predecessor share class. Class I Shares predecessor share class performance is based on performance of the Institutional Shares predecessor share class 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 expense.

* Expense ratios are per the most recent Fund Prospectus dated February 12, 2021, as revised July 19, 2021. The Adviser has entered into a contractual expense limitation agreement with respect to Fund until June 30, 2022.

iii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

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 aims 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 in fixed income securities across a wide range of maturities. The securities can include investment grade corporate debt, high yield securities, convertible bonds (including contingent convertible bonds), preferred stock, floating-rate debt, collateralized debt, municipal debt, foreign debt (including emerging markets), commercial paper, loans and loan participations. The Fund may also invest up to 10% of its net assets in dividend paying equities of companies of any size.

Performance

The Fund’s Institutional share class returned 5.42% for the 12-month period to September 30, 2021. Inflation fears and the Federal Reserve response function were the primary topic in markets for much of the year. Federal Reserve Bank Governors, CEOs, and investors alike have weighed in on the shades of meaning of the word “transitory”. One thing is certain, transitory inflation looks like persistent inflation until it wanes. With the tapering timeline now clearer, the open question is when the Federal Reserve will begin raising rates. We have seen increasing focus on the disfunction of our once tightly orchestrated logistics chain. The problems do not just stem from restarting a supply chain that was shut down during the pandemic – though there are clearly periodic areas globally where COVID causes delays as we have recently seen in Vietnam – but inbound containers at ports like Los Angeles and Long Beach are nearly 20% higher than during similar periods of 2019.

The top performers over the period were Innoviva convertible bonds, Kraft Heinz Food long dated bonds and Eagle Point. On the flip side, Fastly convertible bonds, Spotify and Twitter were the main laggards.

In terms of our outlook, our base case remains as follows, but we are vigilant for disconfirming evidence:

•

The reflationary regime continues

•

Interest rates continue to normalize

•

The Fed will begin to taper its quantitative easing measures on schedule, but will continue to distance itself from the threat of rate increases

•

Supply chain-based shortages are likely to get worse before they get better, but a persistent consumer will find a way to fight through the disruption to spend strongly on the holidays.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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, 2021

LOGO

Average Annual Total Returns as of September 30, 2021


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	18.70%	7.80%	5.70%	1.04%	1.04%
Advisor Shares	18.64%	7.69%	5.61%	1.12%	1.12%
Investor Shares	18.42%	7.54%	5.47%	1.27%	1.27%
MSCI Emerging Markets Index	18.20%	9.23%	5.28%	-	-

Data as of September 30, 2021. 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 Fund 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 Fund.

Historical performance for Investor Shares prior to its inception is based on the performance of the Class II Shares predecessor share class. Class II Shares predecessor share class performance is based on performance of the Class I Shares predecessor share class, the share class most similar to the Class II Shares predecessor share class, 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.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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 to outperform its benchmark through a combination of top-down (country level) and bottom-up (stock level) active positions. The fund managers believe in the importance of understanding the investment drivers and risks at the country level. They believe in only investing in companies that benefit from the top-down environment that they can foresee. The Fund buys quality growth stocks at attractive valuations leading to a focused portfolio of 40-60 emerging markets stocks.

Performance

The Fund’s Institutional share class returned 18.70% for the 12-month period to September 30, 2021 versus a return of 18.20% achieved by its benchmark, the MSCI Emerging Markets NR Index, for the same period.

The portfolio modestly outperformed over the year with our country allocation calls and stock selection both contributing positively. At the country level our underweight in China and overweight in India proved beneficial and stock selection in both countries was strong. We suffered from our underweight in Russia as rising oil prices benefited the market here. Not owning Alibaba proved beneficial given the regulatory clampdown in China. Our Indian financials were strong with State Bank of India and HDFC Bank among the top performers. Barrick Gold and Prosus were the main laggards.

With economies now largely recovering from the pandemic, policy focus is turning to ending quantitative easing and tightening policy, but this, in our opinion, is deliberately being done slowly. The sheer size of the stimulus will sit on government and central bank balance sheets for years to come, but the tapering is being done with an eye on allowing inflation to run at higher levels.

This tolerance of inflation should be a net positive for nominal GDP growth around the world, and also for commodity prices, which, in turn, should create a different, more positive, economic environment for more indebted and more commodity-intensive emerging economies.

Global growth remains strong, and emerging markets are still essentially cyclical assets. In 2005-8, price pressures from strong growth coincided with strong returns from emerging market equities. In addition, the US Federal Reserve’s policy tools have been expanded in recent years to reduce tail liquidity risks for emerging economies, for example, the swap lines and repo facilities available to some emerging market central banks.

Rising US yields and a stronger dollar are generally headwinds for some of our preferred markets, but we believe that country-level conditions remain the key driver, and these we see as positive enough to overcome these headwinds.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

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, 2021

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Average Annual Total Returns as of September 30, 2021


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	37.60%	12.85%	12.70%	1.88%	1.49%
Advisor Shares	37.50%	12.72%	12.59%	1.98%	1.59%
MSCI Emerging Markets Small Cap Index	43.24%	9.75%	7.87%	-	-

Data as of September 30, 2021. 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.

vii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

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 benchmark for performance comparison purposes is the Morgan Stanley Capital International (“MSCI”) Emerging Markets Small Cap Index. The Index includes small cap representation across 26 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 investment objective of the JOHCM Emerging Markets Small Mid Cap Equity Fund (the “Fund”) is to seek long-term capital appreciation. The Fund invests, under normal market conditions, at least 80% of its assets (net assets plus the amount of borrowings for investment purposes) in equity securities issued by small and medium capitalization companies that are listed in, or whose principal business activities are located in, emerging markets, including frontier markets.

Performance

The Fund’s Institutional share class returned 37.60% for the 12-month period to September 30, 2021 versus a return of 43.24% achieved by its benchmark, the MSCI Emerging Markets Small Cap NR Index, for the same period.

The portfolio underperformed over the year with stock selection, chiefly within the materials sector, weighing on relative returns. There were positives, however, with strength among our healthcare, consumer discretionary and industrials holdings going some way to offset this weakness. Sector allocation effects were broadly neutral over the period.

Chinese sports shoe retailer Xtep was the top performer, benefiting from strong sales growth. This was partly due to the success of its new professional running shoes which are popular among professional marathon runners in China. Indian Energy exchange also did well on the back of increasing market share and the successful launch of new products.

Turning to the laggards, New Horizon Health, a Chinese developer of cancer screening technology, suffered on the back of fears over increasing regulations within the Chinese pharma sector.

We have been approaching our top-down framework from the point of view of rising inflation, and the need for central banks to take action. No doubt the can will be kicked further down the road but yields are rising again and another rotation towards cyclicals is beginning. From a country perspective, India has been a strong performer, benefiting from capital flows out of China. Today though, the market is somewhat extended, in our view, while the country currently faces the tough reality of a higher oil price. We are therefore becoming more selective whilst also looking at countries which are beneficiaries of the current oil and gas situation.

viii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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, 2021

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Average Annual Total Returns as of September 30, 2021


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	30.71%	15.15%	12.68%	0.98%	0.98%
Advisor Shares	30.60%	15.04%	12.59%	1.08%	1.08%
MSCI ACWI	27.44%	13.20%	10.48%	-	-

Data as of September 30, 2021. 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 Fund 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 Fund.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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

To seek to achieve its investment objective of long-term capital appreciation, the Fund employs a growth at a reasonable price (GARP) investment philosophy, which is sometimes described as a core focus with a growth bias. The Fund seeks to own stocks, sectors and countries with positive earnings surprise, sustainably high or increasing return on equity, and attractive valuations. The Fund managers believe they can increase the probability of finding an attractive stock by looking where traditional growth investors tend to ignore. While the Fund’s managers seek to own stocks with idiosyncratic return patterns, they also recognize that many stocks have varying degrees of beta or correlation to their sector or country, so they also maintain a top-down research focus when constructing the portfolio. The Fund’s management team offers the unique capability of blending both a bottom-up and a top-down investment research approach to the portfolio construction process.

Performance

The Fund’s Institutional share class returned 30.71% for the 12-month period to September 30, 2021 versus a return of 27.44% achieved by its benchmark, the MSCI AC World NR Index, for the same period. The Fund performed well over the year with stock selection, particularly within technology, healthcare and industrials, driving relative returns. These positives offset modest weakness among our financials and materials holdings. Sector allocation effects weighed on relative returns as our zero-weighting in energy provided a drag given surging prices towards the end of the period.

Looking at individual stock performers, technology holdings Atlassian, ASML and Keysight Technologies added value. Chart Industries was the top performer. On the negative side of the ledger The a2 Milk Company and Peptidream lagged.

Many investors seem dogmatically stuck on the ‘Value’ versus ‘Growth’ debate when the truth is pragmatically somewhere in the middle, depending on the business cycle. This is why we combine Growth, Value and Momentum factors over the cycle. Value usually performs best during the first year of an economic recovery, when earnings growth rates are accelerating. Growth then usually performs better after that, as earnings growth rates start to decelerate - which appears to be what is now starting to happen. Year to date, Value and Growth performance has been roughly equal, while the Momentum factor has significantly underperformed as it was whipsawed by several rotations between Value and Growth.

We were buyers of September’s dip, moving to 75% bullish and 25% bearish. The highest probability outcome is still “one of the biggest ever equity bull markets, followed by one of the biggest ever equity bear markets” but some early warning signs are flashing so we will keep an open mind in a fast changing world. We are positioned for a Q4 rally, and expect continued volatility and market rotations in 2022.

If policy makers recognise and react to slowing growth, we will probably move to 80% bullish, 20% bearish, if not, we will probably get more bearish.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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, 2021

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Average Annual Total Returns as of September 30, 2021


	One Year Return	Since Inception Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	16.12%	6.33%	0.89%	0.74%
Advisor Shares	16.01%	6.22%	0.99%	0.84%
Investor Shares	15.88%	6.09%	1.14%	0.99%
Bloomberg US Aggregate Bond Index	(0.90%)	3.81%	-	-
I.C.E. BofAML BB-B Global High Yield Constrained Index	8.37%	5.16%	-	-
MSCI World Index	28.82%	12.22%	-	-
MSCI World High Dividend Yield Index	20.84%	5.94%	-	-

Data as of September 30, 2021. 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 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 inception is based on the performance of the Class II Shares predecessor share class. Class II Shares predecessor share class performance is based on performance of the Institutional Shares predecessor share class 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.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

The Fund’s benchmarks for performance comparison purposes are 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 aims to generate meaningful monthly income distributions and long-term capital appreciation by applying a global value investment philosophy to income-generative assets. The Fund invests in global equities and fixed income but may also hold cash and hedging assets e.g. commodity-linked investment instruments such as exchange traded funds that invest in gold and precious metals. The investment team has a long-term, absolute return-oriented investment philosophy and believes their highest priority is to protect the capital they manage from permanent impairment.

Performance

The Fund’s Institutional share class returned 16.12% for the 12-month period to September 30, 2021. Our top contributors among our equity holdings included several technology shares, namely Oracle, which benefited from its strong earnings and outlook. Microsoft and Alphabet also performed well. A commercial real estate REIT, Columbia Property Trust, also contributed positively, thanks to the announcement of a go-private transaction following a strategic review. Italian asset manager Azimut advanced with strong AUM development.

Our top detractor among our equity holdings was European utility Enel, which was negatively impacted by Spanish government actions against certain power generation businesses. Tencent Holdings was in the crosshairs of Chinese regulation seeking to prevent excessive youth involvement with video games. Elsewhere Samsung Electronics lost some ground amid concerns of supply-chain impacts.

While risk assets have generally performed extremely well from the depths of the pandemic market crisis of 2020, and in this later phase of post-vaccine recovery, we continue to see upside potential and reasonably attractive valuation in many areas. Strong demand paired with supply-side shortages may benefit a wide range of businesses, as we continue to identify a generally reflationary market regime. At the same time, we are cautious about the potential for rising interest rates, which could undermine the positive impact of earnings growth. We continue to have relatively more exposure to the opportunity set in equity markets, given the low interest rate and tight credit spread environment. However, we continue to see pockets of opportunity in credit, by taking advantage of equity optionality within certain convertible bonds, for example.

xii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (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, 2021

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Average Annual Total Returns as of September 30, 2021


	One Year Return	Five Year Return	Since Inception Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	15.39%	6.27%	6.22%	3.17%	0.88%
MSCI EAFE Index	25.73%	8.81%	8.74%	-	-

Data as of September 30, 2021. 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.

xiii

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

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 investment objective of the JOHCM International Opportunities Fund (the “Fund”) is to achieve long-term total return by investing in a focused portfolio of international equity securities. The Fund invests, under normal market conditions, primarily in equity securities of companies headquartered outside the US, including those in emerging markets. The Fund may invest in foreign companies of any size, including small- and mid-capitalisation companies, in order to achieve its objective. Equity securities include common and preferred stocks, rights and warrants. The Fund may also invest in equity related instruments, such as equity linked notes and participation notes, all of which derive their value from equities. The portfolio typically contains 25 to 40 stocks.

Performance

The Fund’s Institutional share class returned 15.39% for the 12-month period to September 30, 2021 versus a return of 25.73% achieved by its benchmark, the MSCI EAFE NR Index, for the same period. The portfolio underperformed over the year with our utilities the main source of weakness as Enel and Iberdrola lagging amidst surging gas and electricity prices. Enel also suffered on the back of negative regulatory developments in Spain.

Strong market leadership by market extremes tends to be a clear headwind for relative performance. Banks, energy and miners tend to be the most geared beneficiaries of an inflationary environment. On the other hand recent history provides plenty of examples of a narrowly tech/growth-led market which we have tended to underperform despite the solid growth profile of many of the companies in the portfolio. Clearly in absolute terms there is always risk from poor operational execution by any of our portfolio companies, although we mitigate this risk by focusing on diversified businesses with low operational and/or financial gearing. Finally, again in absolute terms, it is almost impossible to predict how we will perform in a disorderly market sell-off after a long period of complacency – although we would expect to perform well in relative terms, as we have done in previous periods.

The equity market has moved into “shoot first, ask questions later” mode. This reflects the combination of complacency and “no alternative” reluctance which had supported the unbroken rally from November to August. The major macro concern currently is stagflation, where inflation is driven by supply-side weakness, not demand-side strength. The difference is particularly important for cyclicals, which is why there are currently few hiding places. There are plenty of sector-specific issues emerging, which the market is having to digest - not least political and regulatory. The challenge is to work out which are genuine buying opportunities and which are value traps. As ever, diversification and balance sheet strength will be important differentiators.

The outlook for inflation and monetary policy is clearly going to be critical, as well as the ongoing post-Covid recovery. A calm ‘mid-cycle’ environment of gentle economic recovery likely allows for outperformance of quality names with idiosyncratic growth potential, as market leadership by either extreme growth or geared cyclicals becomes less dominant. There is plenty of potential for much greater volatility, especially if supply side tightness and disruption creates extreme commodity-led inflation and concerns about stagflation.

xiv

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

JOHCM International Select Fund

Change in value of a hypothetical $1,000,000 investment in the Fund’s Institutional Shares from September 30, 2011 to September 30, 2021

LOGO

Average Annual Total Returns as of September 30, 2021


	One Year Return	Five Year Return	Ten Year Return	Gross Expense Ratio *	Net Expense Ratio *
Institutional Shares	16.24%	10.88%	12.27%	0.98%	0.98%
Investor Shares	15.94%	10.60%	11.99%	1.21%	1.21%
MSCI EAFE Index	25.73%	8.81%	8.10%	-	-

Data as of September 30, 2021. 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 Fund 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 Fund.

Historical performance for Investor Shares prior to its inception is based on the performance of the Class II Shares predecessor share class. Class II Shares predecessor share class performance is based on performance of the Class I Shares predecessor share class 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.

JOHCM FUNDS TRUST

PORTFOLIO COMMENTARY

September 30, 2021 (Unaudited)

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 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

Performance

The Fund’s Institutional share class returned 16.24% for the 12-month period to September 30, 2021 versus a return of 25.73% achieved by its benchmark, the MSCI EAFE NR Index, for the same period.

Underperformance over the year came largely from challenging stock selection with our financials and consumer discretionary holdings the main source of weakness, offsetting strength in our technology holdings. Sector allocation effects were also negative as our zero-weighting in energy weighed on relative returns after the rally towards the end of the period. Individual stocks of note include our technology names, Advantest and MediaTek while auto parts company Aptiv also added value. On the negative side The a2 Milk Company and Peptidream were the main laggards.

If policy makers recognise and react to slowing growth, we will probably move to 80% bullish, 20% bearish, if not, we will probably get more bearish.

xvi

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		0.2%
Holding Companies-Diversified		0.2%
Alpha Capital Acquisition Co.^(a)				428	$	4,263
Austerlitz Acquisition Corp. II^(a)				634		6,245
CC Neuberger Principal Holdings III^(a)				104		1,035
Northern Star Investment Corp. III^(a)				211		2,080

						13,623

TOTAL COMMON STOCKS (Cost $13,785)						13,623

	Percentage of Net Assets		Principal Amount		Value
CONVERTIBLE BONDS		15.9%
Biotechnology		2.3%
Innoviva, Inc. 2.50%, 08/15/25			$	100,000		120,108

Internet		3.0%
Airbnb, Inc. 0.00%, 03/15/26^(b)				50,000		49,125
Spotify U.S.A., Inc. 0.00%, 03/15/26^(b)				70,000		63,070
Twitter, Inc. 0.00%, 03/15/26^(b)				50,000		46,417

						158,612

Media		5.7%
Liberty Broadband Corp. 2.75%, 09/30/50^(b)				100,000		105,564
Liberty Latin America Ltd. 2.00%, 07/15/24				190,000		192,850

						298,414

Software		4.9%
Alteryx, Inc. 1.00%, 08/01/26				70,000		64,575
Envestnet, Inc. 0.75%, 08/15/25^(b)				100,000		101,175
Fastly, Inc. 0.00%, 03/15/26^(b)				110,000		92,538

						258,288

TOTAL CONVERTIBLE BONDS (Cost $819,862)						835,422

CORPORATE BONDS		60.8%
Advertising		4.0%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28^(b)				200,000		208,448

Aerospace/Defense		4.1%
Boeing (The) Co. 5.81%, 05/01/50				80,000		106,637
Hexcel Corp. 4.20%, 02/15/27				100,000		109,242

						215,879

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Principal Amount		Value
Banks		4.1%
Bank of America Corp.
(Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25^(c)			$	105,000	$	106,838
JPMorgan Chase & Co.
(Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25^(c)				105,000		105,446

						212,284

Commercial Services		2.0%
Graham Holdings Co. 5.75%, 06/01/26^(b)				100,000		104,430

Diversified Financial Services		3.2%
Charles Schwab Corp. (The)
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25^(c)				150,000		166,688

Electrical Component & Equipments		2.1%
WESCO Distribution, Inc. 7.25%, 06/15/28^(b)				100,000		110,750

Food		3.3%
JBS U.S.A. LUX S.A./JBS U.S.A. Food Co./JBS U.S.A. Finance, Inc. 6.50%, 04/15/29^(b)				100,000		111,750
Post Holdings, Inc. 5.75%, 03/01/27^(b)				60,000		62,354

						174,104

Healthcare-Services		4.0%
Encompass Health Corp. 4.63%, 04/01/31				150,000		157,657
IQVIA, Inc. 5.00%, 10/15/26^(b)				50,000		51,244

						208,901

Internet		13.9%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/01/27^(b)				120,000		125,100
GrubHub Holdings, Inc. 5.50%, 07/01/27^(b)				100,000		103,750
Netflix, Inc. 6.38%, 05/15/29				110,000		139,150
TripAdvisor, Inc. 7.00%, 07/15/25^(b)				190,000		201,400
Uber Technologies, Inc. 8.00%, 11/01/26^(b)				150,000		158,531

						727,931

Machinery-Diversified		1.0%
Flowserve Corp. 3.50%, 10/01/30				50,000		52,209

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Principal Amount		Value
Media		6.4%
CCO Holdings LLC/CCO Holdings Capital Corp.,
4.00%, 03/01/23^(b)			$	50,000	$	50,234
5.38%, 06/01/29^(b)				150,000		162,000
ViacomCBS, Inc.,
(Variable, ICE LIBOR USD 3M + 3.90%) 5.88%, 02/28/57^(c)				10,000		10,125
(Variable, ICE LIBOR USD 3M + 3.90%) 6.25%, 02/28/57^(c)				100,000		114,500

						336,859

Packing & Containers		2.0%
Berry Global, Inc. 4.88%, 07/15/26^(b)				75,000		78,754
Plastipak Holdings, Inc. 6.25%, 10/15/25^(b)				25,000		25,453

						104,207

Pipelines		0.5%
DCP Midstream L.P.
(Variable, ICE LIBOR USD 3M + 5.15%) 7.38%, 12/15/22^(c)				25,000		24,313

Real Estate		2.1%
Realogy Group LLC/Realogy Co-Issuer Corp. 9.38%, 04/01/27^(b)				100,000		109,875

Real Estate Investment Trusts		4.1%
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 5.75%, 02/01/27				160,000		184,000
SBA Communications Corp. 3.13%, 02/01/29^(b)				30,000		28,987

						212,987

Software		2.0%
SS&C Technologies, Inc. 5.50%, 09/30/27^(b)				100,000		105,593

Transportation		2.0%
XPO Logistics, Inc. 6.25%, 05/01/25^(b)				100,000		105,548

TOTAL CORPORATE BONDS (Cost $3,172,925)						3,181,006

FOREIGN ISSUER BONDS		8.3%
Beverages		2.2%
Bacardi Ltd. 4.70%, 05/15/28^(b)				100,000		115,510

Oil & Gas		2.0%
BP Capital Markets PLC
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.04%) 4.38%, 06/22/25^(c)				100,000		106,565

Packing & Containers		1.7%
OI European Group B.V. 4.00%, 03/15/23^(b)				85,000		86,700

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Principal Amount		Value
Telecommunications		2.4%
Altice France S.A. 8.13%, 02/01/27^(b)			$	115,000	$	123,740

TOTAL FOREIGN ISSUER BONDS (Cost $431,383)						432,515

	Percentage of Net Assets		Shares		Value
PREFERRED STOCKS		5.4%
Banks		1.0%
Morgan Stanley (Variable, ICE LIBOR USD 3M + 3.49%) 5.85%^(c)				1,679		49,748

Real Estate Investment Trusts		1.4%
Vornado Realty Trust 5.70%				3,000		75,060

Telecommunications		3.0%
2020 Cash Mandatory Exchangeable Trust (a)(b)				140		158,308

PREFERRED STOCKS (Cost $276,405)						283,116

CLOSED-END FUNDS		1.2%
Eagle Point Credit Co., Inc.				4,474		60,936

TOTAL CLOSED-END FUNDS (Cost $46,682)						60,936

SHORT-TERM INVESTMENTS		7.4%
Northern Institutional Treasury Portfolio (Premier Class), 0.01%^(d)				384,500		384,500

TOTAL SHORT-TERM INVESTMENTS (Cost $384,500)						384,500

TOTAL INVESTMENTS (Cost $5,145,542)		99.2%				5,191,118
NET OTHER ASSETS (LIABILITIES)		0.8%				42,398

NET ASSETS		100.0%			$	5,233,516

^(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, 2021, and the related index and spread are shown parenthetically for each security.

^(d)7-day current yield as of September 30, 2021 is disclosed.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM CREDIT INCOME FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM Credit Income Fund’s investments were concentrated as follows:


Country Allocation (Unaudited)	Percentage of Net Assets
United States		87.2	%
Chile		3.7
France		2.4
Bermuda		2.2
United Kingdom		2.0
Netherlands		1.7
Total		99.2	%


5 Largest Security Positions
Issuer	% of Net Assets
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28		4.0	%
TripAdvisor, Inc. 7.00%, 7/15/25		3.9
Liberty Latin America Ltd. 2.00%, 7/15/24		3.7
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 5.75%, 2/1/27		3.5
Charles Schwab Corp. (The) 5.38%, 6/1/25		3.2
Total		18.3	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		96.0%
Brazil		7.7%
Ambev S.A. - ADR				4,247,492	$	11,723,078
B3 S.A. - Brasil Bolsa Balcao				5,364,549		12,550,035
Petroleo Brasileiro S.A. - ADR				2,790,892		28,857,823
Suzano S.A. - ADR^(a)				1,044,640		10,446,400

						63,577,336

Canada		2.3%
Barrick Gold Corp.				1,051,451		18,978,691

China		20.8%
Anhui Conch Cement Co. Ltd. - Class H				3,278,109		17,632,643
China Construction Bank Corp. - Class H				11,205,502		7,948,605
Country Garden Services Holdings Co. Ltd.				1,470,000		11,536,092
ENN Energy Holdings Ltd.				1,770,016		28,985,490
Jiangsu Expressway Co. Ltd. - Class H				4,758,982		4,817,752
Longfor Group Holdings Ltd.^(b)				5,373,372		24,693,746
Proya Cosmetics Co. Ltd. - Class A				421,792		11,325,893
Proya Cosmetics Co. Ltd. - Class A (Shanghai Exchange)				195,992		5,274,337
TravelSky Technology Ltd. - Class H				3,370,000		6,495,353
Trip.com Group Ltd. - ADR^(a)				442,566		13,608,905
Tsingtao Brewery Co. Ltd. - Class H				991,536		7,737,203
Xinyi Energy Holdings Ltd.				1,654,948		965,248
Xinyi Solar Holdings Ltd.				10,723,440		21,834,036
Zhejiang Expressway Co. Ltd. - Class H				12,319,315		10,162,613

						173,017,916

Hong Kong		5.2%
China Resources Land Ltd.				1,751,176		7,365,738
Hong Kong Exchanges & Clearing Ltd.				526,799		31,975,783
Lee & Man Paper Manufacturing Ltd.				5,748,000		4,221,659

						43,563,180

India		16.0%
Apollo Tyres Ltd.				1,150,776		3,475,414
Container Corp. of India Ltd.				1,234,466		11,655,920
HDFC Bank Ltd. - ADR				303,582		22,188,808
ICICI Bank Ltd. - ADR				1,510,981		28,512,212
Larsen & Toubro Ltd.				848,782		19,371,990
Mahindra & Mahindra Ltd.				1,448,551		15,571,676
State Bank of India				5,202,967		31,780,824

						132,556,844

Jersey		0.6%
Centamin PLC				4,193,722		5,404,577

Mexico		5.8%
Bolsa Mexicana de Valores S.A.B. de C.V.				2,708,622		5,212,144
Cemex S.A.B. de C.V. - ADR^(a)				3,719,110		26,666,019

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Megacable Holdings S.A.B. de C.V. - CPO				1,414,168	$	4,323,038
Wal-Mart de Mexico S.A.B. de C.V.				3,428,580		11,648,684

						47,849,885

Netherlands		4.3%
Prosus N.V.^(a)				452,402		35,630,370

Russia		0.8%
Globaltrans Investment PLC - REG - GDR				833,616		6,643,257

South Africa		5.9%
FirstRand Ltd.				5,042,370		21,385,458
Mr Price Group Ltd.				1,173,295		15,673,346
Naspers Ltd. - Class N				73,048		12,037,430

						49,096,234

South Korea		17.8%
Cheil Worldwide, Inc.				537,733		10,199,389
NCSoft Corp.				21,082		10,673,516
Samsung Electronics Co. Ltd.				1,079,665		67,197,060
Samsung Electronics Co. Ltd. - REG - GDR				1,125		1,748,733
SK Hynix, Inc.				288,552		24,881,979
SK Telecom Co. Ltd.				120,163		32,766,565

						147,467,242

Taiwan		6.0%
Primax Electronics Ltd.				6,944,384		12,717,850
Taiwan Cement Corp.				4,577,000		8,366,247
Tong Yang Industry Co. Ltd.				6,827,643		8,292,945
Win Semiconductors Corp.				522,000		5,755,833
Yuanta Financial Holding Co. Ltd.				17,186,000		15,126,517

						50,259,392

United Arab Emirates		2.8%
Emaar Malls PJSC^(a)				24,272,136		13,198,560
Emaar Properties PJSC				8,777,172		9,738,041

						22,936,601

TOTAL COMMON STOCKS (Cost $692,301,791)						796,981,525

PREFERRED STOCKS		0.9%
Brazil		0.9%
Azul S.A. - ADR^(a)				357,264		7,166,716

TOTAL PREFERRED STOCKS (Cost $8,707,149)						7,166,716

TOTAL INVESTMENTS (Cost $701,008,940)		96.9%				804,148,241
NET OTHER ASSETS (LIABILITIES)		3.1%				25,701,629

NET ASSETS		100.0%			$	829,849,870

^(a)Non-income producing security.

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

Abbreviations:

ADR – American Depositary Receipt

CPO – Certificados de Partcipatión Ordinario

GDR – Global Depositary Receipt

REG – Registered

At September 30, 2021 the industry sectors for the JOHCM Emerging Markets Opportunities Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		7.0	%
Consumer Discretionary		12.6
Consumer Staples		5.7
Energy		3.5
Financials		21.3
Industrials		7.2
Information Technology		16.9
Materials		11.1
Real Estate		8.0
Utilities		3.6

Total		96.9	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM Emerging Markets Opportunities Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Banks		13.5	%
Semiconductors		12.0
Internet		8.7
Real Estate		8.0
Diversified Financial Services		7.8
Building Materials		6.3
Telecommunications		4.5
Gas		3.5
Oil & Gas		3.5
Retail		3.3
Mining		2.9
Energy-Alternate Sources		2.8
Commercial Services		2.6
Beverages		2.3
Engineering & Construction		2.3
Transportation		2.2
Cosmetics/Personal Care		2.0
Auto Manufacturers		1.9
Computers		1.5
Auto Parts & Equipment		1.4
Forest Products & Paper		1.3
Advertising		1.2
Airlines		0.9
Packing & Containers		0.5

Total		96.9	%


5 Largest Security Positions
Issuer	% of Net Assets
Samsung Electronics Co. Ltd.		8.1	%
Prosus N.V		4.3
SK Telecom Co. Ltd.		4.0
Hong Kong Exchanges & Clearing Ltd.		3.9
State Bank of India		3.8

Total		24.1	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		94.5%
Brazil		4.9%
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A.^(a)				144,300	$	211,717
Aliansce Sonae Shopping Centers S.A.				52,400		218,616
Cia Brasileira de Aluminio^(a)				90,000		231,043
Empreendimentos Pague Menos S.A.^(a)				108,000		246,511
Lojas Quero Quero S.A.				116,982		349,072
Petroreconcavo S.A.^(a)				63,400		234,006
Santos Brasil Participacoes S.A.^(a)				303,000		441,223
Sinqia S.A.^(a)				43,400		168,635
Zenvia, Inc. - Class A^(a)				16,325		224,469

						2,325,292

Canada		3.6%
Capstone Mining Corp.^(a)				87,963		342,379
Dundee Precious Metals, Inc.				69,974		420,971
ERO Copper Corp.^(a)				14,848		263,292
Neo Performance Materials, Inc.				14,831		205,850
Parex Resources, Inc.				25,999		472,933

						1,705,425

Chile		0.8%
Cia Cervecerias Unidas S.A. - ADR				22,396		387,227

China		5.4%
China Datang Corp. Renewable Power Co. Ltd. - Class H				1,484,000		661,843
China Yongda Automobiles Services Holdings Ltd.				154,500		222,413
New Horizon Health Ltd.^(a)^(b)				42,000		183,231
Sany Heavy Equipment International Holdings Co. Ltd.				211,000		249,147
Silergy Corp.				3,313		486,523
Sinopec Engineering Group Co. Ltd. - Class H				551,500		279,945
Sinotrans Ltd. - Class H				805,000		314,744
Xtep International Holdings Ltd.				128,000		176,768

						2,574,614

Colombia		0.4%
Tecnoglass, Inc.				9,545		207,413

France		0.6%
Vicat S.A.				5,874		260,342

Greece		2.6%
Eurobank Ergasias Services and Holdings S.A.^(a)				463,959		434,439
Motor Oil Hellas Corinth Refineries S.A.^(a)				17,414		265,690
Mytilineos S.A.				13,339		217,636
Star Bulk Carriers Corp.				12,570		302,183

						1,219,948

Hong Kong		5.9%
Bosideng International Holdings Ltd.				342,000		241,432
China Power International Development Ltd.				1,124,000		594,805
CIMC Enric Holdings Ltd.				540,000		642,804

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Pacific Basin Shipping Ltd.				557,000	$	257,949
Pax Global Technology Ltd.				373,000		467,612
Towngas China Co. Ltd.^(a)				988,000		614,821

						2,819,423

Hungary		0.9%
Richter Gedeon Nyrt				16,430		447,222

India		21.3%
Aditya Birla Capital Ltd.^(a)				163,092		246,385
Aegis Logistics Ltd.				61,992		188,323
Apollo Tyres Ltd.				90,190		272,379
Aster DM Healthcare Ltd.^(a)^(b)				119,015		328,082
Astral Ltd.				12,517		362,951
Bajaj Consumer Care Ltd.				87,565		297,358
Bajaj Electricals Ltd.^(a)				21,463		376,325
Computer Age Management Services Ltd.				5,147		208,823
Dr Lal PathLabs Ltd.^(b)				13,712		672,293
Finolex Cables Ltd.				62,347		404,686
Godrej Properties Ltd.^(a)				16,604		516,035
Indian Energy Exchange Ltd.^(b)				118,525		1,020,835
Ipca Laboratories Ltd.				16,191		526,731
KPIT Technologies Ltd.				142,719		646,361
LIC Housing Finance Ltd.				57,835		328,908
NCC Ltd.				248,902		273,403
Persistent Systems Ltd.				6,327		317,050
PNC Infratech Ltd.				115,481		595,420
PTC India Ltd.				379,295		589,710
Quess Corp. Ltd.^(b)				45,835		562,832
Shriram Transport Finance Co. Ltd.				22,824		396,725
Varun Beverages Ltd.				60,812		734,146
VST Tillers Tractors Ltd.				6,447		233,613

						10,099,374

Indonesia		2.1%
Erajaya Swasembada Tbk PT				8,529,900		356,307
Matahari Department Store Tbk PT^(a)				1,667,700		323,442
Merdeka Copper Gold Tbk PT^(a)				1,903,200		332,276

						1,012,025

Mexico		2.6%
Alpek S.A.B. de C.V.				348,700		396,820
Banco del Bajio S.A.^(b)				205,000		387,327
GCC S.A.B de C.V.				60,100		450,280

						1,234,427

Netherlands		0.5%
VEON Ltd. - ADR^(a)				122,456		254,708

Philippines		0.9%
Wilcon Depot, Inc.				798,200		427,610

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Poland		1.6%
Asseco Poland S.A.				11,885	$	261,632
Bank Polska Kasa Opieki S.A.				18,778		486,271

						747,903

Saudi Arabia		0.9%
United Electronics Co.				10,975		417,091

South Africa		3.1%
Aspen Pharmacare Holdings Ltd.				23,748		426,989
AVI Ltd.				41,640		236,542
Barloworld Ltd.				21,999		179,461
Life Healthcare Group Holdings Ltd.^(a)				210,243		317,973
Truworths International Ltd.				80,923		298,529

						1,459,494

South Korea		19.9%
AfreecaTV Co. Ltd.				2,685		337,523
DB HiTek Co. Ltd.				6,695		304,047
Dentium Co. Ltd.				7,341		468,396
DGB Financial Group, Inc.				78,270		648,769
Doosan Bobcat, Inc.^(a)				6,864		228,083
Duk San Neolux Co. Ltd.^(a)				14,503		759,869
Ecopro BM Co. Ltd.				2,088		815,054
Eugene Technology Co. Ltd.				8,147		272,893
Hana Materials, Inc.				11,613		475,929
Hansol Chemical Co. Ltd.				3,046		883,659
Hyundai Mipo Dockyard Co. Ltd.^(a)				4,971		288,704
Iljin Materials Co. Ltd.				5,390		469,807
KH Vatec Co. Ltd.^(a)				12,016		236,789
Kolon Plastic, Inc.^(a)				11,287		185,949
KoMiCo Ltd.				8,437		541,109
LX Semicon Co. Ltd.				4,539		382,232
Mando Corp.^(a)				6,784		324,725
Meritz Fire & Marine Insurance Co. Ltd.				14,475		370,594
Pan Ocean Co. Ltd.				30,007		187,835
PSK, Inc.				7,985		244,368
SKC Co. Ltd.				4,254		595,799
SL Corp.				18,828		428,235

						9,450,368

Taiwan		12.6%
Alchip Technologies Ltd.				28,000		927,694
Arcadyan Technology Corp.				76,000		252,979
Bora Pharmaceuticals Co. Ltd.				51,106		400,604
Chailease Holding Co. Ltd.				62,307		547,493
E Ink Holdings, Inc.				109,000		285,284
Innodisk Corp.				46,000		296,416
Makalot Industrial Co. Ltd.				56,000		491,368

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Merida Industry Co. Ltd.				35,000	$	365,700
momo.com, Inc.				4,700		272,923
Realtek Semiconductor Corp.				24,000		422,951
Sino-American Silicon Products, Inc.				63,000		404,806
Taiwan Paiho Ltd.				137,000		394,975
Voltronic Power Technology Corp.				10,850		658,674
Winbond Electronics Corp.				294,000		273,855

						5,995,722

Thailand		2.5%
Com7 PCL - REG				72,000		143,106
JMT Network Services PCL - REG				311,200		409,292
Mega Lifesciences PCL - REG				248,000		366,485
Siam City Cement PCL - REG				52,700		250,767

						1,169,650

Turkey		0.5%
Tofas Turk Otomobil Fabrikasi A.S.				44,435		259,669

United States		0.9%
Parade Technologies Ltd.				7,000		407,124

TOTAL COMMON STOCKS (Cost $38,710,547)						44,882,071

EQUITY-LINKED SECURITIES		1.1%
India		1.1%
Voltas Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 6/30/25^(a)^(b)				31,898		521,725

TOTAL EQUITY-LINKED SECURITIES (Cost $262,114)						521,725

PREFERRED STOCKS		1.3%
Brazil		1.3%
Banco ABC Brasil S.A.^(a)				71,200		194,678
Gerdau S.A. - ADR, 8.33%^(c)				81,452		400,744

						595,422

TOTAL PREFERRED STOCKS (Cost $453,008)						595,422

TOTAL INVESTMENTS (Cost $39,425,669)		96.9%				45,999,218
NET OTHER ASSETS (LIABILITIES)		3.1%				1,488,284

NET ASSETS		100.0%			$	47,487,502

^(a)Non-income producing security.

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

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021 the industry sectors for the JOHCM Emerging Markets Small Mid Cap Equity Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		1.3	%
Consumer Discretionary		12.2
Consumer Staples		4.0
Energy		2.4
Financials		11.5
Health Care		8.7
Industrials		17.8
Information Technology		19.7
Materials		12.6
Real Estate		1.5
Utilities		5.2
Total		96.9	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM EMERGING MARKETS SMALL MID CAP EQUITY FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM Emerging Markets Small Mid Cap Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity and Equity-Linked Securities	% of Net Assets
Semiconductors		11.4	%
Electric		6.5
Retail		6.0
Pharmaceuticals		4.6
Diversified Financial Services		4.5
Electronics		3.9
Auto Parts & Equipment		3.5
Mining		3.3
Computers		3.2
Banks		3.2
Healthcare-Services		3.2
Commercial Services		3.0
Engineering & Construction		2.9
Chemicals		2.7
Electrical Component & Equipments		2.6
Building Materials		2.5
Beverages		2.4
Transportation		2.2
Miscellaneous Manufacturing		2.1
Oil & Gas		2.1
Oil & Gas Services		1.9
Real Estate		1.5
Home Furnishings		1.4
Insurance		1.3
Gas		1.3
Internet		1.3
Distribution/Wholesale		1.1
Telecommunications		1.1
Auto Manufacturers		1.0
Apparel		1.0
Machinery-Construction & Mining		1.0
Healthcare-Products		1.0
Iron/Steel		0.8
Textiles		0.8
Leisure Time		0.8
Metal Fabricate/Hardware		0.8
Cosmetics/Personal Care		0.6
Shipbuilding		0.6
Holding Companies-Diversified		0.5
Software		0.5
Energy-Alternate Sources		0.4
Storage/Warehousing		0.4
Total		96.9	%


5 Largest Security Positions
Issuer	% of Net Assets
Indian Energy Exchange Ltd.		2.2	%
Alchip Technologies Ltd.		2.0
Hansol Chemical Co. Ltd.		1.9
Ecopro BM Co. Ltd.		1.7
Duk San Neolux Co. Ltd.		1.6
Total		9.4	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		94.9%
Australia		3.9%
Atlassian Corp. PLC - Class A^(a)				36,789	$	14,399,951
Fortescue Metals Group Ltd.				773,900		8,161,196

						22,561,147

Canada		2.3%
Magna International, Inc.				176,042		13,245,400

Denmark		6.9%
Novo Nordisk A/S - Class B				136,840		13,161,966
Orsted A/S^(b)				93,841		12,381,432
Vestas Wind Systems A/S				350,418		14,029,530

						39,572,928

Germany		1.7%
BioNTech S.E. - ADR^(a)				36,114		9,858,761

Hong Kong		2.2%
Hong Kong Exchanges & Clearing Ltd.				209,544		12,718,956

Ireland		4.7%
Accenture PLC - Class A				41,676		13,332,986
Aptiv PLC^(a)				92,758		13,818,159

						27,151,145

Japan		7.0%
Recruit Holdings Co. Ltd.				219,300		13,371,883
SBI Holdings, Inc.				507,200		12,513,762
Sony Group Corp.				126,200		14,053,813

						39,939,458

Netherlands		6.2%
ASML Holding N.V.				15,993		11,797,594
Koninklijke DSM N.V.				62,978		12,587,970
Prosus N.V.^(a)				141,205		11,121,053

						35,506,617

South Korea		2.1%
NAVER Corp.				37,043		12,070,250

Sweden		2.3%
Boliden AB				399,395		12,848,611

Taiwan		2.3%
MediaTek, Inc.				411,748		13,271,999

United Kingdom		4.8%
CNH Industrial N.V.				832,643		13,830,200
IHS Markit Ltd.				117,646		13,719,877

						27,550,077

United States		48.5%
Agilent Technologies, Inc.				78,648		12,389,419
Applied Materials, Inc.				103,566		13,332,051
Avantor, Inc.^(a)				332,860		13,613,974
Catalent, Inc.^(a)				98,836		13,152,107

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Chart Industries, Inc.^(a)				72,756	$	13,904,399
Cree, Inc.^(a)				156,627		12,644,498
Estee Lauder Cos. (The), Inc. - Class A				42,000		12,597,060
Intercontinental Exchange, Inc.				116,518		13,378,597
Intuit, Inc.				25,183		13,586,480
Keysight Technologies, Inc.^(a)				77,940		12,804,763
Lam Research Corp.				23,026		13,105,248
Linde PLC				44,467		13,045,729
Micron Technology, Inc.				187,885		13,336,077
Microsoft Corp.				46,940		13,233,325
Morningstar, Inc.				49,546		12,833,900
Nasdaq, Inc.				71,008		13,705,964
NVIDIA Corp.				62,877		13,025,599
PayPal Holdings, Inc.^(a)				48,543		12,631,374
Thermo Fisher Scientific, Inc.				24,705		14,114,708
United Rentals, Inc.^(a)				39,446		13,842,785
Visa, Inc. - Class A				60,312		13,434,498

						277,712,555

TOTAL COMMON STOCKS (Cost $372,536,246)						544,007,904

TOTAL INVESTMENTS (Cost $372,536,246)		94.9%				544,007,904
NET OTHER ASSETS (LIABILITIES)		5.1%				28,983,223

NET ASSETS		100.0%			$	572,991,127

^(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.

Abbreviations:

ADR – American Depositary Receipt

At September 30, 2021 the industry sectors for the JOHCM Global Select Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		2.1	%
Consumer Discretionary		9.1
Consumer Staples		2.2
Financials		11.4
Health Care		13.3
Industrials		14.4
Information Technology		32.1
Materials		8.1
Utilities		2.2
Total		94.9	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM Global Select Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Semiconductors		15.8	%
Commercial Services		11.6
Diversified Financial Services		11.5
Software		7.2
Machinery-Diversified		4.8
Healthcare-Products		4.8
Auto Parts & Equipment		4.7
Chemicals		4.5
Electronics		4.4
Internet		4.0
Home Furnishings		2.5
Energy-Alternate Sources		2.5
Computers		2.3
Pharmaceuticals		2.3
Healthcare-Services		2.3
Mining		2.2
Cosmetics/Personal Care		2.2
Electric		2.2
Biotechnology		1.7
Iron/Steel		1.4
Total		94.9	%


5 Largest Security Positions
Issuer	% of Net Assets
Atlassian Corp. PLC - Class A		2.5	%
Thermo Fisher Scientific, Inc.		2.5
Sony Group Corp.		2.5
Vestas Wind Systems A/S		2.5
Chart Industries, Inc.		2.4
Total		12.4	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		68.7%
Auto Manufacturers		1.0%
Stellantis N.V.				51,366	$	980,832

Auto Parts & Equipment		0.0%
Faurecia S.E.				5		233
Faurecia S.E.				679		32,227

						32,460

Banks		5.7%
DNB Bank ASA				33,107		751,634
FinecoBank Banca Fineco S.p.A.^(a)				14,472		262,270
Intesa Sanpaolo S.p.A.				345,660		980,643
JPMorgan Chase & Co.				9,150		1,497,764
Lloyds Banking Group PLC				1,224,697		761,823
Truist Financial Corp.				21,996		1,290,065

						5,544,199

Beverages		1.7%
Coca-Cola Europacific Partners PLC				20,210		1,117,411
Coca-Cola Femsa S.A.B. de C.V. - ADR				10,169		572,210

						1,689,621

Building Materials		2.8%
Cie de Saint-Gobain				18,573		1,250,930
CRH PLC				23,819		1,109,531
Vulcan Materials Co.				2,054		347,455

						2,707,916

Chemicals		2.2%
Air Products & Chemicals, Inc.				3,646		933,777
Linde PLC				4,221		1,238,357

						2,172,134

Commercial Services		1.4%
Allfunds Group PLC^(a)				9,403		180,825
Bureau Veritas S.A.				15,732		482,844
Laureate Education, Inc. - Class A^(a)				42,011		713,767

						1,377,436

Diversified Financial Services		6.2%
Azimut Holding S.p.A.				31,230		856,756
Charles Schwab (The) Corp.				16,157		1,176,876
CME Group, Inc.				5,525		1,068,425
Julius Baer Group Ltd.				15,337		1,014,410
Mastercard, Inc. - Class A				1,311		455,808
ORIX Corp.				39,400		736,306
Visa, Inc. - Class A				3,376		752,004

						6,060,585

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Electric		0.8%
Enel S.p.A.				25,359	$	194,695
Terna Rete Elettrica Nazionale S.p.A.				89,808		636,993

						831,688

Electrical Component & Equipments		0.5%
ABB Ltd. - REG				15,282		509,382

Food		4.2%
Danone S.A.				16,794		1,146,274
METRO A.G.				19,913		259,154
Mondelez International, Inc. - Class A				12,774		743,191
Nestle S.A. - REG				10,036		1,207,521
Sysco Corp.				9,618		755,013

						4,111,153

Food Service		1.0%
Aramark				14,549		478,080
Compass Group PLC^(a)				24,830		508,030

						986,110

Gas		0.9%
Enagas S.A.				38,201		849,004

Healthcare-Products		0.7%
Thermo Fisher Scientific, Inc.				1,253		715,877

Holding Companies-Diversified		0.2%
Alpha Capital Acquisition Co.^(a)				7,360		73,306
Austerlitz Acquisition Corp. II^(a)				11,063		108,970
CC Neuberger Principal Holdings III^(a)				1,852		18,427
Northern Star Investment Corp. III^(a)				3,687		36,354

						237,057

Home Builders		0.9%
Sekisui House Ltd.				42,000		882,591

Insurance		1.2%
Allianz S.E. - REG				3,800		857,066
AXA S.A.				9,701		269,882

						1,126,948

Internet		4.4%
Alphabet, Inc. - Class C^(a)				535		1,425,941
Amazon.com, Inc.^(a)				199		653,723
Facebook, Inc. - Class A^(a)				3,572		1,212,301
Naspers Ltd. - Class N				6,462		1,064,860

						4,356,825

Machinery-Diversified		1.3%
Deere & Co.				1,429		478,815
Duerr A.G.				12,943		557,466
GrafTech International Ltd.				26,221		270,601

						1,306,882

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Media		0.3%
NOS SGPS S.A.				68,883	$	275,953

Mining		1.4%
Franco-Nevada Corp.				3,230		419,625
Royal Gold, Inc.				6,112		583,635
Wheaton Precious Metals Corp.				10,682		401,429

						1,404,689

Oil & Gas		3.4%
Eni S.p.A.				78,282		1,042,267
Repsol S.A.				68,950		895,556
TotalEnergies S.E.				30,099		1,442,316

						3,380,139

Pharmaceuticals		5.4%
AstraZeneca PLC				8,987		1,081,896
GlaxoSmithKline PLC				26,315		496,709
Novartis A.G. - REG				10,931		896,782
Pfizer, Inc.				20,955		901,275
Roche Holding A.G. - ADR				20,473		930,907
Sanofi				10,370		998,264
Viatris, Inc.				2,797		37,899

						5,343,732

Pipelines		1.9%
ONEOK, Inc.				14,165		821,429
Williams Cos. (The), Inc.				39,861		1,033,994

						1,855,423

Real Estate		2.5%
Great Eagle Holdings Ltd.				58,000		158,308
Hang Lung Properties Ltd.				160,343		364,489
Hongkong Land Holdings Ltd.				101,279		484,712
Hysan Development Co. Ltd.				57,000		185,499
Kerry Properties Ltd.				323,500		851,404
Realogy Holdings Corp.^(a)				21,937		384,775

						2,429,187

Real Estate Investment Trusts		5.2%
Boston Properties, Inc.				4,189		453,878
Champion REIT				923,000		483,102
Columbia Property Trust, Inc.				56,359		1,071,948
Crown Castle International Corp.				7,122		1,234,385
Douglas Emmett, Inc.				14,041		443,836
Frasers Logistics & Commercial Trust				424,749		473,828
JBG SMITH Properties				7,140		211,415
Mapletree Industrial Trust				245,080		501,047
Suntec Real Estate Investment Trust				217,400		225,776

						5,099,215

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Retail		0.6%
Cie Financiere Richemont S.A. - Class A - REG				6,008	$	619,505

Semiconductors		4.7%
Infineon Technologies A.G.				18,669		767,467
NXP Semiconductors N.V.				4,746		929,599
ON Semiconductor Corp.^(a)				22,327		1,021,907
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR				8,403		938,195
Texas Instruments, Inc.				4,745		912,036

						4,569,204

Software		3.8%
Bill.com Holdings, Inc.^(a)				1,433		382,539
DocuSign, Inc.^(a)				872		224,479
Microsoft Corp.				5,700		1,606,944
Oracle Corp.				11,751		1,023,865
SAP S.E.				3,455		468,061

						3,705,888

Telecommunications		2.4%
AT&T, Inc.				16,150		436,211
Cisco Systems, Inc.				8,925		485,788
Telefonica Deutschland Holding A.G.				161,735		460,377
Vodafone Group PLC				616,285		932,218

						2,314,594

TOTAL COMMON STOCKS (Cost $55,662,021)						67,476,229

	Percentage of Net Assets		Principal Amount		Value
CONVERTIBLE BONDS		4.0%
Internet		1.7%
Airbnb, Inc. 0.00%, 03/15/26^(b)			$	510,000		501,075
Spotify U.S.A., Inc. 0.00%, 03/15/26^(b)				770,000		693,770
Twitter, Inc. 0.00%, 03/15/26^(b)				510,000		473,453

						1,668,298

Media		0.7%
Liberty Latin America Ltd. 2.00%, 07/15/24				695,000		705,425

Software		1.6%
Alteryx, Inc. 1.00%, 08/01/26				760,000		701,100
Fastly, Inc. 0.00%, 03/15/26^(b)				1,010,000		849,663

						1,550,763

TOTAL CONVERTIBLE BONDS (Cost $3,998,689)						3,924,486

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Principal Amount		Value
CORPORATE BONDS		13.3%
Advertising		1.3%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/28^(b)			$	1,200,000	$	1,250,688

Aerospace/Defense		0.4%
Boeing (The) Co. 5.81%, 05/01/50				320,000		426,551

Banks		1.4%
Bank of America Corp. (Variable, ICE LIBOR USD 3M + 2.66%) 4.30%, 01/28/25^(c)				450,000		457,875
JPMorgan Chase & Co. (Variable, U.S. SOFR + 2.75%) 4.00%, 04/01/25^(c)				900,000		903,825

						1,361,700

Diversified Financial Services		0.6%
Charles Schwab Corp. (The) (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 4.97%) 5.38%, 06/01/25^(c)				550,000		611,187

Electrical Component & Equipments		0.5%
WESCO Distribution, Inc. 7.25%, 06/15/28^(b)				400,000		443,000

Healthcare-Services		0.6%
Encompass Health Corp. 4.63%, 04/01/31				440,000		462,462
IQVIA, Inc. 5.00%, 10/15/26^(b)				150,000		153,730

						616,192

Internet		3.0%
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/01/27^(b)				420,000		437,850
GrubHub Holdings, Inc. 5.50%, 07/01/27^(b)				450,000		466,875
Netflix, Inc. 6.38%, 05/15/29				505,000		638,825
TripAdvisor, Inc. 7.00%, 07/15/25^(b)				655,000		694,300
Uber Technologies, Inc. 8.00%, 11/01/26^(b)				635,000		671,116

						2,908,966

Media		2.3%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 03/01/23^(b)				1,650,000		1,657,722

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Principal Amount		Value
ViacomCBS, Inc.,
(Variable, ICE LIBOR USD 3M + 3.90%) 5.88%, 02/28/57^(c)			$	350,000	$	354,392
(Variable, ICE LIBOR USD 3M + 3.90%) 6.25%, 02/28/57^(c)				250,000		286,250

						2,298,364

Packing & Containers		0.5%
Berry Global, Inc. 4.88%, 07/15/26^(b)				300,000		315,015
Plastipak Holdings, Inc. 6.25%, 10/15/25^(b)				200,000		203,625

						518,640

Pipelines		0.8%
DCP Midstream L.P. (Variable, ICE LIBOR USD 3M + 5.15%) 7.38%, 12/15/22^(c)				800,000		778,000

Real Estate		0.5%
Realogy Group LLC/Realogy Co-Issuer Corp. 9.38%, 04/01/27^(b)				475,000		521,906

Real Estate Investment Trusts		1.0%
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc. 5.75%, 02/01/27				700,000		805,000
SBA Communications Corp. 3.13%, 02/01/29^(b)				175,000		169,094

						974,094

Software		0.4%
SS&C Technologies, Inc. 5.50%, 09/30/27^(b)				325,000		343,178

TOTAL CORPORATE BONDS (Cost $12,957,833)						13,052,466

	Percentage of Net Assets		Shares		Value
EXCHANGE TRADED FUNDS		3.0%
iShares Gold Trust^(a)				40,351		1,348,127
iShares Hang Seng TECH ETF^(a)				141,100		229,381
SPDR Gold Shares^(a)				8,208		1,347,918

TOTAL EXCHANGE TRADED FUNDS (Cost $2,531,880)						2,925,426

	Percentage of Net Assets		Principal Amount		Value
FOREIGN ISSUER BONDS		2.7%
Media		0.7%
Videotron Ltd. 5.13%, 04/15/27^(b)				700,000		724,500

Packing & Containers		1.1%
OI European Group B.V. 4.00%, 03/15/23^(b)				1,025,000		1,045,500

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Principal Amount		Value
Telecommunications		0.9%
Altice France S.A., 8.13%, 02/01/27^(b)			$	650,000	$	699,400
5.50%, 01/15/28^(b)				200,000		203,345

						902,745

TOTAL FOREIGN ISSUER BONDS (Cost $2,688,111)						2,672,745

	Percentage of Net Assets		Shares		Value
PREFERRED STOCKS		2.7%
Beverages		0.4%
Embotelladora Andina S.A. - Class B 5.14%^(d)				167,691		361,959

Real Estate Investment Trusts		0.5%
Vornado Realty Trust 5.70%				20,375		509,782

Semiconductors		0.9%
Samsung Electronics Co. Ltd. 2.10%^(d)				14,504		848,956

Telecommunications		0.9%
2020 Cash Mandatory Exchangeable Trust^(a)(b)				790		893,308

PREFERRED STOCKS (Cost $2,339,908)						2,614,005

WARRANTS		0.1%
Diversified Financial Services		0.1%
Motive Capital Corp., Exp. 12/09/25, Strike $11.50^(a)				62,286		77,858

Retail		0.0%
Cie Financiere Richemont S.A., Exp. 11/22/23, Strike $67.00^(a)				11,760		5,552

TOTAL WARRANTS (Cost $72,577)						83,410

CLOSED-END FUNDS		0.4%
Eagle Point Credit Co., Inc.				33,024		449,787

TOTAL CLOSED-END FUNDS (Cost $345,233)						449,787

SHORT-TERM INVESTMENTS		2.5%
Northern Institutional Treasury Portfolio (Premier Class), 0.01%^(e)				2,393,587		2,393,587

TOTAL SHORT-TERM INVESTMENTS (Cost $2,393,587)						2,393,587

TOTAL INVESTMENTS (Cost $82,989,839)		97.4%				95,592,141
NET OTHER ASSETS (LIABILITIES)		2.6%				2,578,624

NET ASSETS		100.0%			$	98,170,765

^(a)Non-income producing security.

^(c)Floating rate security. The rate presented is the rate in effect at September 30, 2021, and the related index and spread are shown parenthetically for each security.

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

^(e)7-day current yield as of September 30, 2021 is disclosed.

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

REIT – Real Estate Investment Trust

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM GLOBAL INCOME BUILDER FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM Global Income Builder Fund’s investments were concentrated as follows:


Country Allocation (Unaudited)	Percentage of Net Assets
United States		55.1	%
France		6.6
Switzerland		5.3
Italy		4.0
United Kingdom		3.9
Germany		3.4
Netherlands		3.2
Hong Kong		2.8
Spain		1.8
Japan		1.6
Canada		1.6
Singapore		1.2
Ireland		1.1
Chile		1.1
South Africa		1.1
Taiwan		1.0
South Korea		0.9
Norway		0.8
Mexico		0.6
Portugal		0.3
Total		97.4	%


5 Largest Security Positions
Issuer	% of Net Assets
CCO Holdings LLC/CCO Holdings Capital Corp. 4.00%, 3/1/23		1.7	%
Microsoft Corp.		1.7
JPMorgan Chase & Co.		1.5
TotalEnergies S.E		1.5
Alphabet, Inc. - Class C		1.5
Total		7.9	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		92.2%
Belgium		2.4%
Proximus SADP				4,232	$	83,669

Canada		2.4%
Alimentation Couche-Tard, Inc. - Class B				2,201		84,210

Denmark		2.5%
Orsted A/S^(a)				649		85,629

Finland		2.8%
Wartsila OYJ Abp				8,207		98,279

France		13.5%
Bureau Veritas S.A.				1,422		43,644
Coface S.A.				5,909		74,410
Safran S.A.				453		56,797
Sanofi				1,773		170,677
Thales S.A.				1,282		123,806

						469,334

Germany		13.2%
Continental A.G.^(b)				1,031		113,030
Deutsche Boerse A.G.				750		122,090
Henkel A.G. & Co. KGaA				933		80,501
SAP S.E.				685		92,799
Vitesco Technologies Group A.G.^(b)				797		47,095

						455,515

Ireland		1.4%
CRH PLC				1,048		48,885

Italy		4.0%
Enel S.p.A.				17,842		136,983

Japan		9.2%
KDDI Corp.				3,083		101,886
Nippon Gas Co. Ltd.				4,100		56,547
Nippon Telegraph & Telephone Corp.				2,204		60,930
Sugi Holdings Co. Ltd.				1,360		98,930

						318,293

Netherlands		2.3%
SBM Offshore N.V.				4,564		80,931

Portugal		2.4%
Galp Energia SGPS S.A.				7,448		84,348

Spain		3.6%
Iberdrola S.A.				12,311		122,957

Sweden		3.1%
Svenska Handelsbanken AB - Class A				9,602		107,712

Switzerland		3.5%
Roche Holding A.G. (Genusschein)				242		88,307
Schindler Holding A.G. - REG				125		32,137

						120,444

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
United Kingdom		23.1%
B&M European Value Retail S.A.				12,880	$	102,257
Compass Group PLC^(b)				2,789		57,064
Ferguson PLC				335		46,439
HomeServe PLC				4,894		59,491
Informa PLC^(b)				7,336		53,754
Johnson Matthey PLC				2,313		83,425
Lancashire Holdings Ltd.				12,581		94,765
Reckitt Benckiser Group PLC				1,123		87,896
Rio Tinto PLC				1,177		77,713
Smith & Nephew PLC				3,105		53,324
Unilever PLC				1,569		84,628

						800,756

United States		2.8%
Philip Morris International, Inc.				1,033		97,918

TOTAL COMMON STOCKS (Cost $3,033,924)						3,195,863

TOTAL INVESTMENTS (Cost $3,033,924)		92.2%				3,195,863
NET OTHER ASSETS (LIABILITIES)		7.8%				269,010

NET ASSETS		100.0%			$	3,464,873

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

^(b) Non-income producing security.

Abbreviations:

REG – Registered

At September 30, 2021 the industry sectors for the JOHCM International Opportunities Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		8.7	%
Consumer Discretionary		9.2
Consumer Staples		15.4
Energy		4.8
Financials		11.5
Health Care		9.0
Industrials		13.3
Information Technology		2.7
Materials		6.0
Utilities		11.6

Total		92.2	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM International Opportunities Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Electric		10.0	%
Retail		8.2
Pharmaceuticals		7.5
Telecommunications		7.1
Aerospace/Defense		5.2
Insurance		4.9
Household Products/Wares		4.9
Auto Parts & Equipment		4.6
Diversified Financial Services		3.5
Banks		3.1
Distribution/Wholesale		3.0
Shipbuilding		2.8
Agriculture		2.8
Software		2.7
Cosmetics/Personal Care		2.4
Oil & Gas		2.4
Chemicals		2.4
Oil & Gas Services		2.3
Mining		2.3
Engineering & Construction		1.7
Food Service		1.7
Media		1.6
Healthcare-Products		1.5
Building Materials		1.4
Commercial Services		1.3
Hand/Machine Tools		0.9
Total		92.2	%


5 Largest Security Positions
Issuer	% of Net Assets
Sanofi		4.9	%
Enel S.p.A		4.0
Thales S.A		3.6
Iberdrola S.A		3.6
Deutsche Boerse A.G		3.5
Total		19.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
COMMON STOCKS		95.7%
Australia		1.4%
Fortescue Metals Group Ltd.				17,705,978	$	186,719,165

Canada		1.6%
Magna International, Inc.				2,735,661		205,876,525

Denmark		6.1%
Novo Nordisk A/S - Class B				2,626,951		252,673,475
Orsted A/S^(a)				1,874,054		247,263,696
Vestas Wind Systems A/S				7,320,494		293,087,377

						793,024,548

France		3.9%
L’Oreal S.A.				561,577		231,775,348
Schneider Electric S.E.				1,649,891		274,311,186

						506,086,534

Germany		11.2%
BioNTech S.E. - ADR^(b)				836,252		228,288,433
Continental A.G.^(b)				1,708,246		187,276,936
Daimler A.G. - REG				2,769,959		246,236,515
Deutsche Boerse A.G.				1,576,396		256,615,872
Infineon Technologies A.G.				6,410,514		263,530,798
Merck KGaA				1,208,723		262,847,621
Vitesco Technologies Group A.G.^(b)				341,649		20,183,218

						1,464,979,393

Hong Kong		2.1%
Hong Kong Exchanges & Clearing Ltd.				4,445,435		269,830,174

Ireland		6.6%
Accenture PLC - Class A				815,149		260,782,468
Aptiv PLC^(b)				1,866,482		278,049,823
ICON PLC^(b)				1,236,493		323,985,896

						862,818,187

Italy		3.9%
FinecoBank Banca Fineco S.p.A.^(b)				15,766,652		285,732,338
Nexi S.p.A.^(a)(b)				12,292,078		229,330,255

						515,062,593

Japan		22.6%
Advantest Corp.				3,202,800		286,944,747
CyberAgent, Inc.				13,144,500		254,570,454
Fujitsu Ltd.				1,503,300		273,015,185
Japan Exchange Group, Inc.				11,404,000		283,023,247
ORIX Corp.				15,390,800		287,622,811
PeptiDream, Inc.^(b)				2,720,400		88,564,845
Recruit Holdings Co. Ltd.				5,097,579		310,826,413
SBI Holdings, Inc.				10,517,583		259,492,368
Sony Group Corp.				2,579,000		287,201,132

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
Tokyo Electron Ltd.				599,868	$	264,423,284
Z Holdings Corp.				55,688,300		357,380,024

						2,953,064,510

Netherlands		10.1%
Adyen N.V.^(a)(b)				92,449		257,060,077
ASML Holding N.V.				376,903		278,030,930
Koninklijke Ahold Delhaize N.V.				8,813,198		292,186,708
Koninklijke DSM N.V.				1,424,337		284,694,843
Prosus N.V.^(b)				2,596,761		204,516,236

						1,316,488,794

South Korea		1.5%
SK Hynix, Inc.				2,316,016		199,711,186

Spain		1.6%
Siemens Gamesa Renewable Energy S.A.^(b)				8,479,274		214,330,825

Switzerland		4.4%
Lonza Group A.G. - REG				360,542		270,114,788
STMicroelectronics N.V.				6,832,918		297,898,097

						568,012,885

Taiwan		1.8%
MediaTek, Inc.				7,417,206		239,081,072

United Kingdom		16.9%
Anglo American PLC				6,108,753		210,720,589
Ashtead Group PLC				3,635,785		275,798,406
B&M European Value Retail S.A.				34,757,416		275,945,349
Barclays PLC				103,099,533		262,943,629
CNH Industrial N.V.				15,890,141		269,055,633
Compass Group PLC^(b)				11,691,829		239,218,430
IHS Markit Ltd.				2,417,949		281,981,212
Linde PLC				934,456		277,842,184
THG PLC^(b)				17,524,266		118,887,330

						2,212,392,762

TOTAL COMMON STOCKS (Cost $9,573,215,353)						12,507,479,153

TOTAL INVESTMENTS (Cost $9,573,215,353)		95.7%				12,507,479,153
NET OTHER ASSETS (LIABILITIES)		4.3%				566,796,776

NET ASSETS		100.0%			$	13,074,275,929

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

^(b)Non-income producing security.

Abbreviations:

ADR – American Depositary Receipt

REG – Registered

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021 the industry sectors for the JOHCM International Select Fund were:


Sector Allocation (Unaudited)	% of Net Assets
Communication Services		4.7	%
Consumer Discretionary		15.8
Consumer Staples		4.0
Financials		14.6
Health Care		10.9
Industrials		14.7
Information Technology		21.8
Materials		7.3
Utilities		1.9
Total		95.7	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM INTERNATIONAL SELECT FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the JOHCM International Select Fund’s investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Semiconductors		14.0	%
Diversified Financial Services		10.4
Commercial Services		10.4
Internet		7.2
Auto Parts & Equipment		5.3
Healthcare-Services		5.2
Chemicals		4.3
Banks		4.2
Computers		4.1
Pharmaceuticals		3.9
Energy-Alternate Sources		3.9
Food		2.2
Home Furnishings		2.2
Retail		2.1
Electrical Component & Equipments		2.1
Machinery-Diversified		2.1
Electric		1.9
Auto Manufacturers		1.9
Food Service		1.8
Cosmetics/Personal Care		1.8
Biotechnology		1.7
Mining		1.6
Iron/Steel		1.4
Total		95.7	%


5 Largest Security Positions
Issuer	% of Net Assets
Z Holdings Corp.		2.7	%
ICON PLC		2.5
Recruit Holdings Co. Ltd.		2.4
STMicroelectronics N.V		2.3
Vestas Wind Systems A/S		2.3
Total		12.2	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
CLOSED-END FUNDS		1.1%
United Kingdom		1.1%
Syncona Ltd.^(a)				9,289	$	21,155

TOTAL CLOSED-END FUNDS (Cost $24,953)						21,155

COMMON STOCKS		98.5%
Australia		1.5%
Brambles Ltd.				3,657		28,444

Austria		4.3%
Lenzing A.G.^(a)				671		81,078

Belgium		3.7%
Umicore S.A.				1,180		69,925

Brazil		6.0%
Afya Ltd. - Class A^(a)				3,148		62,142
YDUQS Participacoes S.A.				11,311		49,350

						111,492

Denmark		7.4%
Novo Nordisk A/S - Class B				854		82,142
Orsted A/S^(b)				425		56,075

						138,217

France		8.6%
Hoffmann Green Cement Technologies S.A.S.^(a)				170		5,769
Sartorius Stedim Biotech				138		77,029
Valeo				2,801		78,165

						160,963

Germany		13.4%
Befesa S.A.^(b)				1,115		85,097
Carl Zeiss Meditec A.G. - Bearer				261		50,172
Duerr A.G.				1,768		76,149
Hella GmbH & Co. KGaA				324		22,681
ProCredit Holding A.G. & Co. KGaA				1,642		15,141

						249,240

Indonesia		3.9%
Bank Rakyat Indonesia Persero Tbk PT				271,311		72,107

Japan		4.1%
Horiba Ltd.				1,091		76,397

Netherlands		7.2%
Alfen Beheer B.V.^(a)(b)				701		73,693
QIAGEN N.V.^(a)				1,159		60,262

						133,955

Norway		2.8%
TOMRA Systems ASA				1,011		52,782

Spain		1.7%
Siemens Gamesa Renewable Energy S.A.^(a)				1,262		31,899

Switzerland		4.2%
Lonza Group A.G. - REG				104		77,916

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

September 30, 2021


	Percentage of Net Assets		Shares		Value
United Kingdom		3.9%
Abcam PLC^(a)				1,074	$	21,358
Autolus Therapeutics PLC - ADR^(a)				6,457		42,293
Home REIT PLC				3,896		5,694
Ilika PLC^(a)				1,973		3,700

						73,045

United States		25.8%
Agilent Technologies, Inc.				451		71,046
ANSYS, Inc.^(a)				215		73,197
Ecolab, Inc.				90		18,776
Evoqua Water Technologies Corp.^(a)				2,457		92,285
Hannon Armstrong Sustainable Infrastructure Capital, Inc.				1,350		72,198
PTC, Inc.^(a)				656		78,582
Xylem, Inc.				609		75,321

						481,405

TOTAL COMMON STOCKS (Cost $1,988,966)						1,838,865

TOTAL INVESTMENTS (Cost $2,013,919)		99.6%				1,860,020
NET OTHER ASSETS (LIABILITIES)		0.4%				7,675

NET ASSETS		100.0%			$	1,867,695

^(a)Non-income producing security.

Abbreviations:

ADR – American Depositary Receipt .

REG – Registered

REIT – Real Estate Investment Trust

At September 30, 2021 the industry sectors for the Regnan Global Equity Impact Solutions were:


Sector Allocation (Unaudited)	% of Net Assets
Consumer Discretionary		11.4	%
Financials		9.7
Health Care		25.8
Industrials		27.8
Information Technology		12.2
Materials		9.4
Real Estate		0.3
Utilities		3.0
Total		99.6	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

REGNAN GLOBAL EQUITY IMPACT SOLUTIONS

SCHEDULE OF INVESTMENTS

September 30, 2021

At September 30, 2021, the Regnan Global Equity Impact Solutions’ investments were concentrated as follows:


Market Exposure (Unaudited)
Equity Securities	% of Net Assets
Healthcare-Products		10.0	%
Chemicals		9.1
Software		8.1
Machinery-Diversified		8.1
Electronics		8.1
Electric		7.9
Commercial Services		7.5
Environmental Control		7.4
Auto Parts & Equipment		5.4
Diversified Financial Services		4.7
Pharmaceuticals		4.4
Healthcare-Services		4.2
Engineering & Construction		4.0
Banks		3.9
Biotechnology		3.4
Energy-Alternate Sources		1.7
Closed-End Funds		1.1
Building Materials		0.3
Real Estate Investment Trusts		0.3
Total		99.6	%


5 Largest Security Positions
Issuer	% of Net Assets
Evoqua Water Technologies Corp.		5.0	%
Befesa S.A		4.6
Novo Nordisk A/S - Class B		4.4
Lenzing A.G		4.3
PTC, Inc.		4.2
Total		22.5	%

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF ASSETS & LIABILITIES

September 30, 2021


	JOHCM Credit Income Fund		JOHCM Emerging Markets Opportunities Fund		JOHCM Emerging Markets Small Mid Cap Equity Fund		JOHCM Global Select Fund
Assets:
Investments, at cost	$	5,145,542	$	701,008,940	$	39,425,669	$	372,536,246
Investments, at value		5,191,118		804,148,241		45,999,218		544,007,904
Cash		—		25,868,209		1,814,174		28,062,452
Foreign currency (Cost: $0, $163,401, $108,273, $1,157,534, $498,955, $0, $22,742,234 and $0, respectively)		—		163,401		107,649		1,157,534
Receivable for interest		57,191		—		—		—
Receivable for dividends		1,685		604,890		73,274		182,942
Reclaims receivable		—		—		5,840		332,443
Receivable for investments sold		114,045		—		478,013		—
Receivable for capital shares sold		—		972,069		130		—
Receivable from service providers		97,145		105,051		34,812		33,522
Receivable from investment adviser		3,074		—		37,699		—
Prepaid expenses		40,439		20,485		4,606		26,882

Total Assets		5,504,697		831,882,346		48,555,415		573,803,679

Liabilities:
Securities purchased payable		153,298		—		615,930		3,098
Capital shares redeemed payable		—		263,438		3,741		69,222
Distributions payable to shareholders		2,207		—		—		—
Investment advisory fees payable		2,372		632,136		51,640		440,597
Accounting and Administration fees payable		100,944		593,229		146,386		248,829
Distribution (Rule 12b-1) fees payable		1		9,102		1,279		4,297
Regulatory and Compliance fees payable		78		13,021		727		9,141
Risk Officer fees payable		1		215		12		149
Trustee fees payable		—		5		—		4
Deferred foreign capital gains tax payable		—		445,963		210,721		—
Accrued expenses and other payables		12,280		75,367		37,477		37,215

Total Liabilities		271,181		2,032,476		1,067,913		812,552

Net Assets	$	5,233,516	$	829,849,870	$	47,487,502	$	572,991,127

Net Assets:
Paid in capital	$	5,158,674	$	718,156,868	$	29,115,907	$	306,312,145
Distributable earnings (loss)		74,842		111,693,002		18,371,595		266,678,982

Net Assets	$	5,233,516	$	829,849,870	$	47,487,502	$	572,991,127

Net Assets:
Advisor	$	10,208	$	81,461,946	$	15,208,774	$	49,720,638
Investor		—		9,853,617		—		—
Institutional		5,223,308		738,534,307		32,278,728		523,270,489
Share of Common Stock Outstanding:
Advisor		1,008		6,417,768		828,811		2,324,448
Investor		—		777,459		—		—
Institutional		514,797		58,005,036		1,756,341		24,384,065
Net Asset Value per Share:
Advisor	$	10.13	$	12.69	$	18.35	$	21.39
Investor		—		12.67		—		—
Institutional		10.15		12.73		18.38		21.46

See Notes to Financial Statements.


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

$	82,989,839	$	3,033,924	$	9,573,215,353	$	2,013,919
	95,592,141		3,195,863		12,507,479,153		1,860,020
	—		291,111		522,102,237		9,238
	490,314		—		22,742,150		—
	241,140		—		—		—
	204,995		5,254		15,562,118		888
	223,563		12,199		15,097,299		—
	2,024,443		—		2,281,788		—
	19,985		—		7,753,804		—
	63,851		90,669		673,567		—
	—		—		—		12,993
	41,503		1,984		205,767		—

	98,901,935		3,597,080		13,093,897,883		1,883,139


	406,445		12,170		—		—
	16,225		—		2,984,604		—
	105,543		—		—		—
	66,876		5,797		10,047,799		1,227
	115,512		103,085		5,492,319		2,306
	701		—		173,458		—
	1,505		54		205,349		12
	24		1		3,288		—
	1		—		84		—
	—		—		—		—
	18,338		11,100		715,053		11,899

	731,170		132,207		19,621,954		15,444

$	98,170,765	$	3,464,873	$	13,074,275,929	$	1,867,695


$	84,613,089	$	2,996,831	$	8,936,626,644	$	2,021,847
	13,557,676		468,042		4,137,649,285		(154,152	)

$	98,170,765	$	3,464,873	$	13,074,275,929	$	1,867,695


$	8,213,171	$	—	$	—	$	—
	61,056		—		800,457,226		—
	89,896,538		3,464,873		12,273,818,703		1,867,695

	739,789		—		—		—
	5,503		—		25,762,762		—
	8,096,276		293,022		394,919,442		202,493

$	11.10	$	—	$	—	$	—
	11.10		—		31.07		—
	11.10		11.82		31.08		9.22

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF OPERATIONS

For the year ended September 30, 2021


	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Small Mid Cap Equity Fund			JOHCM Global Select Fund
Investment Income:
Dividend income (Net of foreign withholding tax of $341, $2,722,139, $118,731, $330,905, $210,216, $12,081, $17,542,311 and $0)	$	15,550		$	20,913,654		$	848,243		$	6,189,482
Interest income		175,086			—			—			—

Total investment income		190,636			20,913,654			848,243			6,189,482

Operating expenses:
Investment advisory		28,287			7,143,120			648,263			5,005,998
Distribution (Rule 12b-1) fees - Advisor Shares		6			87,880			16,170			47,457
Distribution (Rule 12b-1) fees - Investor Shares		—			44,882			—			—
Accounting and Administration		141,815			708,071			161,251			267,318
Regulatory and Treasurer Service fees		553			81,373			5,230			56,998
Shareholder Services - Institutional Shares		—			3,853			—			23,818
JOHCM Compliance		17			3,064			173			2,183
Trustees		198			32,320			2,006			22,490
Legal		21,343			6,150			356			4,351
Risk Officer		—			3,928			254			2,756
Registration		21,868			91,734			33,038			36,539
Printing		9,057			41,654			1,076			7,183
Interest expense		—			—			734			953
Other		2,609			83,856			67,370			41,778

Total expenses before reductions		225,753			8,331,885			935,921			5,519,822

Expenses reimbursed by investment advisor		(72,630	)		(1,430	)		(121,435	)		(989	)
Expenses reduced by service providers		(122,906	)		(103,301	)		(34,726	)		(31,772	)

Total expense reimbursements		(195,536	)		(104,731	)		(156,161	)		(32,761	)

Net expenses		30,217			8,227,154			779,760			5,487,061

Net investment income (loss)		160,419			12,686,500			68,483			702,421

Realized and Unrealized Gains (Losses) from Investment Activities:
Net realized gains (losses) from investment transactions		36,684			54,573,110			16,377,446			99,867,327
Net realized gains (losses) from foreign currency transactions		—			(63,045	)		(43,898	)		(111,062	)
Net realized gains from forward foreign currency exchange contracts		—			—			—			—
Change in unrealized appreciation (depreciation) on investments		72,894			46,868,846			(249,338	)		40,168,019
Change in unrealized appreciation (depreciation) on foreign currency		—			7,294			3,060			(22,986	)
Change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts		—			—			—			—

Net realized and unrealized gains (losses) from investment activities		109,578			101,386,205			16,087,270			139,901,298

Change in Net Assets Resulting from Operations	$	269,997		$	114,072,705		$	16,155,753		$	140,603,719

See Notes to Financial Statements.


JOHCM Global Income Builder Fund			JOHCM International Opportunities Fund			JOHCM International Select Fund			Regnan Global Equity Impact Solutions^(a)

$	2,516,398		$	95,304		$	187,531,286		$	581
	852,897			—			—			—

	3,369,295			95,304			187,531,286			581


	611,230			26,240			108,677,435			1,555
	7,968			—			—			—
	193			—			1,839,201			—
	155,782			145,756			5,829,086			3,165
	9,344			381			1,245,133			7
	—			—			499,931			—
	363			11			50,003			6
	3,648			161			491,095			13
	714			22			98,633			2,620
	449			18			59,440			—
	29,564			19,831			289,196			6,301
	7,824			654			200,651			1,080
	—			—			19,444			—
	12,018			7,682			775,061			3,437

	839,097			200,756			120,074,309			18,184

	(64,790	)		(47,718	)		(21,314	)		(16,338	)
	(102,436	)		(121,852	)		(671,811	)		—

	(167,226	)		(169,570	)		(693,125	)		(16,338	)

	671,871			31,186			119,381,184			1,846

	2,697,424			64,118			68,150,102			(1,265	)


	3,633,748			309,774			1,247,709,705			(246	)
	34,981			(160	)		997,983			(1,893	)
	4,605			—			—			—
	6,624,010			81,165			350,589,516			(153,899	)
	(18,256	)		(330	)		(466,350	)		(7	)
	(17,209	)		—			—			—

	10,261,879			390,449			1,598,830,854			(156,045	)

$	12,959,303		$	454,567		$	1,666,980,956		$	(157,310	)

(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, 2021 and 2020


	JOHCM Credit Income Fund						JOHCM Emerging Markets Opportunities Fund						JOHCM Emerging Markets Small Mid Cap Equity Fund
	2021			2020^(a)			2021			2020			2021			2020
Increase (decrease) in net assets:
Operations:
Net investment income (loss)	$	160,419		$	17,097		$	12,686,500		$	5,928,823		$	68,483		$	156,185
Net realized gains (losses) from investments and foreign currency transactions		36,684			1,801			54,510,065			(51,111,188	)		16,333,548			2,217,497
Change in unrealized appreciation (depreciation) on investments and foreign currency		72,894			(27,318	)		46,876,140			71,492,587			(246,278	)		4,804,461

Change in net assets resulting from operations		269,997			(8,420	)		114,072,705			26,310,222			16,155,753			7,178,143

Dividends paid to shareholders:
From distributable earnings:
Advisor Shares		(191	)		—			(880,457	)		(3,215,212	)		(66,920	)		(2,460	)
Investor Shares		—			—			(172,913	)		(513,302	)		—			—
Institutional Shares		(169,720	)		(17,962	)		(7,218,773	)		(19,514,553	)		(154,806	)		(175,677	)

Total dividends paid to shareholders		(169,911	)		(17,962	)		(8,272,143	)		(23,243,067	)		(221,726	)		(178,137	)

Capital Transactions:
Advisor Shares		10,160			—			(7,468,006	)		(3,464,722	)		(4,406,194	)		10,867,243
Investor Shares		—			—			(7,024,857	)		960,552			—			—
Institutional Shares		134,384			5,015,268			104,316,360			50,387,584			(7,687,431	)		1,495,200

Change in net assets from capital transactions		144,544			5,015,268			89,823,497			47,883,414			(12,093,625	)		12,362,443

Change in net assets		244,630			4,988,886			195,624,059			50,950,569			3,840,402			19,362,449
Net assets:
Beginning of year		4,988,886			—			634,225,811			583,275,242			43,647,100			24,284,651

End of year	$	5,233,516		$	4,988,886		$	829,849,870		$	634,225,811		$	47,487,502		$	43,647,100

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

See Notes to Financial Statements.


JOHCM Global Select Fund						JOHCM Global Income Builder Fund						JOHCM International Opportunities Fund						JOHCM International Select Fund
2021			2020			2021			2020			2021			2020			2021			2020


$	702,421		$	(160,367	)	$	2,697,424		$	2,005,315		$	64,118		$	37,706		$	68,150,102		$	37,829,061
	99,756,265			26,067,936			3,673,334			(1,239,550	)		309,614			(24,000	)		1,248,707,688			310,825,367
	40,145,033			60,644,040			6,588,545			2,561,705			80,835			(16,010	)		350,123,166			1,522,978,530

	140,603,719			86,551,609			12,959,303			3,327,470			454,567			(2,304	)		1,666,980,956			1,871,632,958



	(2,257,927	)		(21,676,588	)		(264,475	)		(216,406	)		—			—			—			(78,543,873	)
	—			—			(2,524	)		(3,037	)		—			—			(18,199,079	)		(4,463,461	)
	(24,723,249	)		(31,391,428	)		(2,838,902	)		(2,660,890	)		(76,392	)		(53,453	)		(309,630,745	)		—

	(26,981,176	)		(53,068,016	)		(3,105,901	)		(2,880,333	)		(76,392	)		(53,453	)		(327,829,824	)		(83,007,334	)


	734,630			(113,508,495	)		45,443			490,238			—			—			—			—
	—			—			(30,476	)		12,370			—			—			74,878,491			(58,985,362	)
	(3,324,905	)		158,647,691			5,101,698			(30,393,091	)		151,228			690,598			1,384,755,982			134,382,072

	(2,590,275	)		45,139,196			5,116,665			(29,890,483	)		151,228			690,598			1,459,634,473			75,396,710

	111,032,268			78,622,789			14,970,067			(29,443,346	)		529,403			634,841			2,798,785,605			1,864,022,334

	461,958,859			383,336,070			83,200,698			112,644,044			2,935,470			2,300,629			10,275,490,324			8,411,467,990

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended September 30, 2021 and 2020


	Regnan Global Equity Impact Solutions
	2021^(b)

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

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

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

Total dividends paid to shareholders		—

Capital Transactions:
Institutional Shares		2,025,005

Change in net assets from capital transactions		2,025,005

Change in net assets		1,867,695
Net assets:
Beginning of year		—

End of year	$	1,867,695

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares
JOHCM Credit Income Fund	Period Ended September 30, 2021^(a)

Net asset value, beginning of year	$	10.16

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

Total from investment operations		0.16

Less distributions paid:
From net investment income		(0.19	)

Total distributions paid		(0.19	)

Change in net asset value		(0.03	)

Net asset value, end of year	$	10.13

Total return^(c)		1.61	%
Ratios/Supplemental data:

Net assets, end of year (000’s)	$	10
Ratio of net expenses to average net assets		0.69	%^(d)
Ratio of net investment income to average net assets		3.03	%^(d)
Ratio of gross expenses to average net assets		4.39	%^(d)
Portfolio turnover rate^(e)		84.76	%^(c)

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

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

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM Credit Income Fund	Year Ended September 30, 2021			Period Ended September 30, 2020^(a)

Net asset value, beginning of year	$	9.95		$	10.00

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

Total from investment operations		0.53			(0.01	)

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

Total distributions paid		(0.33	)		(0.04	)

Change in net asset value		0.20			(0.05	)

Net asset value, end of year	$	10.15		$	9.95

Total return^(c)		5.27	%		(0.14	%)
Ratios/Supplemental data:

Net assets, end of year (000’s)	$	5,224		$	4,989
Ratio of net expenses to average net assets		0.59	%		0.65	%^(d)
Ratio of net investment income to average net assets		3.11	%		2.85	%^(d)
Ratio of gross expenses to average net assets		4.39	%		5.47	%^(d)
Portfolio turnover rate^(e)		84.76	%		5.72	%^(c)

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

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

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

(d)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares
JOHCM Emerging Markets Opportunities Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	10.81		$	10.75		$	11.38		$	11.96		$	10.04

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

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

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

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

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

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

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

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

(b)	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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Investor Shares
JOHCM Emerging Markets Opportunities Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	10.80		$	10.74		$	11.36		$	11.95		$	10.03

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

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

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

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

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

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

Total return		18.42	%		4.26	%		(1.37	%)		(1.47	%)		19.89	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	9,854		$	14,268		$	13,348		$	8,020		$	5,668
Ratio of net expenses to average net assets		1.27	%		1.35	%		1.47	%		1.49	%		1.54	%
Ratio of net investment income to average net assets		1.47	%		0.76	%		3.86	%		1.01	%		0.71	%
Ratio of gross expenses to average net assets		1.28	%		1.35	%		1.47	%		1.49	%		1.54	%
Ratio of expense recoupment to average net assets		—			—			—	^(b)		0.02	%		0.02	%
Portfolio turnover rate^(c)		38.60	%		53.30	%		35.35	%		31.87	%		22.62	%

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

(b)	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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM Emerging Markets Opportunities Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	10.85		$	10.78		$	11.41		$	11.99		$	10.06

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

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

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

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

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

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

Total return		18.70	%		4.56	%		(1.21	%)		(1.23	%)		20.21	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	738,534		$	543,987		$	486,372		$	388,129		$	269,622
Ratio of net expenses to average net assets		1.02	%		1.10	%		1.22	%		1.24	%		1.29	%
Ratio of net investment income to average net assets		1.61	%		1.04	%		4.46	%		1.26	%		1.23	%
Ratio of gross expenses to average net assets		1.03	%		1.10	%		1.22	%		1.24	%		1.29	%
Ratio of expense recoupment to average net assets		—			—			—	^(b)		0.02	%		0.01	%
Portfolio turnover rate^(c)		38.60	%		53.30	%		35.35	%		31.87	%		22.62	%

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

(b)	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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares
JOHCM Emerging Markets Small Mid Cap Equity Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	13.40		$	11.62		$	11.85		$	14.00		$	11.78

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

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

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

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

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

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

Total return		37.50	%		15.95	%		(1.51	%)		(4.50	%)		21.37	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	15,209		$	14,365		$	415		$	751		$	149
Ratio of net expenses to average net assets		1.63	%		1.64	%		1.64	%		1.64	%		1.64	%
Ratio of net investment income to average net assets		0.06	%		1.21	%		0.15	%		0.69	%		0.47	%
Ratio of gross expenses to average net assets		1.94	%		2.29	%		2.66	%		2.65	%		4.37	%
Portfolio turnover rate^(b)		163.54	%		136.73	%		133.43	%		127.34	%		174.08	%

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

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM Emerging Markets Small Mid Cap Equity Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	13.42		$	11.64		$	11.87		$	14.02		$	11.78

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

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

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

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

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

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

Total return		37.60	%		16.09	%		(1.42	%)		(4.43	%)		21.59	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	32,279		$	29,282		$	23,870		$	24,093		$	7,406
Ratio of net expenses to average net assets		1.53	%		1.54	%		1.54	%		1.54	%		1.54	%
Ratio of net investment income to average net assets		0.18	%		0.33	%		0.36	%		0.69	%		0.40	%
Ratio of gross expenses to average net assets		1.84	%		2.19	%		2.56	%		2.48	%		4.38	%
Portfolio turnover rate^(b)		163.54	%		136.73	%		133.43	%		127.34	%		174.08	%

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

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares
JOHCM Global Select Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	17.28		$	16.41		$	16.73		$	15.05		$	13.58

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

Total from investment operations		5.13			3.13			0.35			1.74			1.50

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

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

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

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

Total return		30.60	%		21.26	%		2.66	%		11.61	%		11.06	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	49,721		$	39,213		$	157,452		$	189,317		$	216,867
Ratio of net expenses to average net assets		1.07	%		1.16	%		1.16	%		1.17	%		1.18	%
Ratio of net investment income (loss) to average net assets		0.04	%		(0.28	%)		0.63	%		0.39	%		0.49	%
Ratio of gross expenses to average net assets		1.08	%		1.16	%		1.17	%		1.17	%		1.18	%
Ratio of expense recoupment to average net assets		—			—			—	^(b)		—	^(b)		—	^(b)
Portfolio turnover rate^(c)		53.91	%		40.21	%		46.36	%		24.81	%		51.44	%

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

(b)	Amount 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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM Global Select Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	17.32		$	16.44		$	16.76		$	15.08		$	13.61

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

Total from investment operations		5.16			3.15			0.36			1.76			1.51

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

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

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

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

Total return		30.71	%		21.43	%		2.76	%		11.76	%		11.15	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	523,270		$	422,745		$	225,884		$	335,636		$	287,089
Ratio of net expenses to average net assets		0.98	%		1.06	%		1.06	%		1.07	%		1.08	%
Ratio of net investment income to average net assets		0.13	%		0.01	%		0.66	%		0.57	%		0.57	%
Ratio of gross expenses to average net assets		0.98	%		1.06	%		1.07	%		1.07	%		1.08	%
Ratio of expense recoupment to average net assets		—			—			—	^(c)		—	^(c)		—	^(c)
Portfolio turnover rate^(d)		53.91	%		40.21	%		46.36	%		24.81	%		51.44	%

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

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

(c)	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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Advisor Shares
JOHCM Global Income Builder Fund	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	$	9.89		$	10.09		$	9.71		$	10.00

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

Total from investment operations		1.57			0.10			0.72			(0.01	)

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

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

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

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

Total return		16.01	%		0.99	%		7.66	%		(0.06	%)^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	8,213		$	7,285		$	6,933		$	5,516
Ratio of net expenses to average net assets		0.83	%		0.93	%		0.98	%		0.98	%^(d)
Ratio of net investment income to average net assets		2.86	%		2.14	%		3.14	%		3.50	%^(d)
Ratio of gross expenses to average net assets		1.01	%		1.08	%		1.18	%		1.56	%^(d)
Portfolio turnover rate^(e)		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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Investor Shares
JOHCM Global Income Builder Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Period Ended September 30, 2019^(a)
Net asset value, beginning of year	$	9.89		$	10.09		$	10.08

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

Total from investment operations		1.56			0.08			0.07

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

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

Change in net asset value		1.21			(0.20	)		0.01

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

Total return		15.88	%		0.86	%		0.75	%^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	61		$	81		$	77
Ratio of net expenses to average net assets		0.98	%		1.08	%		1.13	%^(d)
Ratio of net investment income to average net assets		2.73	%		2.01	%		2.70	%^(d)
Ratio of gross expenses to average net assets		1.16	%		1.23	%		1.63	%^(d)
Portfolio turnover rate^(e)		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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM Global Income Builder Fund	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	$	9.89		$	10.09		$	9.71		$	10.00

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

Total from investment operations		1.58			0.11			0.73			—

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

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

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

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

Total return		16.12	%		1.09	%		7.77	%		0.03	%^(c)
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	89,897		$	75,835		$	105,634		$	28,206
Ratio of net expenses to average net assets		0.73	%		0.83	%		0.88	%		0.88	%^(d)
Ratio of net investment income to average net assets		2.96	%		2.19	%		3.42	%		3.62	%^(d)
Ratio of gross expenses to average net assets		0.91	%		0.98	%		1.08	%		1.47	%^(d)
Portfolio turnover rate^(e)		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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM International Opportunities Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	10.48		$	10.65		$	10.71		$	11.19		$	9.98

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

Total from investment operations		1.61			0.08			0.14			0.18			1.29

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

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

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

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

Total return		15.39	%		0.62	%		1.42	%		1.76	%		13.12	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	3,465		$	2,935		$	2,301		$	2,276		$	2,254
Ratio of net expenses to average net assets		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of net investment income to average net assets		1.83	%		1.60	%		2.29	%		1.86	%		1.94	%
Ratio of gross expenses to average net assets		5.73	%		9.42	%		8.61	%		8.23	%		9.03	%
Portfolio turnover rate^(b)		47.85	%		64.62	%		34.58	%		57.05	%		68.89	%

(a)	Net investment income (loss) for the year 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

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Investor Shares
JOHCM International Select Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	27.53		$	22.54		$	23.68		$	21.93		$	19.96

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

Total from investment operations		4.35			5.16			(0.87	)		1.95			2.07

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

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

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

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

Total return		15.94	%		23.02	%		(3.59	%)		8.97	%		10.45	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	800,457		$	643,607		$	588,729		$	551,489		$	400,294
Ratio of net expenses to average net assets		1.21	%		1.23	%		1.24	%		1.25	%		1.27	%
Ratio of net investment income to average net assets		0.33	%		0.20	%		1.03	%		0.83	%		1.29	%
Ratio of gross expenses to average net assets		1.21	%		1.23	%		1.24	%		1.25	%		1.27	%
Ratio of expense recoupment to average net assets		—			—			—			—			0.01	%
Portfolio turnover rate^(b)		53.34	%		43.51	%		33.06	%		26.06	%		34.96	%

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

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
JOHCM International Select Fund	Year Ended September 30, 2021			Year Ended September 30, 2020			Year Ended September 30, 2019			Year Ended September 30, 2018			Year Ended September 30, 2017
Net asset value, beginning of year	$	27.53		$	22.54		$	23.66		$	21.92		$	19.94

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

Total from investment operations		4.42			5.22			(0.81	)		2.00			2.11

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

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

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

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

Total return		16.24	%		23.30	%		(3.31	%)		9.22	%		10.72	%
Ratios/Supplemental data:
Net assets, end of year (000’s)	$	12,273,819		$	9,631,884		$	7,822,739		$	7,619,731		$	6,081,384
Ratio of net expenses to average net assets		0.96	%		0.98	%		0.99	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		0.57	%		0.45	%		1.27	%		1.16	%		1.49	%
Ratio of gross expenses to average net assets		0.97	%		0.98	%		0.99	%		1.00	%		1.01	%
Portfolio turnover rate^(a)		53.34	%		43.51	%		33.06	%		26.06	%		34.96	%

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

JOHCM FUNDS

FINANCIAL HIGHLIGHTS

For the periods indicated


	Institutional Shares
Regnan Global Equity Impact Solutions	Period Ended September 30, 2021^(a)
Net asset value, beginning of year	$	10.00

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

Total from investment operations		(0.78	)

Less distributions paid:
Change in net asset value		(0.78	)

Net asset value, end of year	$	9.22

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

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

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

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

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

(e)	Annualized for periods less than one year.

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

See Notes to Financial Statements.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

JOHCM Funds Trust (the “Trust”) is a Massachusetts business trust operating under an Amended and Restated Agreement and Declaration of Trust (the “Trust Agreement”) dated December 4, 2020. As an open-end registered investment company (as defined in Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-08), the Trust follows accounting and reporting guidance under FASB Accounting Standards Codification (“ASC”) Topic 946, “Financial Services - Investment Companies”). The JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund (formerly the JOHCM Global Equity Fund), the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, the JOHCM International Select Fund, and the Regnan Global Equity Impact Solutions (referred to individually as a “Fund” and collectively as the “Funds” or the “JOHCM Funds”) are each a diversified fund and a series of the Trust. The Trust Agreement permits the Board of Trustees (the “Trustees” or “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 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, 2021, the following classes of shares were in operation:


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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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 “Predecessor Funds”; each a “Predecessor Fund”). Each Predecessor Fund, except for the 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 was authorized to issue three classes of shares: Class I Shares, Class II shares and Institutional shares. The JOHCM International Select Fund was authorized to issue two classes of shares: Class I Shares and Class II Shares. The JOHCM Emerging Markets Small Mid Cap Equity Fund was authorized to issue four classes of shares: Class I Shares, Class II Shares, Class III Shares, and Institutional Shares. Each class was distinguished by the class-specific shareholder servicing and distribution (Rule 12b-1) fees incurred, as applicable.

On July 19, 2021 the Predecessor Funds were reorganized into JOHCM Funds Trust, pursuant to a Plan of Reorganization approved by the Advisers Investment Trust’s Board of Trustees on December 10, 2020 and by the Predecessor Funds’ shareholders on June 2, 2021 and July 9, 2021 (the “Reorganizations”). At the time of the Reorganizations, each 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 Predecessor Fund by the corresponding JOHCM Fund. Upon closing of the Reorganizations, holders of a Predecessor Fund’s shares received shares of the corresponding JOHCM Fund’s shares. The Reorganizations were 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)

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

Security prices are generally provided by an independent third party pricing service approved by the Trustees as of the close of the New York Stock Exchange, normally at 4:00 p.m. Eastern Time, each business day on which the share price of the Funds are calculated. Equity securities listed or traded on a primary exchange are valued at the closing price, if available, or the last sales price on the primary exchange.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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

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

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

The following is a summary of the valuation inputs used as of September 30, 2021 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
Closed-End Funds	$	60,936	$	—	$	—	$	60,936
Common Stocks		9,360		4,263		—		13,623
Convertible Bonds*		—		835,422		—		835,422
Corporate Bonds*		—		3,181,006		—		3,181,006
Foreign Issuer Bonds*		—		432,515		—		432,515
Preferred stocks*		124,808		158,308		—		283,116
Short-Term Investments		384,500		—		—		384,500

Total Investments	$	579,604	$	4,611,514	$	—	$	5,191,118

JOHCM Emerging Markets Opportunities Fund
Common Stocks:
Brazil	$	63,577,336	$	—	$	—	$	63,577,336
Canada		18,978,691		—		—		18,978,691
China		13,608,905		159,409,011		—		173,017,916
India		50,701,020		81,855,824		—		132,556,844
Mexico		47,849,885		—		—		47,849,885
Other*		—		361,000,853		—		361,000,853

Total common stocks	$	194,715,837	$	602,265,688	$	—	$	796,981,525

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Preferred stocks	$	7,166,716	$	—	$	—	$	7,166,716

Total Investments	$	201,882,553	$	602,265,688	$	—	$	804,148,241

JOHCM Emerging Markets Small Mid Cap Equity Fund
Common Stocks:
Brazil	$	2,325,292	$	—	$	—	$	2,325,292
Canada		1,705,425		—		—		1,705,425
Chile		387,227		—		—		387,227
Colombia		207,413		—		—		207,413
Greece		302,183		917,765		—		1,219,948
Mexico		1,234,427		—		—		1,234,427
Netherlands		254,708		—		—		254,708
Other*		—		37,547,631		—		37,547,631

Total common stocks	$	6,416,675	$	38,465,396	$	—	$	44,882,071

Equity-Linked Securities	$	—	$	521,725	$	—	$	521,725
Preferred stocks		595,422		—		—		595,422

Total Investments	$	7,012,097	$	38,987,121	$	—	$	45,999,218

JOHCM Global Select Fund
Common Stocks:
Australia	$	14,399,951	$	8,161,196	$	—	$	22,561,147
Canada		13,245,400		—		—		13,245,400
Germany		9,858,761		—		—		9,858,761
Ireland		27,151,145		—		—		27,151,145
United Kingdom		27,550,077		—		—		27,550,077
United States		277,712,555		—		—		277,712,555
Other*		—		165,928,819		—		165,928,819

Total common stocks	$	369,917,889	$	174,090,015	$	—	$	544,007,904

Total Investments	$	369,917,889	$	174,090,015	$	—	$	544,007,904

JOHCM Global Income Builder Fund
Closed-End Funds	$	449,787	$	—	$	—	$	449,787
Common Stocks:
Canada		821,054		—		—		821,054
Mexico		572,210		—		—		572,210
Netherlands		929,599		1,161,658		—		2,091,257
Switzerland		930,907		4,247,600		—		5,178,507
Taiwan		938,195		—		—		938,195
United States		30,761,240		73,306		—		30,834,546
Other*		—		27,040,460		—		27,040,460

Total common stocks	$	34,953,205	$	32,523,024	$	—	$	67,476,229

Convertible Bonds*	$	—	$	3,924,486	$	—	$	3,924,486
Corporate Bonds		—		13,052,466		—		13,052,466
Exchange Traded Funds:
Hong Kong		—		229,381		—		229,381
United States		2,696,045		—		—		2,696,045

Total Exchange Traded Funds	$	2,696,045	$	229,381	$	—	$	2,925,426

Foreign Issuer Bonds*	$	—	$	2,672,745	$	—	$	2,672,745

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021


Fund	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Preferred stocks:
Chile	$	361,958	$	—	$	—	$	361,958
South Korea		—		848,956		—		848,956
United States		509,783		893,308		—		1,403,091

Total preferred stocks	$	871,741	$	1,742,264	$	—	$	2,614,005

Warrants*	$	83,410	$	—	$	—	$	83,410
Short-Term Investments		2,393,587		—		—		2,393,587

Total Investments	$	41,447,775	$	54,144,366	$	—	$	95,592,141

JOHCM International Opportunities Fund
Common Stocks:
Canada	$	84,210	$	—	$	—	$	84,210
Germany		47,095		408,420		—		455,515
United States		97,918		—		—		97,918
Other*		—		2,558,220		—		2,558,220

Total common stocks	$	229,223	$	2,966,640	$	—	$	3,195,863

Total Investments	$	229,223	$	2,966,640	$	—	$	3,195,863

JOHCM International Select Fund
Common Stocks:
Canada	$	205,876,525	$	—	$	—	$	205,876,525
Germany		248,471,651		1,216,507,742		—		1,464,979,393
Ireland		862,818,187		—		—		862,818,187
United Kingdom		281,981,212		1,930,411,550		—		2,212,392,762
Other*		—		7,761,412,286		—		7,761,412,286

Total common stocks	$	1,599,147,575	$	10,908,331,578	$	—	$	12,507,479,153

Total Investments	$	1,599,147,575	$	10,908,331,578	$	—	$	12,507,479,153

Regnan Global Equity Impact Solutions
Closed-End Funds	$	—	$	21,155	$	—	$	21,155
Common Stocks:
Brazil		111,492		—		—		111,492
United Kingdom		42,293		30,752		—		73,045
United States		481,405		—		—		481,405
Other*		—		1,172,923		—		1,172,923

Total common stocks	$	635,190	$	1,203,675	$	—	$	1,838,865

Total Investments	$	635,190	$	1,224,830	$	—	$	1,860,020

* See additional categories in the Schedule of Investments.

As of September 30, 2021 there were no Level 3 securities held by the Funds. There were no transfers to or from Level 3 during the year ended September 30, 2021.

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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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, 2021, the Funds held equity-linked securities issued by counterparties as follows:


Fund	Counterparty	Fair value	% of Net Assets
JOHCM Emerging Markets Small Mid Cap Equity Fund	CLSA Global Markets Pte. Ltd.	$ 521,725	1.1%

CURRENCY TRANSACTIONS

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

The following table, set forth by primary risk exposure, displays the Funds’ realized gains (losses) and change in unrealized appreciation (depreciation) by type of derivative contract for the year ended September 30, 2021:

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

Fund

Contract Type

Statement of Operations Location

Amount of Realized Gain

(Loss) on Derivative

Contracts

JOHCM Global Income Builder Fund

Foreign exchange

contracts

Net realized gains (losses) on forward foreign

currency exchange contracts

$ 4,605

Fund

Contract Type

Statement of Operations Location

Change in

Unrealized
Appreciation

(Depreciation)
on

Derivative
Contracts

JOHCM Global Income Builder Fund

Foreign exchange

contracts

Change in unrealized appreciation (depreciation) on

forward foreign currency exchange contracts

$ (17,209)

Volume of derivative activity for the fiscal year ended September 30, 2021*:

* Activity for the period is measured by number of trades during the period and average notional amount for foreign currency exchange.

INVESTMENT TRANSACTIONS AND INCOME

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

EXPENSE ALLOCATIONS

Expenses directly attributable to a fund in the Trust are charged to that fund, while expenses that are attributable to more than one fund in the Trust 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:

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021


	Declaration and Payment Frequency
JOHCM Credit Income Fund		Daily/Monthly
JOHCM Emerging Markets Opportunities Fund		Annually
JOHCM Emerging Markets Small Mid Cap Equity Fund		Annually
JOHCM Global Select Fund		Annually
JOHCM Global Income Builder Fund		Daily/Monthly
JOHCM International Opportunities Fund		Annually
JOHCM International Select Fund		Annually
Regnan Global Equity Impact Solutions		Annually

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

FEDERAL INCOME TAX INFORMATION

No provision is made for 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 Statute of Limitations, for all major jurisdictions that remain subject to examination. The Funds’ Federal tax returns for the tax years ended September 30, 2018 through September 30, 2021, as applicable, remain subject to examination by the Internal Revenue Service. Interest or penalties incurred, if any, on future unknown or uncertain tax positions taken by the Funds will be recorded as interest expense on the Statements of Operations.

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

USE OF ESTIMATES

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

CAPITAL GAIN TAXES

Investments in certain foreign securities may subject the Funds to capital gain taxes on the disposal of those securities. Any capital gains assessed will reduce the proceeds received on the sale and be reflected in net realized gain/loss on the transaction. The Funds estimate and accrue foreign capital gain taxes on certain investments held which impact the amount of unrealized appreciation/depreciation on such investments. The JOHCM Emerging Markets Small Mid Cap Fund paid $328,693 in capital gain taxes during the year. This amounts is included in the net realized gains (losses) from investment transactions on the Statement of Operations.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

OTHER RISKS

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

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

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

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. The use of LIBOR will be phased out by the end of 2021. 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.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

B.	Fees and Transactions with Affiliates and Other Parties

The Funds are a party to an Investment Advisory Agreement with JOHCM (USA) Inc. (the “Adviser” or “JOHCM USA”) and prior to the Reorganizations, the Predecessor Funds had entered into an Investment Advisory Agreement (together the “Agreements”) with J O Hambro Capital Management Limited (the “Previous Adviser”) to provide investment management services to the Predecessor Funds. The Regnan Global Equity Impact Solutions entered into an Investment Advisory Agreement with the Adviser on June 21, 2021.

JOHCM USA is wholly owned by the Previous Adviser (together with JOHCM USA, “JOHCM”). Total fees incurred pursuant to the Agreements are reflected as “Investment Advisory” fees on the Statement of Operations. Under the terms of the Agreements, 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).


Fund	Class	Advisory Fee	Expense Limitation	Expense Limitation Prior to July 19, 2021
JOHCM Credit Income Fund	Advisor Shares	0.55%	0.68%	0.69%
JOHCM Credit Income Fund	Institutional Shares	0.55%	0.58%	0.59%
JOHCM Emerging Markets Opportunities Fund	Advisor Shares	0.90%	1.12%	1.19%
JOHCM Emerging Markets Opportunities Fund	Investor Shares	0.90%	1.27%	1.34%
JOHCM Emerging Markets Opportunities Fund	Institutional Shares	0.90%	1.04%	1.09%
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares	1.30%	1.59%	1.64%
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares	1.30%	1.49%	1.54%
JOHCM Global Select Fund	Advisor Shares	0.89%^(a)	1.08%	1.09%^(b)
JOHCM Global Select Fund	Institutional Shares	0.89%^(a)	0.98%	0.99%^(b)
JOHCM Global Income Builder Fund	Advisor Shares	0.67%	0.82%	0.83%
JOHCM Global Income Builder Fund	Investor Shares	0.67%	0.97%	0.98%
JOHCM Global Income Builder Fund	Institutional Shares	0.67%	0.72%	0.73%
JOHCM International Opportunities Fund	Institutional Shares	0.75%	0.88%	0.89%
JOHCM International Select Fund	Investor Shares	0.89%	1.21%	1.30%
JOHCM International Select Fund	Institutional Shares	0.89%	0.98%	1.05%
Regnan Global Equity Impact Solutions	Institutional Shares	0.75%	0.89%	—

^(a) Prior to December 11, 2020 the advisory fee was 0.95%.

^(b) Prior to December 11, 2020 the expense limits were 1.18% and 1.08% for the Advisor shares and Institutional shares, respectively.

The expense limitation agreement is effective until June 30, 2022 for the Funds, except for the Regnan Global Equity Impact Solutions which is effective until July 31, 2022, at which time it will be subject to automatic renewal upon the effective date of the annual update to the a Funds’ registration statement. If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements 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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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.

Prior to the Reorganizations, JOHCM USA served as the investment sub-adviser to the JOHCM Credit Income Fund, the JOHCM Global Income Builder Fund and the JOHCM International Small Cap Equity Fund. For its services, JOCHM USA as sub-adviser was paid a fee of 0.55%, 0.67% and 1.05%, based on average daily net assets of the JOHCM Credit Income Fund, the JOHCM Global Income Builder Fund and the JOHCM International Small Cap Equity Fund, respectively, by J O Hambro Capital Management Limited.

For the year ended September 30, 2021, the JOHCM Funds incurred advisory fees payable to JOHCM, expense waivers/reimbursements from JOHCM, and paid expense recoupments to JOHCM as follows:


Fund	Advisory Fee to JOHCM		Expenses Reduced by JOHCM		Advisory Fees Recouped by JOHCM
JOHCM Credit Income Fund	$	28,287	$	72,630	$	—
JOHCM Emerging Markets Opportunities Fund		7,143,120		1,430		—
JOHCM Emerging Markets Small Mid Cap Equity Fund		648,263		121,435		—
JOHCM Global Select Fund		5,005,998		989		—
JOHCM Global Income Builder Fund		611,230		64,790		—
JOHCM International Opportunities Fund		26,240		47,718		—
JOHCM International Select Fund		108,677,435		21,314		—
Regnan Global Equity Impact Solutions*		1,555		16,338		—

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

The balances of recoverable expenses to JOHCM by Funds at September 30, 2021 were as follows:


For the year ended:	Expiring		JOHCM Credit Income Fund		JOHCM Emerging Markets Opportunities Fund		JOHCM Emerging Markets Small Mid Cap Equity Fund		JOHCM Global Select Fund		JOHCM Global Income Builder Fund		JOHCM International Opportunities Fund		JOHCM International Select Fund		Regnan Global Equity Impact Solutions
September 30, 2019		September 30, 2022	$	—	$	—	$	238,798	$	—	$	28,639	$	21,181	$	—	$	—
September 30, 2020		September 30, 2023		10,656		—		201,003		—		123,468		80,299		—		—
September 30, 2021		September 30, 2024		72,620		—		121,344		—		64,632		47,711		—		16,338	*

Balances of Recoverable Expenses to JOHCM			$	83,276	$	—	$	561,145	$	—	$	216,739	$	149,191	$	—	$	16,338

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

As of July 19, 2021 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. Prior to the Reorganizations Foreside Financial Services, LLC ( the “Former Distributor”) provided distribution services to the Predecessor Funds pursuant to a distribution agreement with the Advisers Investment Trust, on behalf of the Predecessor Funds. The Distributor acts as an agent of the Trust in connection with the offering of the shares of the

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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. Prior to July 19, 2021, the Former Distributor provided these distribution services to the Predecessor Funds under similar compensation arrangements and such amounts were also paid directly by the Previous Adviser.

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. Prior to the Reorganizations, Northern Trust served as the administrator, transfer agent, custodian and fund accounting agent for the Predecessor Funds pursuant to written agreements with the Advisers Investment Trust, on behalf of the Predecessor Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the JOHCM Funds’ complex level net assets, certain per account and transaction charges, other fees for additional service activities, and reimbursement of certain expense. As of July 19, 2021 the total fee is not subject to a minimum annual fee. Prior to the Reorganizations, the fees to Northern Trust were subject to similar compensation arrangements but were also subject to a minimum annual fee of $160,000 per Fund relating to these services. Total fees paid to Northern Trust for their services are reflected as “Accounting and Administration” fees on the Statements of Operations. Northern Trust agreed to voluntarily waive its prior minimum fees and certain other expenses. This voluntary waiver agreement terminated at the time of the Reorganizations, and the waivers were not subject to recoupment. Amounts waived by Northern Trust are included in “Expenses reduced by Service Providers” on the Statements of Operations.

For the year ended September 30, 2021, Northern Trust voluntarily waived expenses as follows:


Fund	Expenses Waived by Northern Trust
JOHCM Credit Income Fund	$	122,906
JOHCM Emerging Markets Opportunities Fund		103,301
JOHCM Emerging Markets Small Mid Cap Equity Fund		34,726
JOHCM Global Select Fund		31,772
JOHCM Global Income Builder Fund		102,436
JOHCM International Opportunities Fund		121,852
JOHCM International Select Fund		671,811

Beginning July 19, 2021, 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. Prior to the Reorganizations, Foreside provided compliance and financial control services for the Predecessor Funds pursuant to a written agreement with the Advisers Investment Trust on behalf of the Predecessor Funds, including providing certain officers to the Predecessor Funds. The Funds have agreed to pay, and the Predecessor Funds paid, Foreside an annual fee based on the JOHCM Funds’ complex level net assets, subject to an overall minimum annual fee of $200,000 for these services, and reimburse for certain expenses incurred on behalf of the Funds. Total fees paid to Foreside pursuant to these agreements are reflected as “Regulatory and 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. The Trust began receiving services, and accruing payment obligations, under the ACSS Agreement on July 19, 2021. 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.

JOHCM and the Trust have entered into an Institutional Class Shareholder Services, Recordkeeping and Sub-Transfer Agency Agreement (the “Shareholder Services Agreement”). The Trust began receiving services, and accruing payment obligations, under the Shareholder Services Agreement on July 19, 2021. 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

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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.

Prior to July 19, 2021, Carne Global Financial Services (US) LLC (“Carne”) provided Risk Management and Oversight Services for the Predecessor Funds pursuant to a written agreement with the Advisers Investment Trust, on behalf of the Predecessor Funds, including providing a Risk Officer to the Predecessor Funds to administer the Fund risk program and oversee the analysis of investment performance and performance of service providers. The Predecessor Funds paid Carne an annual fee of $50,000 for the first fund and an additional $5,000 per fund thereafter for these services, and reimburse for certain expenses incurred on behalf of the Predecessor Funds. Total fees paid to Carne pursuant to this agreement are reflected as “Risk Officer” fees on the Statements of Operations. Following the Reorganizations, the services previously provided by Carne were assumed by JOHCM.

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. Beginning July 19, 2021, 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, 2021, the aggregate Trustee compensation paid by the Trust was $426,000. Prior to the Reorganizations, the Advisers Investment Trust paid each Independent Trustee compensation for their services based on an annual retainer of $125,000 and reimbursement for certain expenses. For the year ended September 30, 2021, the aggregate Trustee compensation paid by the Advisers Investment Trust was $379,000. The amount of total Trustee compensation and reimbursement of out-of-pocket expenses allocated from the Trust and the Advisers Investment Trust to the Funds and Predecessor Funds are reflected as “Trustees” expenses on the Statements of Operations.

C.	Rule 12b-1 Plan

The JOHCM Funds adopted an amended plan under Rule 12b-1 that is applicable to Advisor Shares and Investor Shares to pay for certain distribution and promotion activities related to marketing of their shares. Each Fund will pay the Distributor a fee for the principal underwriter’s services in connection with the sales and promotion of the Funds, including its expenses in connection there with at annual rates of 0.10% and 0.25% of the average daily net assets of the outstanding Advisor Shares and Investor Shares, respectively. The Predecessor Funds had a similar plan with the Former Distributor and identical fee arrangements with the Predecessor Share Classes. Total fees paid pursuant to these plans are reflected as “12b-1 Fees” on the Statements of Operations.

D.	Credit Agreements

The Trust, on behalf of the JOHCM Funds, entered into a $100 million revolving credit facility agreement (the “Credit Agreement”) with the Northern Trust for liquidity or for other temporary or emergency purposes effective July 19, 2021. The Credit Agreement permits the JOHCM Funds to borrow up to an aggregate amount of $100 million, $50 million of which is committed and $50 million of which is uncommitted. Any advance under the Credit Agreement will accrue interest at a rate per annum equivalent to the sum of the U.S. Federal Fund Target Rate plus 1.50% per annum.

Prior to July 19, 2021 the Advisers Investment Trust, on behalf of the Predecessor Funds and Northern Trust, had entered into a $100 million revolving Credit Agreement (the “Previous Credit Agreement” and the “Credit Agreements”) for liquidity and other purposes effective as of December 22, 2017 and amended December 20, 2020.

Advances under the Previous Credit Agreement accrued interest at a rate that was equal to the greater of (i) the Predecessor Funds’ option of the daily London Interbank Offered Rate plus 1.50% or the Federal funds (effective) interest rate plus 1.50% and (ii) 2.00%. In addition, there was a commitment fee on the undrawn portion of the $100 million maximum commitment amount in an amount equal to the product of the difference between the maximum commitment amount and the sum of the average daily balance of the loans multiplied by 0.30% per annum.

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

During the year ended September 30, 2021, 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 Small Mid Cap Equity Fund	$	2,410,286		7		2.00	%
JOHCM Global Select Fund		4,290,000		4		2.00
JOHCM International Select Fund		70,000,000		5		2.00

The JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund and the JOHCM International Select Fund incurred interest expense of $733, $953 and $19,445, respectively, related to borrowings under the Credit Agreements during the year ended September 30, 2021 respectively. The amounts are included in the “Interest Expense” on the Statements of Operations.

E.	Investment Transactions

For the year ended September 30, 2021, 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	$	4,098,805	$	4,047,936
JOHCM Emerging Markets Opportunities Fund		387,228,232		292,414,491
JOHCM Emerging Markets Small Mid Cap Equity Fund		78,294,056		90,873,407
JOHCM Global Select Fund		287,196,951		338,440,837
JOHCM Global Income Builder Fund		83,577,947		79,992,649
JOHCM International Opportunities Fund		1,694,357		1,470,827
JOHCM International Select Fund		7,042,378,799		6,200,671,933
Regnan Global Equity Impact Solutions*		2,097,531		82,894

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

F.	Federal Income Tax

As of September 30, 2021, the cost, gross unrealized appreciation and gross unrealized depreciation on investments, for Federal income tax purposes, were as follows:


Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
JOHCM Credit Income Fund	$	5,145,542	$	81,010	$	(35,434	)	$	45,576
JOHCM Emerging Markets Opportunities Fund		703,504,639		137,944,041		(37,300,439	)		100,643,602
JOHCM Emerging Markets Small Mid Cap Equity Fund		39,512,792		8,393,751		(1,907,325	)		6,486,426
JOHCM Global Select Fund		372,748,217		186,302,825		(15,043,138	)		171,259,687
JOHCM Global Income Builder Fund		83,524,679		12,989,258		(921,796	)		12,067,462
JOHCM International Opportunities Fund		3,057,685		279,964		(141,786	)		138,178
JOHCM International Select Fund		9,632,530,510		3,337,809,246		(462,860,603	)		2,874,948,643
Regnan Global Equity Impact Solutions		2,014,128		3,365		(157,473	)		(154,108	)

The tax character of distributions paid by the Funds during the latest tax years ended September 30, 2021 and September 30, 2020 were as follows:

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021


	Distributions From
Fund	Ordinary Income* 2021			Long-Term Capital Gains 2021			Ordinary Income* 2020		Long-Term Capital Gains 2020
JOHCM Credit Income Fund	$	169,004		$	754		$	15,908	$	—
JOHCM Emerging Markets Opportunities Fund		8,272,143			—			23,243,067		—
JOHCM Emerging Markets Small Mid Cap Equity Fund		221,726	**		—	**		178,137		—
JOHCM Global Select Fund		202,822			26,778,354			4,522,375		48,545,641
JOHCM Global Income Builder Fund		3,063,276			—			2,723,962		93,453
JOHCM International Opportunities Fund		48,597			27,795			49,029		4,424
JOHCM International Select Fund		60,638,266			267,191,558			83,007,334		—

*	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.

As of the tax year ended September 30, 2021, the components of accumulated earnings on a tax basis were as follows:


	JOHCM Credit Income Fund			JOHCM Emerging Markets Opportunities Fund			JOHCM Emerging Markets Small Mid Cap Equity Fund		JOHCM Global Select Fund		JOHCM Global Income Builder Fund			JOHCM International Opportunities Fund		JOHCM International Select Fund		Regnan Global Equity Impact Solutions
Undistributed Ordinary Income	$	31,473		$	12,919,444		$	8,278,249	$	10,311,059	$	872,557		$	257,188	$	234,506,676	$	—
Undistributed Long-Term Capital Gains		—			—			3,815,803		85,105,952		730,529			72,706		1,028,090,909		—
Accumulated Capital and Other Losses		(2,207	)		(1,431,457	)		—		—		(105,543	)		—		—		(37	)
Unrealized Appreciation (Depreciation)		45,576			100,205,015			6,277,543		171,261,971		12,060,133			138,148		2,875,051,700		(154,115	)

Total Accumulated Earnings (Deficit)	$	74,842		$	111,693,002		$	18,371,595	$	266,678,982	$	13,557,676		$	468,042	$	4,137,649,285	$	(154,152	)

As of the tax year ended September 30, 2021, capital losses incurred by the Funds are carried forward indefinitely under the provisions of the Regulated Investment Company Modernization Act of 2010 and are as follows:


Fund	Short-Term Capital Loss Carry-Forward		Long-Term Capital Loss Carry-Forward
JOHCM Emerging Markets Opportunities Fund	$	1,431,457	$	—
Regnan Global Equity Impact Solutions		37		—

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

During the tax year ended September 30, 2021, the JOHCM Emerging Markets Opportunities and JOHCM Emerging Markets Small Mid Cap Equity Funds utilized $51,880,809 and $1,104,666, respectively, in capital loss carry forwards.

Primarily as a result of differing book/tax treatment of foreign currency transactions 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, 2021, the following reclassifications were made to the Funds’ Statements of Assets and Liabilities:


Fund	Distributable Earnings (Loss)			Paid-in Capital
JOHCM Credit Income Fund	$	428		$	(428	)
JOHCM Emerging Markets Small Mid Cap Equity Fund		(2,867,048	)		2,867,048
Regnan Global Equity Impact Solutions		3,158			(3,158	)

G.	Capital Share Transactions

Transactions in dollars for fund shares for the year ended September 30, 2021, were as follows:


Fund	Class	Proceeds from Shares Sold		Reinvestments of Dividends		Payments for Shares Redeemed			Net Increase (Decrease) in Net Assets
JOHCM Credit Income Fund	Advisor Shares	$	10,009	$	161	$	(10	)	$	10,160
JOHCM Credit Income Fund	Institutional Shares		—		144,384		(10,000	)		134,384
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		11,346,933		583,877		(19,398,816	)		(7,468,006	)
JOHCM Emerging Markets Opportunities Fund	Investor Shares		7,276,833		169,599		(14,471,289	)		(7,024,857	)
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		245,052,553		6,294,356		(147,030,549	)		104,316,360
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		2,350,298		48,955		(6,805,447	)		(4,406,194	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		2,498,407		133,054		(10,318,892	)		(7,687,431	)
JOHCM Global 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 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 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

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

Transactions in shares of fund shares for the year ended September 30, 2021, were as follows:


Fund	Class	Shares Sold		Shares From Reinvested Dividends		Shares Redeemed			Net Increase (Decrease) in Shares
JOHCM Credit Income Fund	Advisor Shares		993		16		(1	)		1,008
JOHCM Credit Income Fund	Institutional Shares		—		14,255		(990	)		13,265
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		880,244		47,393		(1,537,226	)		(609,589	)
JOHCM Emerging Markets Opportunities Fund	Investor Shares		572,921		13,766		(1,130,536	)		(543,849	)
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		18,609,679		509,664		(11,273,794	)		7,845,549
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		145,454		3,234		(391,679	)		(242,991	)
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		146,737		8,782		(581,633	)		(426,114	)
JOHCM Global 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 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 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

*	For the period from August 23, 2021, commencement of operations, to September 30, 2021

Transactions in dollars for fund shares for the year ended September 30, 2020, 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	Institutional Shares	$	5,000,000	$	15,268	$	—		$	5,015,268
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		42,325,858		2,251,441		(48,042,021	)		(3,464,722	)
JOHCM Emerging Markets Opportunities Fund	Investor Shares		4,664,808		490,550		(4,194,806	)		960,552
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		207,211,534		16,812,678		(173,636,628	)		50,387,584
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		12,428,029		2,281		(1,563,067	)		10,867,243
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		1,440,265		149,464		(94,529	)		1,495,200
JOHCM Global Select Fund	Advisor Shares		3,519,510		21,656,693		(138,684,698	)		(113,508,495	)
JOHCM Global Select Fund	Institutional Shares		180,931,654		24,584,456		(46,868,419	)		158,647,691
JOHCM Global Income Builder Fund	Advisor Shares		529,712		183,020		(222,494	)		490,238
JOHCM Global Income Builder Fund	Investor Shares		50,021		3,030		(40,681	)		12,370
JOHCM Global Income Builder Fund	Institutional Shares		41,158,360		1,535,764		(73,087,215	)		(30,393,091	)
JOHCM International Opportunities Fund	Institutional Shares		644,500		46,098		—			690,598
JOHCM International Select Fund	Investor Shares		30,925,107		4,417,494		(94,327,963	)		(58,985,362	)
JOHCM International Select Fund	Institutional Shares		2,271,244,666		44,215,407		(2,181,078,001	)		134,382,072

JOHCM FUNDS TRUST

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

Transactions in shares of fund shares for the year ended September 30, 2020, were as follows:


Fund	Class	Shares Sold		Shares From Reinvested Dividends		Shares Redeemed			Net Increase (Decrease) in Shares
JOHCM Credit Income Fund	Institutional Shares		499,999		1,533		—			501,532
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		4,379,135		204,863		(5,332,623	)		(748,625	)
JOHCM Emerging Markets Opportunities Fund	Investor Shares		464,763		44,636		(431,403	)		77,996
JOHCM Emerging Markets Opportunities Fund	Institutional Shares		20,713,201		1,525,651		(17,205,000	)		5,033,852
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares		1,160,131		184		(124,216	)		1,036,099
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		126,808		12,015		(7,448	)		131,375
JOHCM Global Select Fund	Advisor Shares		238,693		1,454,445		(9,021,228	)		(7,328,090	)
JOHCM Global Select Fund	Institutional Shares		11,976,963		1,648,857		(2,953,515	)		10,672,305
JOHCM Global Income Builder Fund	Advisor Shares		53,475		18,484		(22,580	)		49,379
JOHCM Global Income Builder Fund	Investor Shares		4,861		305		(4,609	)		557
JOHCM Global Income Builder Fund	Institutional Shares		4,191,551		154,829		(7,150,407	)		(2,804,027	)
JOHCM International Opportunities Fund	Institutional Shares		59,897		4,192		—			64,089
JOHCM International Select Fund	Investor Shares		1,294,591		184,524		(4,214,374	)		(2,735,259	)
JOHCM International Select Fund	Institutional Shares		96,311,415		1,850,017		(95,350,810	)		2,810,622

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, 2021, JOHCM or JOHCM affiliates held outstanding shares of the Funds as follows:


Fund	Class	% Ownership
JOHCM Credit Income Fund	Advisor Shares		100.0
JOHCM Credit Income Fund	Institutional Shares		100.0
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		85.0
JOHCM Global Income Builder Fund	Advisor Shares		80.3
JOHCM Global Income Builder Fund	Institutional Shares		37.5
JOHCM International Opportunities Fund	Institutional Shares		76.7
Regnan Global Equity Impact Solutions	Institutional Shares		98.8

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of JOHCM Funds Trust and Shareholders of each of the eight 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, 2021, the related statements of operations for each of the periods indicated in the table below, the statements 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 therein (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, 2021, the results of each of their operations for each of the periods indicated in the table below, the changes in each of their net assets for each of the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.


JOHCM Credit Income Fund (1)		JOHCM Global Income Builder Fund (2)
JOHCM Emerging Markets Opportunities Fund (2)		JOHCM International Opportunities Fund (2)
JOHCM Emerging Markets Small Mid Cap Equity Fund (2)		JOHCM International Select Fund (2)
JOHCM Global Select Fund (2)		Regnan Global Equity Impact Solutions (3)
(1) Statement of operations for the year ended September 30, 2021 and statement of changes in net assets for the year ended September 30, 2021 and for the period from August 17, 2020 (commencement of operations) through September 30, 2020 (2) Statement of operations for the year ended September 30, 2021 and statement of changes in net assets for each of the two years in the period ended September 30, 2021 (3) Statement of operations and statement of changes in net assets for the period August 23, 2021 (commencement of operations) through September 30, 2021

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.

PricewaterhouseCoopers LLP, One North Wacker, Chicago, IL 60606

T: (312) 298 2000, www.pwc.com/us

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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, 2021 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.

LOGO

Chicago, IL

November 22, 2021

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, 2021 (Unaudited)

A.	Board Approval of Investment Advisory Agreement

Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”) requires that the investment advisory agreement between JOHCM Funds Trust (the “Trust”) and JOHCM (USA) Inc. (the “Investment Advisor”) with respect to the JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Income Builder Fund, the JOHCM Global Select Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund (collectively, the “Funds”) be approved by the vote of a majority of the Board of Trustees of the Trust (the “Board”), including a majority of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. It is the duty of the Board to request and evaluate, and the duty of the Investment Advisor to furnish, such information as may reasonably be necessary to evaluate the terms of the Investment Advisory Agreement. At a meeting held via videoconference on December 4, 2020 in reliance on an order of the United States Securities and Exchange Commission providing temporary relief from the 1940 Act’s in-person voting requirements relating to investment company board approvals of advisory agreements, the Board formally considered and approved the investment advisory agreement between the Trust, on behalf of the Funds, and the Investment Advisor, dated January 8, 2021, for an initial two-year term (the “Investment Advisory Agreement”).

The Investment Advisory Agreement while dated January 8, 2021 was effective July 19, 2021 following the acquisition by the Funds of all of the assets of corresponding existing series (the “Predecessor Funds”) of Advisers Investment Trust (collectively, the “Reorganizations”). As part of the Reorganizations, the Investment Advisor became the investment adviser to each of the Funds.

Prior to the December 4, 2020 meeting, the Board requested, and the Investment Advisor provided, both written and oral reports containing information and data relating to the following: (i) the nature, extent, and quality of the services expected to be provided by the Investment Advisor to the Funds; (ii) the investment performance of the Funds as measured by the Predecessor Funds; (iii) the costs of the services expected to be provided and the profits to be realized by the Investment Advisor from its relationship with the Funds; (iv) the extent to which economies of scale will be realized as the Funds grow; and (v) whether the proposed fee levels reflect these economies of scale to the benefit of the Funds’ potential shareholders. The Board also received and reviewed a memorandum from counsel to the Independent Trustees regarding the Board’s responsibilities in evaluating the Investment Advisory Agreement.

The Board examined the nature, extent, and quality of services to be provided to each Fund by the Investment Advisor. The Board noted that the Investment Advisor was a wholly-owned subsidiary of, and part of the same globally integrated investment organization as J O Hambro Capital Management Limited (“JOH Ltd”) and that the Investment Advisor served as investment sub-advisor to three of the Predecessor Funds. The Board considered the terms of the Investment Advisory Agreement, information and reports provided by the Investment Advisor on its personnel and operations, and the Investment Advisor’s experience with the investment strategy and risks of each Fund. The Board reviewed the Investment Advisor’s investment philosophy and portfolio construction process and the Investment Advisor’s compliance program, pending litigation, insurance coverage, business continuity program, and information security practices. The Board noted that, as set forth in the reports provided by the Investment Advisor, there had been no material compliance issues in the last twelve months with respect to the Predecessor Funds. The Board then considered key risks associated with the Funds and ways in which those risks were expected to be mitigated. Taking into account the personnel expected to be involved in servicing the Funds as well as the fact that the anticipated Reorganizations will not result in any changes in the portfolio management or support teams currently providing services to the Predecessor Funds, the Board expressed satisfaction with the quality, extent, and nature of the services expected from the Investment Advisor.

The Board reviewed the investment performance for each Fund’s Predecessor Fund compared to the performance of each Fund’s benchmark index and respective Morningstar category as well as similar comparable accounts advised by JOHCM or JOH Ltd. The Board determined that, while this information was helpful in its determinations, the Board would review performance over time following the Reorganizations. Taking into account the experience and qualifications of the personnel proposed to be involved in managing each Fund as well as the other information provided by the Investment Advisor, the Board expressed satisfaction with the quality, extent, and nature of the services expected from the Investment Advisor.

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)

The Board considered the cost of services proposed to be provided and the profits projected to be realized by the Investment Advisor. The Board reviewed the management fee proposed to be paid by each Fund and the total operating expenses of each Fund versus its respective Morningstar category as well as the management fee of similar comparable accounts advised by JOHCM or JOH Ltd. The Board noted that the Investment Advisor would receive a management fee calculated on the average daily net assets of each Fund and that, under a proposed Expense Limitation Agreement, the Investment Advisor would contractually agree to waive fees and/or reimburse expenses to the extent necessary to limit each Fund’s total operating expenses through June 30, 2022. The Board considered the projected profitability of the Investment Advisor’s future relationship with each Fund. The Board concluded that the proposed advisory fees and anticipated expense ratio of each Fund were reasonable.

In considering the economies of scale for the Funds, the Board considered the marketing and distribution plans for the Funds, each Fund’s capacity, and its breakeven point. The Board noted that, other than the investment advisory fees, JOHCM’s relationship with the Funds raises its profile within the United States and provides additional business opportunities.

In its deliberations, the Board did not identify any particular factor or factors that were all-important or controlling, and each Trustee may have assigned different weights to the various factors considered.

B. Board Approval of Investment Advisory Agreement for the Regnan Global Equity Impact Solutions

Section 15(c) of the 1940 Act requires that the investment advisory agreement between the Trust and the Investment Advisor with respect to Regnan Global Equity Impact Solutions (the “Fund”) be approved by the vote of a majority of the Board, including a majority of Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. It is the duty of the Board to request and evaluate, and the duty of the Investment Advisor to furnish, such information as may reasonably be necessary to evaluate the terms of the Investment Advisory Agreement. At a meeting held on June 15, 2021, the Board formally considered and approved an amendment dated June 21, 2021 to the investment advisory agreement dated January 8, 2021 between the Trust, on behalf of the Fund, and the Investment Advisory Agreement.

Prior to the June 15, 2021 meeting, the Board requested, and the Investment Advisor provided, both written and oral reports containing information and data relating to the following: (i) the nature and quality of services, especially investment performance, to be furnished by the Investment Advisor, the Investment Advisor’s cost in providing the services and possible economies of scale as the Fund grows larger, and whether and how those benefits of scale may be shared with the Fund; (ii) the shareholders’ interests in having a financially strong investment manager capable of competing with other investment managers and financial institutions in terms of attracting and retaining high quality investment personnel and investigating and employing new investment techniques, and the need to provide staff capable of administering a developing and expanding investment advisory and administrative business; (iii) the risks assumed by the Investment Advisor in complying with investment restrictions and applicable securities and tax laws, and its possible substantial liabilities to the Fund for failure to comply; (iv) the volatility of the financial markets and thus of investment management fee income; (v) comparative expense ratios and management fees of competitive funds; (vi) fall-out financial benefits to the Investment Advisor and its affiliates, if any; and (vii) the profitability of the Investment Advisor and its affiliates from providing services to the Fund. The Board also reviewed with counsel to the Independent Trustees its responsibilities in evaluating the Investment Advisory Agreement.

The Board examined the nature and quality of services to be provided to the Fund by the Investment Advisor. The Board considered the terms of the Investment Advisory Agreement, information and reports provided by the Investment Advisor on its personnel and operations, and the Investment Advisor’s experience managing assets using an investment strategy similar to the Fund’s. The Board reviewed the Investment Advisor’s investment philosophy and portfolio construction process and the Investment Advisor’s compliance program, pending litigation (if any), insurance coverage, business continuity program, and information security practices. Taking into account the personnel anticipated to be involved in servicing the Fund as well as the anticipated services to be provided by the Investment Advisor, the Board expressed satisfaction with the quality, extent, and nature of the services expected from the Investment Advisor.

The Board noted that, because the Fund was not yet in operation, it had no performance history. The Board noted, however, that the personnel that would be involved in managing the Fund manage a United Kingdom domiciled fund, an Ireland domiciled fund and an Australia domiciled open-end fund in a strategy that utilizes a substantially similar investment strategy (the “Comparable Accounts”) to that proposed for the Fund.

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)

The Board then considered the proposed advisory fee to be paid by the Fund and the projected total operating expenses of the Fund.

The Board noted that the Investment Advisor would receive an advisory fee of 0.75% of the average daily net assets of the Fund and that, under a proposed Expense Limitation Agreement, the Investment Advisor would contractually agree to waive fees and/or reimburse expenses to the extent necessary to limit the total annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends, litigation and indemnification expenses, expenses associated with the investments in underlying investment companies and extraordinary expenses (as determined under generally accepted principles)) of Institutional Shares, Advisor Shares, Investor Shares, and Class Z Shares of the Fund to 0.89%, 0.99%, 1.14%, and 0.89% respectively through July 31, 2022. The Board also reviewed comparative data on investment management fees received by JOHCM as the adviser to the Comparable Accounts as well as investment management fees and net total operating expenses of self-identified peer funds and the Fund’s anticipated Morningstar category. After considering the comparative data provided by the Investment Advisor, the Board concluded that the Fund’s proposed investment management fee and expense ratios after waiver or reimbursement were reasonable.

In considering the anticipated economies of scale for the Fund, the Board considered the proposed marketing and distribution plans for the Fund, its capacity, and its anticipated breakeven point.

C. Shareholder Meeting Results

Prior to July 19, 2021, each of the JOHCM Credit Income Fund, the JOHCM Emerging Markets Opportunities Fund, the JOHCM Emerging Markets Small Mid Cap Equity Fund, the JOHCM Global Select Fund, the JOHCM Global Income Builder Fund, the JOHCM International Opportunities Fund, and the JOHCM International Select Fund operated as a series of Advisers Investment Trust (together the “Predecessor Funds”; each a “Predecessor Fund”). Each Predecessor Fund had a name identical to its corresponding Fund, other than Predecessor Fund to JOHCM Global Select Fund, which was named JOHCM Global Equity Fund. On July 19, 2021, the Predecessor Funds were reorganized into JOHCM Funds Trust, pursuant to a Plan of Reorganization approved by the Advisers Investment Trust’s Board of Trustees on December 9, 2020 and by the Predecessor Funds’ shareholders on June 2, 2021 and July 9, 2021 (the “Reorganizations”). The results of the Predecessor Funds’ shareholder meeting in connection with the Reorganizations are provided below:


Fund Name	Record Date Outstanding Shares	Total Voted Shares	% of Outstanding Shares Voted	% of Voted Shares “FOR” Proposal
JOHCM Credit Income Fund	507,541	507,540	100.00%	100.00%
JOHCM Emerging Markets Opportunities Fund	61,492,433	38,816,443	63.12%	95.14%
JOHCM Emerging Markets Small-Mid Cap Equity Fund	3,343,782	2,355,623	70.45%	99.87%
JOHCM Global Equity Fund	28,068,316	16,121,519	57.44%	97.81%
JOHCM Global Income Builder Fund	8,245,570	6,433,087	78.02%	99.68%
JOHCM International Opportunities Fund	292,110	228,695	78.29%	100.00%
JOHCM International Select Fund	394,367,789	257,067,521	65.18%	99.59%

D. Expense Examples

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)

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, 2021 and held for the entire period through September 30, 2021.

The Actual Expense Example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense Example below provides information about hypothetical account values and hypothetical expenses based on a Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Actual Expense Example


Fund	Class	Expense Ratio	Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Expenses Paid* 4/1/21–9/30/21
JOHCM Credit Income Fund	Advisor Shares	0.69%	$	1,000.00	$	1,027.60	$	3.51
JOHCM Credit Income Fund	Institutional Shares	0.59%		1,000.00		1,028.10		3.00
JOHCM Emerging Markets Opportunities Fund	Advisor Shares	1.12%		1,000.00		953.40		5.48
JOHCM Emerging Markets Opportunities Fund	Investor Shares	1.27%		1,000.00		951.90		6.21
JOHCM Emerging Markets Opportunities Fund	Institutional Shares	1.02%		1,000.00		953.60		5.00
JOHCM Emerging Markets Small Mid Cap Equity Fund	Advisor Shares	1.62%		1,000.00		1,104.10		8.54
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares	1.52%		1,000.00		1,105.20		8.02
JOHCM Global Select Fund	Advisor Shares	1.06%		1,000.00		1,065.20		5.49
JOHCM Global Select Fund	Institutional Shares	0.97%		1,000.00		1,065.50		5.02
JOHCM Global Income Builder Fund	Advisor Shares	0.83%		1,000.00		1,035.40		4.24
JOHCM Global Income Builder Fund	Investor Shares	0.98%		1,000.00		1,034.90		5.00
JOHCM Global Income Builder Fund	Institutional Shares	0.73%		1,000.00		1,035.90		3.73
JOHCM International Opportunities Fund	Institutional Shares	0.89%		1,000.00		985.00		4.43
JOHCM International Select Fund	Investor Shares	1.21%		1,000.00		1,023.00		6.14
JOHCM International Select Fund	Institutional Shares	0.96%		1,000.00		1,024.40		4.87
Regnan Global Equity Impact Solutions	Institutional Shares	0.89%		1,000.00		922.00		0.89

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 days, except for Regnan Global Equity Impact Solutions which was 38 days) and divided by the number of days in the current year (365).

Hypothetical Expense Example


Fund	Class	Expense Ratio			Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Expenses Paid 4/1/21–9/30/21
JOHCM Credit Income Fund	Advisor Shares		0.69	%	$	1,000.00	$	1,021.61	$	3.50
JOHCM Credit Income Fund	Institutional Shares		0.59	%		1,000.00		1,022.11		2.99
JOHCM Emerging Markets Opportunities Fund	Advisor Shares		1.12	%		1,000.00		1,019.45		5.67

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ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)


Fund	Class	Expense Ratio			Beginning Account Value 4/1/2021		Ending Account Value 9/30/2021		Expenses Paid 4/1/21–9/30/21
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 Small Mid Cap Equity Fund	Advisor Shares		1.62	%		1,000.00		1,016.95		8.19
JOHCM Emerging Markets Small Mid Cap Equity Fund	Institutional Shares		1.52	%		1,000.00		1,017.45		7.69
JOHCM Global Select Fund	Advisor Shares		1.06	%		1,000.00		1,019.75		5.37
JOHCM Global Select Fund	Institutional Shares		0.97	%		1,000.00		1,020.21		4.91
JOHCM Global Income Builder Fund	Advisor Shares		0.83	%		1,000.00		1,020.91		4.20
JOHCM Global Income Builder Fund	Investor Shares		0.98	%		1,000.00		1,020.16		4.96
JOHCM Global Income Builder Fund	Institutional Shares		0.73	%		1,000.00		1,021.41		3.70
JOHCM International Opportunities Fund	Institutional Shares		0.89	%		1,000.00		1,020.61		4.51
JOHCM International Select Fund	Investor Shares		1.21	%		1,000.00		1,019.00		6.12
JOHCM International Select Fund	Institutional Shares		0.96	%		1,000.00		1,020.26		4.86
Regnan Global Equity Impact Solutions	Institutional Shares		0.89	%		1,000.00		1,020.61		4.51

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)

E. 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, 2021 are designated as Qualified Dividend Income (“QDI”), as defined in the Act, subject to reduced tax rates in 2021:


Fund	QDI Percentage
JOHCM Credit Income Fund		3.73	%
JOHCM Emerging Markets Opportunities Fund		100.00	%
JOHCM Emerging Markets Small Mid Cap Equity Fund		54.54	%
JOHCM Global Income Builder Fund		57.59	%
JOHCM International Opportunities Fund		89.65	%
JOHCM International Select Fund		62.73	%

F. 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		4.03	%
JOHCM Global Income Builder Fund		16.79	%
JOHCM International Opportunities Fund		10.47	%

G. 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		$0.0418		$0.2363
JOHCM Emerging Markets Small Mid Cap Equity Fund		$0.1713		$0.0724
JOHCM International Opportunities Fund		$0.0386		$0.2534
JOHCM International Select Fund		$0.0339		$0.2038

H. 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 U.S. Securities and Exchange Commission’s (The “SEC”) website at www.sec.gov. Information about how the Funds voted proxies relating to portfolio securities for each 12 month period ending June 30 is available without charge, upon request, by calling the Trust at 866-260-9549 (toll free) or 312-557-5913 and on the The SEC’s website at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC website at www.sec.gov.

JOHCM FUNDS TRUST

ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)

I. 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 – present); Executive at BNY Mellon (July 2005 – December 2018).	8	None
Barbara A. McCann (1961)	Trustee	Since inception	None	8	None

Kevin J. McKenna (1957)	Trustee	Since Inception	Chief Operating Officer and Managing Director of BlackRock Global Allocation Fund Team at BlackRock, Inc. (January 2011 – September 2016).	8	None
Beth K. Werths (1968)	Trustee	Since Inception	Executive Vice President and International General Counsel at Natixis Investment Management (February 2007 - November 2020).	8	None

¹ The mailing address of each Trustee is 53 State Street, 13th Floor Boston, MA, 02109.

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.

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ADDITIONAL INFORMATION

September 30, 2021 (Unaudited)


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 Good (1973)	Trustee	Since inception	Chief Executive Officer of Pendal Group Limited (March 2021 – present); Chief Executive Officer of JOHCM (USA) Inc. (December 2019 – March 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).	8	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 Director, Foreside Financial Group, LLC 2016 to present; Director, Beacon Hill Fund Services, Inc. 2009 to 2016.	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; Associate, RSM US LLP, 2015 to 2016.	N/A	N/A

¹ The mailing address of each Trustee is 53 State Street, 13th Floor Boston, MA, 02109.

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.

JOHCM Funds Trust

Notice of Privacy Policy & Practices

SAFEGUARDING PRIVACY

The Funds recognizes and respects the privacy concerns and expectations of our customers¹. We are committed to maintaining the privacy and security of the personal confidential information we collect about you. We provide this notice so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties.

INFORMATION WE COLLECT AND SOURCES OF INFORMATION

We collect nonpublic personal information about our customers from the following sources:

•

Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

•

Account History, including information about the transactions and balances in a customer’s account(s); and

•

Correspondences including written, telephonic or electronic between a customer and the Funds or service providers to the Funds.

INFORMATION WE SHARE WITH SERVICE PROVIDERS

The Funds may disclose all non-public personal information we collect, as described above, to companies 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 a confidentiality agreement regarding the information. The Funds also may disclose non-public personal information as otherwise permitted by law.

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 require service providers to the Funds:

•

to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Funds; and

•

to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of the Funds.

¹	For purposes of this notice, the term “customer” or “customers” include individuals who provide nonpublic personal information to the Funds, but do not invest in Fund shares.

Investment Adviser

JOHCM (USA) Inc.

53 State Street, 13th Floor

Boston, Massachusetts 02109

Custodian

The Northern Trust Company

50 South LaSalle Street

Chicago, Illinois 60603

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, IL 60606

Legal Counsel

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199

Distributor

JOHCM Funds Distributors, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

For Additional Information, call

866-260-9549 (toll free) or 312-557-5913

JFT 09/21

(b) Not applicable.

Item 2. Code of Ethics.

As of September 30, 2021, 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. This code is filed as Exhibit 13(a)(1) hereto. 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

2021: $220,000

2020: $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

2021: $0

2020: $0

(c)

Tax Fees

2021: $48,720

2020: $56,745

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

2021: $0

2020: $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)

2021: 0%

2020: 0%

(f)

Not applicable.

(g)

2021: $220,391

2020: $56,745

(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.

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 filed herewith.

(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 3, 2021

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 3, 2021

By:		/s/ Troy Sheets
		Troy Sheets
		Treasurer and Principal Financial Officer

Date:		December 3, 2021

JOHCM FUNDS TRUST

17 - PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS

CODE OF ETHICS

I.	Covered Officers/Purpose of the Code

This code of ethics (this “Code”) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Trust and applies to the Trust’s Principal Executive Officer, Principal Financial Officer, or other Trust officer performing similar functions (the “Covered Officers” each of whom is set forth in Exhibit A) for the purpose of promoting:

•

honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

•

full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

•

compliance with applicable laws and governmental rules and regulations;

•

the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

•

accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

II.

Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or the Covered Officer’s service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer’s family, receives improper personal benefits as a result of the Covered Officer’s position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940 (“Investment Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as “affiliated persons” of the Trust. The compliance programs and procedures of the Trust and the compliance programs and procedures of the Trust’s investment adviser and of such other entity of which a Covered Officer is also an officer or employee (each a “Service Provider” and, collectively, the “Service Providers”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the

17-1

investment adviser designed to prevent, or identify and correct, violations of the 1940 Act and the Investment Advisers Act, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and its Service Providers of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for a Service Provider, be involved in establishing policies and implementing decisions that will have different effects on the Service Providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive.

Each Covered Officer must:

•

not use personal influence or personal relationships to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

•

not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

•

not use material non-public information of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

•

report at least annually any affiliations or other relationships related to conflicts of interest that the Trust’s Trustees and Officers Questionnaire covers and provide full and fair responses to all questions asked in such Trustees and Officers Questionnaire and any supplemental request for information.

There are some conflict of interest situations that should always be discussed with the chief compliance officer of the Trust (the “Compliance Officer”). Examples of these include:

•

any outside business activity other than with a Service Provider or its affiliates that detracts from an individual’s ability to devote appropriate time and attention to his or her responsibilities with the Trust;

•

service as a director on the board of any company that files periodic reports with the SEC;

17-2

•

service on the board of directors or governing board of any organization, public or private, including non-profits;

•

the receipt of any non-nominal gifts;

•

the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

•

any ownership interest in, or any consulting or employment relationship with, any of entities doing business with the Trust, other than a Service Provider or any affiliated person thereof; and

•

a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment with the a Service Provider or its affiliates, such as compensation or equity ownership.

III.

Disclosure and Compliance

•

Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust.

•

Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s directors and auditors, and to governmental regulators and self-regulatory organizations.

•

Each Covered Officer should, to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of the Trust or the Service Providers or with counsel to the Trust with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

•

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.

Reporting and Accountability

Each Covered Officer must:

•

upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Trust, in substantially the form set forth on Exhibit B, that the Covered Officer has received, read, and understands this Code;

•

annually thereafter affirm to the Trust, in substantially the form set forth on Exhibit C, that the Covered Officer has complied with the requirements of this Code;

17-3

•

not retaliate against any other Covered Officer or any employee of the Trust, the Service Providers or their affiliated persons for reports of potential violations that are made in good faith; and

•

notify the Compliance Officer promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the “Committee”), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

•

the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

•

the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

•

if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

•

any matter that the Compliance Officer believes is a violation will be reported to the Committee;

•

if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of a Service Provider or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

•

the Board will be responsible for granting waivers, as appropriate; and

•

any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

V.	Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust or the Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust’s and each Service Provider’s codes of ethics under Rule 17j- 1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part

17-4

of this Code. This Code does not, and is not intended to, repeat or replace these programs and procedures.

VI.

Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

VII.

Confidentiality

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, the Trust, or counsel to the Trust and the Adviser, as authorized by the Board.

VIII.

Internal Use

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion and does not create any rights of third parties.

Adoption and Amendment History

Adopted as of December 4, 2020

Amended as of March 9, 2021

17-5

Exhibit A

Persons Covered by this Code of Ethics

Jonathan Weitz - President and Principal Executive Officer

Troy Sheets - Treasurer and Principal Financial Officer

17-A-1

Exhibit B-1

Covered Officer Affirmation of Understanding

In accordance with Section IV of the Code of Ethics for Principal Executive and Principal Financial Officers (the “Code”), the undersigned Covered Officer of the Trust (as defined in the Code) hereby affirms to the Board that the Covered Officer has received, read, and understands the Code.


Date: ___________________
				Jonathan Weitz
				Principal Executive Officer
				JOHCM Funds Trust

17-B-1

Exhibit B-2

Covered Officer Affirmation of Understanding


Date: ___________________
				Troy Sheets
				Principal Financial Officer
				JOHCM Funds Trust

17-B-2

Exhibit C-1

Covered Officer Annual Affirmation

For the fiscal period ending , ________


Date: ___________________
				Jonathan Weitz
				Principal Executive Officer
				JOHCM Funds Trust

17-C-1

Exhibit C-2

Covered Officer Annual Affirmation

For the fiscal period ending , ________


Date: ___________________
				Troy Sheets
				Principal Financial Officer
				JOHCM Funds Trust

17-C-2

Exhibit 13(a)(2)

Certification

I, Jonathan Weitz, certify that:

1.	I have reviewed this report on Form N-CSR of the JOHCM Funds Trust (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors

and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Certification

I, Troy Sheets, certify that:

1.	I have reviewed this report on Form N-CSR of the JOHCM Funds Trust (the “registrant”);

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors

and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

EX- 99.906CERT

Certification

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2021 of the JOHCM Funds Trust (the “registrant”).

Jonathan Weitz, Principal Executive Officer, and Troy Sheets, Principal Financial Officer of registrant, each certify to the best of his or her knowledge that:

The Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the registrant.


December 3, 2021				December 3, 2021
Date				Date

/s/ Jonathan Weitz				/s/ Troy Sheets
Jonathan Weitz				Troy Sheets
President and Principal Executive Officer				Treasurer and Principal Financial Officer

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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Foreign
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Notional

Amount

JOHCM Global Income Builder Fund