*Expense ratios as stated in the latest prospectus.  The Fund’s investment adviser has contractually agreed to waive fees and reimburse expenses (excluding certain expenses as noted in the latest prospectus) so that Net Total Operating Expenses do not exceed 0.98% until February 1, 2026.

Prospectus
An investor should consider the Fund’s investment objectives, risks, and charges and expenses carefully before investing or sending any money. This and other important information about the Funds can be found in the Fund’s(s) prospectus or summary prospectus which can be obtained at www.perpetual.com or by calling 866-260-9549 or 312-557-5913. Please read the prospectus or summary prospectus carefully before investing. The Perpetual Americas Funds are advised by Perpetual Americas Funds Services and distributed through Perpetual Americas Funds Distributors, LLC, member FINRA. The Perpetual Americas Funds are not FDIC-insured, may lose value, and have no bank guarantee.

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Investors should note that investments in foreign securities involve additional risks due to currency fluctuations, economic and political conditions, and differences in financial reporting standards.

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Smaller company stocks are more volatile and less liquid than larger, more established company securities.

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The small and mid-cap companies the Fund may invest in may be more vulnerable to adverse business or economic events than larger companies and may be more volatile; the price movements of the Fund's shares may reflect that volatility.

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Fixed income securities will increase or decrease in value based on changes in interest rates.

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If rates increase, the value of the Fund’s fixed income securities generally declines.

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High yield securities (commonly known as “junk bonds”) are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility.

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Other risks may include and not limited to hedging strategies, derivatives and commodities.

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Read the prospectus and summary prospectus carefully before investing. Investing includes the risk of loss.

_{Distributed by Perpetual Americas Funds Distributors, LLC, member FINRA/SIPC; not affiliated with Perpetual Americas Funds Services.}

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_{NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE}