Gallery Trust

07/08/2024 | Press release | Distributed by Public on 07/08/2024 08:22

Semi Annual Report by Investment Company Form N CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23091

Gallery Trust

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

Michael Beattie

C/O SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-888-832-4386

Date of fiscal year end: October 31, 2024

Date of reporting period: April 30, 2024

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

Mondrian International Value Equity Fund

Mondrian Emerging Markets Value Equity Fund

Mondrian Global Listed Infrastructure Fund

Mondrian Global Equity Value Fund

(Each, a Series of Gallery Trust)

Semi-Annual Report

April 30, 2024

Investment Adviser:

Mondrian Investment Partners Limited

Gallery Trust

TABLE OF CONTENTS

Schedules of Investments 1
Statements of Assets and Liabilities 17
Statements of Operations 19
Statements of Changes in Net Assets 23
Financial Highlights 27
Notes to Financial Statements 31
Disclosure of Fund Expenses 53
Approval of Investment Advisory Agreement 55
Review of Liquidity Risk Management Program 59
Fund Information 60

The Funds file their complete schedules of investments with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at https://www.sec.gov, and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities will be available (i) without charge, upon request, by calling 1-888-832-4386; and (ii) on the Commission's website at https://www.sec.gov.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by an effective prospectus.

Gallery Trust

Mondrian International Value

Equity Fund

April 30, 2024 (Unaudited)

Schedule of Investments

Sector Weightings† :

† Percentages based on total investments.

COMMON STOCK - 96.5%

Number of Shares

Value
(U.S. $)

AUSTRALIA - 1.4%

Aurizon Holdings Ltd

5,037,560 $ 12,373,485

Total Australia

12,373,485

AUSTRIA - 1.3%

ANDRITZ

199,553 10,892,320

Total Austria

10,892,320

FRANCE - 6.8%

Bouygues SA

517,518 19,073,299

Kering SA

48,529 17,007,944

Sanofi SA

226,138 22,340,890

Total France

58,422,133

GERMANY - 10.1%

Allianz SE

91,688 26,019,710

Continental AG

161,247 10,450,636

Deutsche Post

405,945 16,996,916

Evonik Industries AG

1,049,334 21,868,853

The accompanying notes are an integral part of the financial statements.

1

Gallery Trust

Mondrian International Value

Equity Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

GERMANY (continued)

HeidelbergMaterials AG

112,565 $ 11,328,066

Total Germany

86,664,181

HONG KONG - 5.0%

CK Hutchison Holdings Ltd

3,410,500 16,564,035

Jardine Matheson Holdings Ltd

323,715 12,388,298

WH Group Ltd

18,761,139 13,636,348

Total Hong Kong

42,588,681

ITALY - 6.7%

Enel SpA

3,869,646 25,433,051

Eni SpA

513,140 8,241,910

Snam SpA

5,142,429 23,528,049

Total Italy

57,203,010

JAPAN - 24.9%

FUJIFILM Holdings Corp

1,086,000 23,101,922

Fujitsu Ltd

1,722,000 26,601,720

Hitachi Ltd

173,200 15,979,553

Honda Motor Co Ltd

1,180,100 13,426,684

Kao Corp

156,400 6,451,848

Kyocera Corp

848,600 10,343,283

MINEBEA MITSUMI

557,400 10,440,300

Mitsubishi Electric Corp

641,000 11,172,583

Nippon Telegraph & Telephone Corp

9,892,300 10,680,345

Secom Co Ltd

190,800 13,253,445

Sony Corp Group

268,300 22,175,362

Sumitomo Metal Mining

420,600 14,051,675

Takeda Pharmaceutical Co Ltd

613,400 16,121,423

Toyota Industries Corp

198,600 18,872,337

Total Japan

212,672,480

NETHERLANDS - 3.8%

Koninklijke Ahold Delhaize NV

188,757 5,729,572

Koninklijke Philips NV *

1,008,732 26,788,119

Total Netherlands

32,517,691

The accompanying notes are an integral part of the financial statements.

2

Gallery Trust

Mondrian International Value

Equity Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

SINGAPORE - 4.5%

Singapore Telecommunications Ltd

7,400,902 $ 12,835,951

United Overseas Bank Ltd

1,148,340 25,482,588

Total Singapore

38,318,539

SPAIN - 3.3%

Banco Santander SA

5,837,628 28,403,792

Total Spain

28,403,792

SWITZERLAND - 4.0%

Novartis AG

193,023 18,734,340

Sandoz Group *

443,305 15,066,588

Total Switzerland

33,800,928

TAIWAN - 1.5%

Taiwan Semiconductor Manufacturing Co Ltd

543,000 13,001,467

Total Taiwan

13,001,467

UNITED KINGDOM - 23.2%

Associated British Foods PLC

397,919 13,170,166

BP PLC

2,888,660 18,619,211

GSK PLC

1,108,880 23,005,790

Imperial Brands PLC

1,036,805 23,691,100

Kingfisher PLC

4,647,532 14,315,872

Lloyds Banking Group PLC

43,530,345 28,093,714

Shell PLC

539,840 19,190,521

SSE PLC

1,176,015 24,445,059

Tesco PLC

3,229,032 11,921,785

WPP PLC

2,149,457 21,544,309

Total United Kingdom

197,997,527

Total Common Stock

(Cost $775,487,264)

824,856,234

Total Value of Securities - 96.5%

(Cost $775,487,264)

$ 824,856,234

The accompanying notes are an integral part of the financial statements.

3

Gallery Trust

Mondrian International Value

Equity Fund

April 30, 2024 (Unaudited)

Percentages are based on Net Assets of $854,825,108.

*

Non-income producing security.

Ltd - Limited

PLC - Public Limited Company

As of April 30, 2024, all of the Fund's investments were considered Level 1, in accordance the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

4

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

April 30, 2024 (Unaudited)

Schedule of Investments

Sector Weightings† :

† Percentages based on total investments.

COMMON STOCK - 91.4%

Number of Shares

Value
(U.S. $)

BRAZIL - 6.6%

Hypera SA

41,400 $ 235,918

Itau Unibanco Holding SA Sponsored ADR

13,827 83,653

Petroleo Brasileiro ADR

23,255 394,637

Suzano SA

23,500 264,571

Vale Sponsored ADR Class B

24,993 304,165

Total Brazil

1,282,944

CANADA - 1.5%

Barrick Gold Corp US

17,271 287,389

Total Canada

287,389

CHILE - 0.9%

Sociedad Quimica y Minera de Chile Sponsored ADR

3,777 172,571

Total Chile

172,571

CHINA - 25.3%

Alibaba Group Holding Ltd

87,684 820,991

Autohome Inc Sponsored ADR

10,742 276,069

Baidu Inc Sponsored ADR *

1,995 206,283

China Medical System Holdings Ltd

108,000 96,428

The accompanying notes are an integral part of the financial statements.

5

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

CHINA (continued)

China Merchants Bank Class A

58,800 $ 277,426

China Merchants Bank Co Ltd Class H

26,500 114,768

CSPC Pharmaceutical Group Ltd

429,520 352,692

Gree Electric Appliances Inc Class A

40,896 237,248

Jiangsu Yanghe Distillery Class A

13,712 179,487

LONGi Green Energy Technology Class A

79,200 198,312

Midea Group Co Ltd Class A

22,003 211,608

Ping An Insurance Group Co of China Ltd Class H

80,000 362,567

Tencent Holdings Ltd

14,600 640,695

Tingyi Cayman Islands Holding Corp Class H

202,000 222,947

Wuliangye Yibin Class A

12,100 250,228

Xinyi Solar Holdings Ltd

300,000 206,420

Yum China Holdings Inc

7,862 287,042

Total China

4,941,211

HONG KONG - 3.2%

PetroChina Class H

322,000 300,021

WH Group Ltd

439,728 319,612

Total Hong Kong

619,633

INDIA - 10.2%

Axis Bank Inc

35,943 501,696

HCL Technologies Ltd

8,306 135,513

HDFC Bank

35,390 642,702

HDFC Bank Ltd Sponsored ADR

1,752 100,915

Infosys Ltd Sponsored ADR

12,844 214,623

Power Grid Corp of India Ltd

56,713 204,551

Reliance Industries Ltd

5,361 188,194

Total India

1,988,194

INDONESIA - 2.9%

Bank Rakyat Indonesia Persero Tbk PT

1,263,739 382,538

Telkom Indonesia Persero

989,400 191,804

Total Indonesia

574,342

The accompanying notes are an integral part of the financial statements.

6

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

MALAYSIA - 1.3%

Malayan Banking Bhd

125,700 $ 256,134

Total Malaysia

256,134

MEXICO - 3.2%

Grupo Aeroportuario Pacifico Class B

18,744 342,432

Grupo Financiero Banorte SAB de CV Sponsored Class O

29,640 293,999

Total Mexico

636,431

PERU - 2.3%

Credicorp Ltd

2,743 454,268

Total Peru

454,268

PORTUGAL - 1.4%

Jeronimo Martins SGPS

13,664 281,093

Total Portugal

281,093

SAUDI ARABIA - 2.7%

Saudi National Bank

32,497 325,308

Saudi Telecom

20,576 206,465

Total Saudi Arabia

531,773

SOUTH KOREA - 8.5%

Kia

2,195 185,966

KT Corp

1,223 30,577

KT Corp ADR *

10,429 131,823

LG Chem Ltd

468 134,479

Samsung Electronics Co Ltd

7,631 424,182

Samsung Fire & Marine Insurance Co Ltd

1,135 254,042

Shinhan Financial Group Co Ltd

11,105 373,098

SK Hynix Inc

1,117 137,844

Total South Korea

1,672,011

TAIWAN - 15.7%

CTBC Financial Holding Co Ltd

306,000 319,378

Hon Hai Precision Industry Co Ltd

128,000 609,325

MediaTek Inc

5,000 150,756

The accompanying notes are an integral part of the financial statements.

7

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

TAIWAN (continued)

Taiwan Semiconductor Manufacturing Co Ltd

83,000 $ 1,987,333

Total Taiwan

3,066,792

UNITED ARAB EMIRATES - 2.6%

Adnoc Gas

309,858 252,699

First Abu Dhabi Bank PJSC

73,469 249,779

Total United Arab Emirates

502,478

UNITED KINGDOM - 3.1%

Mondi PLC

16,110 305,301

Unilever PLC

5,787 299,352

Total United Kingdom

604,653

Total Common Stock

(Cost $16,770,478)

17,871,917

PREFERRED STOCK - 6.9%

BRAZIL - 1.1%

Itausa SA^

113,990 209,864

SOUTH KOREA - 5.8%

Hyundai Motor^

996 113,811

LG Chem Ltd^

646 123,981

Samsung Electronics Co Ltd^

19,303 901,279
1,139,071

Total Preferred Stock

(Cost $1,180,644)

1,348,935

Total Value of Securities - 98.3%

(Cost $17,951,122)

$ 19,220,852

Percentages are based on Net Assets of $19,548,585.

The accompanying notes are an integral part of the financial statements.

8

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

April 30, 2024 (Unaudited)

*

Non-income producing security.

^

There is currently no rate available.

ADR - American Depositary Receipt

Ltd - Limited

PLC - Public Limited Company

As of April 30, 2024, all of the Fund's investments were considered Level 1, in accordance the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

9

Gallery Trust

Mondrian Global Listed

Infrastructure Fund

April 30, 2024 (Unaudited)

Schedule of Investments

Sector Weightings† :

† Percentages based on total investments.

COMMON STOCK - 99.4%

Number of Shares

Value
(U.S. $)

AUSTRALIA - 4.3%

Aurizon Holdings Ltd

30,734 $ 75,490

Total Australia

75,490

CANADA - 8.2%

Enbridge Inc

2,074 73,746

TC Energy

1,914 68,571

Total Canada

142,317

CHILE - 2.8%

Enel Americas SA

526,148 49,324

Total Chile

49,324

CHINA - 6.4%

Guangdong Investment Ltd

84,000 43,879

Jiangsu Expressway Co Ltd Class H

68,000 66,689

Total China

110,568

FRANCE - 10.2%

Eiffage SA

735 78,424

Rubis SCA

1,247 43,154

Veolia Environnement SA

1,783 55,429

Total France

177,007

ITALY - 11.7%

Enav SpA

20,221 83,160

The accompanying notes are an integral part of the financial statements.

10

Gallery Trust

Mondrian Global Listed

Infrastructure Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

ITALY (continued)

Enel SpA

11,002 $ 72,310

Snam SpA

10,742 49,148

Total Italy

204,618

MALAYSIA - 3.9%

Westports Holdings

82,400 67,497

Total Malaysia

67,497

MEXICO - 3.5%

Promotora y Operadora de Infraestructura SAB de CV

6,119 61,291

Total Mexico

61,291

PORTUGAL - 4.0%

EDP - Energias de Portugal SA

18,568 69,726

Total Portugal

69,726

SPAIN - 12.2%

Cellnex Telecom

2,220 73,382

Iberdrola SA

5,713 70,050

Redeia Corp SA

4,152 69,312

Total Spain

212,744

UNITED KINGDOM - 4.3%

SSE PLC

3,564 74,083

Total United Kingdom

74,083

UNITED STATES - 27.9%

American Tower REIT

405 69,482

CSX Corp

2,097 69,662

Edison International

1,095 77,811

Eversource Energy

1,238 75,048

HCA Healthcare Inc

197 61,034

Norfolk Southern

283 65,181

The accompanying notes are an integral part of the financial statements.

11

Gallery Trust

Mondrian Global Listed

Infrastructure Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

UNITED STATES (continued)

Prologis

670 $ 68,373

Total United States

486,591

Total Common Stock

(Cost $1,811,086)

1,731,256

Total Value of Securities - 99.4%

(Cost $1,811,086)

$ 1,731,256

Percentages are based on Net Assets of $1,742,167.

Ltd - Limited

PLC - Public Limited Company

REIT - Real Estate Investment Trust

As of April 30, 2024, all of the Fund's investments were considered Level 1, in accordance the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

12

Gallery Trust

Mondrian Global Equity

Value Fund

April 30, 2024 (Unaudited)

Schedule of Investments

Sector Weightings† :

† Percentages based on total investments.

COMMON STOCK - 97.4%

Number of Shares

Value
(U.S. $)

AUSTRALIA - 1.4%

Aurizon Holdings Ltd

1,073,917 $ 2,637,804

Total Australia

2,637,804

BRAZIL - 1.0%

Hypera SA

329,200 1,875,944

Total Brazil

1,875,944

CANADA - 1.8%

TC Energy

95,394 3,417,595

Total Canada

3,417,595

CHINA - 4.2%

Alibaba Group Holding Ltd

393,000 3,679,685

Autohome Inc ADR

37,746 970,072

Midea Group Co Ltd Class A

206,355 1,984,564

Ping An Insurance Group Co of China Ltd Class H

268,000 1,214,598

Total China

7,848,919

The accompanying notes are an integral part of the financial statements.

13

Gallery Trust

Mondrian Global Equity

Value Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

FRANCE - 2.2%

Sanofi SA

41,038 $ 4,054,274

Total France

4,054,274

GERMANY - 2.4%

Deutsche Post

106,614 4,463,928

Total Germany

4,463,928

INDIA - 1.4%

HDFC Bank

145,514 2,642,613

Total India

2,642,613

ITALY - 4.5%

Enel SpA

805,636 5,295,001

Snam SpA

687,733 3,146,571

Total Italy

8,441,572

JAPAN - 12.8%

Fujitsu Ltd

325,800 5,033,009

Hitachi Ltd

26,800 2,472,587

SCSK Corp

139,700 2,539,635

Sony Corp Group

60,800 5,025,203

Sumitomo Metal Mining

31,800 1,062,395

Sundrug Co Ltd

154,400 4,483,346

Toyota Industries Corp

36,600 3,477,983

Total Japan

24,094,158

NETHERLANDS - 2.9%

Koninklijke Philips NV *

206,685 5,488,774

Total Netherlands

5,488,774

PERU - 0.6%

Credicorp Ltd

6,609 1,094,516

Total Peru

1,094,516

The accompanying notes are an integral part of the financial statements.

14

Gallery Trust

Mondrian Global Equity

Value Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

SOUTH KOREA - 0.7%

Samsung Electronics Co Ltd

24,331 $ 1,352,478

Total South Korea

1,352,478

TAIWAN - 1.7%

Taiwan Semiconductor Manufacturing Co Ltd

131,000 3,136,634

Total Taiwan

3,136,634

UNITED KINGDOM - 7.3%

Associated British Foods PLC

78,134 2,586,048

GSK PLC

122,492 2,541,326

Imperial Brands PLC

195,484 4,466,829

Lloyds Banking Group PLC

6,484,916 4,185,250

Total United Kingdom

13,779,453

UNITED STATES - 52.5%

AbbVie Inc

30,907 5,026,714

Amazon.com *

21,123 3,696,525

American Tower REIT

17,492 3,000,928

Autoliv

35,538 4,257,097

Berkshire Hathaway Class B *

8,395 3,330,548

CDW Corp

18,086 4,374,280

Centene Corp *

52,638 3,845,732

Charles Schwab

52,661 3,894,281

CNH Industrial

141,200 1,609,680

Colgate-Palmolive

38,997 3,584,604

Dollar Tree Inc *

39,067 4,619,674

DuPont de Nemours

62,370 4,521,825

Exxon Mobil Corp

25,679 3,037,055

HCA Healthcare Inc

14,591 4,520,585

Kenvue Inc

195,340 3,676,302

L3Harris Technologies Inc

23,340 4,995,927

Laboratory Corp of America Holdings

19,903 4,007,867

Meta Platforms Inc Class A

11,742 5,051,056

Micron Technology Inc

11,877 1,341,626

Microsoft Corp

10,883 4,237,078

NNN REIT Class REIT

62,238 2,522,506

Prologis

9,152 933,962

Stericycle Inc *

23,835 1,066,140

Texas Instruments

25,556 4,508,589

The accompanying notes are an integral part of the financial statements.

15

Gallery Trust

Mondrian Global Equity

Value Fund

April 30, 2024 (Unaudited)

COMMON STOCK - continued

Number of Shares

Value
(U.S. $)

UNITED STATES (continued)

UnitedHealth Group

8,462 $ 4,093,069

Walmart Inc

70,543 4,186,727

Wells Fargo & Co

85,887 5,094,817

Total United States

99,035,194

Total Common Stock

(Cost $160,284,957)

183,363,856

PREFERRED STOCK - 2.3%

SOUTH KOREA - 2.3%

Samsung Electronics Co Ltd^

94,576 4,415,859

Total Preferred Stock

(Cost $4,375,230)

4,415,859

Total Value of Securities - 99.7%

(Cost $164,660,187)

$ 187,779,715

Percentages are based on Net Assets of $188,396,503.

*

Non-income producing security.

^

There is currently no rate available.

ADR - American Depositary Receipt

Ltd - Limited

PLC - Public Limited Company

REIT - Real Estate Investment Trust

As of April 30, 2024, all of the Fund's investments were considered Level 1, in accordance the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

16

Gallery Trust

April 30, 2024 (Unaudited)

Statements of Assets and Liabilities

Mondrian International Value Equity Fund

Mondrian Emerging Markets Value Equity Fund

Assets:

Investments (Cost $775,487,264 and $17,951,122)

$ 824,856,234 $ 19,220,852

Foreign currency (Cost $387,578 and $10,877)

387,578 11,585

Cash

2,943,479 281,884

Receivable for capital shares sold

17,554,521 -

Dividends receivable

5,509,757 47,575

Receivable for investment securities sold

3,433,435 79,734

Reclaims receivable

3,231,335 -

Unrealized appreciation on spot foreign currency contracts

3,154 -

Prepaid expenses

46,101 6,798

Total assets

857,965,594 19,648,428

Liabilities:

Payable for investment securities purchased

2,471,342 -

Payable due to Investment Adviser

400,442 3,769

Payable due to Administrator

63,473 1,497

Payable for capital shares redeemed

58,431 -

Audit fees payable

29,949 12,309

Chief Compliance Officer fees payable

4,922 120

Payable due to Trustees

1,522 22

Accrued foreign capital gains tax

- 68,724

Other accrued expenses

110,405 13,402

Total liabilities

3,140,486 99,843

Commitments and Contingencies†

Net assets

$ 854,825,108 $ 19,548,585

Net assets consist of:

Paid-in capital

$ 813,606,444 $ 126,933,658

Total distributable earnings/(accumulated loss)

41,218,664 (107,385,073 )

Net assets

$ 854,825,108 $ 19,548,585

Outstanding Shares of Beneficial Interest
(unlimited authorization - no par value)

57,525,804 2,627,819

Net Asset Value, Offering and Redemption Price Per Share

$ 14.86 $ 7.44

† See Note 5 in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

17

Gallery Trust

April 30, 2024 (Unaudited)

Statements of Assets and Liabilities

Mondrian Global Listed Infrastructure Fund

Mondrian Global Equity Value Fund

Assets:

Investments (Cost $1,811,086 and $164,660,187)

$ 1,731,256 $ 187,779,715

Foreign currency (Cost $(1,694) and $48,623)

1,018 48,623

Cash

11,085 1,150,046

Reclaims receivable

6,526 171,946

Receivable from Investment Adviser

5,449 -

Receivable for capital shares sold

- 169,800

Dividends receivable

- 486,351

Receivable for investment securities sold

- 420,861

Prepaid expenses

2,699 10,206

Total assets

1,758,033 190,237,548

Liabilities:

Audit fees payable

11,755 12,309

Payable due to Administrator

136 14,514

Chief Compliance Officer fees payable

10 1,039

Payable due to Trustees

3 417

Payable for investment securities purchased

- 472,278

Payable for capital shares redeemed

- 1,200,000

Payable due to Investment Adviser

- 86,947

Accrued foreign capital gains tax

- 24,530

Other accrued expenses

3,962 29,011

Total liabilities

15,866 1,841,045

Commitments and Contingencies†

Net assets

$ 1,742,167 $ 188,396,503

Net assets consist of:

Paid-in capital

$ 1,795,981 $ 170,901,608

Total distributable earnings/(accumulated loss)

(53,814 ) 17,494,895

Net assets

$ 1,742,167 $ 188,396,503

Outstanding Shares of Beneficial Interest
(unlimited authorization - no par value)

174,275 13,619,882

Net Asset Value, Offering and Redemption Price Per Share

$ 10.00 $ 13.83

† See Note 5 in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

18

Gallery Trust

For the Six Months Ended

April 30, 2024 (Unaudited)

Statements of Operations

Mondrian International Value Equity Fund

Investment income

Dividends

$ 13,575,508

Less: foreign taxes withheld

(1,042,442 )

Total investment income

12,533,066

Expenses

Investment advisory fees

2,593,576

Accounting and administration fees

378,258

Registration fees

40,268

Custodian fees

33,231

Trustees' fees and expenses

26,404

Dividend disbursing and transfer agent fees and expenses

25,782

Printing fees

25,356

Legal fees

22,899

Audit fees

13,619

Chief Compliance Officer fees

7,845

Other

35,397

Total expenses

3,202,635

Less:

Investment advisory fees waived

(249,948 )

Net expenses

2,952,687

Net investment income

9,580,379

Net realized gain/(loss) on:

Investments

11,946,159

Foreign currency transactions

54,623

Net realized gain

12,000,782

Net change in unrealized appreciation/(depreciation) on:

Investments

87,754,643

Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency

(34,121 )

Net change in unrealized appreciation/(depreciation)

87,720,522

Net realized and unrealized gain

99,721,304

Net increase in net assets resulting from operations

$ 109,301,683

The accompanying notes are an integral part of the financial statements.

19

Gallery Trust

For the Six Months Ended

April 30, 2024 (Unaudited)

Statements of Operations

Mondrian Emerging Markets Value Equity Fund

Investment income

Dividends

$ 343,584

Less: foreign taxes withheld

(32,646 )

Total investment income

310,938

Expenses

Investment advisory fees

73,569

Dividend disbursing and transfer agent fees and expenses

17,467

Audit fees

13,619

Custodian fees

12,427

Registration fees

10,142

Accounting and administration fees

9,301

Printing fees

1,417

Trustees' fees and expenses

658

Legal fees

558

Chief Compliance Officer fees

192

Other

3,702

Total expenses

143,052

Less:

Investment advisory fees waived

(52,823 )

Net expenses

90,229

Net investment income

220,709

Net realized gain/(loss) on:

Investments

(160,783 )

Foreign currency transactions

(6,517 )

Net realized loss

(167,300 )

Net change in unrealized appreciation/(depreciation) on:

Investments

2,414,975

Accrued foreign capital gains tax on appreciated securities

(9,346 )

Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency

(235 )

Net change in unrealized appreciation/(depreciation)

2,405,394

Net realized and unrealized gain

2,238,094

Net increase in net assets resulting from operations

$ 2,458,803

The accompanying notes are an integral part of the financial statements.

20

Gallery Trust

For the Six Months Ended

April 30, 2024 (Unaudited)

Statements of Operations

Mondrian Global Listed Infrastructure Fund

Investment income

Dividends

$ 24,044

Less: foreign taxes withheld

(1,988 )

Total investment income

22,056

Expenses

Dividend disbursing and transfer agent fees and expenses

16,979

Audit fees

14,409

Investment advisory fees

7,453

Registration fees

4,841

Printing fees

1,052

Custodian fees

901

Accounting and administration fees

831

Trustees' fees and expenses

58

Legal fees

51

Chief Compliance Officer fees

17

Other

2,291

Total expenses

48,883

Less:

Investment advisory fees waived

(7,453 )

Reimbursement from Investment Adviser

(33,100 )

Net expenses

8,330

Net investment income

13,726

Net realized gain/(loss) on:

Investments

18,887

Foreign currency transactions

(2,792 )

Net realized gain

16,095

Net change in unrealized appreciation/(depreciation) on:

Investments

146,732

Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency

2,808

Net change in unrealized appreciation/(depreciation)

149,540

Net realized and unrealized gain

165,635

Net increase in net assets resulting from operations

$ 179,361

The accompanying notes are an integral part of the financial statements.

21

Gallery Trust

For the Six Months Ended

April 30, 2024 (Unaudited)

Statements of Operations

Mondrian Global Equity Value Fund

Investment income

Dividends

$ 1,970,665

Less: foreign taxes withheld

(106,036 )

Total investment income

1,864,629

Expenses

Investment advisory fees

563,268

Accounting and administration fees

82,124

Dividend disbursing and transfer agent fees and expenses

18,506

Audit fees

13,619

Registration fees

10,461

Custodian fees

8,734

Printing fees

5,745

Trustees' fees and expenses

5,563

Legal fees

4,947

Chief Compliance Officer fees

1,691

Other

9,647

Total expenses

724,305

Less:

Investment advisory fees waived

(83,045 )

Net expenses

641,260

Net investment income

1,223,369

Net realized gain/(loss) on:

Investments

3,597,815

Foreign currency transactions

(4,567 )

Net realized gain

3,593,248

Net change in unrealized appreciation/(depreciation) on:

Investments

20,794,783

Accrued foreign capital gains tax on appreciated securities

(6,224 )

Foreign currency transactions and translation of other assets and liabilities denominated in foreign currency

(6,992 )

Net change in unrealized appreciation/(depreciation)

20,781,567

Net realized and unrealized gain

24,374,815

Net increase in net assets resulting from operations

$ 25,598,184

The accompanying notes are an integral part of the financial statements.

22

Gallery Trust

Mondrian International Value

Equity Fund

Statements of Changes in Net Assets

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Operations:

Net investment income

$ 9,580,379 $ 21,884,063

Net realized gain/(loss)

12,000,782 (2,038,413 )

Net change in unrealized appreciation/(depreciation)

87,720,522 89,870,825

Net increase in net assets resulting from operations

109,301,683 109,716,475

Distributions

(29,037,803 ) (18,718,600 )

Capital share transactions: (1)

Issued

95,428,083 149,803,720

Reinvestment of dividends

22,864,636 15,618,601

Redeemed

(79,670,005 ) (120,538,587 )

Net increase in net assets from capital share transactions

38,622,714 44,883,734

Total increase in net assets

118,886,594 135,881,609

Net assets:

Beginning of period

735,938,514 600,056,905

End of period

$ 854,825,108 $ 735,938,514

(1)

See Note 8- Share transactions in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

23

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

Statements of Changes in Net Assets

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Operations:

Net investment income

$ 220,709 $ 605,718

Net realized loss

(167,300 ) (1,346,469 )

Net change in unrealized appreciation/(depreciation)

2,405,394 3,992,759

Net increase in net assets resulting from operations

2,458,803 3,252,008

Distributions

(610,646 ) (532,861 )

Capital share transactions: (1)

Issued

378,545 3,169,803

Reinvestment of dividends

609,811 532,193

Redeemed

(2,324,482 ) (6,126,718 )

Net decrease in net assets from capital share transactions

(1,336,126 ) (2,424,722 )

Total increase in net assets

512,031 294,425

Net assets:

Beginning of period

19,036,554 18,742,129

End of period

$ 19,548,585 $ 19,036,554

(1)

See Note 8- Share transactions in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

24

Gallery Trust

Mondrian Global Listed

Infrastructure Fund

Statements of Changes in Net Assets

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Operations:

Net investment income

$ 13,726 $ 55,031

Net realized gain

16,095 38,835

Net change in unrealized appreciation/(depreciation)

149,540 (44,821 )

Net increase in net assets resulting from operations

179,361 49,045

Distributions

(94,957 ) (136,827 )

Capital share transactions: (1)

Reinvestment of dividends

94,957 136,827

Net increase in net assets from capital share transactions

94,957 136,827

Total increase in net assets

179,361 49,045

Net assets:

Beginning of period

1,562,806 1,513,761

End of period

$ 1,742,167 $ 1,562,806

(1)

See Note 8- Share transactions in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

25

Gallery Trust

Mondrian Global Equity

Value Fund

Statements of Changes in Net Assets

Six-month period
ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Operations:

Net investment income

$ 1,223,369 $ 2,165,570

Net realized gain/(loss)

3,593,248 (5,068,842 )

Net change in unrealized appreciation/(depreciation)

20,781,567 22,919,346

Net increase in net assets resulting from operations

25,598,184 20,016,074

Distributions

(3,041,860 ) (3,249,942 )

Capital share transactions: (1)

Issued

24,464,471 38,796,402

Reinvestment of dividends

2,940,418 3,042,564

Redeemed

(8,589,236 ) (33,893,928 )

Net increase in net assets from capital share transactions

18,815,653 7,945,038

Total increase in net assets

41,371,977 24,711,170

Net assets:

Beginning of period

147,024,526 122,313,356

End of period

$ 188,396,503 $ 147,024,526

(1)

See Note 8- Share transactions in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

26

Gallery Trust

Mondrian International Value

Equity Fund

Financial Highlights

Selected per share data & ratios

for a share outstanding throughout the year or period

Six-month
period
ended
4/30/24
(Unaudited)

Year
Ended
10/31/23

Year
Ended
10/31/22

Year
Ended
10/31/21

Year
Ended
10/31/20

Year
Ended
10/31/19

Net asset value, beginning of period

$ 13.41 $ 11.62 $ 15.19 $ 11.37 $ 14.69 $ 14.48

Income/(loss) from operations:(1)

Net investment income

0.17 0.41 0.39 0.43 0.28 0.48

Net realized and unrealized gain/(loss)

1.82 1.75 (3.48 ) 3.71 (2.72 ) 0.56

Total from operations

1.99 2.16 (3.09 ) 4.14 (2.44 ) 1.04

Dividends and distributions from:

Net investment income

(0.47 ) (0.29 ) (0.48 ) (0.32 ) (0.51 ) (0.39 )

Net realized gains

(0.07 ) (0.08 ) - - (0.37 ) (0.44 )

Total dividends and distributions

(0.54 ) (0.37 ) (0.48 ) (0.32 ) (0.88 ) (0.83 )

Net asset value, end of period

$ 14.86 $ 13.41 $ 11.62 $ 15.19 $ 11.37 $ 14.69

Total return*

14.92 % 18.82 % (20.98 )% 36.72 %(2) (17.88 )% 7.93 %

Ratios and supplemental data

Net assets, end of period ($ Thousands)

$ 854,825 $ 735,939 $ 600,057 $ 710,402 $ 463,697 $ 607,302

Ratio of expenses to average net assets (including waivers and reimbursements)

0.74 %† 0.74 % 0.74 % 0.73 % 0.79 % 0.79 %

Ratio of expenses to average net assets (excluding waivers and reimbursements)

0.80 %† 0.81 % 0.83 % 0.85 % 0.94 % 0.89 %

Ratio of net investment income to average net assets

2.40 %† 3.03 % 2.85 % 2.97 % 2.26 % 3.40 %

Portfolio turnover rate

14 %‡ 19 % 23 % 19 % 24 % 23 %

*

Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

†

Annualized.

‡

Portfolio turnover is for the period indicated and has not been annualized.

(1)

Per share calculations were performed using average shares for the period.

(2)

If not for the one-time Fortis Group litigation payment, the Total return would have been 36.42%.

Amounts designated as "-" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

27

Gallery Trust

Mondrian Emerging Markets Value

Equity Fund

Financial Highlights

Selected per share data & ratios

for a share outstanding throughout the year or period

Six-month
period
ended
4/30/24
(Unaudited)

Year
Ended
10/31/23

Year
Ended
10/31/22

Year
Ended
10/31/21

Year
Ended
10/31/20

Year
Ended
10/31/19

Net asset value, beginning of period

$ 6.76 $ 5.93 $ 8.43 $ 7.62 $ 7.40 $ 7.07

Income/(loss) from operations:(1)

Net investment income

0.08 0.20 0.14 0.14 0.12 0.16

Net realized and unrealized gain/(loss) on investments

0.82 0.81 (2.54 ) 0.95 0.30 0.58

Total from operations

0.90 1.01 (2.40 ) 1.09 0.42 0.74

Dividends and distributions from:

Net investment income

(0.22 ) (0.18 ) (0.10 ) (0.28 ) (0.20 ) (0.41 )

Total dividends and distributions

(0.22 ) (0.18 ) (0.10 ) (0.28 ) (0.20 ) (0.41 )

Net asset value, end of period

$ 7.44 $ 6.76 $ 5.93 $ 8.43 $ 7.62 $ 7.40

Total return*

13.39 % 17.01 % (28.80 )% 14.27 % 5.67 % 11.12 %

Ratios and supplemental data

Net assets, end of period ($ Thousands)

$ 19,549 $ 19,037 $ 18,742 $ 25,180 $ 13,068 $ 47,496

Ratio of expenses to average net assets (including waivers and reimbursements)

0.92 %† 0.92 % 0.92 % 0.92 % 0.92 % 0.92 %

Ratio of expenses to average net assets (excluding waivers and reimbursements)

1.46 %† 1.32 % 1.35 % 1.39 % 1.41 % 1.13 %

Ratio of net investment income to average net assets

2.25 %† 2.90 % 1.96 % 1.57 % 1.67 % 2.16 %

Portfolio turnover rate

12 %‡ 32 % 39 % 49 % 48 % 37 %

*

Total Return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

†

Annualized.

‡

Portfolio turnover is for the period indicated and has not been annualized.

(1)

Per share calculations were performed using average shares for the period.

The accompanying notes are an integral part of the financial statements.

28

Gallery Trust

Mondrian Global Listed

Infrastructure Fund

Financial Highlights

Selected per share data & ratios

for a share outstanding throughout the year or period

Six-month period
ended
4/30/24
(Unaudited)

Year
Ended
10/31/23

Year
Ended
10/31/22

Year
Ended
10/31/21

Year
Ended
10/31/20

Period Ended
October 31, 2019*

Net asset value, beginning of period

$ 9.45 $ 9.94 $ 12.03 $ 10.17 $ 12.14 $ 10.00

Income/(loss) from operations:(1)

Net investment income

0.08 0.34 0.39 0.28 0.41 0.30

Net realized and unrealized gain/(loss)

1.04 0.05 (1.66 ) 2.27 (1.58 ) 1.85

Total from operations

1.12 0.39 (1.27 ) 2.55 (1.17 ) 2.15

Dividends and distributions from:

Net investment income

(0.33 ) (0.34 ) (0.27 ) (0.32 ) (0.41 ) (0.01 )

Net realized gains

(0.24 ) (0.54 ) (0.55 ) (0.37 ) (0.39 ) -

Total dividends and distributions

(0.57 ) (0.88 ) (0.82 ) (0.69 ) (0.80 ) (0.01 )

Net asset value, end of period

$ 10.00 $ 9.45 $ 9.94 $ 12.03 $ 10.17 $ 12.14

Total return†

11.55 % 3.26 % (11.38 )% 25.70 % (10.56 )% 21.49 %

Ratios and supplemental data

Net assets, end of period ($ Thousands)

$ 1,742 $ 1,563 $ 1,514 $ 1,707 $ 1,358 $ 1,519

Ratio of expenses to average net assets (including waivers and reimbursements)

0.95 %‡ 0.95 % 0.95 % 0.95 % 0.95 % 0.95 %‡

Ratio of expenses to average net assets (excluding waivers and reimbursements)

5.58 %‡ 6.68 % 6.32 % 5.08 % 7.42 % 8.67 %‡

Ratio of net investment income to average net assets

1.57 %‡ 3.18 % 3.51 % 2.36 % 3.76 % 3.15 %‡

Portfolio turnover rate

10 %§ 17 % 26 % 39 % 44 % 31 %§

*

Commenced operations December 17, 2018.

†

Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

‡

Annualized.

§

Portfolio turnover is for the period indicated and has not been annualized.

(1)

Per share calculations were performed using average shares for the period.

Amounts designated as "-" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

29

Gallery Trust

Mondrian Global Equity

Value Fund

Financial Highlights

Selected per share data & ratios

for a share outstanding throughout the year or period

Six-month period
ended
4/30/24
(Unaudited)

Year
Ended
10/31/23

Year
Ended
10/31/22

Year
Ended
10/31/21

Period Ended
October 31, 2020*

Net asset value, beginning of period

$ 12.02 $ 10.56 $ 12.88 $ 10.22 $ 10.00

Income/(loss) from operations:(1)

Net investment income

0.09 0.18 0.16 0.16 0.05

Net realized and unrealized gain/(loss)

1.96 1.57 (2.29 ) 2.68 0.17

Total from operations

2.05 1.75 (2.13 ) 2.84 0.22

Dividends and distributions from:

Net investment income

(0.24 ) (0.14 ) (0.08 ) (0.18 ) -

Net realized gains

- (0.15 ) (0.11 ) - -

Total dividends and distributions

(0.24 ) (0.29 ) (0.19 ) (0.18 ) -

Net asset value, end of period

$ 13.83 $ 12.02 $ 10.56 $ 12.88 $ 10.22

Total return†

17.13 % 16.71 % (16.75 )% 28.09 % 2.20 %

Ratios and supplemental data

Net assets, end of period ($ Thousands)

$ 188,397 $ 147,025 $ 122,313 $ 83,522 $ 2,604

Ratio of expenses to average net assets (including waivers and reimbursements)

0.74 %‡ 0.74 % 0.74 % 0.74 % 0.74 %‡

Ratio of expenses to average net assets (excluding waivers and reimbursements)

0.84 %‡ 0.86 % 0.89 % 1.17 % 9.16 %‡

Ratio of net investment income to average net assets

1.41 %‡ 1.51 % 1.36 % 1.29 % 1.42 %‡

Portfolio turnover rate

18 %§ 42 % 46 % 64 % 10 %§

*

Commenced operations June 30, 2020.

†

Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return may have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

‡

Annualized.

§

Portfolio turnover is for the period indicated and has not been annualized.

(1)

Per share calculations were performed using average shares for the period.

Amounts designated as "-" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

30

Gallery Trust

April 30, 2024 (Unaudited)

Notes to Financial Statements

1. Organization

Gallery Trust (the "Trust"), is organized as a Delaware statutory trust under an Agreement and Declaration of Trust dated August 25, 2015. The Trust is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end investment management company with four funds. The financial statements herein are those of the Mondrian International Value Equity Fund (formerly, Mondrian International Equity Fund) (the "International Fund"), Mondrian Emerging Markets Value Equity Fund (formerly, the Mondrian Emerging Markets Equity Fund) (the "Emerging Markets Fund"), the Mondrian Global Listed Infrastructure Fund (the "Global Listed Infrastructure Fund"), and the Mondrian Global Equity Value Fund (the "Global Equity Value Fund") (each a "Fund" and collectively the "Funds"). The International Fund, Emerging Markets Fund and Global Listed Infrastructure Fund are classified as diversified, and the Global Equity Value Fund are classified as "non-diversified" under the 1940 Act. The investment objective of the International Fund is to seek long-term total return by investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. The investment objective of the Emerging Markets Fund is to seek long-term capital appreciation. The investment objective of the Global Listed Infrastructure Fund is to seek long-term total return by investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of infrastructure companies listed on a domestic or foreign exchange. The investment objective of the Global Equity Value Fund is to seek long-term total return. Mondrian Investment Partners Limited, a limited company organized under the laws of England and Wales in 1990, serves as the Funds' investment adviser ("Mondrian" or the "Adviser"). The Adviser makes investment decisions for the Funds and reviews, supervises and administers the investment program of the Funds, subject to the supervision of, and policies established by, the Trustees of the Trust.

Effective October 31, 2018, the Emerging Markets Fund changed its fiscal year end from March 31 to October 31.

The Global Listed Infrastructure Fund commenced operations on December 17, 2018.

The Global Equity Value Fund commenced operations on June 30, 2020.

On June 23, 2022, the Trust's Board of Trustees approved the closing of Mondrian U.S. Small Cap Equity Fund to new investors and the subsequent liquidation of the Fund on July 11, 2022.

31

Gallery Trust

April 30, 2024 (Unaudited)

Notes to Financial Statements (continued)

On June 22, 2023, the Trust's Board of Trustees approved the closing of Mondrian International Government Fixed Income Fund to new investors and the subsequent liquidation of the Fund on July 31, 2023.

2. Significant accounting policies

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board ("FASB").

Use of estimates - The preparation of financial statements, in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), requires management to make estimates and assumptions that affect the fair value of assets, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Valuation of investments - Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ , the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of each Fund's

32

Gallery Trust

April 30, 2024 (Unaudited)

Notes to Financial Statements (continued)

pricing time, the security will be valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Board"). The prices for foreign securities will be reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; or the security's primary pricing source is not able or willing to provide a price. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Funds' Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC. ("ICE") as a third party fair valuation vendor. ICE provides a fair value for foreign securities held by the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations

33

Gallery Trust

April 30, 2024 (Unaudited)

Notes to Financial Statements (continued)

between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value the non-U.S. securities in their portfolios that exceed the applicable "confidence interval" based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Funds' Administrator and requests that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in the corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar instruments in active markets, and inputs other than quoted prices that are observable for the asset or liability.

Level 3 - Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

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Notes to Financial Statements (continued)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

Fair value measurement classifications are summarized in the Funds' Schedule of Investments.

Federal income taxes - It is each Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended April 30, 2024, the Funds did not incur any interest or penalties.

Security transactions, dividend and investment income - Security transactions are accounted for on trade date basis for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recognized on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Purchase discounts and premiums on debt securities are accreted and amortized to maturity and included in interest income. Certain dividends from foreign securities will be recorded as soon as the Funds are informed of the dividend, net of

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Notes to Financial Statements (continued)

withholding taxes, if such information is obtained subsequent to the ex-dividend date.

Foreign currency translation - The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations.

Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid.

Forward Foreign Currency Contracts - The Funds may enter into forward foreign currency contracts as hedges against either specific transactions, fund positions or anticipated fund positions. The Funds may also engage in currency transactions to enhance the Funds' returns. All commitments are "marked-to-market" daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. The Funds realize gains and losses at the time forward contracts are closed. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contract and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Finally, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Refer to each Fund's Schedule of Investments for details regarding open forward foreign currency contracts as of April 30, 2024, if applicable.

To reduce counterparty risk with respect to Over-the-Counter ("OTC") transactions, the Funds have entered into netting arrangements, established within the Funds' International Swap and Derivatives Association, Inc. ("ISDA") master agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default

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Notes to Financial Statements (continued)

(close-out netting) for outstanding payables and receivables with respect to certain OTC positions in forward foreign currency contracts for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

Dividends and distributions to shareholders - The International Fund, Emerging Markets Fund, Global Listed Infrastructure Fund, and Global Equity Value Fund distribute their net investment income at least annually. For each Fund, net realized capital gains, if any, are distributed at least annually. All distributions are recorded on ex-dividend date.

Expenses - Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds based on the number of funds and/or relative daily net assets.

Investments in REITs - Dividend income from Real Estate Investment Trusts ("REIT") is recorded based on the income included in distributions

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Notes to Financial Statements (continued)

received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are determined by each REIT only after its fiscal year-end, and may differ from the estimated amounts.

3. Transactions with affiliates

Certain officers of the Trust are also employees of SEI Investments Global Funds Services (the "Administrator"), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the "Distributor"). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer ("CCO") as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, who are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's advisors and service providers, as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

4. Administration, Custodian and Transfer Agent Agreements

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended April 30, 2024, the amounts paid for these services are represented in the table below:

Accounting and Administration Fees

International Value Equity Fund

$ 378,258

Emerging Markets Value Equity Fund

9,301

Global Listed Infrastructure Fund

831

Global Equity Value Fund

82,124

Expenses incurred under the agreements are shown on the Statement of Operations as "Accounting and administration fees".

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Notes to Financial Statements (continued)

Brown Brothers Harriman & Co., (the "Custodian") serves as the Funds' Custodian pursuant to a custody agreement. Apex Fund Services (the "Transfer Agent") serves as the Funds' Transfer Agent pursuant to a transfer agency agreement.

5. Investment Advisory Agreement

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds. The Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate for each fund. The table below shows the rate of each Fund's investment advisory fee.

Advisory Fee

International Value Equity Fund

0.65%

Emerging Markets Value Equity Fund

0.75%

Global Listed Infrastructure Fund

0.85%

Global Equity Value Fund

0.65%

The Adviser has contractually agreed to reduce its fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and non-routine (collectively "excluded expenses")) from exceeding the below percentages of the average daily net assets of the Funds until February 28, 2025 (the "Expense Limitation"). Refer to waiver of investment advisory fees and the Reimbursement from Investment Advisor on the Statement of Operations for fees waived and expenses reimbursed for the period ended April 30, 2024.

Expense Limitation

International Value Equity Fund

0.74%

Emerging Markets Value Equity Fund

0.92%

Global Listed Infrastructure Fund

0.95%

Global Equity Value Fund

0.74%

This agreement may be terminated: (i) by the Board for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2025.

Prior to September 24, 2018, the Predecessor Adviser had contractually agreed through July 30, 2019, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 1.20% of

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Notes to Financial Statements (continued)

the average daily net assets of the Emerging Markets Predecessor Fund.

Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the period ended April 30, 2024. The Adviser may recover all or a portion of its fee reductions or expense reimbursements, up to the expense cap in place at the time the expenses were waived, within a three-year period from the year in which it reduced its fee or reimbursed expenses if the Funds' total annual fund operating expenses are below the Expense Limitation. This agreement may be terminated by the Board for any reason at any time, or by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2025. During the period ended April 30, 2024, there has been no recoupment of previously waived and reimbursed fees. As of April 30, 2024, the fees which were previously waived by the Adviser which may be subject to possible future reimbursement, are as follows:

Expiring Expiring Expiring
2025 2026 2027

Total

International Value Equity Fund

$ 776,031 $ 591,212 $ 480,166 $ 1,847,409

Emerging Markets Value Equity Fund

97,932 90,917 96,501 285,350

Global Listed Infrastructure Fund

65,317 101,143 97,222 263,682

Global Equity Value Fund

173,316 175,784 166,253 515,353

6. Investment transactions

The cost of purchases and proceeds from security sales other than long-term U.S. Government and short-term securities for the period ended April 30, 2024, are as follows:

Purchases Sales and Maturities U.S. Government Purchases U.S. Government Sales and Maturities

International Value Equity Fund

$ 112,726,505 $ 114,311,810 $ - $ -

Emerging Markets Value Equity Fund

2,421,714 4,340,349 - -

Global Listed Infrastructure Fund

171,824 166,874 - -

Global Equity Value Fund

47,729,002 30,832,028 - -

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Notes to Financial Statements (continued)

7. Federal tax information

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income/(loss) and net realized gain/(loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of foreign currency translations, reclassification of long term capital gain distribution on REITs, investments in PFICs, and distribution reclassification. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2023.

The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains (losses) were recorded by the Funds. Income dividends and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for wash sale loss deferrals and investments in PFICs. Distributions during the years ended October 31, 2023 and October 31, 2022, unless otherwise noted, were as follows:

Ordinary Income

Long-Term Capital Gain

Total

International Value Equity Fund

2023

$ 14,886,290 $ 3,832,310 $ 18,718,600

2022

22,825,062 - 22,825,062

Emerging Markets Value Equity Fund

2023

532,861 - 532,861

2022

299,357 - 299,357

Global Listed Infrastructure Fund

2023

54,827 82,000 136,827

2022

61,287 57,367 118,654

Global Equity Value Fund

2023

2,833,146 416,796 3,249,942

2022

1,358,775 96,405 1,455,180

As of October 31, 2023, the components of Distributable Earnings on a tax basis

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Notes to Financial Statements (continued)

were as follows:

International Value Equity Fund

Emerging Markets Value Equity Fund

Undistributed Ordinary Income

$ 25,088,909 $ 610,464

Undistributed Long-Term Capital Gain

2,676,871 -

Capital Loss Carryforwards

- (107,320,719 )

Unrealized Depreciation

(66,810,990 ) (2,522,971 )

Other Temporary Differences

(6 ) (4 )

Total Accumulated Losses

$ (39,045,216 ) $ (109,233,230 )

Global Listed Infrastructure Fund

Global Equity Value Fund

Undistributed Ordinary Income

$ 54,944 $ 2,725,593

Undistributed Long-Term Capital Gain

35,923 -

Capital Loss Carryforwards

- (2,887,722 )

Unrealized Depreciation

(229,083 ) (4,899,302 )

Other Temporary Differences

(2 ) 2

Total Accumulated Losses

$ (138,218 ) $ (5,061,429 )

*Other Temporary Difference relates primarily to foreign currency straddles.

Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. The Funds have capital losses carried forward as follows:

Total*

Emerging Markets Value Equity Fund

$ 107,320,719

Global Equity Value Fund

2,887,722

*The utilization of this amount is subject to significant limitation under IRC section 382-384.

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to passive foreign investment companies, foreign capital gains tax, and wash sales. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at April 30, 2024, were as follows:

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Notes to Financial Statements (continued)

Federal
Tax
Cost

Aggregate Gross
Unrealized
Appreciation

Aggregate Gross
Unrealized
Depreciation

Net Unrealized
Appreciation
(Depreciation)

International Value Equity Fund

$ 775,487,264 $ 99,920,918 $ (50,551,948 ) $ 49,368,970

Emerging Markets Value Equity Fund

17,951,122 3,446,749 (2,177,019 ) 1,269,730

Global Listed Infrastructure Fund

1,811,086 123,789 (203,619 ) (79,830 )

Global Equity Value Fund

164,660,187 27,562,899 (4,443,371 ) 23,119,528

8. Share transactions

The share transactions are shown below:

Mondrian International Value Equity Fund

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Shares transactions:

Institutional Class shares

Issued

6,582,510 10,979,248

Reinvestment of dividends

1,567,968 1,227,939

Redeemed

(5,487,776 ) (8,993,119 )

Net increase in shares outstanding

2,662,702 3,214,068

Mondrian Emerging Markets Value Equity Fund

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Shares transactions:

Institutional Class shares

Issued

52,394 441,938

Reinvestment of dividends

83,194 79,195

Redeemed

(324,013 ) (862,893 )

Net decrease in shares outstanding

(188,425 ) (341,760 )

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Notes to Financial Statements (continued)

Mondrian Global Listed Infrastructure Fund

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Shares transactions:

Institutional Class shares

Reinvestment of dividends

8,949 13,109

Net increase in shares outstanding

8,949 13,109

Mondrian Global Equity Value Fund

Six-month period ended April 30, 2024
(Unaudited)

Year ended October 31, 2023

Shares transactions:

Institutional Class shares

Issued

1,801,521 3,298,760

Reinvestment of dividends

218,294 270,440

Redeemed

(628,528 ) (2,926,035 )

Net increase in shares outstanding

1,391,287 643,165

9. Risks associated with financial instruments

As with all mutual funds, a shareholder of a Fund is subject to the risk that his or her investment could lose money. The Funds are subject to the principal risks noted below, any of which may adversely affect the Funds' net asset value and ability to meet its investment objective. A more complete description of risks associated with each Fund is included in the prospectus.

Active management risk

The Funds are subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Funds' investments may prove to be incorrect. If the investments selected and strategies employed by the Funds fail to produce the intended results, the Funds could underperform in comparison to its benchmark index or other funds with similar objectives and investment strategies.

Equity risk

Since it purchases equity securities, the Funds are subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity

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Notes to Financial Statements (continued)

markets have moved in cycles, and the value of the Funds' equity securities may fluctuate from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Funds.

Convertible securities risk

The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of the underlying common stock because of the conversion or exercise feature.

Large capitalization company risk

The large capitalization companies in which the Funds may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

Preferred stocks risk

Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company's assets in the event of a liquidation are generally subordinate to the rights associated with a company's debt securities.

Foreign company risk

Investing in foreign companies, including direct investments and investments through depositary receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the SEC and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Funds may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be

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Notes to Financial Statements (continued)

more difficult to value than securities of U.S. issuers. While depositary receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in depositary receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

Emerging markets securities risk

The Funds' investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

Foreign currency risk

As a result of the Funds' investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

Depositary receipts risk

Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Funds will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. Certain of the depositary receipts in which the Fund invests may be unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much information

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Notes to Financial Statements (continued)

about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company that issues the underlying securities.

Derivatives risk

The Funds' use of forward contracts and participatory notes is subject to market risk, correlation risk, credit risk, valuation risk and liquidity risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. Credit risk is the risk that the counterparty to a derivative contract will default or otherwise become unable to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Liquidity risk is described below. The Funds' use of forwards is also subject to leverage risk and hedging risk. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund's share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Hedging risk is the risk that derivatives instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Funds engage in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Each of these risks could cause the Funds to lose more than the principal amount invested in a derivative instrument.

Liquidity risk

Certain securities may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to lower the price, sell other securities instead or forgo an investment opportunity, any of which could have a negative effect on Fund management or performance.

Portfolio turnover risk

Due to their investment strategies, the Funds may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.

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Notes to Financial Statements (continued)

Large purchase and redemption risk

Large purchases or redemptions of the Fund's shares may force the Fund to purchase or sell securities at times when it would not otherwise do so, and may cause the Fund's portfolio turnover rate and transaction costs to rise, which may negatively affect the Fund's performance and have adverse tax consequences for Fund shareholders.

Investment Style Risk

The Mondrian Global Equity Value Fund pursues a "value style" of investing. Value investing focuses on companies with stocks that appear undervalued to the Adviser in light of factors such as the company's earnings, book value, revenues or cash flow. The Adviser's methodology for analyzing value may differ from other market approaches. If the Adviser's assessment of market conditions, or a company's value or its prospects for exceeding earnings expectations is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. In addition, "value stocks" can continue to be undervalued by the market for long periods of time.

Small- and Mid-Capitalization Company Risk

The small- and mid-capitalization companies in which a Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

Rights and Warrants Risk

Investments in rights or warrants involve the risk of loss of the purchase value of a right or warrant if the right to subscribe to additional shares is not exercised prior to the right's or warrant's expiration. Also, the purchase of rights and/or warrants involves the risk that the effective price paid for the right and/or warrant added to the subscription price of the underlying security may exceed the market price of the underlying security in instances such as those where there is no movement in the price of the underlying security.

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Notes to Financial Statements (continued)

Private Placements Risk

Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

Risks of Investing in Other Investment Companies

To the extent a Fund invests in other investment companies, such as open-end funds, closed-end funds and ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund's investment could decline, which could adversely affect the Fund's performance. By investing in another investment company, Fund shareholders indirectly bear the Fund's proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund's own operations.

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, which could adversely affect Fund performance.

REITs Risk

REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that

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April 30, 2024 (Unaudited)

Notes to Financial Statements (continued)

shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this prospectus.

MLPs Risk

MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, such as the energy industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in an MLP than investors in a corporation; for example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, MLPs may be subject to state taxation in certain jurisdictions which will have the effect of reducing the amount of income paid by the MLP to its investors. A Fund's investment in MLPs may result in the layering of expenses, such that shareholders will indirectly bear a proportionate share of the MLPs' operating expenses, in addition to paying Fund expenses. MLP operating expenses are not reflected in the fee table and example in this prospectus.

Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

Geographic Focus Risk

To the extent that a Fund focuses its investments in a particular country or geographic region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

50

Gallery Trust

April 30, 2024 (Unaudited)

Notes to Financial Statements (continued)

Stock Connect Investing Risk

Trading through Stock Connect is subject to a number of restrictions that may affect a Fund's investments and returns, including a daily quota that limits the maximum net purchases under Stock Connect each day. In addition, investments made through Stock Connect are subject to relatively untested trading, clearance and settlement procedures. Moreover, A-Shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect. The Fund's investments in A-Shares purchased through Stock Connect are generally subject to Chinese securities regulations and listing rules. While overseas investors currently are exempt from paying capital gains or value added taxes on income and gains from investments in A-Shares purchased through Stock Connect, these tax rules could be changed, which could result in unexpected tax liabilities for the Fund. Stock Connect operates only on days when both the Chinese and Hong Kong markets are open for trading and when banks in both markets are open on the corresponding settlement days. Therefore, the Fund may be subject to the risk of price fluctuations of A-Shares when Stock Connect is not trading.

Non-diversification risk

The Global Equity Value Fund is classified as "non-diversified," which means it may invest a larger percentage of its assets in a smaller number of issuers than diversified funds. To the extent the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than diversified funds.

Market Risk

The prices of and the income generated by a Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies

51

Gallery Trust

April 30, 2024 (Unaudited)

Notes to Financial Statements (continued)

of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

10. Indemnifications

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

11. Borrowing from banks

The Funds have access to custodian overdraft facilities. A Fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed on the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate. For the period ended April 30, 2024, none of the Funds incurred any interest expense.

12. Other

At April 30, 2024, the percentage of total shares outstanding held by a limited number of shareholders for each Fund, which were comprised of omnibus accounts that were held on behalf of various individual shareholders was as follows:

No. of Shareholders

% Ownership

International Value Equity Fund

2 53%

Emerging Markets Value Equity Fund

2 84%

Global Listed Infrastructure Fund

1 100%

Global Equity Value Fund

2 85%

13. Subsequent events

The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financials were issued. Based on this evaluation, no disclosures and/or adjustments were required to the financial statements as of April 30, 2024.

52

Gallery Trust

April 30, 2024

(Unaudited)

Disclosure of Fund Expenses

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for fund management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund's gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the mutual fund's average net assets; this percentage is known as the mutual fund's expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from November 1, 2023 to April 30, 2024.

The table on the next page illustrates your Fund's costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The "Expenses Paid During Period" column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the "Ending Account Value" number is derived from deducting that expense cost from the Fund's gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your ending starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under "Expenses Paid During Period."

Hypothetical 5% Return. This section helps you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund's comparative cost by comparing the hypothetical result for your Fund in the "Expenses Paid During Period" column with those that appear in the same charts in the shareholder reports for other mutual funds.

53

Gallery Trust

April 30, 2024

(Unaudited)

Disclosure of Fund Expenses

Note: Because the return is set at 5% for comparison purposes - NOT your Fund's actual return - the account values shown may not apply to your specific investment.

Beginning
Account
Value
11/1/23

Ending
Account
Value
4/30/24

Annualized Expense Ratios

Expenses Paid During Period*

Mondrian International Value Equity Fund

Actual Fund Return

$1,000.00

$1,149.20

0.74%

$3.95

Hypothetical 5% Return

$1,000.00

$1,021.18

0.74%

$3.72

Mondrian Emerging Markets Value Equity Fund

Actual Fund Return

$1,000.00

$1,133.90

0.92%

$4.88

Hypothetical 5% Return

$1,000.00

$1,020.29

0.92%

$4.62

Mondrian Global Listed Infrastructure Fund

Actual Fund Return

$1,000.00

$1,115.50

0.95%

$5.00

Hypothetical 5% Return

$1,000.00

$1,020.14

0.95%

$4.77

Mondrian Global Equity Value Fund

Actual Fund Return

$1,000.00

$1,171.30

0.74%

$3.99

Hypothetical 5% Return

$1,000.00

$1,021.18

0.74%

$3.72

* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

54

Gallery Trust

April 30, 2024

(Unaudited)

Approval of Investment Advisory Agreement

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of Gallery Trust (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on December 6-7, 2023 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Funds' performance compared with peer groups of mutual funds and the Funds' benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based

55

Gallery Trust

April 30, 2024

(Unaudited)

Approval of Investment Advisory Agreement

on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

Nature, Extent and Quality of Services Provided by the Adviser

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Funds. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

Investment Performance of the Funds and the Adviser

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially

56

Gallery Trust

April 30, 2024

(Unaudited)

Approval of Investment Advisory Agreement

below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

Costs of Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Funds to the Adviser, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates to the Mondrian International Equity Fund, Mondrian Emerging Markets Equity Fund and Mondrian Global Equity Value Fund. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser's commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser's views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees

57

Gallery Trust

April 30, 2024

(Unaudited)

Approval of Investment Advisory Agreement

were reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

Renewal of the Agreement

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

58

Gallery Trust

April 30, 2024

(Unaudited)

Review of Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds' investment adviser has adopted, and the Board has approved, a liquidity risk management program (the "Program") to govern the Funds' approach to managing liquidity risk. The Program is overseen by the Funds' Liquidity Risk Management Program Administrator (the "Program Administrator"), and the Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on March 26, 2024, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2023 through December 31, 2023. The Program Administrator's report noted that:

● the Program Administrator had determined that the Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively to manage each Fund's liquidity risk during the period covered by the report.

● during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders.

● no material changes have been made to the Program during the period covered by the report.

● during the reporting period, the Program Administrator also reported to the Board in advance of extended local market holiday closures that the Funds could temporarily hold illiquid securities in excess of 15% of each Fund's net assets solely due to such closures, in accordance with applicable SEC staff guidance.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund's exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

59

Fund Information

Registered office

P.O. Box 588

Portland, ME 04112

Adviser

Mondrian Investment Partners Limited

10 Gresham Street, 5th Floor

London, England EC2V 7JD

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

Custodian

Brown Brothers Harriman & Co

40 Water Street

Boston, Massachusetts 02109

Transfer Agent

Apex Fund Services

Three Canal Plaza

Portland, ME 04101

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103

60

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MON-SA-001-0900

(b) Not applicable.

Item 2.Code of Ethics.

Not applicable for semi-annual report.

Item 3.Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) 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.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable for semi-annual reports.

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.

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.

(Registrant) Gallery Trust
By (Signature and Title) /s/ Michael Beattie
Michael Beattie
Principal Executive Officer

Date: July 8, 2024

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 (Signature and Title) /s/ Michael Beattie
Michael Beattie
Principal Executive Officer

Date: July 8, 2024

By (Signature and Title) /s/ Andrew Metzger
Andrew Metzger
Principal Financial Officer

Date: July 8, 2024